Document:

Facility Credit Agreement

 Exhibit 10.29 
 EXECUTION COPY 
 FACILITY CREDIT AGREEMENT, dated as of November 4,
2010 (the “Agreement”) among EXELON GENERATION COMPANY, LLC, a Pennsylvania limited liability company (the “Company”), and UBS AG, Stamford Branch as lender and issuer of letters of credit hereunder (with its successors,
the “Bank”) and as administrative agent (with its successors, the “Administrative Agent”). The Company and the Bank are sometimes referred to herein collectively as the “Parties” and individually as
a “Party”. 
 ARTICLE I 
 DEFINITIONS 
 Section 1.01. Definitions. For purposes of this
Agreement, each of the following capitalized terms shall have the meaning set forth below. 
 “Adjusted Funds From
Operations” means, for any period. Net Cash Flows From Operating Activities for such period plus Interest Expense for such period minus the portion (but not less than zero) of Net Cash Flows From Operating Activities for such period
attributable to any consolidated Subsidiary that has no Debt other than Nonrecourse Indebtedness. 
 “Adjusted LIBOR
Rate” means, with respect to a Loan on any day, (i) an interest rate per annum (rounded upward, if necessary, to the nearest 1/100th of 1%) determined by the Bank to be equal to the LIBOR Rate for such Loan in effect on such day
divided by (ii) 1 minus the Statutory Reserves (if any) for such Loan for such day. 
 “Administrative
Agent” has the meaning provided for in the Preamble. 
 “Affiliate” means, when used with respect to a
specified person, another person that directly, or indirectly through one or more intermediaries, Controls or is Controlled by or is under common Control with the person specified. 

“Agreement” has the meaning provided for in the Preamble. 

“Applicable Margin” means 2.0% 
 “Applicable Spread” means, the amount set forth bellow, based upon the Maximum Amount at the date of calculation. 

 

					
	 Maximum Amount
	  	Applicable Spread	 
	 less than $100,000,000
	  	 	57.5 bps	  
	 $100,000,000 or more, but less than $200,000,000
	  	 	47.5 bps	  
	 $200,000,000 or more
	  	 	42.5 bps	  

 “Assignment
and Acceptance” means an instrument providing for the assignment by the Bank of all or a portion of the obligations of the Company under this Agreement to another lender, in a form satisfactory to the Administrative Agent. 

 “Availability Period” means the period from and including the Closing Date
to but excluding the earlier of (i) the Final Stated Maturity Date and (ii) the date of termination of the Commitment in full pursuant to the terms of this Agreement. 

“Bank” has the meaning provided in the Preamble. 

“Bankruptcy Code” means the Bankruptcy Reform Act of 1978, as amended, or any successor statute. 

“Base Rate” means, for any day, the higher of (i) the rate announced from time to time by the
Bank in Stamford, Connecticut as its prime rate, changing as and when such prime rate changes for such day and (ii) the Federal Funds Rate for such day
plus 1/2 of 1%. 

“Board of Governors” means the Board of Governors of the Federal Reserve System of the United States. 

“Business Day” means any day other than a Saturday, Sunday or other day on which banks in New York, New York, Stamford,
Connecticut or Chicago, Illinois are authorized or required by law to close; provided, however, that when used in connection with a Loan, the term “Business Day” shall also exclude any day on which banks are not open for dealings in dollar
deposits in the London interbank market. 
 “CDS Counterparty” means a counterparty to one or more credit
default swaps with the Bank in which the Company is a “Reference Entity”, as defined in the ISDA Credit Derivatives Definitions, and where the aggregate notional amount of such credit default swap(s) is at least $10,000,000. For the
avoidance of doubt, if a central clearing entity recognized by a U.S. federal regulatory authority is a counterparty to one or more such credit default swaps, such central clearing entity will also be a “CDS Counterparty”.

 “Change in Control” means that (i) at any time that Exelon owns (directly or indirectly) less than a
majority of the membership interests or capital stock (as applicable) of the Company, any person, entity or group (within the meaning of Rule l3d-5 under the Exchange Act), excluding Exelon, shall beneficially own, directly or indirectly, 30% or
more of the membership interests or capital stock (as applicable) of the Company having ordinary voting power; or (ii) at any time after the Company has a Board of Directors or similar governing body (a “Board”) Continuing Directors
shall fail to constitute a majority of the Board of the Company. For purposes of the foregoing, “Continuing Director” means an individual who (A) is elected or appointed to be a member of the Board of the Company by Exelon or an
affiliate of Exelon at a time when Exelon owns (directly or indirectly) a majority of the membership interests or capital stock (as applicable) of the Company or (B) is nominated to be a member of such Board by a majority of the Continuing
Directors then in office. 
 “Closing Date” means the date on which the conditions set forth in
Section 4.01 of this Agreement are fulfilled to the satisfaction of the Administrative Agent and this Agreement becomes effective pursuant to the provisions of Section 8.08. 

“Code” means the Internal Revenue Code of 1986, as amended from time to time and the regulations promulgated and rulings
issued thereunder. 
 “Commitment” means $500,000,000 or such lesser amount to which the Commitment shall be
reduced from time to time in accordance with the terms of this Agreement. 
 “Company” has the meaning provided
in the Preamble. 

  
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 “ComEd” means Commonwealth Edison Company, an Illinois corporation, or any
successor thereof. 
 “ComEd Entity” means ComEd and each of its Subsidiaries. 

“Commodity Trading Obligations” means the obligations of the Company under (i) any commodity swap agreement,
commodity future agreement, commodity option agreement, commodity cap agreement, commodity floor agreement, commodity collar agreement, commodity hedge agreement, commodity forward contract or derivative transaction and any put, call or other
agreement, arrangement or transaction, including natural gas, power and emissions forward contracts, or any combination of any such arrangements, agreements and/or transactions, employed in the ordinary course of the Company’s business,
including the Company’s energy marketing, trading and asset optimization business, or (ii) any commodity swap agreement, commodity future agreement, commodity option agreement, commodity hedge agreement, and any put, call or other
agreement or arrangement, or combination thereof (including an agreement or arrangement to hedge foreign exchange risks) in respect of commodities entered into by the Company pursuant to asset optimization and risk management policies and procedures
adopted pursuant to authority delegated by the Board of Directors of the Company or Exelon. The term “commodities” shall include electric energy and/or capacity, transmission rights, coal, petroleum, natural gas, fuel transportation
rights, emissions allowances, weather derivatives and related products and by-products and ancillary services. 

“Control” means the possession, directly or indirectly, of the power to direct or cause the direction of the management
or policies of a person, whether through the ownership of voting securities, by contract or otherwise, and the terms “Controlling” and “Controlled” shall have meanings correlative thereto. 

“Controlled Group” means all members of a controlled group of corporations and all trades or businesses (whether or not
incorporated) under common control that, together with the Company, are treated as a single employer under Section 414(b) or 414(c) of the Code. 
 “Credit Exposure” means, on any date of determination, the sum of the aggregate principal amount of all Loans outstanding on such date and the aggregate undrawn amount of all Letters of
Credit on such date. 
 “Credit Extension” means the making of any Loan hereunder, the issuance of any Letter
of Credit or the extension, renewal or increase in the stated amount of any existing Letter of Credit by the Bank. 

“Decrease Date” has the meaning specified in Section 2.03(c). 

“Debt” means (i) indebtedness for borrowed money, (ii) obligations evidenced by bonds, debentures, notes or
other similar instruments, (iii) obligations to pay the deferred purchase price of property or services (other than trade payables incurred in the ordinary course of business), (iv) obligations as lessee under leases that shall have been
or are required to be, in accordance with GAAP, recorded as capital leases, (v) obligations (contingent or otherwise) under reimbursement or similar agreements with respect to the issuance of letters of credit (other than obligations in respect
of documentary letters of credit opened to provide for the payment of goods or services purchased in the ordinary course of business) and (vi) obligations under direct or indirect guaranties in respect of, and obligations (contingent or
otherwise) to purchase or otherwise acquire, or otherwise to assure a creditor against loss in respect of, indebtedness or obligations of others of the kinds referred to in clauses (i) through (v) above. 

  
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 “Default” means any event, occurrence or condition which is, or upon
notice, lapse of time, or both, would constitute an Event of Default. 
 “Disbursement Date” means the date on
which any Loan is made hereunder. 
 “Dollars” or “$” or “USD” means the lawful
money of the United States. 
 “Eligible Successor” means a Person that (i) is a corporation, limited
liability company or business trust duly incorporated or organized, validly existing and in good standing under the laws of one of the stales of the United States or the District of Columbia, (ii) as a result of a contemplated acquisition,
consolidation or merger, will succeed to all or substantially all of the consolidated business and assets of the Company or Exelon, as applicable, (iii) upon giving effect to such contemplated acquisition, consolidation or merger, will have all
or substantially all of its consolidated business and assets conducted and located in the United States and (iv) in the case of the Company, is acceptable to the Bank as a credit matter. 

“ERISA” means the Employee Retirement Income Security Act of 1974, as amended from time to time. 

“Exelon” means Exelon Corporation, a Pennsylvania corporation, or any Eligible Successor thereof. 

“Exchange Act” means the Securities Exchange Act of 1934, as amended from time to time. 

“Event of Default” has the meaning specified in Section 6.01. 

“Facility Expiration Date” means the earlier to occur of the Final Stated Maturity Date and the termination in whole of
the Commitment pursuant to Section 6.01(b). 
 “Final Stated Maturity Date” means June 15, 2021.

 “GAAP” has the meaning given such term in Section 1.03 

“Governmental Authority” means the government of the United States or any other nation, or of any political subdivision
thereof, whether state, provincial or local, and any agency, authority, instrumentality, regulatory body, court, central bank or other entity exercising executive, legislative, judicial, taxing, regulatory or administrative powers or functions of or
pertaining to government (including any supra-national bodies such as the European Union or the European Central Bank). 

“Hedging Obligations” means the obligations of the Company under any interest rate or currency swap agreement, interest
rate or currency future agreement, interest rate collar agreement, interest rate or currency hedge agreement, and any put, call or other agreement or arrangement designed to protect the Company against fluctuations in interest rates or currency
exchange rates. 
 “Interest Coverage Ratio” means, for any period of four consecutive fiscal quarters of the
Company, the ratio of Adjusted Funds From Operations for such period to Net Interest Expense for such period. 

“Interest Payment Date” means, (i) with respect to any LIBOR Loan, the last day of the Interest Period applicable
thereto and in the case of any LIBOR Loan with a 6 month 

  
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Interest Period on each three-month anniversary of the date of such Loan, and (ii) with respect to any Base Rate Loan, on the 20th day of each March, June, September and December, and, in addition, the date of any payment or prepayment of any Loan
or conversion of any Loan to a Loan of a different Type or having a new Interest Period. 
 “Interest Period”
means, as to any LIBOR Loan, the period commencing on the date of such Loan or the date of the conversion of any Loan into a LIBOR Loan and ending on the numerically corresponding day (or, if there is no numerically corresponding day, on the last
day) in the calendar month that is 1, 2, 3 or 6 months thereafter (but in no event extending beyond the Final Stated Maturity Date), or such other period as the Company and the Bank may agree in any specific instance; provided,
however, that if any Interest Period would end on a day other than a Business Day, such Interest Period shall be extended to the next succeeding Business Day unless such next succeeding Business Day would fall in the next calendar month, in
which case such Interest Period shall end on the next preceding Business Day. 
 “Increase Date” has the
meaning specified in Section 2.03(b). 
 “Interest Expense” means, for any period, “interest
expense” as shown on a consolidated statement of income of the Company for such period prepared in accordance with GAAP. 

“ISDA Credit Event” has the meaning specified in Section 2.04(e) (ii). 

“Letter of Credit” means any Standby Letter of Credit substantially in the form of Exhibit A attached hereto,
issued or to be issued by the Bank for the account of the Company pursuant to Section 2.02. 
 “LC
Disbursement” means a payment or disbursement made by the Bank pursuant to a drawing under a Letter of Credit. 

“LC Exposure” means at any time the sum of (i) the aggregate undrawn amount of all outstanding Letters of Credit at
such time plus (ii) the aggregate principal amount of all LC Loans outstanding at such time. 
 “LC Loan”
means, as of any date, each Reimbursement Obligation that remains unpaid by the Company, in whole or in part, as of such date. 

“LC Request” means a request by the Company in accordance with the terms of Section 2.02(b) and substantially in
the form of Exhibit B or such other form as shall be approved by the Bank. 
 “LIBOR Rate” means, for
each Interest Period for each Loan, the rate of interest per annum that appears on the Telerate British Bankers Assoc. Interest Settlement Rates Page at approximately 11:00 a.m., London, England time, two Business Days prior to the first day of such
Interest Period for a term comparable to such Interest Period; provided, however, that (i) if more than one rate is specified on the Telerate British Bankers Assoc. Interest Settlement Rates Page, the applicable rate shall be the
arithmetic mean of all such rates and (ii) if there shall at any time no longer exist a Telerate British Bankers Assoc. Interest Settlement Rates Page, “LIBOR Rate” means, with respect to each day, the rate per annum equal to the rate
at which the Bank is offered deposits in Dollars at approximately 11:00 a.m., London, England time, on such day in the London interbank market for delivery on such day and in an amount comparable to the amount of such Loan to be outstanding on such
day. 
 “Lien” means any lien (statutory or other), mortgage, pledge, security interest or other charge or
encumbrance, or any other type of preferential arrangement (including the 

  
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interest of a vendor or lessor under any conditional sale, capitalized lease or other title retention agreement). 
 “Loan” means any Revolving Loan and any LC Loan. 
 “Make
Whole Premium” shall be the amount described on Annex A. 
 “Margin Regulations” means Regulations T,
U and X of the Board of Governors as from time to time in effect, and all official rulings and interpretations thereunder or thereof. 
 “Margin Stock” has the meaning given such term under Regulation U of the Board of Governors. 
 “Material Adverse Change” and “Material Adverse Effect” each means, relative to any occurrence, fact or circumstances of whatsoever nature (including any determination in
any litigation, arbitration or governmental investigation or proceeding), (i) any materially adverse change in, or materially adverse effect on, the financial condition, operations, assets or business of the Company and its consolidated
Subsidiaries, taken as a whole, provided that, except as otherwise expressly provided herein, the assertion against the Company or any Subsidiary of liability for any obligation arising under ERISA for which the Company or such Subsidiary bore joint
and several liability with any ComEd Entity or PECO Entity, or the payment by the Company or any Subsidiary of any such obligation, shall not be considered in determining whether a Material Adverse Change or Material Adverse Effect has occurred); or
(ii) any materially adverse effect on the validity or enforceability against the Company of this Agreement. 

“Maximum Amount” means $0 as of the date hereof, as such amount may hereafter be increased or decreased pursuant to
Section 2.03. 
 “Maximum Amount Increase” has the meaning specified in Section 2.03(a). 

“Moody’s” means Moody’s Investors Service, Inc. or any successor thereto. 

“Multiemployer Plan” means a Plan maintained pursuant to a collective bargaining agreement or any other arrangement to
which Exelon or any other member of the Controlled Group is a party to which more than one employer is obligated to make contributions. 
 “Net Cash Flows From Operating Activities” means, for any period, “Net Cash Flows provided by Operating Activities” as shown on a consolidated statement of cash flows of the
Company for such period prepared in accordance with GAAP, excluding any “working capital changes” (as shown on such statement of cash flows) taken into account in determining such Net Cash Flows provided by Operating Activities.

 “Net Interest Expense” means, for any period, Interest Expense for such period minus interest on Nonrecourse
Indebtedness. 
 “Nonrecourse Indebtedness” means any Debt that finances the acquisition, development,
ownership or operation of an asset in respect of which the Person to which such Debt is owed has no recourse whatsoever to the Company or any of its Affiliates other than: 

(i) recourse to the named obligor with respect to such Debt (the “Debtor”) for amounts limited to the cash flow
or net cash flow (other than historic cash flow) from the asset; 

  
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 (ii) recourse to the Debtor for the purpose only of enabling amounts to be
claimed in respect of such Debt in an enforcement of any security interest or lien given by the Debtor over the asset or the income, cash flow or other proceeds deriving from the asset (or given by any shareholder or the like in the Debtor over its
shares or like interest in the capital of the Debtor) to secure the Debt, but only if the extent of the recourse to the Debtor is limited solely to the amount of any recoveries made on any such enforcement; and 

(iii) recourse to the Debtor generally or indirectly to any Affiliate of the Debtor, under any form of assurance,
undertaking or support, which recourse is limited to a claim for damages (other than liquidated damages and damages required to be calculated in a specified way) for a breach of an obligation (other than a payment obligation or an obligation to
comply or to procure compliance by another with any financial ratios or other tests of financial condition) by the Person against which such recourse is available. 
 “Ongoing Facility Fee” means the Ongoing Facility Fee agreed to by the parties hereto on Annex A, calculated in accordance with Section 2.03. 

“Organizational Documents” means articles of incorporation and bylaws or other governing documents of any person (and
any amendments to the same). 
 “Parent Company” means UBS AG. 

“Parties” has the meaning provided in the Preamble. 

“Patriot Act” has the meaning provided in Section 4.01(g). 

“PBGC” means the Pension Benefit Guaranty Corporation or any entity succeeding to any or all of its functions under
ERISA. 
 “PECO” means PECO Energy Company, a Pennsylvania Corporation or any successor thereof. 

“PECO Entity” means PECO and each of its Subsidiaries. 

“Permitted Encumbrance” means (i) any right reserved to or vested in any municipality or other governmental or
public authority (A) by the terms of any right, power, franchise, grant, license or permit granted or issued to the Company or (B) to purchase or recapture or to designate a purchaser of any property of the Company; (ii) any easement,
restriction, exception or reservation in any property and/or right of way of the Company for the purposes of roads, pipelines, transmission lines, distribution lines, transportation lines or removal of minerals or timber or for other like purposes
or for the joint or common use of real property, rights of way, facilities and/or equipment, and defects, irregularities and deficiencies in title of any property and/or rights of way, which, in each case described in this clause (ii), whether
considered individually or collectively with all other items described in this clause (ii), do not materially impair the use of the relevant property and/or rights of way for the purposes for which such property and/or rights of way are held by the
Company; (iii) rights reserved to or vested in any municipality or other governmental or public authority to control or regulate any property of the Company or to use such property in a manner that does not materially impair the use of such
property for the purposes for which it is held by the Company; and (iv) obligations or duties of the Company to any municipality or other governmental or public authority that arise out of any franchise, grant, license or permit and that affect
any property of the Company. 

  
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 “Permitted Obligations” mean (i) Hedging Obligations of the Company or
any Subsidiary arising in the ordinary course of business and in accordance with the applicable Person’s established risk management policies that are designed to protect such Person against, among other things, fluctuations in interest rates
or currency exchange rates and which in the case of agreements relating to interest rates shall have a notional amount no greater than the payments due with respect to the applicable obligations being hedged and (ii) Commodity Trading
Obligations. 
 “Person” means any natural person or any corporation, limited liability company, business
trust, joint venture, joint stock company, trust, association, company, partnership, Governmental Authority or other entity. 

“Plan” means an employee pension benefit plan that is covered by Title IV of ERISA or subject to the minimum funding
standards under Section 412 of the Code as to which the Company or any other member of the Controlled Group may have any liability. 
 “Principal Subsidiary” means each Subsidiary (i) the consolidated assets of which, as of the date of any determination thereof, constitute at least 10% of the consolidated assets of
the Company or (ii) the consolidated earnings before taxes of which constitute at least 10% of the consolidated earnings before taxes of the Company for the most recently completed fiscal year. 

“Preamble” means the introductory paragraph of this Agreement. 

“Proposed Terms” has the meaning specified in Section 2.03(b). 

“Regulation D” means Regulation D of the Board of Governors as from time to time in effect and all official rulings and
interpretations thereunder or thereof. 
 “Reimbursement Obligations” means the Company’s obligations
under Section 2.03 to reimburse LC Disbursements. 
 “Reportable Event” means a reportable event as
defined in Section 4043 of ERISA and regulations issued under such section with respect to a Plan, excluding such events as to which the PBGC by regulation waived the requirement of Section 4043(a) of ERISA that it be notified within 30
days of the occurrence of such event, provided that a failure to meet the minimum funding standard of Section 412 of the Code and Section 302 of ERISA shall be a Reportable Event regardless of the issuance of any such waivers in accordance
with either Section 4043(a) of ERISA or Section 412(d) of the Code. 
 “Requirements of Law” means,
as to any person, collectively, any and all requirements of any Governmental Authority including any and all laws, judgments, orders, decrees, ordinances, rules, regulations, statutes or case law. 

“Revolving Loan” means any loan made by the Bank to the Company pursuant to Section 2.01. 

“S&P” means Standard & Poor’s Rating Services, a division of the McGraw-Hill Companies, Inc. or any
successor thereto. 

  
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 “Single Employer Plan” means a Plan maintained by the Company or any other
member of the Controlled Group for employees of the Company or any other member of the Controlled Group. 
 “Stated
Maturity Date” means with respect to each increase in the Maximum Amount the date specified on Annex A. 

“Statutory Reserves” means, with respect to any Loan on any day, the average maximum rate at which reserves (including
any marginal, supplemental or emergency reserves) are required to be maintained during such day under Regulation D by member banks of the United States Federal Reserve System in New York City with deposits exceeding one billion dollars against
“Eurocurrency liabilities” (as such term is used in Regulation D). Any such Loan shall be deemed to constitute Eurodollar liabilities and to be subject to such reserve requirements without benefit of or credit for proration, exceptions or
offsets which may be available from time to time to the Bank under Regulation D. 
 “Subsidiary” means, with
respect to any person, any corporation or other entity of which more than 50% of the outstanding capital stock (or comparable interest) having ordinary voting power (irrespective of whether or not at the time capital stock, or comparable interests,
of any other class or classes of such corporation or entity shall or might have voting power upon the occurrence of any contingency) is at the time directly or indirectly owned by such person (whether directly or through one or more other
Subsidiaries). Unless otherwise indicated, each reference to a “Subsidiary” means a Subsidiary of the Company. 

“Telerate British Bankers Assoc. Interest Settlement Rates Page” means the display designated as Page 3750 on the
Telerate System Incorporated Service (or such other page as may replace such page on such service for the purpose of displaying the rates at which Dollar deposits are offered by leading banks in the London interbank deposit market). 

“Type”, when used in respect of any Loan, shall refer to the Rate by reference to which interest on such Revolving Loan
is determined. For purposes hereof, “Rate” means the LIBOR Rate or the Base Rate. 
 “Unwind
Costs” has the meaning specified in Section 2.03(d). 
 “Unwind Transactions” has the meaning
specified in Section 2.03(d). 
 “Unfunded Liabilities” means, (i) in the case of any Single Employer
Plan, the amount (if any) by which the present value of all vested nonforfeitable benefits under such Plan exceeds the fair market value of all Plan assets allocable to such benefits, all determined as of the then most recent evaluation date for
such Plan, and (ii) in the case of any Multiemployer Plan, the withdrawal liability that would be incurred by the Controlled Group if all members of the Controlled Group completely withdrew from such Multiemployer Plan. 

“Unused Maximum Amount” means the Maximum Amount as in effect on the date of determination less all Credit Exposure
currently outstanding. 
 Section 1.02 Terms Generally. The definitions of terms herein shall apply equally to the
singular and plural forms of the terms defined. Whenever the context may require, any pronoun shall include the corresponding masculine, feminine and neuter forms. The words “include,” “includes” and “including” shall
be deemed to be followed by the phrase “without limitation.” The word “will” shall be construed to have the same meaning and effect as the word “shall.” Unless the context requires otherwise (a) any definition of
or reference to any agreement, instrument or 

  
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other document herein shall be construed as referring to such agreement, instrument or other document as from time to time amended, supplemented or otherwise modified (subject to any restrictions
on such amendments, supplements or modifications set forth herein), (b) any reference herein to any person shall be construed to include such person’s successors and assigns, (c) the words “herein,” “hereof” and
“hereunder,” and words of similar import, shall be construed to refer to this Agreement in its entirety and not to any particular provision hereof, (d) all references herein to Articles, Sections, Exhibits and Annexes shall be
construed to refer to Articles and Sections of, and Exhibits and Annexes to, this Agreement, and (e) any reference to any law or regulation herein shall refer to such law or regulation as amended, modified or supplemented from time to time

 SECTION 1.03 Accounting Principles. 
 (a) As used in this Agreement, “GAAP” means generally accepted accounting principles in the United States, applied on a basis consistent with the principles used in preparing the Company’s
audited consolidated financial statements as of December 31, 2009 and for the fiscal year then ended, as such principles may be revised as a result of changes in GAAP implemented by the Company subsequent to such date. In this Agreement, except
to the extent, if any, otherwise provided herein, all accounting and financial terms shall have the meanings ascribed to such terms by GAAP, and all computations and determinations as to accounting and financial matters shall be made in accordance
with GAAP. In the event that the financial statements generally prepared by the Company apply accounting principles other than GAAP (including as a result of any event described in Section 1.03(b)), the compliance certificate delivered pursuant
to Section 5.01(b)(iv) accompanying such financial statements shall include information in reasonable detail reconciling such financial statements to GAAP to the extent relevant to the calculations set forth in such compliance certificate.

 (b) If at any time any change in GAAP would affect the computation of any financial ratio or requirement set forth herein and
the Company or the Administrative Agent shall so request, the Administrative Agent and the Company shall negotiate in good faith to amend such ratio or requirement to preserve the original intent thereof in light of such change in GAAP; provided
that, until so amended, such ratio or requirement shall continue to be computed in accordance with GAAP prior to such change therein. 
 ARTICLE II 
 LOANS AND LETTERS OF CREDIT 

Section 2.01. Loans. (a) At the request of the Company, the Bank shall, subject to the terms and conditions of this
Agreement, from time to time, on any Business Day during the period from and including the date hereof to but excluding the Facility Expiration Date, make Revolving Loans to the Company such that the sum of the aggregate principal amount of all
Revolving Loans outstanding hereunder and the LC Exposure at no time exceeds the Maximum Amount. Within the foregoing limits, the Company may borrow, pay or prepay Revolving Loans and reborrow Revolving Loans hereunder, on and after the date hereof
and prior to the Facility Expiration Date, subject to the terms and conditions set forth herein. 
 (b) Interest. The
Company may request a Revolving Loan by written notice to the Bank specifying the aggregate principal amount to be borrowed (which must be $50 million or a multiple of $1 million in excess thereof) and the Type of Revolving Loan and in the case of a
LIBOR Loan the Interest Period, of the proposed Revolving Loan. Such notice must be delivered to the Bank at or before 11:00 a.m., New York City time, on the date of the proposed borrowing (in the case of a Base Rate Loan) or the third Business Day
before the date of the proposed 

  
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borrowing (in the case of a LIBOR Loan). At the Company’s election, the Revolving Loans may be either: 
 (i) “Base Rate Loans”, each of which shall bear a floating per annum interest rate equal to the Base Rate plus the Applicable Margin (the “Funded Rate”) and shall mature
in any event on the Facility Expiration Date; or 
 (ii) “LIBOR Loans”, each of which shall bear a per annum
interest rate equal to the Adjusted LIBOR Rate plus the Applicable Margin and shall mature in any event on the Facility Expiration Date. 
 Each
Revolving Loan will bear interest from the date on which it is made until it is paid at the rate specified by the Company to the Bank pursuant to this paragraph (b) or paragraph (c) below, payable in arrears on each Interest Payment Date.
The Company may prepay Base Rate Loans at any time without premium or penalty. Subject to Section 2.05(c), the Company may prepay LIBOR Loans at any time without premium or penalty. Upon the occurrence and during the continuance of an Event of
Default, all Revolving Loans hereunder shall bear interest for each day until payment in full at the rate otherwise specified in this Section 2.01(b) plus two percent (2%), provided that upon the occurrence of an ISDA Credit Event
(unless and until the ISDA Credit Determination Committee rescinds such determination) all outstanding Loans hereunder shall bear interest for each day until payment in full at a rate per annum equal to the sum of Adjusted LIBOR Rate plus the
Applicable Margin plus eight percent (8%). 
 (c) Conversion. The Company may on any Business Day, by delivering a notice
of conversion (a “Notice of Conversion”) to the Bank not later than 11:00 A.M. on the third Business Day prior to the date of the proposed conversion or continuation, convert any Revolving Loan of one Type or for one Interest Period
into a Revolving Loan of another Type or for another Interest Period or continue any LIBOR Loan with the same Interest Period; provided, however, that any conversion or continuation of any LIBOR Loan shall be made on, and only on, the last day of an
Interest Period. Each such Notice of Conversion shall, within the restrictions specified above, specify (i) the date of such conversion or continuation, (ii) the Revolving Loans to be converted or continued, (iii) if such conversion
or continuation will result in a LIBOR Loan, the duration of the Interest Period for such LIBOR Loan, and (iv) the aggregate amount of Revolving Loans proposed to be converted or continued. If the Company shall not have provided a Notice of
Conversion with respect to any LIBOR Loan on or prior to 11:00 A.M. on the third Business Day prior to the last day of the Interest Period applicable thereto, or if an Event of Default shall have occurred and be continuing on the third Business Day
prior to the last day of the Interest Period with respect to any LIBOR Loan, the Bank will so notify the Company and such Revolving Loan will automatically, on the last day of the then existing Interest Period, convert into a Base Rate Loan.

 (d) Note. The Revolving Loans made by the Bank to the Company pursuant to Section 2.01 shall be evidenced, upon
request by the Bank, by a promissory note substantially the form of Exhibit C hereto (the “Note”). The date, amount, type, interest rate and duration of Interest Period (if applicable) of each Loan made by the Bank to the
Company, and each payment made on account of the principal thereof, shall be recorded by the Bank on its books; provided that neither the failure of the Bank to make any such recordation or endorsement nor any other error by the Bank in doing
so shall affect the obligations of the Company to make a payment when due of any amount owing hereunder or under any Note in respect of the Revolving Loans to be evidenced by such Note, and each such recordation or endorsement shall be conclusive
and binding absent manifest error. 
 (e) Mandatory Prepayment. If at any time the aggregate principal amount of all
outstanding Revolving Loans plus all LC Exposure is greater than the aggregate Maximum 

  
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Amount then in effect (after giving effect to any Stated Maturity Date), the Company shall promptly prepay an aggregate principal amount of Revolving Loans such that the aggregate principal
amount of all outstanding Revolving Loans plus all LC Exposure does not exceed the aggregate Maximum Amount then in effect. 

Section 2.02 Letters of Credit 
 (a) General. Subject to the terms and conditions set forth herein, the Company may request the Bank, and the Bank agrees to issue Letters of Credit denominated in Dollars for the account of the
Company, at any time and from time to time during the Availability Period. The Bank shall have no obligation to issue, and Company shall not request the issuance of, any Letter of Credit at any time if after giving effect to such issuance, the sum
of the aggregate principal amount of all Revolving Loans outstanding hereunder and the LC Exposure would exceed the Maximum Amount. In the event of any inconsistency between the terms and conditions of this Agreement and the terms and conditions of
any form of letter of credit application or other agreement submitted by the Company to, or entered into by the Company with, the Bank relating to any Letter of Credit, the terms and conditions of this Agreement shall control. 

(b) Request for Issuance, Amendment, Renewal, Extension; Certain Conditions and Notices. To request the issuance of a Letter of
Credit or the amendment, renewal or extension of an outstanding Letter of Credit, the Company shall deliver, by hand or telecopier (or transmit by electronic communication), an LC Request to the Administrative Agent, for the account of the Bank,
(i) in the case of an amendment, renewal or extension, (A) not later than 11:00 a.m. (New York time) on the same Business Day of the requested date of amendment, renewal or extension, or (B) on the Business Day immediately preceding
the requested date of amendment, renewal or extension (if such LC Request is delivered later than 11:00 a.m. (New York time)) and (ii) in the case of an issuance, (A) not later than 11:00 a.m. (New York time) on the second Business Day
preceding the requested date of issuance and (B) on the third Business Day immediately preceding the requested date of issuance (if such LC Request is delivered later than 11:00 a.m. (New York time)). 

A request for an initial issuance of a Letter of Credit shall specify in form and detail satisfactory to the Bank: 

(i) the proposed issuance date of the requested Letter of Credit (which shall be a Business Day); 

(ii) the amount thereof; 
 (iii) the expiry date thereof (which shall comply with the requirements of Section 2.02(c)); 
 (iv) the name and address of the beneficiary thereof; 
 (v) the
documents to be presented by such beneficiary in connection with any drawing thereunder; 
 (vi) the full text of
any certificate to be presented by such beneficiary in connection with any drawing thereunder; and 
 (vii) such
other matters as the Bank may reasonably require. 

  
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 A request for an amendment, renewal or extension of any outstanding Letter of Credit shall specify in form
and detail satisfactory to the Bank: 
 (i) the Letter of Credit to be amended, renewed or extended; 

(ii) the proposed date of amendment, renewal or extension thereof (which shall be a Business Day); 

(iii) the nature of the proposed amendment, renewal or extension; and 

(iv) such other matters as the Bank may reasonably require. 
 A Letter of Credit shall be issued, amended, renewed or extended only if (and, upon issuance, amendment, renewal or extension of each Letter of Credit, the Company shall be deemed to represent and warrant
that), after giving effect to such issuance, amendment, renewal or extension, (i) the Credit Exposure (assuming, for purposes of such determination, that each Letter of Credit then in effect (after giving effect to such issuance, amendment,
renewal or extension) will remain outstanding until its stated expiration date) shall not exceed the Maximum Amount and (ii) the applicable conditions set forth in Section 4.03 in respect of such issuance, amendment, renewal or extension
shall have been satisfied or waived by the Bank. Unless the Bank shall agree otherwise, no Letter of Credit shall be in an initial amount less than $1,000,000, or shall be denominated in a currency other than Dollars. 

(c) Expiration Date. Each Letter of Credit shall expire at or prior to the close of business on the earlier of (i) the date
that is 364 days after the date of the issuance of such Letter of Credit (or, in the case of any renewal or extension thereof (including any automatic or “evergreen” renewal), 364 days after such renewal or extension and, in either case,
if such day is not a Business Day, the immediately succeeding Business Day) and (ii) the Final Stated Maturity Date; provided, however, that no Letter of Credit may be issued unless at the time of such issuance there is Unused
Maximum Amount with a Stated Maturity Date which extends at least 30 days beyond the expiration date of such Letter of Credit. 

Section 2.03. Changes in the Maximum Amount. (a) The Company may, at any time during the period from the Closing Date to
the earlier to occur of (i) date of termination of the Commitment in whole, by notice to the Administrative Agent (for the account of the Bank) or (ii) June 15, 2011, request that the Maximum Amount be increased by an amount of
$10,000,000 or an integral multiple of $10,000,000 in excess thereof (each a “Maximum Amount Increase”) to be effective as of a date prior to the Final Stated Maturity Date as specified in the related notice to the Bank;
provided, however, that (A) in no event shall the Maximum Amount at any time exceed $500,000,000, (B) on the applicable Increase Date, the applicable conditions set forth in subsection (b) below shall be satisfied and
(C) on the first Increase Date the Maximum Amount Increase shall be an amount not less than $50,000,000. 
 (b) If the Bank
is willing to agree to such requested Maximum Amount Increase, in its sole discretion after giving due consideration in good faith after receipt of such request, it shall give notice (which notice may be given via telephone or in writing) to the
Company that it is willing to increase the Maximum Amount, the amount by which it is willing to increase the Maximum Amount and any proposed change to Ongoing Facility Fee that will be required by the Bank in connection with such Maximum Amount
Increase (collectively, the “Proposed Terms”), provided that the Company shall have the right to cancel its request at any time prior to its acceptance (which acceptance may be given via telephone or in writing) of the Proposed
Terms. The failure of the Bank to respond to a request for a Maximum Amount Increase shall constitute a refusal by the Bank to accept such requested Maximum Amount Increase. The parties hereto agree that the “Ongoing Facility Fee”
shall be set based upon the calculation of the Credit Default Swap rate determined based upon the period of time remaining until the Stated Maturity Date 

  
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specified with respect to such Maximum Amount on Annex A on the calculation date plus the Applicable Spread. If the Maximum Amount falls within separate categories based upon the Applicable
Spread, the Bank shall calculate the Ongoing Facility Fee by blending the rate based upon the proportion of such letter of credit falling in the different categories. Subject to satisfaction of the conditions precedent set forth below, each Maximum
Amount Increase and any related change to the Ongoing Facility Fee shall be effective upon the Company’s acceptance (which acceptance may be given via telephone or in writing) of the Proposed Terms (the date of any such acceptance being the
“Increase Date”) and shall be evidenced by an amendment to this Agreement, substantially in the form of Annex A hereto, signed by the Company and the Bank, which the Company authorizes the Administrative Agent to attach to this
Agreement. Each Maximum Amount Increase shall be subject to the conditions precedent that, on the applicable Increase Date, (i) no Default or Event of Default shall have occurred and be continuing, and (ii) all representations and
warranties of the Company set forth in Section 3.01 (other than subsection (e) and the first sentence of subsection (f) thereof) shall be true and correct in all material respects. The acceptance by the Company of any Proposed Terms
shall be deemed to constitute a representation and warranty by the Company that, on the applicable Increase Date, the conditions set forth in the preceding sentence have been satisfied. 

(c) Subject to the satisfaction of the conditions precedent set forth below, the Company shall have the right at any time and from time
to time upon at least three Business Days’ written notice to the Administrative Agent (for the account of the Bank), specifying the proposed amount and effective date of such reduction (any such date being a “Decrease Date”),
to reduce all or any part of the Bank’s unused Commitment; provided, however, that (i) the Company shall not be able to reduce that portion of the Bank’s Commitment for which a Letter of Credit has been issued and is
outstanding or any Loan is outstanding, and (ii) each such reduction shall be in the amount of $50,000,000 or any whole multiple of $1,000,000 in excess thereof. Any such reduction of the Commitment shall automatically reduce the Maximum Amount
by the amount of the Commitment so reduced. Any such notice of reduction, when delivered to the Administrative Agent, shall be irrevocable. Any reduction of the Commitment under this subsection (c) shall be subject to the condition that on the
applicable Decrease Date, all representations and warranties of the Company set forth in Section 3.01(k) shall be true and correct in all material respects. Any request by the Company for a reduction in the Commitment shall be deemed to
constitute a representation and warranty by the Company that, on the applicable Decrease Date, the condition set forth in the preceding sentence has been satisfied. Upon any reduction of the Maximum Amount, the Agent shall, as of the Reduction Date,
recalculate the Ongoing Facility Fee such that the Applicable Spread is consistent with the Maximum Amount in effect on such date. 
 (d) In the event that the Commitment is reduced, or if any Maximum Amount Increase does not become effective because the conditions precedent to such event were not satisfied on the applicable Increase
Date after acceptance by the Company of the relevant Proposed Terms, the Bank may enter into transactions in order to unwind credit derivatives transactions that the Bank or its Affiliates may have entered into in order to mitigate credit risk of
the Letters of Credit or, in the case of any reduction in the Commitment, in order to unwind such transactions (the “Unwind Transactions”). The Company agrees to pay to the Administrative Agent (for the account of the Bank), within
three Business Days after submission by the Bank of a reasonably detailed statement, together with any supporting detail reasonably requested by the Company, all actual costs and losses incurred by or on behalf of the Bank in connection with any
Unwind Transactions (the “Unwind Costs”) as determined by the Bank in a commercially reasonable manner, and in any case in a manner consistent with prevailing market practice and investment banking conventions at the time of such
reduction in the Maximum Amount, taking into account such factors as the Bank reasonably deems appropriate, including, but not limited to, the size of the reduction and the prevailing debt market conditions, prevailing credit default swap market
conditions, overall market liquidity and the credit quality of the Company at the time of the applicable reduction in the Commitment. The Bank agrees to conduct all Unwind Transactions in 

  
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a commercially reasonable manner and to provide the Company with documentary evidence of any Unwind Costs promptly upon request by the Company. 

(e) In the event that the Commitment is reduced solely at the option of the Company pursuant to Section 2.03(c), then the Company
shall promptly pay to the Administrative Agent (for the account of the Bank), within three Business Days after such reduction a Make Whole Premium times the amount of such reduction divided by 4 (the “Make Whole Quarterly Amount”),
present valued as if the Make Whole Quarterly Amount was paid quarterly on the first day of each January, April, July and October until the Final Stated Maturity Date, provided that the payments attributable to the final 4 quarters of this
facility will not be present valued. The Make Whole Quarterly Amounts will be present valued at the interpolated US Treasury yield between the nearest two US Treasury benchmark securities (determined on the date of written notice of such reduction)
(the “Termination Fee”). At any time when a Termination Fee is due and payable to the Bank hereunder, and the Bank has received any payments representing gains (the “Unwind Gains”) in connection with the associated
Unwind Transactions, the Bank agrees to rebate to the Company 50% of the amount of such Unwind Gains up to the amount of the Termination Fee. 
 (f) If the Company notifies the Bank at any time or from time to time that it has concluded, in its reasonable determination, that one or more intended beneficiaries are unwilling to accept Letters of
Credit issued by the Bank or cash equivalents or other liquid financial assets to be provided by the Bank (it being understood that the provision of such cash equivalents or other liquid financial assets will be subject to mutually satisfactory
additional definitive documentation between the Company and the Bank) as a result of a reduction by one or more rating agencies of the Bank’s debt ratings or financial strength ratings or the occurrence of a similar event relating to the
Bank’s creditworthiness as a collateral substitute provider and the Company cannot, after using reasonable efforts for a period of five (5) Business Days, alter its collateral requirements with such intended beneficiaries to enable the
Bank to deliver Letters of Credit (or cash equivalents or other liquid financial assets) to those intended beneficiaries requiring collateral from the Company who are otherwise willing to accept Letters of Credit (or cash equivalents or other liquid
financial assets); provided that such reasonable efforts shall in no event require any payment to an intended beneficiary by the Company, then the Company, in its sole discretion, shall have the option to reduce the Maximum Amount to an amount not
less than the amount of the LC Exposure at such time and shall not be obligated to pay the Termination Fee. 
 (g) The Company
may terminate this Agreement at any time prior to the first Increase Date by giving the Bank one Business Day’s prior notice of such termination and shall not be obligated to pay the Termination Fee or Unwind Costs. 

Section 2.04. Reimbursement and Indemnity. (a) If the Bank shall make any LC Disbursement in respect of a Letter of
Credit, the Company shall reimburse to the Bank the amount of such LC Disbursement on the Business Day following the date of such LC Disbursement, subject to Section 2.04(b). 

(b) Unless the Company shall reimburse any LC Disbursement in full on the date on which such LC Disbursement is made, the unpaid
principal amount of such LC Disbursement shall convert automatically into an LC Loan and shall bear interest, for each day from and including the date such LC Disbursement is made to but excluding the date that the Company repays such LC Loan in
full, in accordance with Section 2.01; provided, however, that any LC Loan shall initially be a Base Rate Loan, and, immediately after the making of such Loan, shall be subject to conversion pursuant to Section 2.01(c).

  
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 (c) The reimbursement obligation of the Company shall be absolute, unconditional and
irrevocable, and shall be paid and performed strictly in accordance with the terms of this Agreement under any and all circumstances whatsoever and irrespective of (i) any lack of validity or enforceability of any Letter of Credit or this
Agreement, or any term or provision therein; (ii) any draft or other document presented under a Letter of Credit being proved to be forged, fraudulent, invalid or insufficient in any respect or any statement therein being untrue or inaccurate
in any respect; (iii) payment by the Bank under a Letter of Credit against presentation of a draft or other document that fails to comply with the terms of such Letter of Credit; (iv) any other event or circumstance whatsoever, whether or
not similar to any of the foregoing, that might, but for the provisions of this Section 2.04, constitute a legal or equitable discharge of, or provide a right of setoff against, the obligations of the Company hereunder; (v) the fact that a
Default shall have occurred and be continuing; or (vi) any material adverse change in the business, property, results of operations, prospects or condition, financial or otherwise, of the Company. None of the Bank or any of its Affiliates shall
have any liability or responsibility by reason of or in connection with the issuance or transfer of any Letter of Credit or any payment or failure to make any payment thereunder (irrespective of any of the circumstances referred to in the preceding
sentence), or any error, omission, interruption, loss or delay in transmission or delivery of any draft, notice or other communication under or relating to any Letter of Credit (including any document required to make a drawing thereunder), any
error in interpretation of technical terms or any consequence arising from causes beyond the control of the Bank; provided, however, that the foregoing shall not be construed to excuse the Bank from liability to the Company to the extent of
any direct damages (as opposed to consequential damages, claims in respect of which are hereby waived by the Company to the extent permitted by applicable Requirements of Law) suffered by the Company that are caused by the Bank’s failure to
exercise care when determining whether drafts and other documents presented under a Letter of Credit comply with the terms thereof. The parties hereto expressly agree that, in the absence of gross negligence, bad faith or willful misconduct on the
part of the Bank (as finally determined by a court of competent jurisdiction), the Bank shall be deemed to have exercised care in each such determination; provided, however, that the foregoing shall not be construed to excuse the Bank
from liability to the Company to the extent of any direct damages (as opposed to consequential, special or punitive damages, claims in respect of which are hereby waived by the Company to the extent permitted by Requirements of Law) suffered by the
Company that are caused by the Bank’s gross negligence, bad faith or willful misconduct in determining whether drafts and other documents presented under the applicable Letter of Credit comply with the terms thereof. In furtherance of the
foregoing and without limiting the generality thereof, the parties agree that, with respect to documents presented which appear on their face to be in substantial compliance with the terms of a Letter of Credit, the Bank may, in its sole discretion,
either accept and make payment upon such documents without responsibility for further investigation, regardless of any notice or information to the contrary, or refuse to accept and make payment upon such documents if such documents are not in
strict compliance with the terms of such Letter of Credit. 
 (d) The Company agrees to protect, indemnify and hold harmless the
Bank and its correspondents from and against all claims, actions, suits and other proceedings, and all actual loss, damages and reasonable and documented out of pocket costs (including fees and expenses of counsel) which the Bank or any of its
correspondents may suffer or incur by reason of the issuance of any Letter of Credit, the use of any Letter of Credit or the proceeds thereof, or any act or omission in respect of any Letter of Credit; provided, however, that the
Company shall not be required to indemnify the Bank or its Affiliates for any claim, damage, loss, liability, cost or expense to the extent, but only to the extent, caused by (A) the willful misconduct or gross negligence of the Bank in
determining whether a request presented under any Letter of Credit complied with the terms of such Letter of Credit or (B) the Bank’s failure to pay under any Letter of Credit after the presentation to it of a request strictly complying
with the terms and conditions of such Letter of Credit. 
 (e) The Bank shall be under no obligation to issue any Letter of
Credit if: 

  
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 (i) the Interest Coverage Ratio as of the last day of the immediately
preceding fiscal quarter was less than 3.00 to 1.0; or 
 (ii) there has been an announcement by the
International Swaps and Derivatives Association, Inc (“ISDA”) that the relevant Credit Derivatives Determinations Committee (or its successor) has determined that a Credit Event (defined as a “Failure to Pay” with respect
to an Obligation of the Company described by the “Borrowed Money” “Obligation Category”, as those terms are defined in the ISDA Credit Derivatives Definitions or a “Bankruptcy” “Credit Event” as those
terms are defined in the ISDA Credit Derivatives Definitions) has occurred with respect to the Company (unless and until the ISDA Credit Determination Committee rescinds such determination, an “ISDA Credit Event”). For purposes
hereof, “ISDA Credit Derivatives Definitions” means the 2003 ISDA Credit Derivatives Definitions, as supplemented by the 2009 ISDA Credit Derivatives Determinations Committees and Auction Settlement Supplement to the 2003 ISDA
Credit Derivatives Definitions, in each case, as published by ISDA; or
 (iii) any order, judgment or decree of
any Governmental Authority or arbitrator shall by its terms purport to enjoin or restrain the Bank from issuing such Letter of Credit, or any Requirement of Law applicable to the Bank or any request or directive (whether or not having the force of
law) from any Governmental Authority with jurisdiction over the Bank shall prohibit, or request that the Bank refrain from, the issuance of letters of credit generally or such Letter of Credit in particular or shall impose upon the Bank with respect
to such Letter of Credit any restriction, reserve or capital requirement (for which the Bank is not otherwise compensated hereunder) not in effect on the Closing Date, or shall impose upon the Bank any unreimbursed loss, cost or expense which was
not applicable on the Closing Date and which the Bank in good faith deems material to it; or 
 (iv) the issuance
of such Letter of Credit would violate one or more written policies of the Bank related generally to the Bank’s letters of credit practices and procedures. 
 The Bank shall be under no obligation to amend or extend any Letter of Credit if (A) the Bank would have no obligation at such time to issue such Letter of Credit in its amended form under the terms
hereof, or (B) the beneficiary of such Letter of Credit does not accept the proposed amendment to such Letter of Credit. 

Section 2.05. Fees, Costs and Expenses. The Company agrees to pay to the Bank the following fees: 

(a) The Company agrees to pay the Bank on the first day of each January, April, July and October of each year, quarterly in arrears, the
Ongoing Facility Fee of the Maximum Amount. 
 (b) The Company agrees to pay to the Bank its customary administrative charges
disclosed in writing to the Company for the issuance, amendment, honoring or maintenance of letters of credit and to reimburse the Bank for all reasonable and documented out of pocket expenses incurred by it or any of its correspondents in
connection with issuing or amending the Letter of Credit; including without limitation: 
  

	 	(i)	a fee of $200.00 for each drawing under the Letter of Credit. The drawing fee for each drawing shall be payable together with the reimbursement for such drawing;

  

	 	(ii)	a fee of $1,000.00 for each transfer of the Letter of Credit, payable upon such transfer; and 

  
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	 	(iii)	a fee of $500.00 for each amendment of the Letter of Credit, payable on the date of such amendment. 

(c) If for any reason, including without limitation due to demand or due to acceleration following the occurrence of an Event of Default,
the principal of any Revolving Loan, or any portion thereof, is paid prior to the scheduled maturity date therefor, or if any Revolving Loan is not borrowed after notice thereof shall have been received by the Bank, the Company will reimburse the
Bank, on demand, for any resulting actual loss (excluding any loss of anticipated profit) or reasonable and documented out of pocket expense incurred by the Bank, including without limitation any actual loss or reasonable and documented out of
pocket expense incurred in obtaining, liquidating or employing deposits from third parties. 
 (d) The fees shall be computed on
the basis of a year of 360 days, and shall be payable for the actual number of days to elapse, including the first day but excluding the last day. If on the effectiveness of any Increase Date the Ongoing Facility Fee differs from the Ongoing
Facility Fee previously in effect, the Ongoing Facility Fee after the Increase Date shall be calculated as provided in Annex A hereto. Overdue payments of principal, interest and other amounts payable hereunder shall bear interest, payable on
demand, at a rate for each day equal to the Funded Rate for such day plus two percent (2%). 
 Section 2.06. Increased
Costs; Reduced Return. (a) If after the date hereof the adoption of any law, rule, or regulation, or any change therein, or any change in the interpretation or administration thereof by any governmental authority, central bank or comparable
agency charged with the interpretation or administration thereof or compliance by the Bank with any request or directive (whether or not having the force of law) of any such authority, central bank or comparable agency (i) subjects the Bank to
any charge with respect to the Commitment or any Letter of Credit or changes the basis of taxation of payments to the Bank hereunder (except for changes in the rate of tax on the overall net income of the Bank) or (ii) imposes, modifies or
makes applicable any reserve, special deposit, deposit insurance assessment or similar requirement against letters of credit issued by the Bank, and the result of any of the foregoing is to increase the cost to the Bank of issuing or maintaining the
Commitment or any Letter of Credit or to reduce any amount received or receivable by the Bank hereunder, then upon demand by the Bank, the Company shall pay to the Bank such additional amount or amounts as will compensate the Bank for such increased
cost or reduction; provided, however, that the Bank shall not be entitled to demand such compensation more than 180 days following the last day of the Interest Period in respect of which such demand is made with respect to a Loan or
more than 180 days following the expiration or termination (by a drawing or otherwise) of a Letter of Credit in respect of which such demand is made; provided, further, that the foregoing proviso shall in no way limit the right of the
Bank to demand or receive such compensation to the extent that such compensation relates to the retroactive application of any law, regulation, guideline or request described in clause (i) or (ii) above if such demand is made within 180
days after the implementation of such retroactive law, interpretation, guideline or request. 
 (b) If the adoption after the
date hereof of any applicable law, rule or regulation regarding capital adequacy, or any change therein, or any change in the interpretation or administration thereof by any governmental authority, central bank or comparable agency charged with the
interpretation or administration thereof, or compliance by the Bank with any request or directive regarding capital adequacy (whether or not having the force of law) of any such authority, central bank or other agency, has or would have the effect
of reducing the rate of return on the Bank’s capital as a consequence of its obligations under any Letter of Credit to a level below that which the Bank could have achieved but for such adoption, change or compliance by an amount deemed by the
Bank to be material, the Company shall pay to the Bank, on demand, such additional amount or amounts as will compensate the Bank for such 

  
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reduction; provided, however, that the Bank shall not be entitled to demand such compensation more than one year following the payment to or for the account of Bank of all other
amounts payable hereunder by the Company and the termination of the Commitment; provided, further, that the foregoing proviso shall in no way limit the right of the Bank to demand or receive such compensation to the extent that such
compensation relates to the retroactive application of any applicable law, rule or regulation described above if such demand is made within one year after the implementation of such retroactive law, interpretation, guideline or request. 

(c) A certificate of the Bank as to the additional amount or amounts payable to it under this Section shall be conclusive absent manifest
error. 
 (d) Bank shall use its best efforts (consistent with its internal policy and legal and regulatory restrictions) to
change the jurisdiction of its applicable lending office if the making of such a change would avoid the need for, or reduce the amount of, any such compensation that may thereafter accrue and would not, in the reasonable judgment of Bank, be
otherwise disadvantageous to Bank. 
 Section 2.07. Payments and Computations. (a) The Company shall make or
cause to be made each payment hereunder in lawful money of the United States of America by wire transfer of immediately available funds to the Administrative Agent for the account of the Bank at UBS AG, Stamford Branch, Stamford CT, ABA: 026 007
993, Acct Name: BPS Loan Finance Account, Acct # WA-894001-001, Ref.:Exelon, or at such other address as the Administrative Agent may designate from time to time pursuant to a written notice delivered to the Company. 

(b) Any payments of fees, commission or other amount not paid when due hereunder shall bear interest, payable on demand, for each day
until payment in full at a rate per annum equal to the sum the Adjusted LIBOR Rate plus two percent (2%). All computations of interest and fees shall be made on the basis of a year of 360 days, for the actual number of days elapsed (including the
first day but excluding the last day). Notwithstanding anything to the contrary set forth herein, interest shall in no event accrue hereunder at a rate in excess of the maximum rate permitted under applicable law. 

(c) All payments under this Agreement by the Company will be payable to the Bank free and clear of any and all present and future United
States Federal, state and local taxes, levies, imposts, duties, deductions, withholdings, fees, liabilities and similar charges other than those imposed on the overall net income of the Bank or Bank’s failure to satisfy the applicable
requirements as set forth in any statute enacted (or regulation or administrative guidance promulgated thereunder) after the date hereof that is based on, or similar to, Subtitle A - Foreign Account Tax Compliance of H.R. 2847, as passed by the
United States House of Representatives on March 4, 2010 (“Taxes”). If any Taxes are required to be withheld or deducted from any amount payable under this Agreement, then the amount payable under this Agreement will be
increased to the amount which, after deduction from such increased amount of all Taxes required to be withheld or deducted therefrom, will yield to the Bank the amount stated to be payable under this Agreement, and the Company will promptly provide
to the Bank tax receipts evidencing the payment of such Taxes. If any of the Taxes specified in this subsection (c) are paid by the Bank, the Company will, upon demand of the Bank, reimburse the Bank for such payments, together with any
interest and penalties which may be imposed by the governmental agency or taxing authority. If any Taxes for which the Bank has received payment from the Company hereunder shall be finally determined to have been incorrectly or illegally asserted
and are refunded to the Bank, the Bank shall promptly forward to the Company any such refunded amount. 
 (d) If the Bank is
organized under the laws of a jurisdiction other than the United States, any State thereof or the District of Columbia (a “Non-U.S. Payee”) it shall deliver to the 

  
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Company two copies of either United States Internal Revenue Service Form W-8BEN or Form W-8ECI, or applicable successor forms, properly completed and duly executed by such Non-U.S. Payee claiming
complete exemption from, or reduced rate of, United States Federal withholding tax on payments by the Company under this Agreement. Such forms shall be delivered by each Non-U.S. Payee on or before the date it becomes a party to this Agreement (or,
in the case of a Bank that becomes a party to this Agreement pursuant to an Assignment and Acceptance (a “Transferee”), on or prior to the effective date of such Assignment and Acceptance) and on or before the date, if any, such
Non-U.S. Payee changes its Applicable Lending Office by designating a different lending office (a “New Lending Office”). In addition, each Non-U.S. Payee shall deliver such forms promptly upon the obsolescence or invalidity of any
form previously delivered by such Non-U.S. Payee. Notwithstanding any other provision of this Section 2.07(d), a Non-U.S. Payee shall not be required to deliver any form pursuant to this Section 2.07(d) that such Non-U.S. Payee is not
legally able to deliver. 
 (e) The Company shall not be required to indemnify any Non-U.S. Payee, or to pay any additional
amounts to any Non-U.S. Payee, in respect of United States Federal, state or local withholding tax pursuant to subsection (a) or (c) above to the extent that (i) the obligation to withhold amounts with respect to United States
Federal, state or local withholding tax existed on the date such Non-U.S. Payee became a party to this Agreement (or, in the case of a Transferee, on the effective date of the Assignment and Acceptance pursuant to which such Transferee acquired the
rights and obligations of the Bank hereunder) or, with respect to payments to a New Lending Office, the date such Non-U.S. Payee designated such New Lending Office with respect to an Extension of Credit; provided, however, that this
clause (i) shall not apply to any person that becomes an assignee of the Bank or New Lending Office that becomes a New Lending Office as a result of an assignment or designation made at the request of the Company; and provided,
further, however, that this clause (i) shall not apply to the extent the indemnity payment or additional amounts the Bank, the Administrative Agent or the Bank through a New Lending Office would be entitled to receive (without
regard to this clause (i)) do not exceed the indemnity payment or additional amounts that the person making the assignment or transfer to th Bank, the Administrative Agent or such Bank making the designation of such New Lending Office would have
been entitled to receive in the absence of such assignment, transfer or designation or (ii) the obligation to pay such additional amounts or such indemnity payments would not have arisen but for a failure by such Non-U.S. Payee to comply with
the provisions of subsection (d) above or (f) below. 
 (f) If the Bank claims any payment or additional amounts
payable pursuant to this Section 2.07, it shall use reasonable efforts (consistent with legal and regulatory restrictions) to file any certificate or document reasonably requested in writing by the Company or to change the jurisdiction of its
Applicable Lending Office if the making of such a filing or change would avoid the need for or reduce the amount of any such indemnity payment or additional amounts that may thereafter accrue and would not, in the good faith determination of the
Bank be otherwise disadvantageous to such person. If the Bank claims any additional amount payable pursuant to this Section 2.07, it shall, upon request of the Company, use reasonable efforts (consistent with legal and regulatory restrictions)
to obtain a refund of any Tax giving rise to such additional amount payable and shall pay any refund (after deduction of any Tax paid or payable by the Bank as a result of such refund), not exceeding the increased amount paid by the Company pursuant
to this Section 2.07, to the Company; provided, however, that (i) the Bank shall not be obligated to disclose to the Company any information regarding its tax affairs or computations except as necessary to verify any amount
the Bank claims to be due from the Company under this Agreement and (ii) nothing in this Section 2.07(f) shall interfere with the right of the Bank to arrange its tax affairs as it deems appropriate. 

  
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 ARTICLE III 
 REPRESENTATIONS AND WARRANTIES 
 Section 3.01. Representations and
Warranties of the Company. The Company represents and warrants to the Bank (only as and when required or deemed made under Sections 2.03(b), 2.03(c), 4.01 or 4.03) as follows: 

(a) The Company is a limited liability company (or, after a transaction contemplated by Section 5.02(b)(iii), a corporation) duly
organized, validly existing and in good standing under the laws of the Commonwealth of Pennsylvania. 
 (b) The execution,
delivery and performance by the Company of this Agreement are within the Company’s organizational powers, have been duly authorized by all necessary organizational action on the part of the Company, and do not and will not contravene
(i) the organizational documents of the Company, (ii) applicable law or (iii) any contractual or legal restriction binding on or affecting the properties of the Company or any Subsidiary. 

(c) No authorization or approval or other action by, and no notice to or filing with, any governmental authority or regulatory body is
required for the due execution, delivery and performance by the Company of this Agreement, except any order that has been duly obtained and is (i) in full force and effect and (ii) sufficient for the purposes hereof. 

(d) This Agreement is a legal, valid and binding obligation of the Company, enforceable against the Company in accordance with its terms,
except as the enforceability thereof may be limited by equitable principles or bankruptcy, insolvency, reorganization, moratorium or similar laws affecting the enforcement of creditors’ rights generally. 

(e) (i)The consolidated balance sheet of the Company and its Subsidiaries as at December 31, 2009 and the related consolidated
statements of income, retained earnings and cash flows of the Company and its Subsidiaries for the fiscal year then ended, certified by Pricewaterhouse Coopers LLP, and the unaudited consolidated balance sheet of the Company and its Subsidiaries as
of September 30, 2010, and the related unaudited statement of income for the nine-month period then ended, copies of which have been furnished to the Administrative Agent, fairly present in all material respects (subject, in the case of such
balance sheet and statement of income for the period ended September 30, 2010] to year-end adjustments) the consolidated financial condition of the Company and its Subsidiaries as at such dates and the consolidated results of the operations of
the Company and its Subsidiaries for the periods ended on such dates in accordance with GAAP; and (ii) since December 31, 2009, there has been no Material Adverse Change. 

(f) Except as disclosed in the Company’s Annual, Quarterly or Current Reports, each as filed with the Securities and Exchange
Commission and delivered to the Administrative Agent prior to the Effective Date, there is no pending or threatened action, investigation or proceeding affecting the Company or any Subsidiary before any court, governmental agency or arbitrator that
may reasonably be anticipated to have a Material Adverse Effect. There is no pending or threatened action or proceeding against the Company or any Subsidiary that purports to affect the legality, validity, binding effect or enforceability against
the Company of this Agreement. 
 (g) No proceeds of any Loan will be used directly or indirectly in connection with the
acquisition of in excess of 5% of any class of equity securities that is registered pursuant to Section 12 of the Exchange Act or any transaction subject to the requirements of Section 13 or 14 of the Exchange Act. 

  
 - 21 -

 (h) The Company is not engaged in the business of extending credit for the purpose of
purchasing or carrying margin stock (within the meaning of Regulation U issued by the Board of Governors of the Federal Reserve System), and no proceeds of any Advance will be used to purchase or carry any margin stock or to extend credit to others
for the purpose of purchasing or carrying any margin stock. Not more than 25% of the value of the assets of the Company and its Subsidiaries is represented by margin stock. 
 (i) The Company is not required to register as an “investment company” under the Investment Company Act of 1940. 
 (j) During the twelve consecutive month period prior to the date of the execution and delivery of this Agreement and prior to the date of any Credit Extension, no steps have been taken to terminate any
Plan (excluding any termination arising out of the institution by or against any ComEd Entity or PECO Entity of any bankruptcy, insolvency or similar proceeding so long as such termination will not constitute an Event of Default or Default under
Section 6.01(a)(ix)), and there is no “accumulated funding deficiency” (as defined in Section 412 of the Code or Section 302 of ERISA) with respect to any Plan. No condition exists or event or transaction has occurred with
respect to any Plan (including any Multiemployer Plan) which might result in the incurrence by the Company or any other member of the Controlled Group of any material liability (other than to make contributions, pay annual PBGC premiums or pay out
benefits in the ordinary course of business), fine or penalty (excluding any condition, event or transaction arising out of the institution by or against any ComEd Entity or PECO Entity of any bankruptcy, insolvency or similar proceeding so long as
such condition, event or transaction does not constitute an Event of Default or Default under Section 6.01(a)(ix)). 
 (k)
The annual, quarterly and other periodic and current reports filed by the Company with the Securities and Exchange Commission under the Exchange Act (as filed, amended and supplemented from time to time) do not, when taken as a whole, contain
an untrue statement of a material fact and do not omit, when taken as a whole, to state a material fact necessary in order to make the statements therein, taken as a whole, in light of the circumstances under which they were made, not materially
misleading. 
 ARTICLE IV 
 CONDITIONS PRECEDENT 
 Section 4.01 Conditions to Closing. This
Agreement shall become effective subject to the prior or concurrent satisfaction of each of the conditions precedent set forth in this Section 4.01: 
 (a) Documents. All legal matters incident to this Agreement and the Credit Extensions hereunder shall be satisfactory to the Administrative Agent and there shall have been delivered to the
Administrative Agent an executed counterpart of this Agreement. 
 (b) Corporate Documents. The Administrative Agent
shall have received: 
 (i) a certificate of the secretary or assistant secretary of the Company dated the
Closing Date, certifying (A) that attached thereto is a true and complete copy of each Organizational Document of the Company certified (to the extent applicable) as of a recent date by the Secretary of State, (B) that attached thereto is
a true and complete copy of resolutions duly adopted by the managing member of the Company authorizing the execution, delivery and performance of this Agreement by the Company and the 

  
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Extensions of Credit hereunder, and that such resolutions have not been modified, rescinded or amended and are in full force and effect and (C) as to the incumbency and specimen signature of
each officer executing this Agreement or any other document delivered in connection herewith on behalf of the Company (together with a certificate of another officer as to the incumbency and specimen signature of the secretary or assistant secretary
executing the certificate in this clause (i)); 
 (ii) a certificate as to the good standing of the Company (in
so-called “long-form” if available) as of a recent date (but no more than 60 days prior to the date hereof), issued by the secretary of state; 
 (iii) certified copies of all documents evidencing other necessary corporate action and governmental approvals with respect to the execution, delivery and performance by the Company of the Loan Documents;
and 
 (iv) such other documents as the Administrative Agent may reasonably request in writing. 

(c) Officer’s Certificate. The Administrative Agent shall have received a certificate, dated the Closing Date and signed by
the chief financial officer of the Company, certifying that (i) no Default has occurred and is continuing on such date and that (ii) each of the representations and warranties made by the Company set forth in Section 3.01 is true and
correct on and as of such date with the same effect as though made on and as of such date, except to the extent such representations and warranties expressly relate to an earlier date. 

(d) Opinions of Counsel. The Administrative Agent shall have received a favorable written opinion from, Ballard Spahr LLP, special
counsel for the Company, in the form of Exhibit D. 
 (e) Fees. The Bank shall have received all fees and other
amounts due and payable on or prior to the Closing Date. 
 (f) USA Patriot Act. The Administrative Agent shall have
received, sufficiently in advance of the Closing Date, all documentation and other information that may be required by the Bank in order to enable compliance with applicable “know your customer” and anti-money laundering rules and
regulations, including the United States PATRIOT Act (Title III of Pub. L. 107-56 (signed into law October 26, 2001)) (the “Patriot Act”) including the information described in Section 8.10. 

Section 4.02. Conditions to Initial Credit Extension. The obligation of the Bank to make the initial Credit Extension
requested to be made by it shall be subject to the prior or concurrent satisfaction of each of the conditions precedent set forth in Section 4.01 and the condition set forth in this Section 4.02 has been satisfied or waived by the Bank.

 (a) The Maximum Amount shall have been increased to an amount not less than $250,000,000 in accordance with
Section 2.03. 
 Section 4.03 Conditions to All Credit Extensions. The obligation of the Bank to make any
Credit Extension (including the initial Credit Extension) shall be subject to, and to the satisfaction of, each of the conditions precedent set forth below; provided, however, that the conditions contained in Section 4.03(c) shall
not apply upon the automatic or evergreen renewal or extension of a Letter of Credit. 

  
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 (a) Notice. The Administrative Agent, for the account of the Bank, shall have
received a request for a Revolving Loan as required or an LC Request as required by Section 2.02(b). 
 (b) No
Default. At the time of and immediately after giving effect to such Credit Extension and the application of the proceeds thereof, no Default or Event of Default shall have occurred and be continuing on such date. 

(c) Representations and Warranties. Each of the representations and warranties made by the Company in
Section 3.01 (other than subsection (e) and the first sentence of subsection (f)) shall be true and correct in all material respects (except that any representation and warranty that is qualified as to “materiality” shall be
true and correct in all respects) on and as of the date of such Credit Extension with the same effect as though made on and as of such date, except to the extent such representations and warranties expressly relate to an earlier date. 

(d) No Legal Bar. No order, judgment or decree of any Governmental Authority shall purport to restrain the Bank from issuing any
Letter of Credit. No injunction or other restraining order shall have been issued, shall be pending or noticed with respect to any action, suit or proceeding seeking to enjoin or otherwise prevent the consummation of, or to recover any damages or
obtain relief as a result of, the transactions contemplated by this Agreement or the making of Credit Extensions hereunder. 
 Each of the
delivery of an LC Request and the acceptance by the Company of the proceeds of such Credit Extension shall constitute a representation and warranty by the Company that on the date of such Credit Extension (both immediately before and after giving
effect to such Credit Extension and the application of the proceeds thereof) the conditions contained in Sections 4.03(b) and (c) have been satisfied, except as otherwise provided above in the case of an automatic or evergreen renewal or
extension of a Letter of Credit. 
 ARTICLE V 
 COVENANTS 
 Section 5.01 Affirmative Covenants of the Company.
The Company covenants and agrees that, until the latest to occur of the termination of the Commitment, the performance of all obligations hereunder (other than contingent indemnity obligations), the expiry or termination of all Letters of Credit and
the payment of all amounts payable hereunder, it will and, will cause each Principal Subsidiary to: 
 (i) keep proper books of
record and account, all in accordance with GAAP, consistently applied; 
 (ii) subject to Section 5.02(b) preserve and keep
in full force and effect its existence; 
 (iii) maintain and preserve all of its properties (except such properties the failure
of which to maintain or preserve would not have, individually or in the aggregate, a Material Adverse Effect) which are used or useful in the conduct of its business in good working order and condition, ordinary wear and tear excepted; 

(iv) comply in all material respects with the requirements of all applicable laws, rules, regulations and orders (including those of any
Governmental Authority and including with respect 

  
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to environmental matters) to the extent the failure to so comply, individually or in the aggregate, would have a Material Adverse Effect; 

(v) maintain insurance with responsible and reputable insurance companies or associations, or self-insure, as the case may be, in each
case in such amounts and covering such contingencies, casualties and risks as is customarily carried by or self-insured against by companies engaged in similar businesses and owning similar properties in the same general areas in which the Company
and its Principal Subsidiaries operate; 
 (vi) at any reasonable time and from time to time, pursuant to prior notice delivered
to the Company, permit the Bank, or any agent or representative thereof, to examine and, at the Bank’s expense, make copies of, and abstracts from the records and books of account of, and visit the properties of, the Company and any Principal
Subsidiary and to discuss the affairs, finances and accounts of the Company and any Principal Subsidiary with any of their respective officers; provided that any non-public information (which has been identified as such by the Company or the
applicable Principal Subsidiary) obtained by the Bank or any of its agents or representatives pursuant to this clause (vi) shall be treated confidentially by such Person; provided, further, that such Person may disclose such
information to (A) any other party to this Agreement, its examiners, Affiliates, outside auditors, counsel or other professional advisors in connection with this Agreement or (B) if otherwise required to do so by law or regulatory process
(it being understood that, unless prevented from doing so by any applicable law or governmental authority, such Person shall use reasonable efforts to notify the Company of any demand or request for any such information promptly upon receipt thereof
so that the Company may seek a protective order or take other appropriate action); 
 (vii) use the Credit Extensions for
general limited liability company or corporate purposes; and 
 (viii) pay, prior to delinquency, all of its federal income
taxes and other material taxes and governmental charges, except to the extent that (a) such taxes or charges are being contested in good faith and by proper proceedings and against which adequate reserves are being maintained or
(b) failure to pay such taxes or charges would not reasonably be expected to have a Material Adverse Effect. 

Section 5.02. Negative Covenants of the Company. The Company covenants and agrees that, until the latest to occur of the
termination of the Commitments, the performance of all obligations hereunder (other than contingent indemnity obligations), the expiry or termination of all Letters of Credit, , and the payment of all amounts payable hereunder, it will not, and will
not permit any Principal Subsidiary to: 
 (a) Limitation on Liens. Create, incur, assume or suffer to exist any Lien on
its property, revenues or assets, whether now owned or hereafter acquired, except (i) Liens imposed by law, such as carriers’, warehousemen’s and mechanics’ Liens and other similar Liens arising in the ordinary course of
business; (ii) Liens on the capital stock of or any other equity interest in any Subsidiary to secure Nonrecourse Indebtedness; (iii) Liens upon or in any property acquired in the ordinary course of business to secure the purchase price of
such property or to secure any obligation incurred solely for the purpose of financing the acquisition of such property; (iv) Liens existing on property at the time of the acquisition thereof (other than any such Lien created in contemplation
of such acquisition unless permitted by the preceding clause (iii)); (v) Liens granted in connection with any financing arrangement for the purchase of nuclear fuel or the financing of pollution control facilities, limited to the fuel or
facilities so purchased or acquired; (vi) Liens arising in connection with sales or transfers of, or financing secured by, accounts receivable or related contracts, provided that any such sale, transfer or financing shall be on arms’
length terms; (vii) Liens securing Permitted Obligations; (viii) Permitted Encumbrances; (ix) Liens arising in connection with sale and leaseback transactions entered into by the Company, but only to the

  
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extent that the aggregate purchase price of all assets sold by the Company during the term of this Agreement pursuant to such sale and leaseback transactions does not exceed $1,000,000,000; and
(x) Liens, other than those described in clauses (i) through (ix) of this Section 5.02(a), granted by the Company in the ordinary course of business securing Debt of the Company, provided that the aggregate amount of all Debt
secured by Liens permitted by this clause (x) shall not exceed in the aggregate at any one time outstanding $100,000,000. 

(b) Mergers and Consolidations; Disposition of Assets. Merge with or into or consolidate with or into, or sell, assign, lease or
otherwise dispose of (whether in one transaction or in a series of transactions) all or substantially all of its assets (whether now owned or hereafter acquired) to any Person or permit any Principal Subsidiary to do so, except that (i) any
Principal Subsidiary may merge with or into or consolidate with or transfer assets to any other Principal Subsidiary, (ii) any Principal Subsidiary may merge with or into or consolidate with or transfer assets to the Company, (iii) the
Company may merge or consolidate with or into a Subsidiary formed for the purpose of converting the Company into a corporation and (iv) the Company or any Principal Subsidiary may merge with or into or consolidate with or transfer assets to any
other Person; provided, however, that, in each case, immediately before and after giving effect thereto, no Default or Event of Default shall have occurred and be continuing and (A) in the case of any such merger, consolidation or
transfer of assets to which the Company is a party, either (x) the Company shall be the surviving entity or (y) the surviving entity shall be an Eligible Successor and shall have assumed all of the obligations of the Company under this
Agreement and the Letters of Credit pursuant to a written instrument in form and substance satisfactory to the Administrative Agent and the Administrative Agent shall have received an opinion of counsel in form and substance satisfactory to it as to
the enforceability of such obligations assumed and (B) subject to clause (A) above, in the case of any such merger, consolidation or transfer of assets to which any Principal Subsidiary is a party, a Principal Subsidiary shall be the
surviving entity. 
 (c) Continuation of Businesses. Engage, or permit any Subsidiary to engage, in any line of business
which is material to the Company and its Subsidiaries, taken as a whole, other than businesses engaged in by the Company and its Subsidiaries as of the date hereof and reasonable extensions thereof. 

Section 5.03. Reporting Requirements. The Company covenants and agrees that, until the latest to occur of the termination of
the Commitment, the performance of all obligations hereunder (other than contingent indemnity obligations), the expiry or termination of all Letters of Credit and the payment of all amounts payable hereunder, it will furnish to the Bank: 

(i) as soon as possible, and in any event within five Business Days after the occurrence of any Default or Event of Default with respect
to the Company continuing on the date of such statement, a statement of an authorized officer of the Company setting forth details of such Default or Event of Default and the action which the Company proposes to take with respect thereto;

 (ii) as soon as available and in any event within 60 days after the end of each of the first three quarters of each fiscal
year of the Company, a copy of the Company’s Quarterly Report on Form 10-Q filed with the Securities and Exchange Commission with respect to such quarter (or, if the Company is not required to file a Quarterly Report on Form 10-Q, copies of an
unaudited consolidated balance sheet of the Company as of the end of such quarter and the related consolidated statement of income of the Company for the portion of the Company’s fiscal year ending on the last day of such quarter, in each case
prepared in accordance with GAAP, subject to the absence of footnotes and to year-end adjustments); 
 (iii) as soon as
available and in any event within 105 days after the end of each fiscal year of the Company, a copy of the Company’s Annual Report on Form 10-K filed with the Securities and Exchange Commission with respect to such fiscal year (or, if the
Company is not required to file an Annual Report on Form 10-K, the consolidated balance sheet of the Company 

  
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and its subsidiaries as of the last day of such fiscal year and the related consolidated statements of income, retained earnings (if applicable) and cash flows of the Company for such fiscal
year, certified by Pricewaterhouse Coopers LLP or other certified public accountants of recognized national standing); 
 (iv)
concurrently with the delivery of the quarterly and annual reports referred to in Sections 5.03(b)(ii) and 5.03(b)(iii), a compliance certificate in substantially the form set forth in Exhibit E, duly completed and signed by the Chief Financial
Officer, Treasurer or an Assistant Treasurer of the Company, stating that no Default or Event of Default has occurred and is continuing or, if any such Default or Event of Default has occurred and is continuing, a statement as to the nature thereof
and the action which the Company proposes to take with respect thereto; 
 (v) except as otherwise provided in clause
(ii) or (iii) above, promptly after the sending or filing thereof, copies of all reports that the Company sends to any of its security holders, and copies of all Reports on Form 10-K, 10-Q or 8-K, and registration statements and
prospectuses that the Company or any Subsidiary files with the Securities and Exchange Commission or any national securities exchange (except to the extent that any such registration statement or prospectus relates solely to the issuance of
securities pursuant to employee purchase, benefit or dividend reinvestment plans of the Company or a Subsidiary); 
 (vi)
promptly upon becoming aware of the institution of any steps by the Company or any other Person to terminate any Plan, or the failure to make a required contribution to any Plan if such failure is sufficient to give rise to a lien under section
302(f) of ERISA, or the taking of any action with respect to a Plan which could result in the requirement that the Company furnish a bond or other security to the PBGC or such Plan, or the occurrence of any event with respect to any Plan which could
result in the incurrence by the Company or any other member of the Controlled Group of any material liability, fine or penalty, notice thereof and a statement as to the action the Company proposes to take with respect thereto; 

(vii) promptly upon becoming aware thereof, notice of any change in the Moody’s Rating or the S&P Rating; and 

(viii) such other information respecting the condition, operations, business or prospects, financial or otherwise, of the Company or any
Subsidiary as the Bank, may from time to time reasonably request (including any information that the Bank reasonably requests in order to comply with its obligations under any “know your customer” or anti-money laundering laws or
regulations).
 The Company may provide information, documents and other materials that it is obligated to furnish to the
Administrative Agent pursuant to this Section 5.03 and all other notices, requests, financial statements, financial and other reports, certificates and other information materials, but excluding any communication that (i) relates to a
request for a Credit Extension, (ii) relates to the payment of any amount due under this Agreement prior to the scheduled date therefor or any reduction of the Commitments, (iii) provides notice of any Event of Default, or (iv) is
required to be delivered to satisfy any condition precedent to the effectiveness of this Agreement or any Credit Extension hereunder (any non-excluded communication described above, a “Communication”), electronically (including by
posting such documents, or providing a link thereto, on Exelon’s Internet website). Notwithstanding the foregoing, the Company agrees that, to the extent requested by the Administrative Agent, it will continue to provide “hard copies”
of Communications to the Administrative Agent, as applicable. 

  
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 ARTICLE VI 
 EVENTS OF DEFAULT 
 Section 6.01. Events of Default.
(a) The following events which shall occur and be continuing shall be Events of Default hereunder: 
 (i)
the principal amount of any Revolving Loan shall not be paid when due, any amount drawn under any Letter of Credit shall not be reimbursed when required, including any principal amount in respect of any Loan when due (for the avoidance of doubt, the
conversion of the principal amount of an LC Disbursement into a LC Loan pursuant to and in accordance with Section 2.04(b) shall not constitute a default in the payment of the reimbursement amount with respect to such LC Disbursement); or

 (ii) any interest, fees or other amount (not described in clause (i) above) payable by the Company under
this Agreement shall not be paid within ten Business Days after such interest, fees or other amounts described in this clause (ii) shall have become due; or 

(iii) The Company or any Principal Subsidiary shall fail to pay any principal of or premium or interest on any Debt that
is outstanding in a principal amount in excess of $100,000,000 in the aggregate (but excluding Debt hereunder and Nonrecourse Indebtedness) when the same becomes due and payable (whether by scheduled maturity, required prepayment, acceleration,
demand or otherwise), and such failure shall continue after the applicable grace period, if any, specified in the agreement or instrument relating to such Debt; or any other event shall occur or condition shall exist under any agreement or
instrument relating to any such Debt and shall continue after the applicable grace period, if any, specified in such agreement or instrument, if the effect of such event or condition is to accelerate, or to permit the acceleration of, the maturity
of such Debt; or any such Debt shall be declared to be due and payable, or required to be prepaid (other than by a regularly scheduled required prepayment), prior to the stated maturity thereof, other than any acceleration of any Debt secured by
equipment leases or fuel leases of the Company or a Principal Subsidiary as a result of the occurrence of any event requiring a prepayment (whether or not characterized as such) thereunder, which prepayment will not result in a Material Adverse
Change; or 
 (iv) the Company or any Principal Subsidiary of the Company shall commence a voluntary case or
other proceeding seeking liquidation, reorganization or other relief with respect to itself or its debts under any bankruptcy, insolvency or other similar law now or hereafter in effect or seeking the appointment of a trustee, receiver, liquidator,
custodian or other similar official of it or any substantial part of its property, or shall consent to any such relief or to the appointment of or taking possession by any such official in an involuntary case or other proceeding commenced against
it, or shall make a general assignment for the benefit of creditors, or shall fail generally to pay, or shall admit in writing its inability to pay, its debts as they become due, or shall take any corporate action to authorize any of the foregoing;
or 
 (v) an involuntary case or other proceeding shall be commenced against the Company or any Principal
Subsidiary seeking liquidation, reorganization or other relief with respect to it or its debts under any bankruptcy, insolvency or other similar law now or hereafter in effect or seeking the appointment of a trustee, receiver, liquidator, custodian
or other similar official of it or any substantial part of its property, and such involuntary case or other proceeding shall remain undismissed and unstayed for a period of 60 days; or an order for relief shall be entered against the Company or any
Principal Subsidiary under the Bankruptcy Code; or 

  
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 (vi) any representation or warranty or written statement made by the Company
(or any of its officers) in this Agreement or in any schedule, certificate or other document delivered pursuant to or in connection with this Agreement shall prove to have been incorrect in any material respect when made; or 

(vii) the Company shall (A) fail to perform or observe the covenants set forth in Section 5.02 or 5.03(i); or
(B) the Company shall fail to perform or observe any other term, covenant or agreement contained herein on its part to be performed or observed and any such failure shall remain unremedied for 30 days after written notice thereof given by the
Administrative Agent or the Bank to the Company (and, in all cases set forth herein, if such notice was given by the Bank, to the Administrative Agent); or 
 (viii) one or more judgments or orders for the payment of money in an aggregate amount exceeding $100,000,000 (excluding any such judgments or orders which are fully covered by insurance, subject to any
customary deductible, and under which the applicable insurance carrier has acknowledged such full coverage in writing) shall be rendered against the Company or any Principal Subsidiary and either (A) enforcement proceedings shall have been
commenced by any creditor upon such judgment or order or (B) there shall be any period of 30 consecutive days during which a stay of enforcement of such judgment or order, by reason of a pending appeal or otherwise, shall not be in effect; or

 (ix) (A) any Reportable Event that the Bank determines in good faith is reasonably likely to result in
the termination of any Plan or in the appointment by the appropriate United States District Court of a trustee to administer a Plan shall have occurred and be continuing 60 days after written notice to such effect shall have been given to the
Company by the Administrative Agent or the Bank; (B) any Plan shall be terminated; (C) a Trustee shall be appointed by an appropriate United States District Court to administer any Plan; (D) the PBGC shall institute proceedings to
terminate any Plan or to appoint a trustee to administer any Plan; or (E) the Company or any other member of the Controlled Group withdraws from any Multiemployer Plan; provided that on the date of any event described in clauses
(A) through (E) above, the Unfunded Liabilities of the applicable Plan exceed $100,000,000; and provided, further, that no event described in this Section 6.01(a)(ix) that arises out of the institution by or against any ComEd Entity
or PECO Entity of any bankruptcy, insolvency or similar proceeding shall constitute an Event of Default unless 15 days shall have elapsed after the Bank has reasonably determined, and notified the Company in writing, that such event has had or is
reasonably likely to have a Material Adverse Effect (disregarding, solely for purposes of this Section 6.01(a)(ix), subclause (b) of the proviso to clause (i) of the definition of Material Adverse Effect); or 

(x) Exelon shall fail to own, directly or indirectly, free and clear of all Liens, 100% of the equity interests of the
Company; provided that Exelon may distribute the membership interests (or, after a transaction contemplated by Section 5.02(b)(ii), the capital stock) of the Company to its shareholders so long as at the time of such distribution (and after
giving effect thereto), (A) no Default or Event of Default exists, and (B) the Moody’s Rating and S&P Rating will be at least Baa3 and BBB-, respectively; or 

(xi) A Change in Control shall occur; 
 (b) If an Event of Default occurs and is continuing, (i) the Administrative Agent, for the account of the Bank may by notice to the Company declare the Commitment terminated and the Loans (together
with accrued interest thereon) to be, and they shall thereupon become, immediately due without presentment, demand or other notice, all of which are hereby waived by the Company (provided that, in the case of an Event of Default referred to in
Section 6.01(a)(iv) with respect to the Company, the same shall occur with respect to the Commitment 

  
 - 29 -

 
and all Loans automatically without any notice or any other act by the Bank or any other person), and/or (ii) the Administrative Agent, for the account of the Bank, may exercise any other
rights or remedies it may have under this Agreement and take such other action as may be permitted at law or in equity. 

ARTICLE VII 

ADMINISTRATIVE AGENT 
 Section 7.01. Administrative Agent. The Bank hereby irrevocably appoints UBS AG, Stamford Branch, to act on its behalf as the Administrative Agent hereunder and authorizes the Administrative
Agent to take such actions on its behalf and to exercise such powers as are delegated to the Administrative Agent by the terms hereof, together with such actions and powers as are reasonably incidental thereto. The Administrative Agent shall not
have any duties or obligations except those expressly set forth herein. The Administrative Agent shall not be liable for any action taken or not taken by it (a) with the consent or at the request of the Bank, or as the Administrative Agent
shall believe in good faith shall be necessary, or (b) in the absence of its own gross negligence, bad faith or willful misconduct. The Administrative Agent shall not be deemed to have knowledge of any Default unless and until notice describing
such Default is given to the Administrative Agent by the Company or the Bank. 
 Section 7.02. ISDA Notice. The
parties hereto hereby authorize the Administrative Agent to deliver a notice to any beneficiary of a Letter of Credit issued hereunder should an announcement be made by ISDA that the relevant Credit Derivatives Determinations Committee (or its
successor) has determined that an ISDA Credit Event has occurred with respect to the Company. 
 ARTICLE VIII 

MISCELLANEOUS 
 Section 8.01. Amendments and Waivers. No failure or delay on the part of the Bank or the Administrative Agent in exercising any power or right hereunder shall operate as a waiver thereof, nor
shall any single or partial exercise of any such right or power preclude any other or further exercise thereof or the exercise of any other right or power hereunder. No amendment or waiver of any provision of this Agreement nor consent to any
departure by the Company herefrom shall in any event be effective unless the same shall be in writing and signed by the Bank and the Company, and then such waiver or consent shall be effective only in the specific instance and for the specific
purpose for which given; provided that if any such amendment or waiver or consent purports to affect any right or obligation of the Administrative Agent, such amendment, waiver or consent shall not be effective unless such amendment, waiver
or consent is also signed by the Administrative Agent. No notice to or demand on the Company in any case shall, of itself, entitle the Company to any other or further notice or demand in similar or other circumstances. 

Section 8.02. Notices. Any communication, demand, or notice to be given hereunder will be duly given and deemed to have been
received when actually delivered (or 72 hours after having been deposited in the mails with first class postage prepaid) to such party at the address specified below (or at such other address as such party shall specify to the other parties in
writing) including delivery by any telecommunication device capable of transmitting or creating a written record or electronic mail. 
  

					
	(a)	  	If to the Company,	    	 Exelon Generation Company, LLC
 10 South Dearborn Street

  
 - 30 -

					
		  		    	 Chicago, Illinois 60603

Attention: Treasurer
 Telecopier No.:
(312) 394-4082

		
		  	 With a copy to:

			
		  		    	 Exelon Corporation
 10 South
Dearborn Street
 Chicago, Illinois 60603

Attention: General Counsel
 Telecopier No.:
(312) 394-4462

			
	 (b)
	  	 If to the Administrative Agent,
	    	 677 Washington Blvd.

Stamford, Connecticut 06901
 Attention: Banking
Products/ Denise Bushee
 Telecopier No.: 203-719-3888

			
	 (c)    
	  	If to the Bank,	    	 677 Washington Blvd.
 Stamford,
Connecticut 06901
 Attention: Banking Products/ Denise Bushee
 Telecopier No.: 203-719-3888

 The Bank and the Administrative Agent may (but
shall not be required to) accept and act upon oral, telephonic, faxed or other forms of notices or instructions hereunder that such Party believes in good faith to have been given by a person authorized to do so on behalf of the Company. The Bank
and the Administrative Agent shall be fully protected and held harmless by the Company, and shall have no liability for acting on any such notice or instruction that such Party believes in good faith to have been given by a person authorized to do
so on behalf of the Company. 
 Section 8.03. Set-off. If an Event of Default shall have occurred and be continuing
and the Administrative Agent shall have declared the obligations due and payable hereunder, the Bank (or the Administrative Agent on its behalf) is hereby authorized to set-off against any amounts standing to the credit of the Company (including any
of its offices or divisions) on the books of any office the Parent Company or any of its Affiliates in any demand deposit or other account maintained with such office. 
 Section 8.04 Successors and Assigns. This Agreement shall inure to the benefit of, and shall be enforceable by, the Bank and the Administrative Agent and their respective successors and
assigns. The Bank may assign any of its rights and/or obligations hereunder, including any Loan, to any other office or affiliate of the Bank or with the prior written consent of the Company (which consent shall not unreasonably be withheld, it
being deemed reasonable for the Company to withhold its consent with respect to any requested assignment by the Bank to a party with a credit rating of less than Aa3 as published as of such date by Moody’s) to any third party; provided,
however, that from and after the occurrence of an Event of Default, the Bank may assign any of its rights and/or obligations hereunder, including any Loan, without the consent of the Company. The Bank may assign any of its rights hereunder,
including any Loan, or any portion thereof to any Federal Reserve Bank. The Company may not assign or otherwise transfer any of its rights or obligations under this Agreement without the prior, written consent of the Bank, and any purported
assignment without such consent shall be void. 
 Section 8.05. Costs, Expenses and Taxes. The Company agrees to pay
all reasonable and documented out of pocket costs and expenses of the Bank and the Administrative Agent, including reasonable fees and expenses of counsel, in connection with the enforcement against it of this Agreement and the protection of the
rights of the Administrative 

  
 - 31 -

 
Agent or the Bank hereunder, including any bankruptcy, insolvency, enforcement proceedings or restructuring with respect to the Company. In addition, the Company shall pay any and all stamp and
other taxes and fees payable or determined to be payable in connection with the execution, delivery, filing and recording of this Agreement and any Letter of Credit, and agrees to save the Bank and the Administrative Agent harmless from and against
any and all liabilities with respect to or resulting from any delay in paying or omission to pay such taxes and fees. 

Section 8.06. Governing Law. THIS AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE
COMMONWEALTH OF PENNSYLVANIA (WITHOUT REGARD TO CONFLICT OF LAWS PRINCIPLES); PROVIDED THAT THE LETTERS OF CREDIT SHALL BE SUBJECT TO THE UNIFORM CUSTOMS AND PRACTICE FOR DOCUMENTARY CREDITS ISSUED BY THE INTERNATIONAL CHAMBER OF COMMERCE, AS
AMENDED FROM TIME TO TIME, THE PROVISIONS OF WHICH SHALL CONTROL TO THE EXTENT OF ANY CONFLICT. Each of the Company, the Bank and the Administrative Agent hereby irrevocably submits to the non-exclusive jurisdiction of any U.S. federal or state
court in the Commonwealth of Pennsylvania for the purpose of any suit, action, proceeding or judgment relating to or arising out of this Agreement, or the Letter of Credit. Any process in any such action shall be duly served if mailed by registered
mail, postage prepaid, to the Company, the Bank or the Administrative Agent at its address designated pursuant to Section 8.02. 
 Section 8.07. Amendments to Financial Conditions. The Parties agree that should the financial covenant contained in Section 5.02(c) of that certain Credit Agreement dated as of
October 26, 2006, among the Company, as Borrower, Various Financial Institutions, as Lenders, JPMorgan Chase Bank, N.A., as Administrative Agent, Barclays Bank PLC and Wachovia Bank, National Association, as Co-Syndication Agents, and Mizuho
Corporate Bank, Ltd. and ABN AMRO Bank N.V., as Co-Documentation Agents or any similar covenant in any successor agreement or extension, renewal or refinancing thereof (the “Reference Covenant”) be amended, restated or revised in
any way or replaced after the date hereof then the Parties shall negotiate in good faith to revise the condition set forth in Section 2.04(e)(i) hereof in a manner consistent with such revised Reference Covenant and taking into account any
other changes made to the agreement in which the revised Reference Covenant is contained (the “Reference Agreement”). Without limiting the generality of the foregoing, the Parties acknowledge that it is their intention that the
condition set forth in Section 2.04(e)(i) shall be no more restrictive to the Company than the Reference Covenant as of the date hereof (or as the Reference Covenant may be subsequently amended, restated, revised or replaced from time to time)
assuming the provisions of the Reference Agreement and this Agreement are substantially similar in all other respects relevant to the basis and purposes of the Reference Covenant and Section 2.04(e)(i) of this Agreement. 

Section 8.08. Counterparts; Integration; Effectiveness. This Agreement may be signed in any number of counterparts, each of
which shall be an original, with the same effect as if all signatures thereon were upon the same instrument. This Agreement, and any Letter of Credit issued pursuant to this Agreement constitute the entire agreement and understanding between the
Parties with respect to the subject matter hereof, and supersedes any prior agreements and understandings with respect thereto. Except as provided in Section 4.01, this Agreement shall become effective when it shall have been executed by the
Bank and when the Administrative Agent shall have received counterparts hereof that, when taken together, bear the signatures of each of the other parties hereto. Delivery of an executed counterpart of a signature page of this Agreement by
telecopier shall be effective as delivery of a manually executed counterpart of this Agreement. 
 Section 8.09.
WAIVER OF JURY TRIAL. EACH OF THE COMPANY, THE BANK AND THE ADMINISTRATIVE AGENT HEREBY IRREVOCABLY WAIVES ANY RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING RELATING TO THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY.

  
 - 32 -

 Section 8.10 PATRIOT ACT. The Bank hereby notifies the Company that pursuant to
the requirements of the Patriot Act, it is required to obtain, verify and record information that identifies the Company, which information includes the name and address of the Company and other information that will allow the Bank to identify the
Company in accordance with the Patriot Act. 
 IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be duly
executed and delivered by their respective officers thereunto duly authorized as of the date first above written. 
  

			
	EXELON GENERATION COMPANY, LLC
		
	By	 	  

		 	Title:
	
	UBS AG, STAMFORD BRANCH, as the Bank and as the Administrative Agent
		
	By	 	  

		 	Title:
		
	By	 	  

		 	Title:

  
 - 33 -

 ANNEX A 
  

											
	Maximum Amount
Increase	  	Stated Maturity Date
with respect to
Maximum Amount
increase	  	 Maximum Amount
 (after giving effect to
 Maximum
Amount
Increase)
	  	 Effective Date
 of
 Maximum Amount
Increase
	  	 Ongoing Facility Fee
 (% p.a.)
	  	Ongoing Facility Fee
(after giving effect to
Maximum Amount
Increase)/Make Whole
Premium
		  		  		  		  		  	
		  		  		  		  		  	
		  		  		  		  		  	
		  		  		  		  		  	
		  		  		  		  		  	

 Maximum Amount Availability Schedule after giving effect to the Maximum Amount Increase 

 

			
	Maximum Amount in effect	  	Until this Stated Maturity Date
		  	
		  	
		  	
		  	
		  	

 Confirmed as of the effective date provided above: 

 

			
	EXELON GENERATION COMPANY, LLC
		
	By	 	  

	
	Name:
	Title:

  

			
	UBS AG, STAMFORD BRANCH
		
	By	 	  

	
	Name:
	Title:

  

			
	By	 	  

	
	Name:
	Title:

 EXHIBIT A 
 DATE:                      
 IRREVOCABLE STANDBY LETTER OF CREDIT NUMBER:                      

 

			
	 BENEFICIARY
	  	 APPLICANT

	(COMPANY NAME)	  	(COMPANY NAME)
	(ADDRESS)	  	(ADDRESS)
	(ADDRESS)	  	(ADDRESS)
	(CITY, STATE, ZIP)	  	(CITY, STATE, ZIP)
	ATTN.:
                                        
	  	
		  	 AMOUNT

		  	USD
                                        

		  	                             
            AND 00/100’S US DOLLARS
		
		  	 EXPIRATION

		  	                             
            AT OUR COUNTERS

 WE HEREBY ISSUE OUR IRREVOCABLE STANDY
LETTER OF CREDIT NUMBER             , IN FAVOR OF
                                        
(“BENEFICIARY”), BY ORDER AND FOR THE ACCOUNT OF
                                        
AVAILABLE FOR PAYMENT AT SIGHT AT THE COUNTERS OF
                                        
FOR US$            (                     DOLLARS) AGAINST PRESENTATION TO
US OF ANY OF THE FOLLOWING STATEMENTS (WITH BRACKETED LANGUAGE AND BLANKS APPROPRIATELY COMPLETED OR DELETED), DATED AND SIGNED BY A DULY AUTHORIZED REPRESENTATIVE OF THE BENEFICIARY AND IDENTIFYING BY REFERENCE NO. THIS LETTER OF CREDIT
SUBSTANTIALLY IN THE FORM OF EXHIBIT A HERETO: 
 1. “AN EVENT OF DEFAULT (AS DEFINED IN THE MASTER PURCHASE AND SALE AGREEMENT DATED AS OF
                     BETWEEN BENEFICIARY OF LETTER OF CREDIT NO.
                     (“BENEFICIARY”) AND APPLICANT (AS THE SAME MAY BE AMENDED, THE “MASTER AGREEMENT”)) HAS OCCURRED AND
IS CONTINUING UNDER THE MASTER AGREEMENT WITH RESPECT TO THE APPLICANT AND NO EVENT OF DEFAULT HAS OCCURRED AND IS CONTINUING UNDER THE MASTER AGREEMENT WITH RESPECT TO BENEFICIARY. THE UNDERSIGNED DOES HEREBY DEMAND PAYMENT OF
[$            ][THE ENTIRE UNDRAWN AMOUNT OF THE LETTER OF CREDIT]. PAYMENT SHOULD BE REMITTED TO
                                        
                                        .
THE UNDERSIGNED IS A DULY AUTHORIZED REPRESENTATIVE OF THE BENEFICIARY, AND IS AUTHORIZED TO EXECUTE AND DELIVER THIS CERTIFICATE TO THE BANK;” OR 
 2. “THE UNDERSIGNED, AS A DULY AUTHORIZED REPRESENTATIVE OF                     
(“BENEFICIARY”) AUTHORIZED TO EXECUTE AND DELIVER THIS CERTIFICATE TO THE BANK, HEREBY CERTIFIES THAT NOT LESS THAN $            (THE “DRAW AMOUNT”) IS OWING TO
THE BENEFICIARY BY APPLICANT UNDER THE TERMS OF ONE OR MORE SWAP AGREEMENTS, FORWARD CONTRACTS AND/OR ELECTRICITY AND/OR GAS PURCHASE AGREEMENTS. THE DRAW AMOUNT IS NOW PAST DUE AND ALL APPLICABLE GRACE PERIODS FOR ITS PAYMENT HAVE EXPIRED. DEMAND
IS HEREBY MADE UNDER YOUR LETTER OF CREDIT NO.                      FOR PAYMENT OF THE DRAW AMOUNT. PAYMENT SHOULD BE REMITTED TO
                                        
;” OR, 

  
 - 2 -

 3. “THE EXPIRATION DATE OF
                     LETTER OF CREDIT NO.
                     IS LESS THAN THIRTY (30) DAYS FROM THE DATE OF THIS STATEMENT, AND THE APPLICANT UNDER SUCH LETTER OF CREDIT IS
REQUIRED, BUT HAS FAILED, TO PROVIDE A REPLACEMENT LETTER OF CREDIT OR OTHER COLLATERAL BEYOND SUCH EXPIRATION DATE IN ACCORDANCE WITH, AND TO ASSURE PERFORMANCE OF, ITS OBLIGATIONS UNDER THE MASTER PURCHASE AND SALE AGREEMENT DATED AS OF
                    
                     BETWEEN ACCOUNT PARTY AND THE BENEFICIARY OF THE LETTER OF CREDIT (AS THE SAME MAY BE AMENDED, THE “MASTER
AGREEMENT”). NO EVENT OF DEFAULT HAS OCCURRED AND IS CONTINUING UNDER THE MASTER AGREEMENT WITH RESPECT TO THE BENEFICIARY. THEREFORE, THE UNDERSIGNED DOES HEREBY DEMAND PAYMENT OF
$            . PAYMENT SHOULD BE REMITTED TO
                                        
                                        .
THE UNDERSIGNED IS A DULY AUTHORIZED REPRESENTATIVE OF THE BENEFICIARY, AND IS AUTHORIZED TO EXECUTE AND DELIVER THIS CERTIFICATE TO THE BANK;” OR 
 DEMAND FOR PAYMENT MAY BE MADE BY YOU UNDER THIS LETTER OF CREDIT NO LATER THAN THE EXPIRATION DATE (AS DEFINED BELOW), DURING THE BANK’S BUSINESS HOURS AT ITS ADDRESS SPECIFIED ABOVE. AS USED
HEREIN, THE “EXPIRATION DATE” MEANS [SPECIFY DATE THAT IS NOT MORE THAN 364 DAYS FROM ISSUANCE DATE]; AS USED HEREIN, “BUSINESS DAY” MEANS ANY DAY OTHER THAN A SATURDAY, SUNDAY OR OTHER DAY ON WHICH BANKS IN NEW YORK CITY ARE
AUTHORIZED OR REQUIRED BY LAW TO CLOSE. 
 IF WE RECEIVE YOUR CERTIFICATE AT OUR OFFICE SPECIFIED ABOVE, ALL IN STRICT CONFORMITY WITH THE TERMS
AND CONDITIONS OF THIS LETTER OF CREDIT, NOT LATER THAN 12:00 NOON, NEW YORK TIME, WE WILL HONOR THE DRAFT NOT LATER THAN 3:00 P.M. NEW YORK TIME ON THE SECOND BUSINESS DAY FOLLOWING RECIEPT THEREOF IN SAME DAY FUNDS IN ACCORDANCE WITH YOUR PAYMENT
INSTRUCTIONS. IF WE RECEIVE YOUR CERTIFICATE, AT OUR OFFICE, ALL IN STRICT CONFORMITY WITH THE TERMS AND CONDITIONS OF THIS LETTER OF CREDIT ON SUCH DATE, LATER THAN 12:00 NOON, NEW YORK TIME, WE WILL HONOR THE DRAFT NOT LATER THAN 11:00 A.M. ON THE
THIRD BUSINESS DAY FOLLOWING RECEIPT THEREOF IN SAME DAY FUNDS IN ACCORDANCE WITH YOUR PAYMENT INSTRUCTIONS. 
 THIS LETTER OF CREDIT SETS FORTH
IN FULL THE TERMS OF OUR UNDERTAKING, AND THIS UNDERTAKING SHALL NOT IN ANY WAY BE MODIFIED, AMENDED, AMPLIFIED OR LIMITED BY REFERENCE TO ANY DOCUMENT, INSTRUMENT OR AGREEMENT REFERRED TO HEREIN OR IN WHICH THIS LETTER OF CREDIT IS REFERRED TO OR
TO WHICH THIS LETTER OF CREDIT RELATES, AND ANY SUCH REFERENCE SHALL NOT BE DEEMED TO INCORPORATE HEREIN BY REFERENCE ANY DOCUMENT, INSTRUMENT OR AGREEMENT. 
 SPECIAL INSTRUCTIONS: 
 1) PARTIAL AND MULTIPLE DRAWINGS PERMITTED. 

2) DOCUMENTS MUST BE PRESENTED AT OUR COUNTERS LOCATED AT 299 PARK AVENUE, NEW YORK, NY 10178, ATTENTION: TRADE FINANCE SERVICES, OR BY FACSIMILE AT
(212) 916-2402, ATTENTION: TRADE FINANCE SERVICES, NO LATER THAN OUR CLOSE OF BUSINESS ON THE EXPIRATION DATE, AS STATED ABOVE OR VIA SWIFT TO UBSWUS33. IT IS UNDERSTOOD THAT, IF DOCUMENTS ARE PRESENTED VIA SWIFT, THEY DO NOT HAVE TO BE
PHYSICALLY SIGNED. 

  
 - 3 -

 3) WE HEREBY AGREE WITH BENEFICIARY THAT DOCUMENTS DRAWN UNDER AND IN COMPLIANCE WITH THE TERMS OF THIS
LETTER OF CREDIT SHALL BE DULY HONORED UPON PRESENTATION AS SPECIFIED. 
 4) WE SHALL HAVE A REASONABLE AMOUNT OF TIME, NOT TO EXCEED TWO
(2) BUSINESS DAYS FOLLOWING THE DATE OF OUR RECEIPT OF DRAWING DOCUMENTS, TO EXAMINE THE DOCUMENTS AND DETERMINE WHETHER TO TAKE UP OR REFUSE THE DOCUMENTS AND TO INFORM YOU ACCORDINGLY. 
 5) ALL COSTS RELATED TO DRAWINGS UNDER THIS LETTER OF CREDIT NUMBER                      SHALL BE
CHARGED TO THE ACCOUNT OF THE APPLICANT. 
 WE HEREBY ENGAGE WITH YOU THAT ALL DOCUMENTS PRESENTED IN COMPLIANCE WITH THE TERMS OF THIS LETTER
OF CREDIT WILL BE DULY HONORED IF DRAWN AND PRESENTED FOR PAYMENT ON OR BEFORE THE EXPIRY DATE OF THIS LETTER OF CREDIT. THIS LETTER OF CREDIT IS SUBJECT TO AND GOVERNED BY THE LAWS OF THE STATE OF NEW YORK AND THE INTERNATIONAL STANDBY PRACTICES
1998 (ISP 98) AND IN THE EVENT OF ANY CONFLICT THE LAWS OF NEW YORK WILL CONTROL. 
 THE SPECIAL INSTRUCTIONS ARE AN INTEGRAL PART OF LETTER OF
CREDIT NUMBER:                      

IF YOU REQUIRE ANY ASSISTANCE OR HAVE ANY QUESTIONS REGARDING THIS TRANSACTION, PLEASE CALL
                    . 
  

					
	  
	 		 	  

	AUTHORIZED SIGNATURE	 		 	AUTHORIZED SIGNATURE

  
 - 4 -

 EXHIBIT A 
 FORM OF DRAWING CERTIFICATE 
 IRREVOCABLE LETTER OF CREDIT NO.
             
 THE UNDERSIGNED, A DULY AUTHORIZED
OFFICER OF [NAME OF BENEFICIARY] (THE “BENEFICIARY”) HEREBY CERTIFIES TO UBS AG (THE “BANK”), WITH REFERENCE TO IRREVOCABLE LETTER OF CREDIT NO.              (THE
“LETTER OF CREDIT”; ANY CAPITALIZED TERM USED HEREIN AND NOT DEFINED SHALL HAVE ITS RESPECTIVE MEANING AS SET FORTH IN THE LETTER OF CREDIT) ISSUED BY THE BANK IN FAVOR OF THE BENEFICIARY, THAT: 

[PLEASE CHECK OFF WHICH PROVISION APPLIES AND FILL IN ALL APPROPRIATE BLANKS] 
             1. AN EVENT OF DEFAULT (AS DEFINED IN THE MASTER PURCHASE AND SALE AGREEMENT DATED AS OF
                     BETWEEN BENEFICIARY OF LETTER OF CREDIT NO.
                     (“BENEFICIARY”) AND APPLICANT (AS THE SAME MAY BE AMENDED, THE “MASTER AGREEMENT”)) HAS OCCURRED AND
IS CONTINUING UNDER THE MASTER AGREEMENT WITH RESPECT TO THE APPLICANT AND NO EVENT OF DEFAULT HAS OCCURRED AND IS CONTINUING UNDER THE MASTER AGREEMENT WITH RESPECT TO BENEFICIARY. WHEREFORE, THE UNDERSIGNED DOES HEREBY DEMAND PAYMENT OF
[$            ][THE ENTIRE UNDRAWN AMOUNT OF THE LETTER OF CREDIT]. PAYMENT SHOULD BE REMITTED TO
                                         
   
                                        .
OR 
             2. THE UNDERSIGNED, HEREBY CERTIFIES THAT NOT LESS THAN
$            (THE “DRAW AMOUNT”) IS OWING TO THE BENEFICIARY BY APPLICANT UNDER THE TERMS OF ONE OR MORE SWAP AGREEMENTS, FORWARD CONTRACTS AND/OR ELECTRICITY AND/OR GAS
PURCHASE AGREEMENTS. THE DRAW AMOUNT IS NOW PAST DUE AND ALL APPLICABLE GRACE PERIODS FOR ITS PAYMENT HAVE EXPIRED. WHEREFORE, DEMAND IS HEREBY MADE UNDER YOUR LETTER OF CREDIT NO.
             FOR PAYMENT OF THE DRAW AMOUNT. PAYMENT SHOULD BE REMITTED TO
                                        
;” OR, 
             3. THE EXPIRATION DATE OF
                     LETTER OF CREDIT NO.              IS LESS THAN THIRTY
(30) DAYS FROM THE DATE OF THIS STATEMENT, AND THE APPLICANT UNDER SUCH LETTER OF CREDIT IS REQUIRED, BUT HAS FAILED, TO PROVIDE A REPLACEMENT LETTER OF CREDIT OR OTHER COLLATERAL BEYOND SUCH EXPIRATION DATE IN ACCORDANCE WITH, AND TO ASSURE
PERFORMANCE OF, ITS OBLIGATIONS UNDER THE MASTER PURCHASE AND SALE AGREEMENT DATED AS OF
                                        
BETWEEN ACCOUNT PARTY AND THE BENEFICIARY OF THE LETTER OF CREDIT (AS THE SAME MAY BE AMENDED, THE “MASTER AGREEMENT”). NO EVENT OF DEFAULT HAS OCCURRED AND IS CONTINUING UNDER THE MASTER AGREEMENT WITH RESPECT TO THE BENEFICIARY.
THEREFORE, THE UNDERSIGNED DOES HEREBY DEMAND PAYMENT OF $            . PAYMENT SHOULD BE REMITTED TO
                                        
                                        ;
OR 
 THE UNDERSIGNED IS A DULY AUTHORIZED REPRESENTATIVE OF THE BENEFICIARY, AND IS AUTHORIZED TO EXECUTE AND DELIVER THIS CERTIFICATE TO THE
BANK. 
 IN WITNESS WHEREOF, THE BENEFICIARY HAS EXECUTED AND DELIVERED THIS CERTIFICATE AS OF THE
     DAY OF                      20    . 

  
 - 5 -

 
			
	[NAME OF BENEFICIARY]
		
	BY	 	  

	NAME	 	  

	TITLE	 	  

  
 - 6 -

 TRANSFER LANGUAGE THAT CAN BE ADDED TO LC 
 [THIS LETTER OF CREDIT IS TRANSFERABLE IN ITS ENTIRETY, BUT NOT IN PART. TRANSFER OF THE AVAILABLE BALANCE UNDER THIS LETTER OF CREDIT SHALL BE AFFECTED BY THE PRESENTATION TO THE BANK OF THIS LETTER OF
CREDIT ACCOMPANIED BY A CERTIFICATE SUBSTANTIALLY IN THE FORM OF EXHIBIT B HERETO EXECUTED BY THE BENEFICIARY. NOTWITHSTANDING THE FOREGOING, THIS LETTER OF CREDIT MAY NOT BE TRANSFERRED TO ANY PERSON WITH WHOM U.S. PERSONS ARE PROHIBITED FROM DOING
BUSINESS UNDER U.S. FOREIGN ASSETS CONTROL REGULATIONS OR OTHER APPLICABLE U.S. LAWS AND REGULATIONS.] 

  
 - 7 -

 EXHIBIT B 
 NOTICE OF TRANSFER 
 DATE:
                     
 UBS AG

 299 PARK AVENUE 
 NEW YORK, NY 10178

 ATTN: TRADE FINANCE SERVICES 
 RE:
YOUR IRREVOCABLE STANDBY LETTER OF CREDIT NO.              ISSUED IN FAVOR OF THE UNDERSIGNED (SUCH CREDIT OR ADVICE, AS AMENDED TO THIS DATE, BEING HEREINAFTER CALLED THE
“LETTER OF CREDIT”). 
 GENTLEMEN: 
 PLEASE BE ADVISED THAT EFFECTIVE AS OF                      (THE “EFFECTIVE DATE”), THE
UNDERSIGNED HAS TRANSFERRED ALL OF ITS RIGHTS UNDER THE LETTER OF CREDIT TO [NAME OF TRANSFEREE] (THE “TRANSFEREE”), WHICH TRANSFEREE HAS THE FOLLOWING ADDRESS: 

 

			
	  
	  	
	  
	  	

 FROM AND AFTER THE EFFECTIVE DATE, THE TRANSFEREE SHALL BE, AND BE DEEMED TO BE, THE BENEFICIARY UNDER THE LETTER
OF CREDIT. 
 WE REQUEST THAT YOU NOTIFY THE TRANSFEREE OF THE FOREGOING TRANSFER OF THE LETTER OF CREDIT IN SUCH FORM AS YOU DEEM ADVISABLE AND
OF THE TERMS AND CONDITIONS OF THE LETTER OF CREDIT AS TRANSFERRED, WHICH SHALL BE SUBSTANTIALLY THE SAME AS THE ORIGINAL LETTER OF CREDIT, AS SAME MAY HAVE BEEN AMENDED PRIOR TO THE TRANSFER DATE. WE ATTACH HEREWITH THE ORIGINAL LETTER OF CREDIT
AND ALL AMENDMENTS [IF APPLICABLE]. 
  

	
	 VERY TRULY YOURS,

	
	[BENEFICIARY]
	
	  

	
	  

	AUTHORIZED SIGNATURE
	
	SIGNATURES AUTHENTICATED
	
	  

	BENEFICIARY’S BANK STAMP

  
 - 8 -

 AUTOMATIC EXTENSION LANGUAGE: 
 IT IS A CONDITION OF THIS LETTER OF CREDIT THAT IT SHALL BE DEEMED AUTOMATICALLY EXTENDED WITHOUT WRITTEN AMENDMENT FOR 364 DAY PERIODS FROM THE PRESENT OR ANY FUTURE EXPIRY DATE UNLESS AT LEAST THIRTY
(30) DAYS PRIOR TO SUCH EXPIRATION DATE, WE SEND BENEFICIARY WRITTEN NOTICE AT THE ABOVE STATED ADDRESS (OR TO SUCH OTHER ADDRESS AS BENEFICIARY SHALL HAVE FURNISHED TO US FROM TIME TO TIME FOR SUCH PURPOSE) VIA U.S. REGISTERED MAIL, RETURN
RECEIPT REQUESTED, OR BY COURIER SERVICE, THAT WE ELECT NOT TO EXTEND THIS LETTER OF CREDIT BEYOND THE INITIAL OR ANY EXTENDED EXPIRY DATE THEREOF. 

  
 - 9 -

 EXHIBIT B 
  

					
	UBS	 	AG	 	APPLICATION FOR STANDBY LETTER OF CREDIT

  

															
	x	 	Stamford Branch	 	 ̈	 	New York Branch	 	 ̈	 	Miami Agency	 	
		 	677 Washington	 		 	 ̈ 299 Park Avenue,	 		 	701 Brickell Ave, Miami, Florida	 	
		 		 		 		 		 		 	Date:	 	  

							
		 		 		 		 		 	Letter of Credit No:    	 	  

 

			
	Please issue an irrevocable Letter of Credit substantially in the form set forth as Exhibit A to the LOC and Reimbursement Credit Agreement dated as of [date], 2010 among Exelon
Generation Company, LLC and UBS AG, Stamford Branch, as issuing bank and administrative agent, as amended from time to time (the “LOC Agreement”), and forward same by:	  	

  

							
	  ̈ full Swift/Telex, for delivery to the beneficiary by

the advising bank
	  	 ̈ Airmail	  	 ̈ other	  	  

 

  

			
	Advising Bank (You may Advise through your
Correspondent)	  	Applicant (applicant name and address):
	 	  	
	 	  	
	 	  	
	 	  	
	 	  	 
	in favor of (Beneficiary, complete name and address)	  	Currency description and amount:
	 	  	
	 	  	
	 	  	 
	 	  	Expiration
                                        

	 	  	in country of the beneficiary unless otherwise indicated

 Available to be drawn when accompanied by the following document(s), as checked: 
  

					
		 	 ̈	 	 All charges other than the issuing bank’s are for
 beneficiary’s account

  

					
	x	 	 Beneficiary’s signed statement, as required
 per the form of Letter of Credit
	  	  

 

  

							
		 	 ̈	 	Other instructions/information:	 	  

		
		 	  

		
		 	  

 IN CONSIDERATION OF YOUR ISSUING A LETTER OF CREDIT AS REQUESTED ABOVE, THE UNDERSIGNED AGREES TO PAY TO YOU THE AMOUNT OF EACH DRAWING UNDER THE LETTER OF CREDIT IN ACCORDANCE WITH THE PROVISIONS OF
THE LOC AGREEMENT AND AGREES THAT THE LETTER OF CREDIT IS ISSUED UNDER, AND, IN CONNECTION THEREWITH AGREES TO BE SUBJECT TO ALL THE PROVISIONS OF, THE LOC AGREEMENT. 

 

									
		 	  
	 		 	  

		 	  
	 		 		 	
		 	(Name of Applicant, Please Print)	 		 		 	 (Authorized Signature)

		 	(Authorized Signature)	 		 		 	

  
 - 10 -

 EXHIBIT C 
 Form of Promissory Note 
 PROMISSORY NOTE 

 

					
	U.S. $[            ]	 	[    ], 2010	 	

 FOR VALUE RECEIVED, the undersigned, Exelon Generation Company, LLC, a Pennsylvania limited liability
company (the “Company”), HEREBY PROMISES TO PAY to the order of UBS AG, STAMFORD BRANCH (the “Bank”) on the Facility Expiration Date (as defined in the Credit Agreement referred to below) the principal sum of
             Million Dollars (U.S. $    ,000,000) or, if less, the aggregate principal amount of the Loans made by the Bank to the Company pursuant to the
Facility Credit Agreement, dated as of November     , 2010 (as amended, supplemented or otherwise modified from time to time, the “Credit Agreement”; capitalized terms used herein without definition being used as
therein defined), among the Company, the Bank and the Administrative Agent. 
 The Company promises to pay interest on the
unpaid principal amount of each Loan from the date of such Loan until such principal amount is paid in full, at such interest rates, and payable at such times, as are specified in the Credit Agreement. 

Both principal and interest are payable in lawful money of the United States of America in same day funds to the Administrative for the
account of the Bank at such account as the Administrative Agent may from time to time designate pursuant to Section 2.07 of the Credit Agreement. Each Loan owing to the Bank by the Company pursuant to the Credit Agreement, and all payments made
on account of principal thereof, shall be recorded by the Bank and, prior to any transfer hereof, endorsed on the grid attached hereto, which is part of this promissory note. 
 This promissory note is entitled to the benefits of the Credit Agreement. The Credit Agreement, among other things, (i) provides for the making of Loans by the Bank to the Company from time to time
in an aggregate amount not to exceed at any time outstanding the Dollar amount first above mentioned, the indebtedness of the Company resulting from each such Loan being evidenced by this promissory note and the entries made in the accounts
maintained pursuant to Section 2.01(d) of the Credit Agreement and (ii) contains provisions for acceleration of the maturity hereof upon the happening of certain stated events. 

 

			
	Exelon Generation Company, LLC
		
	By	 	  

		 	Name:
		 	Title:

  
 - 11 -

 EXHIBIT E 
 Form of Compliance Certificate 
 COMPLIANCE CERTIFICATE 

Pursuant to the Credit Agreement, dated as of November     , 2010, among Exelon Generation Company, LLC (the
“Company”), and UBS AG, Stamford Branch, as the “Bank” and as the “Administrative Agent” (as amended, modified or supplemented from time to time, the “Credit Agreement”), the undersigned, being the
             of the Company, hereby certifies on behalf of the Company as follows: 
 1. Delivered herewith are the financial statements prepared pursuant to Section 5.03(b)[(ii)/(iii)] of the Credit Agreement for the fiscal [quarterly/year]ended
            20    . All such financial statements comply with the applicable requirements of the Credit Agreement. 

2. (Check one and only one:) 
 _ No Default or Event of Default has occurred and is continuing. 
 _ An Default or
Event of Default has occurred and is continuing, and the document(s) attached hereto as Schedule II specify in detail the nature and period of existence of such Default or Event of Default as well as any and all actions with respect thereto taken or
contemplated to be taken by the Company. 
 3. The undersigned has personally reviewed the Credit Agreement, and this
certificate was based on an examination made by or under the supervision of the undersigned sufficient to assure that this certificate is accurate. 
 4. Capitalized terms used in this certificate and not otherwise defined shall have the meanings given in the Credit Agreement. 

 

	
	EXELON GENERATION COMPANY, LLC
	
	  

	By.
	Date:
	Name:

  
 - 12 -Form of Change in Control Employment Agreement

 Exhibit 10.44 
 EXELON CORPORATION 
 CHANGE
IN CONTROL EMPLOYMENT AGREEMENT 

FEBRUARY 10, 2011 

 Table of Contents 

 

									
	 ARTICLE I. DEFINITIONS
	  	 	1	  
				
		 	1.1	  	“ACCRUED ANNUAL INCENTIVE”	  	 	1	  
		 	1.2	  	“ACCRUED BASE SALARY\	  	 	1	  
		 	1.3	  	“ACCRUED OBLIGATIONS\	  	 	1	  
		 	1.4	  	“AFFILIATE\	  	 	1	  
		 	1.5	  	“AGREEMENT DATE\	  	 	1	  
		 	1.6	  	“AGREEMENT TERM\	  	 	2	  
		 	1.7	  	“ANNUAL INCENTIVE\	  	 	2	  
		 	1.8	  	“APPLICABLE TRIGGER DATE\	  	 	2	  
		 	1.9	  	“ARTICLE\	  	 	2	  
		 	1.10	  	“BASE SALARY\	  	 	2	  
		 	1.11	  	“BENEFICIAL OWNER\	  	 	2	  
		 	1.12	  	“BENEFICIARY\	  	 	2	  
		 	1.13	  	“BOARD\	  	 	2	  
		 	1.14	  	“CAUSE\	  	 	3	  
		 	1.15	  	“CHANGE DATE\	  	 	3	  
		 	1.16	  	“CHANGE IN CONTROL\	  	 	3	  
		 	1.17	  	“CODE\	  	 	4	  
		 	1.18	  	“COMPANY\	  	 	4	  
		 	1.19	  	“COMPETITIVE BUSINESS\	  	 	4	  
		 	1.20	  	“CONFIDENTIAL INFORMATION\	  	 	5	  
		 	1.21	  	“DISABILITY\	  	 	5	  
		 	1.22	  	“DISAGGREGATED ENTITY\	  	 	5	  
		 	1.23	  	“DISAGGREGATION\	  	 	6	  
		 	1.24	  	“EMPLOYER\	  	 	6	  
		 	1.25	  	“EXCHANGE ACT\	  	 	6	  
		 	1.26	  	“GOOD REASON\	  	 	6	  
		 	1.27	  	“IMMINENT CONTROL CHANGE\	  	 	6	  
		 	1.28	  	“IMMINENT CONTROL CHANGE PERIOD\	  	 	7	  
		 	1.29	  	“INCENTIVE PLAN\	  	 	7	  
		 	1.30	  	“INCLUDING\	  	 	7	  
		 	1.31	  	“INCUMBENT BOARD\	  	 	7	  
		 	1.32	  	“IRS\	  	 	7	  
		 	1.33	  	“LTIP\	  	 	7	  
		 	1.34	  	“LTIP PERFORMANCE PERIOD\	  	 	7	  
		 	1.35	  	“MERGER\	  	 	7	  
		 	1.36	  	“NOTICE OF TERMINATION\	  	 	7	  
		 	1.37	  	“PERFORMANCE SHARES\	  	 	8	  
		 	1.38	  	“PERSON\	  	 	8	  
		 	1.39	  	“PLANS\	  	 	8	  
		 	1.40	  	“POST-CHANGE PERIOD\	  	 	8	  
		 	1.41	  	“POST-DISAGGREGATION PERIOD\	  	 	8	  
		 	1.42	  	“POST-SIGNIFICANT ACQUISITION PERIOD\	  	 	8	  
		 	1.43	  	“RESTRICTED STOCK”	  	 	8	  
		 	1.44	  	“SEC\	  	 	8	  
		 	1.45	  	“SEC PERSON\	  	 	8	  
		 	1.46	  	“SECTION\	  	 	8	  
		 	1.47	  	“SERP\	  	 	9	  
		 	1.48	  	“SEVERANCE INCENTIVE\	  	 	9	  
		 	1.49	  	“SEVERANCE PERIOD\	  	 	9	  
		 	1.50	  	“SIGNIFICANT ACQUISITION\	  	 	9	  
		 	1.51	  	“STOCK OPTIONS\	  	 	9	  
		 	1.52	  	“TARGET INCENTIVE\	  	 	9	  

  
 i 

									
		 	 1.53
	    	 “TAXES\
	  	 	10	  
		 	 1.54
	    	 “TERMINATION DATE\
	  	 	10	  
		 	 1.55
	    	 “TERMINATION OF EMPLOYMENT\
	  	 	10	  
		 	 1.56
	    	 “20% OWNER\
	  	 	10	  
		 	 1.57
	    	 “VOTING SECURITIES\
	  	 	10	  
		 	 1.58
	    	 “WAIVER AND RELEASE\
	  	 	10	  
		 	 1.59
	    	 “WELFARE PLANS\
	  	 	10	  
		
	 ARTICLE II. TERMS OF EMPLOYMENT
	  	 	10	  
				
		 	 2.1
	    	 POSITION AND DUTIES DURING A
POST-CHANGE PERIOD
	  	 	10	  
		 	 2.2
	    	 POSITION AND DUTIES DURING AN
IMMINENT CONTROL CHANGE PERIOD
	  	 	11	  
		 	 2.3
	    	 POSITION AND DUTIES DURING A
POST-SIGNIFICANT ACQUISITION PERIOD
	  	 	11	  
		 	 2.4
	    	 POSITION AND DUTIES DURING A
POST-DISAGGREGATION PERIOD
	  	 	11	  
		 	 2.5
	    	 EXECUTIVE’S OBLIGATIONS
	  	 	11	  
		 	 2.6
	    	 BASE SALARY DURING THE
POST-CHANGE PERIOD
	  	 	11	  
		 	 2.7
	    	 ANNUAL INCENTIVE
	  	 	12	  
		 	 2.8
	    	 OTHER COMPENSATION AND
BENEFITS
	  	 	12	  
		
	 ARTICLE III. TERMINATION OF EMPLOYMENT
	  	 	15	  
				
		 	 3.1
	    	 DISABILITY
	  	 	15	  
		 	 3.2
	    	 DEATH
	  	 	16	  
		 	 3.3
	    	 TERMINATION BY THE COMPANY FOR
CAUSE
	  	 	16	  
		 	 3.4
	    	 TERMINATION BY THE EXECUTIVE FOR
GOOD REASON
	  	 	18	  
		
	 ARTICLE IV. COMPANY’S OBLIGATIONS UPON CERTAIN TERMINATIONS OF EMPLOYMENT
	  	 	19	  
				
		 	 4.1
	    	 TERMINATION DURING THE POST-CHANGE
PERIOD OR POST-SIGNIFICANT ACQUISITION PERIOD
	  	 	19	  
		 	 4.2
	    	 TERMINATION DURING AN IMMINENT CONTROL
CHANGE PERIOD
	  	 	24	  
		 	 4.3
	    	 TERMINATION DURING A POST-DISAGGREGATION
PERIOD
	  	 	27	  
		 	 4.4
	    	 TIMING OF SEVERANCE PAYMENTS
	  	 	28	  
		 	 4.5
	    	 WAIVER AND RELEASE
	  	 	29	  
		 	 4.6
	    	 BREACH OF COVENANTS
	  	 	29	  
		 	 4.7
	    	 TERMINATION BY THE COMPANY FOR
CAUSE
	  	 	30	  
		 	 4.8
	    	 TERMINATION BY EXECUTIVE OTHER THAN
FOR GOOD REASON
	  	 	30	  
		 	 4.9
	    	 TERMINATION BY THE COMPANY FOR
DISABILITY
	  	 	30	  
		 	 4.10
	    	 UPON DEATH
	  	 	30	  
		 	 4.11
	    	 SOLE AND EXCLUSIVE
OBLIGATIONS
	  	 	31	  
		
	 ARTICLE V. CERTAIN ADDITIONAL PAYMENTS BY THE COMPANY
	  	 	31	  
				
		 	 5.1
	    	 NO EXCISE TAX
GROSS-UP
	  	 	31	  
		 	 5.2
	    	 DETERMINATION BY EXECUTIVE
	  	 	32	  
		 	 5.3
	    	 OPINION OF COUNSEL
	  	 	33	  
		
	 ARTICLE VI. EXPENSES, INTEREST AND DISPUTE RESOLUTION
	  	 	33	  
				
		 	 6.1
	    	 ENFORCEMENT AND LATE
PAYMENTS
	  	 	33	  
		 	 6.2
	    	 INTEREST
	  	 	34	  
		 	 6.3
	    	 ARBITRATION
	  	 	34	  
		
	 ARTICLE VII. NO SET-OFF OR MITIGATION
	  	 	34	  
				
		 	 7.1
	    	 NO SET-OFF BY
COMPANY
	  	 	35	  
		 	 7.2
	    	 NO MITIGATION
	  	 	35	  
		
	 ARTICLE VIII. RESTRICTIVE COVENANTS
	  	 	35	  
				
		 	 8.1
	    	 CONFIDENTIAL INFORMATION
	  	 	35	  
		 	 8.2
	    	 NON-COMPETITION
	  	 	36	  
		 	 8.3
	    	 NON-SOLICITATION
	  	 	36	  
		 	 8.4
	    	 INTELLECTUAL PROPERTY
	  	 	37	  

  
 ii 

									
		 	8.5	  	REASONABLENESS OF RESTRICTIVE COVENANTS	  	 	38	  
		 	8.6	  	RIGHT TO INJUNCTION; SURVIVAL OF UNDERTAKINGS	  	 	38	  
		
	 ARTICLE IX. NON-EXCLUSIVITY OF RIGHTS
	  	 	39	  
				
		 	9.1	  	OTHER RIGHTS	  	 	39	  
		 	9.2	  	NO RIGHT TO CONTINUED EMPLOYMENT	  	 	39	  
		
	 ARTICLE X. MISCELLANEOUS
	  	 	39	  
				
		 	10.1	  	NO ASSIGNABILITY	  	 	39	  
		 	10.2	  	SUCCESSORS	  	 	39	  
		 	10.3	  	AFFILIATES	  	 	39	  
		 	10.4	  	PAYMENTS TO BENEFICIARY	  	 	40	  
		 	10.5	  	“PAYMENT OF REIMBURSABLE EXPENSES\	  	 	40	  
		 	10.6	  	NON-ALIENATION OF BENEFITS	  	 	40	  
		 	10.7	  	SEVERABILITY	  	 	40	  
		
	 10.8      AMENDMENTS
	  	 	40	  
				
		 	10.9	  	NOTICES	  	 	40	  
		 	10.10	  	JOINT AND SEVERAL LIABILITY	  	 	41	  
		 	10.11	  	COUNTERPARTS	  	 	41	  
		 	10.12	  	GOVERNING LAW	  	 	41	  
		
	 10.13    CAPTIONS
	  	 	41	  
		
	 10.14    NUMBER AND GENDER
	  	 	41	  
				
		 	10.15	  	TAX WITHHOLDING	  	 	41	  
		
	 10.16    SECTION 409A
	  	 	41	  
				
		 	10.17	  	NO WAIVER	  	 	42	  
		 	10.18	  	ENTIRE AGREEMENT	  	 	42	  

  
 iii

 EXELON CORPORATION 

CHANGE-IN-CONTROL EMPLOYMENT AGREEMENT 

THIS AGREEMENT, dated as of February 10, 2011 (the “Agreement Date”), is made by and among Exelon Corporation,
incorporated under the laws of the Commonwealth of Pennsylvania (together with successors thereto, the “Company”), on behalf of itself and
                                        ,
a              corporation (together with successors thereto, the “Subsidiary”), and
                                        
(“Executive”). 
 RECITALS 
 The Board of Directors of the Company (the “Board”) has determined that it is in the best interests of the Company and its shareholders to assure that the Company will have the continued
services of the Executive, despite the possibility or occurrence of a Change in Control of the Company. The Board believes it is imperative to reduce the distraction of the Executive that would result from the personal uncertainties caused by a
pending or threatened Change in Control or a Significant Acquisition, to encourage the Executive’s full attention and dedication to the Company, and to provide the Executive with compensation and benefits arrangements upon a Change in Control
which are competitive with those of similarly-situated corporations. This Agreement is intended to accomplish these objectives. 

Article I. 

Definitions 
 As used in this Agreement, the terms specified below shall have the following meanings: 
 1.1 “Accrued Annual Incentive” means the amount of any Annual Incentive earned but not yet paid with respect to the Company’s latest fiscal year ended prior to the Termination Date.

 1.2 “Accrued Base Salary” means the amount of Executive’s Base Salary that is accrued but not yet paid
as of the Termination Date. 
 1.3 “Accrued Obligations” means, as of any date, the sum of Executive’s
Accrued Base Salary, Accrued Annual Incentive, any accrued but unpaid paid time off, and any other amounts and benefits which are then due to be paid or provided to Executive by the Company, but have not yet been paid or provided (as applicable).

 1.4 “Affiliate” means any Person (including the Subsidiary) that directly or indirectly controls, is
controlled by, or is under common control with, the Company. For purposes of this definition the term “control” with respect to any Person means the power to direct or cause the direction of management or policies of such Person, directly
or indirectly, whether through the ownership of Voting Securities, by contract or otherwise. 
 1.5 “Agreement
Date” — see the introductory paragraph of this Agreement. 

 1.6 “Agreement Term” means the period commencing on the Agreement Date and
ending on the second anniversary of the Agreement Date or, if later, such later date to which the Agreement Term is extended under the following sentence, unless earlier terminated as provided herein. Commencing on the first anniversary of the
Agreement Date, the Agreement Term shall automatically be extended each day by one day to create a new two-year term until, at any time after the first anniversary of the Agreement Date, the Company delivers written notice (an “Expiration
Notice”) to Executive that the Agreement shall expire on a date specified in the Expiration Notice (the “Expiration Date”) that is not less than 12 months after the date the Expiration Notice is delivered to Executive;
provided, however, that if a Change Date, Imminent Control Change, Disaggregation or Significant Acquisition occurs before the Expiration Date specified in the Expiration Notice, then such Expiration Notice shall be void and of no further effect. If
such Imminent Control Change or Disaggregation does not culminate in a Change Date, then such Expiration Notice shall be reinstated and the Agreement shall expire on the date originally specified as the Expiration Date, or if later, the date the
Imminent Control Change lapses or the end of the sixtieth day after the Disaggregation. Notwithstanding anything herein to the contrary, the Agreement Term shall end at the end of the Severance Period if applicable, or if there is no Severance
Period, the earliest of the following: (a) the second anniversary of the Change Date, (b) eighteen (18) months after the Significant Acquisition, provided there has been no Change Date, (c) the end of the sixtieth day after the
Disaggregation if there has been no Change Date after the Disaggregation, or (d) the Termination Date. 
 1.7
“Annual Incentive” — see Section 2.7. 
 1.8 “Applicable Trigger Date” means

 (a) the Change Date with respect to the Post-Change Period; 

(b) the date of an Imminent Control Change with respect to the Imminent Control Change Period; 

(c) the date of a Significant Acquisition with respect to a Post-Significant Acquisition Period; and 

(d) the date of a Disaggregation with respect to a Post-Disaggregation Period. 

1.9 “Article” means an article of this Agreement. 

1.10 “Base Salary” — see Section 2.6. 

1.11 “Beneficial Owner” means such term as defined in Rule 13d-3 of the SEC under the Exchange Act. 

1.12 “Beneficiary” — see Section 10.4. 

1.13 “Board” means the Board of Directors of Company or, from and after the effective date of a Corporate Transaction
(as defined in Section 1.16), the Board of Directors of the corporation resulting from a Corporate Transaction or, if securities representing at least 50% 

  
 2 

 
of the aggregate voting power of such resulting corporation are directly or indirectly owned by another corporation, such other corporation. 

1.14 “Cause” — see Section 3.3. 
 1.15 “Change Date” means the date on which a Change in Control first occurs during the Agreement Term. 
 1.16 “Change in Control” means, except as otherwise provided below, the first to occur of any of the following during the Agreement Term: 

(a) any SEC Person becomes the Beneficial Owner of 20% or more of the then outstanding common stock of the Company or of
Voting Securities representing 20% or more of the combined voting power of all the then outstanding Voting Securities of Company (such an SEC Person, a “20% Owner”); provided, however, that for purposes of this subsection (a),
the following acquisitions shall not constitute a Change in Control: (1) any acquisition directly from the Company (excluding any acquisition resulting from the exercise of an exercise, conversion or exchange privilege unless the security being
so exercised, converted or exchanged was acquired directly from the Company), (2) any acquisition by the Company, (3) any acquisition by an employee benefit plan (or related trust) sponsored or maintained by the Company or any corporation
controlled by the Company (a “Company Plan”), or (4) any acquisition by any corporation pursuant to a transaction which complies with clauses (i), (ii) and (iii) of subsection (c) of this definition;
provided further, that for purposes of clause (2), if any 20% Owner of the Company other than the Company or any Company Plan becomes a 20% Owner by reason of an acquisition by the Company, and such 20% Owner of the Company shall, after such
acquisition by the Company, become the beneficial owner of any additional outstanding common shares of the Company or any additional outstanding Voting Securities of the Company (other than pursuant to any dividend reinvestment plan or arrangement
maintained by the Company) and such beneficial ownership is publicly announced, such additional beneficial ownership shall constitute a Change in Control; or 
 (b) Individuals who, as of the date hereof, constitute the Board (the “Incumbent Board”) cease for any reason to constitute at least a majority of the Incumbent Board; provided, however,
that any individual becoming a director subsequent to the date hereof whose election, or nomination for election by the Company’s shareholders, was approved by a vote of at least a majority of the directors then comprising the Incumbent Board
shall be considered as though such individual were a member of the Incumbent Board, but excluding, for this purpose, any such individual whose initial assumption of office occurs as a result of an actual or threatened election contest (as such terms
are used in Rule 14a-11 promulgated under the Exchange Act) or other actual or threatened solicitation of proxies or consents by or on behalf of a Person other than the Board; or 

(c) Consummation of a reorganization, merger or consolidation (“Merger”), or the sale or other
disposition of more than 50% of the operating assets of the Company (determined on a consolidated basis), other than in connection with a sale-leaseback or 

  
 3 

 
other arrangement resulting in the continued utilization of such assets (or the operating products of such assets) by the Company (such reorganization, merger, consolidation, sale or other
disposition, a “Corporate Transaction”); excluding, however, a Corporate Transaction pursuant to which: 
 (i) all or substantially all of the individuals and entities who are the Beneficial Owners, respectively, of the outstanding common stock of Company and outstanding Voting Securities of the Company
immediately prior to such Corporate Transaction beneficially own, directly or indirectly, more than 60% of, respectively, the then-outstanding shares of common stock and the combined voting power of the then-outstanding voting securities entitled to
vote generally in the election of directors, as the case may be, of the corporation resulting from such Corporate Transaction (including, without limitation, a corporation which, as a result of such transaction, owns the Company or all or
substantially all of the assets of the Company either directly or through one or more subsidiaries) in substantially the same proportions as their ownership immediately prior to such Corporate Transaction of the outstanding common stock of Company
and outstanding Voting Securities of the Company, as the case may be; 
 (ii) no SEC Person (other than the
corporation resulting from such Corporate Transaction, and any Person which beneficially owned, immediately prior to such corporate Transaction, directly or indirectly, 20% or more of the outstanding common stock of the Company or the outstanding
Voting Securities of the Company, as the case may be) becomes a 20% Owner, directly or indirectly, of the then-outstanding common stock of the corporation resulting from such Corporate Transaction or the combined voting power of the outstanding
voting securities of such corporation; and 
 (iii) individuals who were members of the Incumbent Board will
constitute at least a majority of the members of the board of directors of the corporation resulting from such Corporate Transaction; or 
 (d) Approval by the Company’s shareholders of a plan of complete liquidation or dissolution of the Company, other than a plan of liquidation or dissolution which results in the acquisition of all or
substantially all of the assets of the Company by an affiliated company. 
 Notwithstanding the occurrence of any of the
foregoing events, a Change in Control shall not occur with respect to Executive if, in advance of such event, Executive agrees in writing that such event shall not constitute a Change in Control. 

1.17 “Code” means the Internal Revenue Code of 1986, as amended. 

1.18 “Company” — see the introductory paragraph to this Agreement. 

1.19 “Competitive Business” means, as of any date, any utility business and any individual or entity (and any branch,
office, or operation thereof) which engages in, or proposes to engage in (with Executive’s assistance) (i) the harnessing, production, transmission, 

  
 4 

 
distribution, marketing or sale of energy or the transmission or distribution thereof through wire or cable or similar medium, (ii) any other business engaged in by the Company prior to
Executive’s Termination Date which represents for any calendar year or is projected by the Company (as reflected in a business plan adopted by the Company before Executive’s Termination Date) to yield during any year during the first
three-fiscal year period commencing on or after Executive’s Termination Date, more than 5% of the gross revenue of Company, and, in either case, which is located (x) anywhere in the United States, or (y) anywhere outside of the United
States where Company is then engaged in, or proposes as of the Termination Date to engage in to the knowledge of the Executive, any of such activities. 
 1.20 “Confidential Information” shall mean any information, ideas, processes, methods, designs, devices, inventions, data, techniques, models and other information developed or used by
the Company or any Affiliate and not generally known in the relevant trade or industry relating to the Company’s or its Affiliates’ products, services, businesses, operations, employees, customers or suppliers, whether in tangible or
intangible form, which gives the Company and its Affiliates a competitive advantage in the harnessing, production, transmission, distribution, marketing or sale of energy or the transmission or distribution thereof through wire or cable or similar
medium or in the energy services industry and other businesses in which the Company or an Affiliate is engaged, or of third parties which the Company or Affiliate is obligated to keep confidential, or which was learned, discovered, developed,
conceived, originated or prepared during or as a result of Executive’s performance of any services on behalf of the Company and which falls within any of the following general categories: 

(a) information relating to trade secrets of the Company or Affiliate or any customer or supplier of the Company or
Affiliate; 
 (b) information relating to existing or contemplated products, services, technology, designs,
processes, formulae, algorithms, research or product developments of the Company or Affiliate or any customer or supplier of the Company or Affiliate; 
 (c) information relating to business plans or strategies, sales or marketing methods, methods of doing business, customer lists, customer usages and/or requirements, supplier information of the Company or
Affiliate or any customer or supplier of the Company or Affiliate; 
 (d) information subject to protection under
the Uniform Trade Secrets Act, as adopted by the State of Illinois, or to any comparable protection afforded by applicable law; or 
 (e) any other confidential information which either the Company or Affiliate or any customer or supplier of the Company or Affiliate may reasonably have the right to protect by patent, copyright or by
keeping it secret and confidential. 
 1.21 “Disability” — see Section 3.1(b). 

1.22 “Disaggregated Entity” means the Disaggregated Unit or any other Person (other than the Company or an Affiliate)
that controls or is under common control with the Disaggregated Unit. 

  
 5 

 1.23 “Disaggregation” means the consummation, in contemplation of a Change
in Control, of a sale, spin-off or other disaggregation by the Company or the Affiliate or business unit of the Company (“Disaggregated Unit”) which employed Executive immediately prior to the sale, spin-off or other disaggregation.

 1.24 “Employer” means, collectively or severally, the Company and the Subsidiary (or other Affiliate
employing Executive). 
 1.25 “Exchange Act” means the Securities Exchange Act of 1934, as amended. 

1.26 “Good Reason” — see Section 3.4. 

1.27 “Imminent Control Change” means, as of any date on or after the Agreement Date and prior to the Change Date, the
occurrence of any one or more of the following: 
 (a) the Company enters into an agreement the consummation of
which would constitute a Change in Control; 
 (b) Any SEC Person commences a “tender offer” (as such
term is used in Section 14(d) of the Exchange Act) or exchange offer, which, if consummated, would result in a Change in Control; or 
 (c) Any SEC Person files with the SEC a preliminary or definitive proxy solicitation or election contest to elect or remove one or more members of the Board, which, if consummated or effected, would
result in a Change in Control; 
 provided, however, that an Imminent Control Change will lapse and cease to qualify as an Imminent Control
Change: 
 (i) With respect to an Imminent Control Change described in clause (a) of this definition, the
date such agreement is terminated, cancelled or expires without a Change Date occurring; 
 (ii) With respect to
an Imminent Control Change described in clause (b) of this definition, the date such tender offer or exchange offer is withdrawn or terminates without a Change Date occurring; 

(iii) With respect to an Imminent Control Change described in clause (c) of this definition, (1) the date the
validity of such proxy solicitation or election contest expires under relevant state corporate law, or (2) the date such proxy solicitation or election contest culminates in a shareholder vote, in either case without a Change Date occurring; or

 (iv) The date a majority of the members of the Incumbent Board make a good faith determination that any event
or condition described in clause (a), (b), or (c) of this definition no longer constitutes an Imminent Control Change, provided that such determination may not be made prior to the twelve (12) month anniversary of the occurrence of such
event. 

  
 6 

 1.28 “Imminent Control Change Period” means the period commencing on the
date of an Imminent Control Change, and ending on the first to occur thereafter of 
 (a) a Change Date, provided

 (i) such date occurs no later than the one-year anniversary of the Termination Date, and 

(ii) either the Imminent Control Change has not lapsed, or the Imminent Control Change in effect upon such Change Date is
the last Imminent Control Change in a series of Imminent Control Changes unbroken by any period of time between the lapse of an Imminent Control Change and the occurrence of a new Imminent Control Change; 

(b) if Executive’s business unit undergoes Disaggregation and Executive retains substantially the
same position with the Disaggregated Entity as immediately prior to such Disaggregation (determined without regard to reporting obligations) the earlier to occur after such Disaggregation of a Change Date or the end of the 60th day following such Disaggregation without the occurrence of a Change
Date, 
 (c) the date an Imminent Control Changes lapses without the prior or concurrent occurrence of a new
Imminent Control Change; or 
 (d) the twelve-month anniversary of the Termination Date. 

1.29 “Incentive Plan” means the Exelon Corporation Annual Incentive Plan for Senior Executives or such other annual
incentive award arrangement of the Company in which the Executive is a participant in lieu of such program. 
 1.30
“Including” means including without limitation. 
 1.31 “Incumbent Board” — see
definition of Change in Control. 
 1.32 “IRS” means the Internal Revenue Service of the United States of
America. 
 1.33 “LTIP” means the Exelon Corporation Long-Term Incentive Plan, as amended from time to time, or
any successor thereto, and including any Stock Options or Restricted Stock granted thereunder to replace stock options or restricted stock initially granted under the Unicom Corporation Long-Term Incentive Plan. 

1.34 “LTIP Performance Period” means the one-year performance period applicable to an LTIP award, as designated in
accordance with the LTIP. 
 1.35 “Merger” — see definition of Change in Control. 

1.36 “Notice of Termination” means a written notice given in accordance with Section 10.9 which sets forth
(i) the specific termination provision in this Agreement relied upon 

  
 7 

 
by the party giving such notice and (ii) in reasonable detail the specific facts and circumstances claimed to provide a basis for such Termination of Employment. 

1.37 “Performance Shares” — see Section 4.1(c). After a Disaggregation, “Performance Shares” shall
also refer to performance shares, performance units or similar stock incentive awards granted by a Disaggregated Entity (or an affiliate thereof) in replacement of performance shares, performance units or similar stock incentive awards granted under
the Exelon Performance Share Program under the LTIP. 
 1.38 “Person” means any individual, sole
proprietorship, partnership, joint venture, limited liability company, trust, unincorporated organization, association, corporation, institution, public benefit corporation, entity or government instrumentality, division, agency, body or department.

 1.39 “Plans” means plans, practices, policies and programs of the Company (or, if applicable to Executive,
the Disaggregated Entity or Affiliate). 
 1.40 “Post-Change Period” means the period commencing on the Change
Date and ending on the earlier of the Termination Date or the second anniversary of the Change Date. 
 1.41
“Post-Disaggregation Period” means the period commencing on the first date during the Agreement Term on which a Change in Control occurs following a Disaggregation, provided such Change Date occurs no more than 60 days following
such Disaggregation, and ending on the earlier of the Termination Date or the second anniversary of the Change Date. If no Change Date occurs within 60 days after the Disaggregation, there shall be no Post-Disaggregation Period. 

1.42 “Post-Significant Acquisition Period” means the period commencing on the date of a Significant Acquisition that
occurs during the Agreement Term prior to a Change Date, and ending on the first to occur of (a) the end of the 18-month period commencing on the date of the Significant Acquisition, (b) the Change Date, or (c) the Termination Date.

 1.43 “Restricted Stock” — see Section 4.1(d). After a Disaggregation, “Restricted Stock”
shall also refer to deferred stock units, restricted stock or restricted share units granted by a Disaggregated Entity (or an affiliate thereof) in replacement of deferred stock units, restricted stock or restricted share units granted by the
Company other than under the Exelon Performance Share Program under the LTIP. 
 1.44 “SEC” means the United
States Securities and Exchange Commission. 
 1.45 “SEC Person” means any person (as such term is used in Rule
13d-5 of the SEC under the Exchange Act) or group (as such term is defined in Sections 3(a)(9) and 13(d)(3) of the Exchange Act), other than (a) the Company or an Affiliate, or (b) any employee benefit plan (or any related trust) of the
Company or any of its Affiliates. 
 1.46 “Section” means, unless the context otherwise requires, a section of
this Agreement. 

  
 8 

 1.47 “SERP” means the PECO Energy Company Supplemental Retirement Plan or
the Exelon Corporation Supplemental Management Retirement Plan, whichever is applicable to Executive, or any successor to either or both. 
 1.48 “Severance Incentive” means the greater of (a) the Target Incentive for the performance period in which the Termination Date occurs, or (b) the average (mean) of the actual
Annual Incentives paid (or payable, to the extent not previously paid) to the Executive under the Incentive Plan for each of the two calendar years preceding the calendar year in which the Termination Date occurs. 

1.49 “Severance Period” means the period beginning on the Executive’s Termination Date, provided Executive’s
Termination of Employment entitles Executive to benefits under Section 4.1, 4.2 or 4.3, and ending on the third anniversary thereof. There shall be no Severance Period if Executive’s Termination of Employment is on account of death or
Disability or if Executive’s employment is terminated by the Company for Cause or by Executive other than for Good Reason. 
 1.50 “Significant Acquisition” means a Corporate Transaction affecting the Executive’s business unit (or, if Executive is employed at the headquarters for the Company’s
corporate business operations (“Corporate Center”), a Corporate Transaction that affects the Corporate Center) that is consummated after the Agreement Date and prior to the Change Date, which Corporate Transaction is not a Change in
Control, provided that as a result of such Corporate Transaction, all or substantially all of the individuals and entities who are the Beneficial Owners, respectively, of the outstanding common stock of Company and outstanding Voting Securities of
the Company immediately prior to such Corporate Transaction beneficially own, directly or indirectly, more than 60% but not more than 66- 2/3% of, respectively, the then-outstanding shares of common stock and the combined voting power of the then-outstanding voting securities entitled to vote
generally in the election of directors, as the case may be, of the corporation resulting from such Corporate Transaction (including, without limitation, a corporation which, as a result of such transaction, owns the Company or all or substantially
all of the assets of the Company either directly or through one or more subsidiaries) in substantially the same proportions as their ownership immediately prior to such Corporate Transaction of the outstanding common stock of Company and outstanding
Voting Securities of the Company, as the case may be. 
 1.51 “Stock Options” — see
Section 4.1(b). After a Disaggregation, “Stock Options” shall also refer to stock options, stock appreciation rights, or similar incentive awards granted by the Disaggregated Entity (or an affiliate thereof) in replacement of stock
options, stock appreciation rights, or similar incentive awards granted under the LTIP. 
 1.52 “Target
Incentive” as of a certain date means an amount equal to the product of Base Salary determined as of such date multiplied by the percentage of such Base Salary to which Executive would have been entitled immediately prior to such date under
the Incentive Plan for the applicable performance period if the performance goals established pursuant to such Incentive Plan were achieved at the 100% (target) level as of the end of the applicable performance period (taking into account for this
purpose any negative discretion exercised by the Compensation Committee of the Board in establishing such target); provided, however, that any 

  
 9 

 
reduction in Executive’s Base Salary or Annual Incentive that would qualify as Good Reason shall be disregarded for purposes of this definition. 

1.53 “Taxes” means the incremental federal, state, local and foreign income, employment, excise and other taxes payable
by Executive with respect to any applicable item of income. 
 1.54 “Termination Date” means the effective date
of Executive’s Termination of Employment, which shall be the date on which Executive has a “separation from service,” within the meaning of Section 409A of the Code; provided, however, that if the Executive terminates
Executive’s employment for Good Reason, then the Termination Date shall not be earlier than the thirtieth day following the Company’s receipt of Executive’s Notice of Termination, unless the Company consents in writing to an earlier
Termination Date. 
 1.55 “Termination of Employment” means any termination of Executive’s employment with
the Company and its Affiliates, whether such termination is initiated by the Employer or by Executive; provided that if the Executive’s cessation of employment with the Company and its Affiliates is effected through a Disaggregation, and
Executive is employed by the Disaggregated Entity immediately following the Disaggregation, and a Change Date occurs no more than 60 days after such Disaggregation, then the Disaggregation shall not be deemed to effect a “Termination of
Employment” for purposes of this Agreement, and after the Disaggregation, “Termination of Employment” means any termination of Executive’s employment with the Disaggregated Entity, whether such termination is initiated by the
Disaggregated Entity or by Executive. 
 1.56 “20% Owner” — see paragraph (a) of the definition of
“Change in Control.” 
 1.57 “Voting Securities” means with respect to a corporation, securities of
such corporation that are entitled to vote generally in the election of directors of such corporation. 
 1.58 “Waiver
and Release” — see Section 4.5. 
 1.59 “Welfare Plans” — see Section 2.8(a)(ii).

 Article II. 
 Terms of Employment 
 2.1 Position and Duties During a Post-Change
Period. During the Post-Change Period prior to the Termination Date, (i) Executive’s position, duties and responsibilities (other than the position or level of officer to whom the Executive reports or any change that is part of a
policy, program or arrangement applicable to peer executives of the Company and any successor to the Company) shall be at least commensurate in all material respects with the most significant of those held, exercised and assigned at any time during
the 90-day period immediately before the Change Date (or if the Change Date ended an Imminent Control Change Period, during the 90-day period immediately before the beginning of the Imminent Control Change Period) and (ii) Executive’s
services shall be performed at the location where Executive was employed immediately before the Change Date (or if the Change Date ended an Imminent Control Change 

  
 10 

 
Period, before the beginning of such Imminent Control Change Period) or any other location no more than 50 miles from such location (unless such other location is closer to Executive’s
residence than the prior location). 
 2.2 Position and Duties During an Imminent Control Change Period. During the
portion of any Imminent Control Change Period that occurs before the Termination Date, the Company may in its discretion change the Executive’s position, authority and duties and may change the location where Executive’s services shall be
performed. 
 2.3 Position and Duties During a Post-Significant Acquisition Period. During the portion of any
Post-Significant Acquisition Period that occurs before the Termination Date, the Company may in its discretion change the Executive’s position, authority and duties, and may change the location where Executive’s services shall be
performed. 
 2.4 Position and Duties During a Post-Disaggregation Period. During the Post-Disaggregation Period,
(i) Executive’s position with the Disaggregated Entity shall be at least commensurate in all material respects with the most significant position held by Executive with the Disaggregated Entity immediately following the Disaggregation, and
(ii) unless Executive otherwise consents, Executive’s services shall be performed at the location where Executive was employed immediately prior to the Change Date or any other location no more than 50 miles from such location (unless such
other location is closer to Executive’s residence than the prior location); provided, however, that in determining whether the Executive’s Termination of Employment is for Cause, “Cause” shall be determined as though the
provisions of Section 3.3(a) applied commencing with the first day of the Post-Disaggregation Period. 
 2.5
Executive’s Obligations. During the Executive’s employment (other than any periods of paid time off, sick leave or disability to which Executive is entitled), Executive agrees to devote Executive’s full attention and time to
the business and affairs of the Company (or, in the case of a Disaggregation, the Disaggregated Entity) and to use Executive’s best efforts to perform such duties. Executive may (i) serve on corporate, civic or charitable boards or
committees, (ii) deliver lectures, fulfill speaking engagements or teach at educational institutions and (iii) manage personal investments, so long as such activities are consistent with the Plans of the Employer (or in the case of a
Disaggregation, the Disaggregated Entity) in effect from time to time, and do not significantly interfere with the performance of Executive’s duties under this Agreement. 
 2.6 Base Salary During the Post-Change Period. 
 (a) Base
Salary During Post-Change Period. Prior to the Termination Date during the Post-Change Period, the Company shall pay or cause to be paid to Executive an annual base salary in cash, which shall be paid in a manner consistent with the
Employer’s payroll practices in effect immediately before the Applicable Trigger Date at an annual rate not less than 12 times the highest monthly base salary paid or payable to Executive by the Employer in respect of the 12-month period
immediately before the Applicable Trigger Date (such annual rate salary, the “Base Salary”). During the Post-Change Period, the Base Salary shall be reviewed no more than 12 months after the last salary increase awarded to Executive
prior to the Applicable Trigger Date and thereafter 

  
 11 

 
shall be reviewed and shall be increased at any time and from time to time as shall be substantially consistent with increases in base salary awarded to peer executives of the Company generally.
Base Salary shall not be reduced unless such reduction is part of a policy, program or arrangement applicable to peer executives of the Company (including peer executives of any successor to the Company), and the term Base Salary as used in this
Agreement shall refer to Base Salary as so increased. Any increase in Base Salary shall not limit or reduce any other obligation of the Company to the Executive under this Agreement. 

(b) Base Salary During the Imminent Control Change Period, Post-Significant Acquisition Period and Post-Disaggregation
Period. Section 2.6(a) shall not apply during the Imminent Control Change Period, Post-Significant Acquisition Period or Post-Disaggregation Period. 
 2.7 Annual Incentive. 
 (a) Annual Incentive During the
Post-Change Period. In addition to Base Salary, the Company shall provide or cause to be provided to Executive the opportunity to receive payment of an annual incentive (the “Annual Incentive”) with an award opportunity no less,
including target performance goals not materially more difficult to achieve, than that in effect immediately prior to the Applicable Trigger Date for each applicable performance period which commences prior to the Termination Date and ends during
the Post-Change Period. The amount of the Executive’s award opportunity in effect for any relevant period shall be determined taking into account any negative discretion exercised by the Compensation Committee of the Board in establishing such
opportunity. 
 (b) Annual Incentive during the Imminent Control Change Period, Post-Significant Acquisition
Period or Post-Disaggregation Period. Section 2.7(a) shall not apply during the Imminent Control Change Period, Post-Significant Acquisition Period or Post-Disaggregation Period. 

2.8 Other Compensation and Benefits. 
 (a) Other Compensation and Benefits during the Post-Change Period. In addition to Base Salary and Annual Incentive, prior to the Termination Date the Company shall provide or cause to be provided,
throughout the Post-Change Period, the following other compensation and benefits to Executive, provided that, in no event shall such additional compensation and benefits (including incentives, measured with respect to long term and special
incentives, to the extent, if any, that such distinctions are applicable) be materially less favorable, in the aggregate, than those provided at any time after the Applicable Trigger Date to peer executives of the Company (including peer executives
of any successor to the Company) generally: 
 (i) Incentive, Savings and Retirement Plans. Executive
shall be entitled to participate in all incentive, savings and retirement Plans applicable to peer executives of the Company generally. 

  
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 (ii) Welfare Benefit Plans. Executive and/or the Executive’s
family, as the case may be, shall be eligible for participation in and shall receive all benefits under welfare benefit Plans (“Welfare Plans”) (including medical, prescription, dental, disability, employee life, group life,
accidental death and travel accident insurance benefits, but excluding any severance pay) provided by the Employer from time to time to peer executives of the Company generally. 

(iii) Other Employee Benefits. Executive shall be entitled to other employee benefits, perquisites and fringe
benefits in accordance with the most favorable Plans applicable to peer executives of the Company generally. 

(iv) Expenses. Executive shall be entitled to receive prompt reimbursement for all reasonable business expenses
incurred by the Executive in accordance with the most favorable Plans applicable to peer executives of the Company generally. 
 (v) Office and Support Staff. Executive shall be entitled to an office or offices of a size and with furnishings and other appointments, and to secretarial and other assistance substantially
equivalent to the office or offices, furnishings, appointments and assistance as in effect with respect to Executive on the Applicable Trigger Date. 
 (vi) Paid Time Off. Executive shall be entitled to paid time off in accordance with the Plans applicable to peer executives of the Company generally. 

(vii) LTIP Awards. Awards under the LTIP shall be granted to Executive with aggregate target opportunities not less
than those granted to peer executives of the Company. 
 (b) Other Compensation and Benefits During the
Imminent Control Change Period, Post-Significant Acquisition Period or Post-Disaggregation Period. Section 2.8(a) shall not apply during Imminent Control Change Period, Post-Significant Acquisition Period or Post-Disaggregation Period.

 (c) Stock Options, Restricted Stock, and Performance Shares During the Post-Disaggregation Period.

 (i) Stock Options. 

(A) Extinguished or Converted at Disaggregation. If so provided in the documents and instruments
(“Disaggregation Documents”) pursuant to which the Disaggregation is effected, then all of Executive’s Stock Options shall (I) be extinguished immediately prior to the Disaggregation for such consideration as is provided
for in the Disaggregation Documents (but not less than the product of the number of Executive’s vested Stock Options multiplied by the difference between the fair market value of Exelon stock immediately prior to the Disaggregation

  
 13 

 
and the option exercise price), or (II) be converted into options to acquire stock of the Disaggregated Entity or an affiliate thereof on a basis determined by the Company in good faith to
preserve economic value. 
 (B) Extinguished or Converted at Merger. If the Change in Control following
the Disaggregation is a Merger, and if so provided in the agreement pursuant to which the Merger is effected, then all of Executive’s Company Stock Options that were not extinguished or converted to options to acquire stock in the Disaggregated
Entity or an affiliate shall (I) be extinguished immediately prior to the Change in Control for such consideration as is provided for Stock Options of peer executives employed by the Company or an Affiliate, or (II) be converted into
options to acquire stock of the corporation resulting from the Merger (“Merger Survivor”) or an affiliate thereof, on the same basis as Stock Options of employees of the Company are converted. 

(C) Stock Options after the Disaggregation. Executive’s unextinguished Stock Options, whether or not they are
converted to options for stock of the Disaggregated Entity or Merger Survivor, shall continue to vest and, once vested, shall remain exercisable in accordance with their terms, subject to Section 4.3(b). 

(ii) Performance Shares. 
 (A) Extinguished or Converted at Disaggregation. If so provided in the Disaggregation Documents, all of Executive’s Performance Shares shall (I) be extinguished immediately prior to the
Disaggregation for such consideration as is provided under the Disaggregation Documents (but no less than the fair market value, immediately prior to the Disaggregation, of a number of Exelon shares equal to the sum of Executive’s earned and
awarded Performance Shares and the target number of Executive’s Performance Shares that have not yet been earned and awarded), or (II) shall be converted into performance shares with respect to the Disaggregated Entity or an affiliate (on
a basis determined by the Company in good faith to preserve economic value for the Executive); provided, however, that to the extent the Performance Shares are considered deferred compensation that is subject to Section 409A of the Code, any
consideration payable to Executive pursuant to clause (I) above shall be payable at the same time at which the Performance Shares would have been payable to Executive, or at such other time as shall be permitted under Section 409A of the
Code. 
 (B) Extinguished or Converted at Merger. If the Change in Control following the Disaggregation
is a Merger, and if so provided in the agreement pursuant to which the Merger is effected, then all of Executive’s Performance Shares that were not extinguished or converted to performance shares of the Disaggregated Entity or an affiliate
shall (I) be extinguished immediately prior to the Change in Control for such consideration as is provided for Performance Shares of peer executives 

  
 14 

 
employed by the Company or an Affiliate, or (II) be converted into performance shares of the Merger Survivor or an affiliate thereof, on the same basis as Performance Shares of employees of
the Company are converted; provided, however, that to the extent the Performance Shares are considered deferred compensation that is subject to Section 409A of the Code, any consideration payable to Executive pursuant to clause (I) above
shall be payable at the same time at which the Performance Shares would have been payable to Executive, or at such other time as shall be permitted under Section 409A of the Code. 

(C) Performance Shares after the Disaggregation. Executive’s unextinguished Performance Shares, whether or
not they are converted into performance shares of the Disaggregated Entity or Merger Survivor, will continue to vest during the Post-Disaggregation Period, subject to Section 4.3(c). 

(iii) Restricted Stock. 
 (A) Extinguished or Converted at Disaggregation. If so provided in the Disaggregation Documents, all of Executive’s Restricted Stock shall (I) be extinguished immediately prior to the
Disaggregation for an amount equal to the fair market value of an equal number of shares of Exelon common stock, or (II) shall be converted into restricted stock of the Disaggregated Entity or an affiliate (on a basis determined by the Company
in good faith to preserve economic value for the Executive). 
 (B) Extinguished or Converted at Merger.
If the Change in Control following the Disaggregation is a Merger, and if so provided in the agreement pursuant to which the Merger is effected, then all of Executive’s Restricted Stock that was not extinguished or converted to restricted stock
of the Disaggregated Entity or an affiliate shall (I) be extinguished immediately prior to the Change in Control for such consideration as is provided for Restricted Stock of peer executives employed by the Company or an Affiliate, or
(II) be converted into restricted stock of the Merger Survivor or an affiliate thereof, and such converted restricted stock will continue to vest during the Post-Disaggregation Period prior to the Termination Date. 

(C) Restricted Stock after the Disaggregation. Executive’s unextinguished Restricted Stock, whether or not
converted to restricted stock of the Disaggregated Entity or Merger Survivor, will continue to vest during the Post-Disaggregation Period, subject to Section 4.3(d). 
 Article III. 
 Termination of Employment 

3.1 Disability. 

  
 15 

 (a) During the Agreement Term, the Employer (or, if applicable, the
Disaggregated Entity) may terminate Executive’s employment at any time because of Executive’s Disability by giving Executive or his or her legal representative, as applicable, (i) written notice in accordance with Section 10.9 of
the Company’s intention to terminate Executive’s employment pursuant to this Section and (ii) a certification of Executive’s Disability by a physician selected by the Employer or its insurers, subject to the reasonable consent of
Executive or Executive’s legal representative, which consent shall not be unreasonably withheld or delayed. Executive’s employment shall terminate effective on the 30th day after Executive’s receipt of such notice (which such 30th day
shall be deemed to be the “Disability Effective Date”) unless, before such 30th day, Executive shall have resumed the full-time performance of Executive’s duties. 

(b) “Disability” means any medically determinable physical or mental impairment that has lasted for a
continuous period of not less than six months and can be expected to be permanent or of indefinite duration, and that renders Executive unable to perform the duties required under this Agreement. 

3.2 Death. Executive’s employment shall terminate automatically upon Executive’s death during the Agreement Term.

 3.3 Termination by the Company for Cause. During the Post-Change Period, Post-Disaggregation Period, Imminent Control
Change Period or Post-Significant Acquisition Period, the Company may terminate Executive’s employment (or cause Executive’s employment to be terminated) for Cause solely in accordance with all of the substantive and procedural provisions
of this Section 3.3. 
 (a) Definition of Cause. “Cause” means any one or more of the
following: 
 (i) the refusal to perform or habitual neglect in the performance of the Executive’s duties or
responsibilities, or of specific directives of the officer or other executive of the Company or any of its affiliates to whom the Executive reports which are not materially inconsistent with the scope and nature of the Executive’s employment
duties and responsibilities; 
 (ii) an Executive’s willful or reckless commission of act(s) or omission(s)
which have resulted in or are likely to result in, a material loss to, or material damage to the reputation of, the Company or any of its affiliates, or that compromise the safety of any employee or other person; 

(iii) the Executive’s commission of a felony or any crime involving dishonesty or moral turpitude; 

(iv) an Executive’s material violation of the Company’s or any of its affiliates’ Code of Business Conduct
(including the corporate policies referenced therein) which would constitute grounds for immediate termination of employment, or of any statutory or common-law duty of loyalty to the Company or any of its affiliates; or 

  
 16 

 (v) any breach by the Executive of any one or more of the Restrictive
Covenants. 
 For purposes of this Section, no act, or failure to act, on the part of the Executive shall be considered
“willful” unless it is done, or omitted to be done, by the Executive in bad faith or without reasonable belief that the Executive’s action or omission was in the best interests of the Company. Any act, or failure to act, based upon
authority given pursuant to a resolution duly adopted by the Board or upon the instructions of the chief executive officer or a senior officer of the Company other than Executive or based upon the advice of counsel for the Company shall be
conclusively presumed to be done, or omitted to be done, by the Executive in good faith and in the best interests of the Company. 
 (b) Procedural Requirements for Termination for Cause During a Post-Change Period. The Executive’s Termination of Employment for which the Notice of Termination is given during a Post-Change
Period shall not be deemed to be for Cause under this Section 3.3 unless and until there shall have been delivered to the Executive a copy of a resolution duly adopted by the affirmative vote of not less than 60% of the entire membership of the
Board at a meeting of such Board called and held for such purpose (after reasonable written notice of such meeting is provided to the Executive and the Executive is given an opportunity, together with counsel, to be heard before the Board), finding
that, in the good faith opinion of the Board, the Executive’s acts, or failure to act, constitutes Cause and specifying the particulars thereof in detail. 
 (c) Procedural Requirements for Termination for Cause During a Post-Disaggregation Period. In the event Executive’s Termination of Employment is from a Disaggregated Entity in a
Post-Disaggregation Period, the procedural requirements for termination for Cause in this Section 3.3 shall be applied by substituting “Disaggregated Entity” for “Company,” “affiliate of the Disaggregated Entity”
for “Affiliate,” and “Disaggregated Entity’s Board” for “Board.” Further, the Company shall have no obligation to provide payments or benefits under Section 4.3 if the Board determines that the Company could
have terminated Executive’s employment for Cause if the Executive had been employed by the Company, such determination by the Board to be made as provided in Section 3.3(b) but applying the flush language at the end of Section 3.3(a)
by substituting “Disaggregated Entity” for “Company” and “Disaggregated Entity’s Board” for “Board.” 
 (d) Procedural Requirements for Termination for Cause During the Imminent Control Change Period or Post-Significant Acquisition Period. The Executive’s Termination of Employment for which the
Notice of Termination is given during the Imminent Control Change Period or Post-Significant Acquisition Period shall not be deemed to be for Cause under this Section 3.3 unless and until there shall have been delivered to the Executive a copy
of a resolution duly adopted by the affirmative vote of not less than a majority of the entire membership of the Board, finding that the Executive’s acts or failure to act, constitute Cause and specifying the particulars thereof in detail.
Executive shall receive advance notice of such vote of the Board, but shall not have the right to appear in person or by counsel before the Board. 

  
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 3.4 Termination by the Executive for Good Reason. During the Post-Change Period, an
Imminent Control Change Period, a Post-Significant Acquisition Period or Post-Disaggregation Period, Executive may terminate his or her employment for Good Reason in accordance with the substantive and procedural provisions of this Section 3.4.

 (a) Definition of Good Reason. For purposes of this Section 3.4, and subject to the provisions of
subsections (b) through (e), “Good Reason” means the occurrence of any one or more of the following actions or omissions prior to the Termination Date during the Post-Change Period, the Imminent Control Change Period, the
Post-Significant Acquisition Period or the Post-Disaggregation Period: 
 (i) a material reduction of the
Executive’s salary, incentive compensation opportunity or aggregate benefits unless such reduction is part of a policy, program or arrangement applicable to peer executives (including peer executives of any successor to the Company; 

(ii) a material adverse reduction in the Executive’s position, duties, or responsibilities, other than in a
Post-Significant Acquisition period, and other than a change in the position or level of officer to whom the Executive reports or a change that is part of a policy, program or arrangement applicable to peer executives (including peer executives of
any successor to the Company); 
 (iii) the failure of any successor to the Company to assume this Agreement;

 (iv) a relocation (other than in a Post-Significant Acquisition Period), by more than 50 miles of (I) the
Executive’s primary workplace, or (II) the principal offices of the Company or its successor (if such offices are the Executive’s workplace), in each case without Executive’s consent; provided, however, in both cases of
(I) and (II) of this Section 3.4(a)(iv), such new location is farther from Executive’s residence then the prior location; or 
 (v) a material breach of this Agreement by the Company or its successor; 
 provided
that the occurrence of a Disaggregation shall not be Good Reason if the Executive retains substantially the same position (determined without regard to reporting requirements) with the Disaggregated Entity, with substantially the same compensation
and benefits in the aggregate, as immediately prior to such Disaggregation, notwithstanding Sections 3.4(a)(i), 3.4(a)(ii) and 3.4(a)(v). 
 (b) Application of “Good Reason” Definition During the Imminent Control Change Period. During the Imminent Control Change Period, “Good Reason” shall not include the events or
conditions described in Section 3.4(a)(i), 3.4(a)(ii) or 3.4(a)(iv) unless the Imminent Control Change Period culminates in a Change Date. Further, if Executive’s Termination of Employment occurs during an Imminent Control Change Period
that culminates in a Change Date, then, except as provided in Section 3.4(c), the definition of “Good Reason” shall be applied as though Sections 2.1, 2.6, 2.7, and 2.8 

  
 18 

 
were applicable during the Imminent Control Change Period prior to the Executive’s Termination of Employment. 

(c) Special Conditions Relating to Good Reason During the Post-Disaggregation Period. If Executive is employed with
the Disaggregated Entity immediately following a Disaggregation, then (1) Section 3.4(a)(ii) shall apply with respect to the Executive’s position, duties or responsibilities as in effect on the day before the Disaggregation,
(2) subsection 3.4(a)(iv) shall apply with respect to relocations that are required after the Disaggregation and prior to the expiration of the Post-Disaggregation Period and shall be applied by substituting “Disaggregated Entity” for
“any successor to the Company,” and (3) all references in Section 3.4 to the Company or its successor shall be to the Disaggregated Entity or its successor. 

(d) Limitations on Good Reason. Notwithstanding the foregoing provisions of this Section 3.4, no act or
omission shall constitute a material breach of this Agreement by the Company, nor grounds for “Good Reason”: 
 (i) unless the Executive gives the Company a Notice of Termination at least 30 days’ prior to the Termination Date and the Company fails to cure such act or omission within the 30-day period;

 (ii) if the Executive first acquired knowledge of such act or omission more than 90 days before the Executive
gives the Company and the Employer such Notice of Termination; or 
 (iii) if the Executive has consented in
writing to such act or omission. 
 (e) Notice by Executive. In the event of any Termination of Employment
by Executive for Good Reason, Executive shall as soon as practicable thereafter notify the Company and the Employer (and Disaggregated Entity, if applicable) of the events constituting such Good Reason by a Notice of Termination. Subject to the
limitations in Section 3.4(d), a delay in the delivery of such Notice of Termination shall not waive any right of Executive under this Agreement. 
 Article IV. 
 Company’s Obligations Upon Certain Terminations of
Employment 
 4.1 Termination During the Post-Change Period or Post-Significant Acquisition Period. If, during the
Post-Change Period or Post-Significant Acquisition Period (other than any portion of any of such periods that are also a Post-Disaggregation Period), the Employer terminates Executive’s employment other than for Cause or Disability, or
Executive terminates employment for Good Reason, the Company’s sole obligations to Executive under Articles II and IV shall be as set forth in this Section 4.1. 

  
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 (a) Termination during the Post-Change Period or Post-Significant
Acquisition Period: Severance Payments. The Company shall pay or provide (or cause to be provided) to Executive, according to the payment terms set forth in Section 4.4 below, the following: 

(i) Accrued Obligations. All Accrued Obligations; 

(ii) Annual Incentive for Year of Termination. An amount equal to the Target Incentive applicable to the Executive
under the Incentive Plan for the performance period in which the Termination Date occurs, but in no event greater than the Annual Incentive based on the extent to which the performance goals established under the Incentive Plan are attained for such
performance period (determined without regard to any negative discretion exercised by the Compensation Committee of the Board in establishing such opportunity). 
 (iii) Deferred Compensation and Non-Qualified Defined Contribution Plans. All amounts previously deferred by, or accrued to the benefit of, Executive under the Exelon Corporation Deferred
Compensation Plan, the Exelon Corporation Deferred Stock Plan, or any successor of either of them, or under any non-qualified defined contribution or deferred compensation plan of the Company or an Affiliate whether vested or unvested, together with
any accrued earnings thereon, to the extent that such amounts and earnings have not been previously paid by the Employer and are not provided under the terms of either such non-qualified plan; 

(iv) Pension Enhancements. An amount payable under the SERP equal to the positive difference, if any, between:

 (1) the lump sum value of Executive’s benefit, if any, under the SERP, calculated as if Executive had:

 (A) become fully vested in all benefits under the SERP and the tax-qualified defined benefit plan maintained
by the Company in which the Executive is a participant (the “Pension Plan”, 
 (B) to the
extent age is relevant under the Pension Plan covering Executive, attained as of the Termination Date an age that is 2.0 years greater than Executive’s actual age and that includes the number of years of age credited to Executive pursuant to
any other agreement between the Company and Executive, 
 (C) to the extent that service is relevant under the
Pension Plan covering Executive, accrued a number of years of service (for purposes of determining the amount of such benefits, entitlement to - but not commencement of - early retirement benefits, and all other purposes of the Pension Plan and the
SERP) that is 2.0 years greater than the sum of the number of years of 

  
 20 

 
service actually accrued by Executive as of the Termination Date and that includes the number of years of service credited to Executive pursuant to any other written agreement between the Company
and the Executive, and 
 (D) received the benefits specified in Section 4.1(a)(ii) and 2.0 years of the
benefits specified in Section 4.1(a)(vi) as covered compensation in equal monthly installments during the Severance Period, 
 minus 
 (2) the aggregate amounts paid or payable to Executive
under the SERP. 
 (v) Unvested Benefits Under Defined Benefit Plan. To the extent not paid pursuant to
clause (iii) or (iv) of this Section 4.1(a), an amount payable under the SERP equal to the actuarial equivalent present value of any unvested portion of Executive’s cash balance account (as applicable) under the Pension Plan as
of the Termination Date and forfeited by Executive by reason of the Termination of Employment; and 
 (vi)
Multiple of Salary and Severance Incentive. An amount equal to 2.99 times the sum of (x) Base Salary plus (y) the Severance Incentive. 
 (b) Termination during the Post-Change Period or Post-Significant Acquisition Period: Stock Options. Each of the Executive’s stock options, stock appreciation rights or similar incentive
awards granted under the LTIP (“Stock Options”) shall (i) become fully vested, and (ii) remain exercisable until (1) the option expiration date for any such Stock Options granted prior to January 1, 2002 or
(2) the fifth anniversary of the Termination Date or, if earlier, the option expiration date for any such Stock Options granted on or after January 1, 2002; provided that this Section shall not limit the right of the Company to cancel the
Stock Options in connection with a corporate transaction pursuant to the terms of the LTIP. 
 (c) Termination
during the Post-Change Period or Post-Significant Acquisition Period: LTIP Vesting. On the Termination Date all of the performance shares, performance units or similar stock incentive awards granted to the Executive under the Exelon Performance
Share Program under the LTIP (“Performance Shares”) to the extent earned by and awarded to the Executive (i.e. as to which the applicable performance cycle has elapsed) as of the Termination Date, shall become fully vested at the
actual level earned and awarded, and, to the extent not yet earned by and awarded to the Executive (i.e. as to which the current performance cycle has not elapsed) as of the Termination Date, shall become fully vested at the based on the extent to
which the performance goals established under the LTIP for such performance period are attained as of the last day of the year in which the Termination Date occurs. 

  
 21 

 (d) Termination During the Post-Change Period or Post-Significant
Acquisition Period: Other Restricted Stock. All forfeiture conditions that as of the Termination Date are applicable to any deferred stock unit, restricted stock or restricted share units awarded to the Executive by the Company other than under
the Exelon Performance Share Program under the LTIP (“Restricted Stock”) shall (except as specifically provided to the contrary in the applicable awards) lapse immediately and all such awards will become fully vested. 

(e) Termination During the Post-Change Period or Post-Significant Acquisition Period: Continuation of Welfare
Benefits. During the Severance Period (and continuing through such later date as any Welfare Plan may specify), the Company shall continue to provide (or shall cause the continued provision) to Executive and Executive’s family welfare
benefits under the Welfare Plans to the same extent as if Executive had remained employed during the Severance Period. Such provision of welfare benefits shall be subject to the following: 

(i) In determining benefits applicable under such Welfare Plans, the Executive’s annual compensation attributable to
base salary and incentives for any plan year or calendar year, as applicable, shall be deemed to be not less than the Executive’s Base Salary and Annual Incentive. 

(ii) The cost of such welfare benefits to Executive and family under this Section 4.1(e) shall not exceed the cost of
such benefits to peer executives who are actively employed after the Termination Date. 
 (iii) The
Executive’s rights under this Section 4.1(e) shall be in addition to and not in lieu of any post-termination continuation coverage or conversion rights the Executive may have pursuant to applicable law, including, without limitation,
continuation coverage required by Section 4980B of the Code. 
 (iv) If the Executive has, as of the last
day of the Severance Period, attained age 50 and completed at least 10 years of service (or any lesser age and service requirement then in effect under the Exelon Corporation Severance Benefit Plan or any successor plan), the Executive shall be
entitled to the retiree benefits provided under any Welfare Plan of the Company; provided, however, that for purposes hereof, any years of credited service granted to the Executive in any other written plan or agreement between Executive and the
Company shall be taken into account. For purposes of determining eligibility for (but not the time of commencement of) such retiree benefits, the Executive shall also be considered (1) to have remained employed until the last day of the
Severance Period and to have retired on the last day of such period, and (2) to have attained at least the age the Executive would have attained on the last day of the Severance Period. 

Notwithstanding the foregoing, if the Executive obtains a specific type of coverage under welfare plan(s) sponsored by another employer of
Executive (e.g. medical, prescription, vision, dental, disability, individual life insurance benefits, group life insurance benefits, but excluding for the purposes of this sentence retiree benefits if Executive is so eligible),

  
 22 

 
then the Company shall not be obligated to provide any such specific type of coverage. The Executive shall promptly notify the Company of any such coverage. 

(f) Termination during the Post-Change Period or Post-Significant Acquisition Period: Outplacement. To the extent
actually incurred by Executive, the Company shall pay or cause to be paid on behalf of Executive, as incurred, all reasonable fees and costs charged by a nationally recognized outplacement firm selected by the Executive for outplacement services
provided up to 12 months after the Termination Date. No cash shall be paid in lieu of such fees and costs. 
 (g)
Termination during the Post-Change Period or Post-Significant Acquisition Period: Indemnification. The Executive shall be indemnified and held harmless by the Company to the greatest extent permitted under applicable law as the same now
exists or may hereafter be amended (but, in the case of any such amendment, only to the extent that such amendment permits the Company to provide broader indemnification than was permitted prior to such amendment) and the Company’s by-laws as
such exist on the Applicable Trigger Date if the Executive was, is, or is threatened to be, made a party to any pending, completed or threatened action, suit, arbitration, alternate dispute resolution mechanism, investigation, administrative hearing
or any other proceeding brought by a third party (and not by or on behalf of the Company or its shareholders) whether civil, criminal, administrative or investigative, and whether formal or informal, by reason of the fact that the Executive is or
was, or had agreed to become, a director, officer, employee, agent, or fiduciary of the Company or any other entity which the Executive is or was serving at the request of the Company (“Proceeding”), against all expenses (including
all reasonable attorneys’ fees) and all claims, damages, liabilities and losses incurred or suffered by the Executive or to which the Executive may become subject for any reason; provided, that the Company shall not be required to indemnify the
Executive in connection with any proceeding initiated by the Executive, including a counterclaim or cross claim, unless such proceeding was authorized by the Company and Executive fully cooperates in the investigation and defense of such Proceeding.
A Proceeding shall not include any proceeding to the extent it concerns or relates to a matter described in Section 6.1(a) (concerning reimbursement of certain costs and expenses). Upon receipt from Executive of (i) a written request for
an advancement of expenses, which Executive reasonably believes will be subject to indemnification hereunder and (ii) a written undertaking by Executive to repay any such amounts if it shall ultimately be determined that Executive is not
entitled to indemnification under this Agreement or otherwise, the Company shall, to the extent permitted by applicable law, advance such expenses to Executive or pay such expenses for Executive, all in advance of the final disposition of any such
matter. 
 (h) Termination during the Post-Change Period or Post-Significant Acquisition Period:
Directors’ and Officers’ Liability Insurance. For a period of six years after the Termination Date (or for any known longer applicable statute of limitations period), the Company shall provide Executive with coverage under a
directors’ and officers’ liability insurance policy in an amount no less than, and on terms no less favorable than, those provided to senior executive officers and directors of the Company on the Applicable Trigger Date. 

  
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 4.2 Termination During an Imminent Control Change Period. If, during an Imminent
Control Change Period, Executive has a Termination of Employment that would entitle Executive to benefits under Section 4 of the Exelon Corporation Senior Management Severance Plan or its successor, then the Company shall, prior to the
occurrence of a Change Date, provide Executive any benefits to which Executive may be entitled under Section 4 (i.e., non-change in control) of the Exelon Corporation Senior Management Severance Plan or its successor. If, during an Imminent
Control Change Period, the Employer terminates Executive’s employment other than for Disability and other than for Cause, or if Executive terminates employment for Good Reason then subject to the preceding sentence, unless such Termination of
Employment occurred during the Post-Significant Acquisition Period, the Company’s sole obligations to Executive under Articles II and IV shall be as set forth in this Section 4.2. The Company’s obligations to Executive under this
Section 4.2 shall be reduced by any amounts or benefits paid or provided pursuant to the Exelon Corporation Senior Management Severance Plan (whether under Section 4 thereof or any other provision) or any successor thereto. If
Executive’s Termination of Employment occurred during any portion of an Imminent Control Change Period that is also a Post-Significant Acquisition Period, the Company’s obligations to Executive, if any, shall be determined under
Section 4.1. 
 (a) Termination During an Imminent Control Change Period: Cash Severance Payments. If
the Imminent Control Change Period culminates in a Change Date, the Company shall pay (or cause to be paid) to Executive the amounts described in Section 4.1(a)(i) through (vi). Such amounts shall be paid to Executive as described in
Section 4.4, provided that amounts that would have been paid prior to the Change Date shall be paid in a lump sum (without interest) within 30 business days after the Change Date. 

(b) Termination During an Imminent Control Change Period: Vested Stock Options. Executive’s Stock Options, to
the extent vested on the Termination Date, 
 (i) will not expire (unless such Stock Options would have expired
had Executive remained an employee of the Company) during the Imminent Control Change Period; and 
 (ii) will
continue to be exercisable after the Termination Date to the extent provided in the applicable grant agreement or Plan, and thereafter, such Stock Options shall not be exercisable during the Imminent Control Change Period. 

If the Imminent Control Change Period lapses without a Change Date, then Executive’s Stock Options, to the extent vested on the
Termination Date, may be exercised, in whole or in part, during the 30-day period following the lapse of the Imminent Control Change Period, or, if longer, the period during which Executive’s vested Stock Options could otherwise be exercised
under the terms of the applicable grant agreement or Plan (but in no case shall any Stock Options remain exercisable after the date on which such Stock Options would have expired if Executive had remained an employee of the Company). 

If the Imminent Control Change Period culminates in a Change Date, then effective upon the Change Date, Executive’s Stock Options, to
the extent vested on the Termination 

  
 24 

 
Date, may be exercised in whole or in part by the Executive at any time until (1) the option expiration date for such Stock Options granted prior to January 1, 2002 or (2) the
earlier of the fifth anniversary of the Change Date or the option expiration date for such Stock Options granted on or after January 1, 2002; provided that this Section shall not limit the right of the Company to cancel the Stock Options in
connection with a corporate transaction pursuant to the terms of the LTIP. 
 (c) Termination During an
Imminent Control Change Period: Unvested Stock Options. Executive’s Stock Options that are not vested on the Termination Date 
 (i) will not expire (unless such Stock Options would have expired had Executive remained an employee of the Company) during the Imminent Control Change Period; and 

(ii) will not continue to vest and will not be exercisable during the Imminent Control Change Period after the expiration
of the period for post-termination exercise under the terms of the applicable Stock Option Agreement. 
 If the Imminent Control
Change lapses without a Change Date, such unvested Stock Options will thereupon expire. 
 If the Imminent Control Change
culminates in a Change Date, then immediately prior to the Change Date, such unvested Stock Options shall become fully vested, and may thereupon be exercised in whole or in part by the Executive at any time until (1) the option expiration date
for such Stock Options granted prior to January 1, 2002 or (2) the earlier of the fifth anniversary of the Change Date, or the option expiration date for such Stock Options granted on or after January 1, 2002; provided that this
Section shall not limit the right of the Company to cancel the Stock Options in connection with a corporate transaction pursuant to the terms of the LTIP. 
 (d) Termination During an Imminent Control Change Period: Performance Shares. Executive’s Performance Shares granted under the Exelon Performance Share Program under the LTIP will not be
forfeited during the Imminent Control Change Period, and will not continue to vest during the Imminent Control Change Period. If the Imminent Control Change lapses without a Change Date, such Performance Shares shall be governed according to the
terms of Section 4 of the Exelon Corporation Senior Management Severance Plan. If the Imminent Control Change Period culminates in a Change Date: 
 (1) All Performance Shares granted to the Executive under the Exelon Performance Share Program under the LTIP, which, as of the Termination Date, have been earned by and awarded to the Executive, shall
become fully vested at the actual earned level on the Change Date, and 
 (2) All of the Performance Shares
granted to the Executive under the Exelon Performance Share Program under the LTIP which, as of the Termination Date, have not been earned by and awarded to the 

  
 25 

 
Executive shall become fully vested on the Change Date at the LTIP Target Level. 
 (e) Termination During an Imminent Control Change Period: Restricted Stock. Executive’s unvested Restricted Stock will: 

(i) not be forfeited during the Imminent Control Change Period; and 

(ii) not continue to vest during the Imminent Control Change Period. 

If the Imminent Control Change Period lapses without a Change Date, such unvested Restricted Stock shall thereupon be forfeited.

 If the Imminent Control Change Period culminates in a Change Date, then immediately prior to the Change Date, Executive’s
Restricted Stock shall (except as specifically provided to the contrary in the award) become fully vested. 
 (f)
Termination During an Imminent Control Change Period: Continuation of Welfare Benefits. The Company shall continue to provide to Executive and Executive’s family welfare benefits (other than any severance pay that may be considered a
welfare benefit) during the Imminent Change Period which are at least as favorable as welfare benefits under the most favorable Welfare Plans of the Company applicable with respect to peer executives who are actively employed after the Termination
Date and their families; subject to the following: 
 (i) In determining benefits applicable under such Welfare
Plans, the Executive’s annual compensation attributable to base salary and incentives for any plan year or calendar year, as applicable, shall be deemed to be not less than the Executive’s Base Salary and Annual Incentive; 

(ii) The cost of such welfare benefits to Executive and family under this Section 4.2(f) shall not exceed the cost of
such benefits to peer executives who are actively employed after the Termination Date. 
 (iii) Executive’s
rights under this Section 4.2(f) shall be in addition to and not in lieu of any post-termination continuation coverage or conversion rights the Executive may have pursuant to applicable law, including, without limitation, continuation coverage
required by Section 4980B of the Code. 
 If the Imminent Control Change Period lapses without a Change Date, welfare
benefit plan coverage under this Section 4.2(f) shall thereupon cease, subject to Executive’s rights, if any, to continued coverage under a Welfare Plan, Section 4 of the Exelon Corporation Senior Management Severance Plan, or
applicable law. If the Imminent Control Change Period culminates in a Change Date, then for the remainder of the Severance Period (and continuing through such later date as any Welfare Plan may specify), the Company shall continue to provide
Executive and Executive’s family welfare benefits as described in, and subject to the limitations of Section 4.1(e). 

  
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 Notwithstanding the foregoing, if the Executive obtains a specific type of coverage under
welfare plan(s) sponsored by another employer of Executive (e.g. medical, prescription, vision, dental, disability, individual life insurance benefits, group life insurance benefits, but excluding for the purposes of this sentence retiree benefits
if Executive is so eligible), then the Company shall not be obligated to provide such any specific type of coverage. The Executive shall immediately notify the Company of any such coverage. 

(g) Termination During an Imminent Control Change Period: Outplacement. To the extent actually incurred by
Executive, the Company shall pay or cause to be paid on behalf of Executive, as incurred, all reasonable fees and costs charged by a nationally recognized outplacement firm selected by the Executive for outplacement services provided up to 12 months
after the Termination Date. No cash shall be paid in lieu of such fees and costs. 
 (h) Termination During an
Imminent Control Change Period: Indemnification. The Executive shall be indemnified and held harmless by the Company to the same extent as provided in Section 4.1(g), but only during the Imminent Control Change Period (or greater period
provided under the Company’s by-laws) if the Imminent Control Change Period lapses without a Change Date. 

(i) Termination During an Imminent Control Change Period: Directors’ and Officers’ Liability Insurance.
The Company shall provide the same level of directors’ and officers’ liability insurance for Executive as provided in Section 4.1(h), but only during the Imminent Control Change Period (or greater period provided under the
Company’s by-laws) if the Imminent Control Change Period lapses without a Change Date. 
 4.3 Termination During a
Post-Disaggregation Period. If, during a Post-Disaggregation Period the Disaggregated Entity terminates Executive’s employment other than for Cause or Disability, or if Executive terminates employment for Good Reason, the Company’s
sole obligations to Executive under Articles II and IV shall be as set forth in this Section 4.3, subject to Section 3.3(c), but only to the extent not provided by the Disaggregated Entity. 

(a) Termination During a Post-Disaggregation Period: Cash Severance Payments. The Company shall pay Executive the
amounts described in Section 4.1(a), as provided in Section 4.4. 
 (b) Termination During a
Post-Disaggregation Period: Stock Options. All of Executive’s Stock Options granted prior to the Disaggregation that have not expired, whether or not converted to options or stock of the Disaggregated Entity or Merger Survivor, shall be
fully vested, and may be exercised in whole or in part by the Executive at any time until (1) the remaining option expiration date for such Stock Options granted prior to January 1, 2002 and (2) the earlier of the fifth anniversary of
the Termination Date or the option expiration date for such Stock Options granted on or after January 1, 2002; provided that this Section shall not limit the right of the Company to cancel the Stock Options in connection with a corporate
transaction pursuant to the terms of the LTIP. 

  
 27 

 (c) Termination During a Post-Disaggregation Period: Performance
Shares. Executive’s Performance Shares granted prior to the Disaggregation, whether or not earned by and awarded to the Executive as of the Disaggregation, and whether or not converted to performance shares of the Disaggregated Entity or
the Merger Survivor, shall become fully vested (at the earned level for Performance Shares earned and awarded, and at the target level for any converted performance shares not yet earned and awarded) on the Termination Date. 

(d) Termination During a Post-Disaggregation Period: Restricted Stock. Executive’s unvested Restricted Stock,
whether or not converted to restricted stock of the Disaggregated Entity or Merger Survivor, shall become fully vested on the Termination Date. 
 (e) Termination During a Post-Disaggregation Period: Continuation of Welfare Benefits. Until the end of the Severance Period, the Company shall continue to provide to Executive and Executive’s
family welfare benefits with the same rights in relation to continuation coverage, status in relation to other employer benefits, scope and cost as described in Section 4.1(e); provided that, to the extent Executive is eligible for
post-termination continuation coverage under the plans of the Disaggregated Entity, whether pursuant to Section 4980B of the Code or otherwise, the continued coverage required hereunder shall be provided under the plans of the Disaggregated
Entity (and the Company shall reimburse the cost to Executive of such coverage). 
 (f) Termination During a
Post-Disaggregation Period: Outplacement. To the extent actually incurred by Executive, the Company shall pay or cause to be paid on behalf of Executive, as incurred, all reasonable fees and costs charged by a nationally recognized outplacement
firm selected by the Executive for outplacement services provided up to 12 months after the Termination Date. No cash shall be paid in lieu of such fees and costs. 

(g) Termination During a Post-Disaggregation Period: Indemnification. The Executive shall be indemnified and held
harmless by the Company to the same extent as provided in Section 4.1(g). 
 (h) Termination During a
Post-Disaggregation Period: Directors’ and Officers’ Liability Insurance. The Company shall provide Executive with directors’ and officers’ liability insurance to the same extent as provided in Section 4.1(h).

 4.4 Timing of Severance Payments. Unless otherwise specified herein, the amounts described in Section 4.1(a)(i)
shall be paid within 30 business days of the Termination Date, and such amounts shall be considered “short-term deferrals” with the meaning of Section 409A of the Code. The amounts described in Sections 4.1(a)(ii), (iii),
(iv) and (v) shall be paid in accordance with the applicable Incentive Plan, deferred compensation plan or SERP and, if applicable, Executive’s distribution election thereunder as of the Termination Date (or, if no affirmative
election is in effect as of such date, the default election as of such date). The severance payments described in Section 4.1(a)(vi) shall be paid as follows: 

  
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 (a) Beginning no later than forty five days after the
Termination Date, the Company shall make periodic payments to the Executive according to the Company’s normal payroll practices at a monthly rate equal to
 1/12 of the sum of (i) the Executive’s
Base Salary in effect as of the Termination Date plus (ii) the Severance Incentive; and 
 (b) Within
30 business days of the second anniversary of the Termination Date, the Company shall pay Executive a cash lump sum equal to the difference between the total Severance Payment less the total amount paid pursuant to normal payroll practices under
Section 4.4(a); 
 provided that in the event the Company determines that Executive is a “specified employee,” within the meaning
of Section 409A of the Code, and that certain of the payments made to Executive under Section 4.1(a)(vi) constitute the payment of deferred compensation that is subject to Section 409A of the Code, then any of such payments that
pursuant to this Section 4.4 would be paid prior to the six-month anniversary of Executive’s Termination Date shall, to the extent required by Section 409A of the Code, be delayed and be paid to Executive on the six-month anniversary
of Executive’s Termination Date. The Stock Options, Performance Shares and Restricted Stock awards shall be paid in accordance with the LTIP and the applicable award agreements; provided that, in the event the Company determines that Executive
is a “specified employee,” within the meaning of Section 409A of the Code, and that an award constitutes the payment of deferred compensation that is subject to Section 409A of the Code, then any payment of such award pursuant to
this Section 4.4 that would be paid prior to the six-month anniversary of Executive’s Termination Date shall, to the extent required by Section 409A of the Code, be delayed and paid to Executive on the six-month anniversary of
Executive’s Termination Date. The in-kind benefits and reimbursements provided under each of Sections 4.1(e), 4.1(g), 4.2(f), 4.2(h), 4.3(e) and 4.4(g) during any calendar year shall not affect the benefits or reimbursements to be provided
under such section in any subsequent calendar year. The right to such benefits and reimbursements shall not be subject to liquidation or exchange for any other benefit. 
 4.5 Waiver and Release. Notwithstanding anything herein to the contrary, Executive’s right to the benefits provided under Article IV or Article V hereof shall be contingent upon
(i) Executive having executed and delivered to the Company a waiver and general release provided by the Company (the “Waiver and Release”) not later than the date set forth in the release (but in no event more than 45 days after the
Termination Date) (the “Consideration Period”), (ii) Executive not revoking such release in accordance with the terms of the release and (ii) Executive not violating any of Executive’s on-going obligations under this
Agreement; provided, however, that the Company has the discretion to pay such benefits prior to receipt of the Waiver and Release and/or the expiration of the revocation period; provided further that if Executive does not execute and deliver a
release to the Company prior to the expiration of the Consideration Period or if the Executive revokes the release in accordance with its terms, Executive shall pay to the Company within 10 days following the expiration of the Consideration Period
or the date such release was revoked, a lump sum payment of all payments received by Executive to date hereunder. 
 4.6
Breach of Covenants. If a court determines that Executive has breached any non-competition, non-solicitation, confidential information or intellectual property covenant entered into between Executive and Company, the Company shall not be
obligated to pay or provide any 

  
 29 

 
severance or benefits under Articles IV or V, all unexercised Stock Options shall terminate as of the date of the breach, and all Restricted Stock shall be forfeited as of the date of the breach.

 4.7 Termination by the Company for Cause. If the Company (or Affiliate or, if applicable, the Disaggregated Entity)
terminates Executive’s employment for Cause during the Post-Change Period, the Imminent Control Change Period, the Post-Significant Acquisition Period, or the Post-Disaggregation Period, the Company’s sole obligation to Executive under
Articles II, IV, and V shall be to pay Executive, pursuant to the Company’s then-effective Plans, a lump-sum cash amount equal to all Accrued Obligations determined as of the Termination Date. The remaining applicable provisions of this
Agreement (including the restrictive covenants in Article VIII) shall continue to apply. 
 4.8 Termination by Executive
Other Than for Good Reason. If Executive elects to retire or otherwise terminate employment during the Post-Change Period, the Imminent Control Change Period, the Post-Significant Acquisition Period, or the Post-Disaggregation Period, other than
for Good Reason, Disability or death, the Company’s sole obligation to Executive under Articles II, IV, and V shall be to pay Executive, pursuant to the Company’s then-effective Plans, a lump-sum cash amount equal to all Accrued
Obligations determined as of the Termination Date. The remaining provisions of this Agreement (including the restrictive covenants in Article VIII) shall continue to apply. 
 4.9 Termination by the Company for Disability. If the Company (or Disaggregated Entity, if applicable) terminates Executive’s employment by reason of Executive’s Disability during a
Post-Change Period, Imminent Control Change Period that culminates in a Change Date, Post-Significant Acquisition Period or Post-Disaggregation Period, the Company’s sole obligation to Executive under Articles II, IV, and V shall be as follows,
and such obligations shall be reduced by amounts paid or provided by the Disaggregated Entity: 
 (a) to pay
Executive, a lump-sum cash amount equal to the sum of amounts specified in Section 4.1(a)(i) and (ii) determined as of the Termination Date, 
 (b) to pay Executive the amounts described in Section 4.1(a)(iii) in accordance with the applicable deferred compensation plan and Executive’s distribution election thereunder as of the
Termination Date (or, if no affirmative election is in effect as of such date, the default election as of such date) and 
 (c) to provide Executive disability and other benefits after the Termination Date that are not less than the most favorable of such benefits then available under Plans of the Company to disabled peer
executives of the Company in effect immediately before the Termination Date. 
 The remaining provisions of this Agreement (including the
restrictive covenants in Article VIII) shall continue to apply. 
 4.10 Upon Death. If Executive’s employment
is terminated by reason of Executive’s death during a Post-Change Period, Imminent Control Change Period that culminates in a Change Date, Post-Significant Acquisition Period or Post-Disaggregation Period, the Company’s

  
 30 

 
sole obligations to Executive and Executive’s Beneficiary under Articles II, IV, and V shall be as follows, and such obligations shall be reduced by amounts paid or provided by the
Disaggregated Entity: 
 (a) to pay Executive’s Beneficiary, pursuant to the Company’s then-effective
Plans or, if the timing of payment is not governed by the terms of a Plan, within 30 days after the date of Executive’s death, a lump-sum cash amount equal to all Accrued Obligations; and 

(b) to provide Executive’s Beneficiary survivor and other benefits that are not less than the most favorable of such
benefits then available under Plans of the Company to surviving families of peer executives of the Company in effect immediately before the Executive’s death, including retiree health care coverage under any Welfare Plan of the Company that
provides such coverage without regard to whether the Executive had satisfied the eligibility requirements for such coverage as of the date of his or her death. 
 4.11 Sole and Exclusive Obligations. The obligations of the Company under this Agreement with respect to any Termination of Employment of the Executive during the Post-Change Period, Imminent
Control Change Period, Post-Significant Acquisition Period, or Post-Disaggregation Period shall, except as provided in Section 4.2, supersede any severance obligations of the Company in any other plan of the Company or agreement between
Executive and the Company, including, without limitations, the Exelon Corporation Senior Management Severance Plan under Section 4 or any other provision thereof, or any other plan or agreement (including an offer of employment or employment
contract) of the Company or any Affiliates which provides for severance benefits. In the event of any inconsistency, ambiguity or conflict between the terms of such other plan of the Company or agreement between Executive and the Company and this
Agreement with respect to any severance obligations of the Company (other than obligations with respect to credited service under the SERP in any agreement other than a prior Change in Control Agreement entered into by and among Executive, Unicom
Corporation, Commonwealth Edison Company or PECO Energy Company), this Agreement shall govern. 
 Article V. 

Certain Additional Payments by the Company 
 5.1 No Excise Tax Gross-Up. 
 (a) If it is determined by the Company’s
independent auditors that any monetary or other benefit received or deemed received by Executive from the Company or any Affiliate thereof pursuant to this Agreement or otherwise, whether or not in connection with a Change in Control (such monetary
or other benefits collectively, the “Potential Parachute Payments”), is or would, if paid, become subject to any excise tax under Section 4999 of the Code or any similar tax under any United States federal, state, local or
other law (such excise tax and all such similar taxes collectively, “Excise Taxes”), then the total Potential Parachute Payments shall be reduced such that the value of the aggregate Potential Parachute Payments shall be one dollar
($1) less than the maximum amount which the Executive may receive without becoming subject to Excise Taxes (the “Capped Amount”), and only the Capped Amount shall be paid. The tax (and

  
 31 

 
interest) imposed under Section 409A of the Code shall not be “any similar tax” for purposes of this Agreement. 

(b) Notwithstanding Section 5.1(a), if receipt of the total Potential Parachute Payments without reduction would leave Executive
with a greater amount, after payment of Taxes and Excise Taxes with respect thereto, than payment of the Capped Amount after payment of Taxes with respect thereto, then the reduction described in Section 5.1(a) shall not be made. 

(c) In the event payment of the Capped Amount is to be made, the Potential Parachute Payments shall be reduced or eliminated upon notice
by the Executive in writing delivered to the Company within 10 days of his receipt of the Company Certificate (or, if later within 10 days after his deliver of the Executive Certificate), or if the Executive fails to so notify the Company, then as
the Company shall reasonably determine, with regard for avoiding the imposition of taxes and interest payments under Section 409A of the Code, if possible, so that under the bases of calculations set forth in the Company Certificate (or, if
applicable, the Executive Certificate), there will be no amount subject to the tax imposed by Section 4999 of the Code. Such reduction shall be applied, to the extent necessary, first to any cash severance payments hereunder, followed by any
Annual Incentive payable for the year in which the Termination of Employment occurs, followed by any Performance Shares payable for such year or preceding years and then to any Options. 

(d) The determination of the Company’s independent auditors described in Section 5.1(a), including the detailed calculations of
the amounts of the Potential Parachute Payments, the Capped Amount, the amount of Excise Taxes and Taxes and the assumptions relating thereto, shall be set forth in a written certificate of such auditors (the “Company Certificate”)
delivered to Executive. Executive or the Company may at any time request the preparation and delivery to Executive of a Company Certificate. The Company shall cause the Company Certificate to be delivered to Executive as soon as reasonably possible
after such request. 
 5.2 Determination by Executive. 

(a) If (i) the Company shall fail to deliver a Company Certificate to Executive within 30 days after its receipt of his written
request therefor, or (ii) at any time after Executive’s receipt of a Company Certificate, Executive disputes any portion of the Company Certificate, then Executive may elect to deliver a determination (“Executive
Certificate”) to the Company, setting forth Executive’s determination as to whether Section 5.1(a) applies, and if so, the amount of the Capped Amount. If the Executive Certificate specifies that the Company is required to pay an
amount less than the amount specified in the Company Certificate, setting forth in detail how such lesser amount was determined, the Executive Certificate shall be controlling for all purposes. If the Executive Certificate specifies that the Company
is required to pay an amount greater than the amount specified in the Company Certificate, the Executive Certificate shall specify the full amount of the Potential Parachute Payments determined by Executive (together with the detailed calculations
of the Capped Amount, amounts of Excise Taxes and Taxes and the assumptions relating thereto) and shall be accompanied by an Executive Counsel Opinion (as defined in Section 5.3) regarding the applicability or inapplicability (as appropriate)
of the reduction described in Section 5.1(a) (such written notice and opinion collectively, the “Executive’s Determination”). Within 30 days after delivery of an Executive’s Determination to

  
 32 

 
the Company, the Company shall either (i) pay Executive the full amount specified in the Executive’s Determination (less the portion thereof, if any, previously paid to Executive by the
Company) or (ii) deliver to Executive a Company Certificate and a Company Counsel Opinion (as defined in Section 5.3), and pay Executive the amount specified in such Company Certificate. If for any reason the Company fails to comply with
the preceding sentence, the amounts specified in the Executive’s Determination shall be controlling for all purposes. 

(b) If Executive does not request a Company Certificate, the Company does not deliver a Company Certificate to Executive, and Executive
does not deliver an Executive Certificate to the Company, then the Potential Parachute Payments shall be made without regard to Section 5.1(a). 
 5.3 Opinion of Counsel. “Executive Counsel Opinion” means an opinion of nationally recognized executive compensation counsel to the effect (i) that the Capped Amount determined by
Executive pursuant to Section 5.2 is the amount that a court of competent jurisdiction, based on a final judgment not subject to further appeal, is most likely to decide to have been calculated in accordance with this Article and applicable law
and (ii) if the Company has previously delivered a Company Certificate to Executive, that there is no reasonable basis or no substantial authority for the calculation of the Capped Amount set forth in the Company Certificate. “Company
Counsel Opinion” means an opinion of nationally recognized executive compensation counsel to the effect that the amount of the Capped Amount set forth in the Company Certificate is the amount that a court of competent jurisdiction, based on
a final judgment not subject to further appeal, is most likely to decide to have been calculated in accordance with this Article and applicable law, and that there is no substantial authority for the calculation set forth in the Executive’s
Certificate. 
 Article VI. 
 Expenses, Interest and Dispute Resolution 
 6.1 Enforcement and Late
Payments. 
 (a) If, after the Agreement Date, Executive incurs reasonable legal fees or other expenses
(including arbitration costs and expenses under Section 6.3) in an effort to secure, preserve, or obtain benefits under this Agreement, the Company shall, regardless of the outcome of such effort, reimburse Executive (in accordance with
Section 6.1(b)) for such fees and expenses. 
 (b) Reimbursement of legal fees and expenses and gross-up
payments shall be made on a current basis, promptly after Executive’s written submission of a request for reimbursement together with evidence that such fees and expenses were incurred. 

(c) If Executive does not prevail (after exhaustion of all available judicial remedies) in respect of a claim by Executive
or by the Company hereunder, and the Company establishes before a court of competent jurisdiction by clear and convincing evidence that Executive had no reasonable basis for Executive’s claim hereunder, or for Executive’s response to the
Company’s claim hereunder, or that Executive acted in bad 

  
 33 

 
faith, no further reimbursement for legal fees and expenses shall be due to Executive in respect of such claim and Executive shall refund any amounts previously reimbursed hereunder with respect
to such claim. 
 6.2 Interest. If the Company does not pay any cash amount due to Executive under this Agreement within
three business days after such amount first became due and owing, interest shall accrue on such amount from the date it became due and owing until the date of payment at an annual rate equal to 200 basis points above the base commercial lending rate
published in The Wall Street Journal in effect from time to time during the period of such nonpayment. 
 6.3
Arbitration. Any dispute, controversy or claim between the parties hereto arising out of or in connection with or relating to this Agreement (other than disputes related to Article V or to an alleged breach of the covenant contained in
Article VIII) or any breach or alleged breach thereof, or any benefit or alleged benefit hereunder, shall be settled by arbitration in Chicago, Illinois, before an impartial arbitrator pursuant to the rules and regulations of the American
Arbitration Association (“AAA”) pertaining to the arbitration of labor disputes. Either party may invoke the right to arbitration. The arbitrator shall be selected by means of the parties striking alternatively from a panel of seven
arbitrators supplied by the Chicago office of AAA. The arbitrator shall have the authority to interpret and apply the provisions of this Agreement, consistent with Section 10.12 below. The decision of the arbitrator shall be final and binding
upon the parties and a judgment thereon may be entered in the highest court of a forum, state or federal, having jurisdiction. The expenses of the arbitration shall be borne according to Section 6.1. No arbitration shall be commenced after the
date when institution of legal or equitable proceedings based upon such subject matter would be barred by the applicable statutes of limitations. Notwithstanding anything to the contrary contained in this Section 6.3 or elsewhere in this
Agreement, either party may bring an action in the District Court of Cook County, or the United States District Court for the Northern District of Illinois, if jurisdiction there lies, in order to maintain the status quo ante of the parties. The
“status quo ante” is defined as the last peaceable, uncontested status between the parties. However, neither the party bringing the action nor the party defending the action thereby waives its right to arbitration of any dispute,
controversy or claim arising out of or in connection or relating to this Agreement. Notwithstanding anything to the contrary contained in this Section 6.3 or elsewhere in this Agreement, either party may seek relief in the form of specific
performance, injunctive or other equitable relief in order to enforce the decision of the arbitrator. The parties agree that in any arbitration commenced pursuant to this Agreement, the parties shall be entitled to such discovery (including
depositions, requests for the production of documents and interrogatories) as would be available in a federal district court pursuant to Rules 26 through 37 of the Federal Rules of Civil Procedure. In the event that either party fails to comply with
its discovery obligations hereunder, the arbitrator shall have full power and authority to compel disclosure or impose sanctions to the full extent of Rule 37 of the Federal Rules of Civil Procedure. 

Article VII. 
 No Set-off or Mitigation 

  
 34 

 7.1 No Set-off by Company. Executive’s right to receive when due the payments
and other benefits provided for under this Agreement is absolute, unconditional and subject to no setoff, counterclaim or legal or equitable defense; provided, however that the Company shall have no further obligation to pay or provide severance
benefits under Article II, Article IV or Article V if at any time it determines, in accordance with the procedural requirements in Section 3.3, that in the course of his or her employment the Executive engaged in conduct described in
Section 3.3(a)(iii) or the last clause of Section 3.3(a)(iv), and all incentive compensation paid or payable hereunder shall be subject to any officer compensation recoupment policy as in effect on the Change Date. Time is of the essence
in the performance by the Company of its obligations under this Agreement. Any claim which the Company may have against Executive, whether for a breach of this Agreement or otherwise, shall be brought in a separate action or proceeding and not as
part of any action or proceeding brought by Executive to enforce any rights against the Company under this Agreement. 
 7.2
No Mitigation. Executive shall not have any duty to mitigate the amounts payable by the Company under this Agreement by seeking new employment or self-employment following termination. Except as specifically otherwise provided in this
Agreement, all amounts payable pursuant to this Agreement shall be paid without reduction regardless of any amounts of salary, compensation or other amounts which may be paid or payable to Executive as the result of Executive’s employment by
another unaffiliated employer or self-employment. 
 Article VIII. 

Restrictive Covenants 
 8.1 Confidential Information. The Executive acknowledges that in the course of performing services for the Companies and Affiliates, he or she may create (alone or with others), learn of, have
access to and receive Confidential Information. Confidential Information shall not include: (i) information that is or becomes generally known through no fault of Executive; (ii) information received from a third party outside of
the Company that was disclosed without a breach of any confidentiality obligation; or (iii) information approved for release by written authorization of the Company. The Executive recognizes that all such Confidential Information is the sole
and exclusive property of the Company and its Affiliates or of third parties which the Company or Affiliate is obligated to keep confidential, that it is the Company’s policy to keep all such Confidential Information confidential, and that
disclosure of Confidential Information would cause damage to the Company and its Affiliates. The Executive agrees that, except as required by the duties of Executive’s employment with the Company or any of its Affiliates and except in
connection with enforcing the Executive’s rights under this Agreement or if compelled by a court or governmental agency, in each case provided that prior written notice is given to Company, Executive will not, without the written consent of
Company, willfully disseminate or otherwise disclose, directly or indirectly, any Confidential Information obtained during his or her employment with the Company or its Affiliates, and will take all necessary precautions to prevent disclosure, to
any unauthorized individual or entity inside or outside the Company, and will not use the Confidential Information or permit its use for the benefit of Executive or any other person or entity other than the Company or its Affiliates. These
obligations shall continue during and after the termination of Executive’s employment 

  
 35 

 
(whether or not after a Change in Control, Imminent Control Change, Significant Acquisition or Disaggregation). 
 8.2 Non-Competition. During the period beginning on the Agreement Date and ending on the second anniversary of the Termination Date, whether or not after a Change in Control, Imminent Control
Change, Significant Acquisition or Disaggregation, Executive hereby agrees that without the written consent of the Company Executive shall not at any time, directly or indirectly, in any capacity: 

(a) engage or participate in, become employed by, serve as a director of, or render advisory or consulting or other
services in connection with, any Competitive Business; provided, however, that after the Termination Date this Section 8.2 shall not preclude Executive from being an employee of, or consultant to, any business unit of a Competitive Business if
(i) such business unit does not qualify as a Competitive Business in its own right and (ii) Executive does not have any direct or indirect involvement in, or responsibility for, any operations of such Competitive Business that cause it to
qualify as a Competitive Business. 
 (b) make or retain any financial investment, whether in the form of equity
or debt, or own any interest, in any Competitive Business. Nothing in this subsection shall, however, restrict Executive from making an investment in any Competitive Business if such investment does not (i) represent more than 1% of the
aggregate market value of the outstanding capital stock or debt (as applicable) of such Competitive Business, (ii) give Executive any right or ability, directly or indirectly, to control or influence the policy decisions or management of such
Competitive Business, and (iii) create a conflict of interest between Executive’s duties under this Agreement and his or her interest in such investment. 
 8.3 Non-Solicitation. During the period beginning on the Agreement Date and ending on the second anniversary of any Termination Date, whether or not after a Change in Control, Imminent Control
Change, Significant Acquisition or Disaggregation, Executive shall not, directly or indirectly: 
 (a) other than
in connection with the good-faith performance of his or her duties as an officer of the Company, cause or attempt to cause any employee or agent of the Company to terminate his or her relationship with the Company; 

(b) employ, engage as a consultant or adviser, or solicit the employment or engagement as a consultant or adviser, of any
employee or agent of the Company (other than by the Company or its Affiliates), or cause or attempt to cause any Person to do any of the foregoing; 
 (c) establish (or take preliminary steps to establish) a business with, or cause or attempt to cause others to establish (or take preliminary steps to establish) a business with, any employee or agent of
the Company, if such business is or will be a Competitive Business; or 

  
 36 

 (d) interfere with the relationship of the Company with, or endeavor to
entice away from the Company, any Person who or which at any time during the period commencing one year prior to the Termination Date was or is, to the Executive’s knowledge, a material customer or material supplier of, or maintained a material
business relationship with, the Company. 
 8.4 Intellectual Property. During the period of Executive’s employment
with the Company and any Affiliate, and thereafter upon the Company’s request, whether or not after a Change in Control, Imminent Control Change, Significant Acquisition or Disaggregation, Executive shall disclose immediately to the Company all
ideas, inventions and business plans that he or she makes, conceives, discovers or develops alone or with others during the course of his or her employment with the Company or during the one year period following Executive’s Termination Date,
including any inventions, modifications, discoveries, developments, improvements, computer programs, processes, products or procedures (whether or not protectable upon application by copyright, patent, trademark, trade secret or other proprietary
rights) (“Work Product”) that: (i) relate to the business of the Company or any customer or supplier to the Company or any of the products or services being developed, manufactured, sold or otherwise provided by the Company or
that may be used in relation therewith; or (ii) result from tasks assigned to Executive by the Company; or (iii) result from the use of the premises or personal property (whether tangible or intangible) owned, leased or contracted for by
the Company. Executive agrees that any Work Product shall be the property of the Company and, if subject to copyright, shall be considered a “work made for hire” within the meaning of the Copyright Act of 1976, as amended (the
“Act”). If and to the extent that any such Work Product is not a “work made for hire” within the meaning of the Act, Executive hereby assigns to the Company all right, title and interest in and to the Work Product, and all
copies thereof, and the copyright, patent, trademark, trade secret and all proprietary rights in the Work Product, without further consideration, free from any claim, lien for balance due or rights of retention thereto on the part of Executive.

 (a) The Company hereby notifies Executive that the preceding paragraph does not apply to any inventions for
which no equipment, supplies, facility, or trade secret information of the Company was used and which was developed entirely on the Executive’s own time, unless: (i) the invention relates (a) to the Company’s business, or
(b) to the Company’s actual or demonstrably anticipated research or development, or (ii) the invention results from any work performed by the Executive for the Company. 

(b) Executive agrees that upon disclosure of Work Product to the Company, Executive will, during his or her employment and
at any time thereafter, at the request and cost of the Company, execute all such documents and perform all such acts as the Company or its duly authorized agents may reasonably require: (i) to apply for, obtain and vest in the name of the
Company alone (unless the Company otherwise directs) letters patent, copyrights or other analogous protection in any country throughout the world, and when so obtained or vested to renew and restore the same; and (ii) to prosecute or defend any
opposition proceedings in respect of such applications and any opposition proceedings or petitions or applications for revocation of such letters patent, copyright or other analogous protection, or otherwise in respect of the Work Product.

  
 37 

 (c) In the event that the Company is unable, after reasonable effort, to
secure Executive’s execution as provided in subsection (b) above, whether because of Executive’s physical or mental incapacity or for any other reason whatsoever, Executive hereby irrevocably designates and appoints the Company and
its duly authorized officers and agents as his or her agent and attorney-in-fact, to act for and on his or her behalf to execute and file any such application or applications and to do all other lawfully permitted acts to further the prosecution,
issuance and protection of letters patent, copyright and other intellectual property protection with the same legal force and effect as if personally executed by Executive. 
 8.5 Reasonableness of Restrictive Covenants. 
 (a) Executive
acknowledges that the covenants contained in Sections 8.1, 8.2, 8.3 and 8.4 are reasonable in the scope of the activities restricted, the geographic area covered by the restrictions, and the duration of the restrictions, and that such covenants are
reasonably necessary to protect the Company’s legitimate interests in its Confidential Information and in its relationships with its employees, customers and suppliers. Executive further acknowledges such covenants are essential elements of
this Agreement and that, but for such covenants, the Company would not have entered into this Agreement. 
 (b)
The Company and Executive have each consulted with their respective legal counsel and have been advised concerning the reasonableness and propriety of such covenants. Executive acknowledges that Executive’s observance of the covenants contained
in Sections 8.1, 8.2, 8.3 and 8.4 will not deprive Executive of the ability to earn a livelihood or to support his or her dependents. 
 8.6 Right to Injunction; Survival of Undertakings. 
 (a) In
recognition of the confidential nature of the Confidential Information, and in recognition of the necessity of the limited restrictions imposed by Sections 8.1, 8.2, 8.3 and 8.4 the parties agree that it would be impossible to measure solely in
money the damages which the Company would suffer if Executive were to breach any of his or her obligations under such Sections. Executive acknowledges that any breach of any provision of such Sections would irreparably injure the Company.
Accordingly, Executive agrees that if he or she breaches any of the provisions of such Sections, the Company shall be entitled, in addition to any other remedies to which the Company may be entitled under this Agreement or otherwise, to an
injunction to be issued by a court of competent jurisdiction, to restrain any breach, or threatened breach, of such provisions, and Executive hereby waives any right to assert any claim or defense that the Company has an adequate remedy at law for
any such breach. 
 (b) If a court determines that any of the covenants included in this Article VIII is
unenforceable in whole or in part because of such covenant’s duration or geographical or other scope, such court shall have the power to modify the duration or scope of such provision, as the case may be, so as to cause such covenant as so
modified to be enforceable. 

  
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 (c) All of the provisions of this Article VIII shall survive any Termination
of Employment without regard to (i) the reasons for such termination or (ii) the expiration of the Agreement Term. 
 (d) The Company shall have no further obligation to pay or provide severance or benefits under Article II, Article IV, or Article V if a court determines that the Executive has breached any covenant in
this Article VIII. 
 Article IX. 
 Non-Exclusivity of Rights 
 9.1 Other Rights. Except as expressly
provided in Section 4.11 or elsewhere in this Agreement, this Agreement shall not prevent or limit Executive’s continuing or future participation in any benefit, bonus, incentive or other Plans provided by the Company and for which
Executive may qualify, nor shall this Agreement limit or otherwise affect such rights as Executive may have under any other agreements with the Company. Amounts which are vested benefits or which Executive is otherwise entitled to receive under any
Plan and any other payment or benefit required by law at or after the Termination Date shall be payable in accordance with such Plan or applicable law except as expressly modified by this Agreement. 

9.2 No Right to Continued Employment. Nothing in this Agreement shall guarantee the right of Executive to continue in employment,
and the Company retains the right to terminate the Executive’s employment at any time for any reason or for no reason. 

Article X. 

Miscellaneous 
 10.1 No Assignability. This Agreement is personal to Executive and without the prior written consent of the Company shall not be assignable by Executive otherwise than by will or the laws of
descent and distribution. This Agreement shall inure to the benefit of and be enforceable by Executive’s legal representatives. 
 10.2 Successors. This Agreement shall inure to the benefit of and be binding upon the Company and its successors and assigns. The Company will require any successor (whether direct or indirect, by
purchase, merger, consolidation or otherwise) to all or substantially all of the business or assets of the Company to assume expressly and agree to perform this Agreement in the same manner and to the same extent that the Company would be required
to perform it if no such succession had taken place. Any successor to the business or assets of the Company which assumes or agrees to perform this Agreement by operation of law, contract, or otherwise shall be jointly and severally liable with the
Company under this Agreement as if such successor were the Company. 
 10.3 Affiliates. To the extent that immediately
prior to the Applicable Trigger Date, the Executive has been on the payroll of, and participated in the incentive or employee benefit plans of, an Affiliate of the Company, the references to the Company contained in

  
 39 

 
Sections 2.8(a)(i) through (vii) and the other Sections of this Agreement referring to benefits to which the Executive may be entitled shall be read to refer to such Affiliate.

 10.4 Payments to Beneficiary. If Executive dies before receiving amounts to which Executive is entitled under this
Agreement, such amounts shall be paid in a lump sum to one or more beneficiaries designated in writing by Executive (each, a “Beneficiary”) within 90 days after the date of Executive’s death. If none is so designated, the
Executive’s estate shall be his or her Beneficiary. 
 10.5 Payment of Reimbursable Expenses. Any reimbursement
(including any advancement) payable to Executive pursuant to this Agreement shall be conditioned on the submission by Executive of all expense reports reasonably required by the Company under any applicable expense reimbursement policy, and shall be
paid to the Executive within 30 days following receipt of such expense reports (or invoices), but in no event later than the last day of the calendar year following the calendar year in which Executive incurred the reimbursable expense. Any amount
of expenses eligible for reimbursement during a calendar year shall not affect the expenses eligibility for reimbursement during any other calendar year. The right to reimbursement pursuant to this Agreement shall not be subject to liquidation or
exchange for any other benefit. 
 10.6 Non-Alienation of Benefits. Benefits payable under this Agreement shall not be
subject in any manner to anticipation, alienation, sale, transfer, assignment, pledge, encumbrance, charge, garnishment, execution or levy of any kind, either voluntary or involuntary, before actually being received by Executive, and any such
attempt to dispose of any right to benefits payable under this Agreement shall be void. 
 10.7 Severability. If any one
or more Articles, Sections or other portions of this Agreement are declared by any court or governmental authority to be unlawful or invalid, such unlawfulness or invalidity shall not serve to invalidate any Article, Section or other portion not so
declared to be unlawful or invalid. Any Article, Section or other portion so declared to be unlawful or invalid shall be construed so as to effectuate the terms of such Article, Section or other portion to the fullest extent possible while remaining
lawful and valid. 
 10.8 Amendments This Agreement shall not be amended or modified except by written instrument
executed by the Company and Executive. 
 10.9 Notices. All notices and other communications under this Agreement shall
be in writing and delivered by hand, by nationally-recognized delivery service that promises overnight delivery, or by first-class registered or certified mail, return receipt requested, postage prepaid, addressed as follows: 

If to Executive, to Executive at his or her most recent home address on file with the Company. 

  
 40 

 If to the Company: 

Exelon Corporation 

54th Floor 
 10 S. Dearborn Street 
 Chicago, Illinois 60603 

Attention: Senior Vice President and General Counsel 

Facsimile No.: (312) 394-5433 

With copy to: 
 Pamela Baker, Esq. 
 SNR Denton 

8000 Sears Tower 
 Chicago, Illinois 60606 
 Facsimile No.: (312) 876-7934

 or to such other address as either party shall have furnished to the other in writing. Notice and communications shall be effective when
actually received by the addressee. 
 10.10 Joint and Several Liability. The Company and the Subsidiary shall be jointly
and severally liable for the obligations of the Company, the Subsidiary, or the Employer hereunder. 
 10.11
Counterparts. This Agreement may be executed in two or more counterparts, each of which shall be deemed an original, but all of which together constitute one and the same instrument. 

10.12 Governing Law. This Agreement shall be interpreted and construed in accordance with the laws of the State of Illinois,
without regard to its choice of law principles. 
 10.13 Captions. The captions of this Agreement are not a part of the
provisions hereof and shall have no force or effect. 
 10.14 Number and Gender. Wherever appropriate, the singular shall
include the plural, the plural shall include the singular, and the masculine shall include the feminine. 
 10.15 Tax
Withholding. The Company may withhold from any amounts payable under this Agreement or otherwise payable to Executive any Taxes the Company determines to be appropriate under applicable law and may report all such amounts payable to such
authority as is required by any applicable law or regulation. 
 10.16 Section 409A. This Agreement shall be
interpreted and construed in a manner that avoids the imposition of additional taxes and penalties under Section 409A of the Code (“409A Penalties”). In the event the terms of this Agreement would subject Executive to 409A Penalties,
the Company and Executive shall cooperate diligently to amend the terms of the Agreement to avoid such 409A Penalties, to the extent possible. The payments to Executive pursuant to Section 4 of this Agreement are intended to be exempt from
Section 409A of the Code to the 

  
 41 

 
maximum extent possible, under either the separation pay exemption pursuant to Treasury regulation §1.409A-1(b)(9)(iii) or as a short-term deferral pursuant to Treasury regulation
§1.409A-1(b)(4), and for purposes of the separation pay exemption, each installment paid to Executive under Section 4 shall be considered a separate payment. Notwithstanding any other provision in this Agreement, if on the date of
Executive’s Termination Date, (i) the Company is a publicly traded corporation and (ii) Executive is a “specified employee,” as defined in Section 409A of the Code, then to the extent any amount payable under this
Agreement constitutes the payment of nonqualified deferred compensation, within the meaning of Section 409A of the Code, that under the terms of this Agreement would be payable prior to the six-month anniversary of the Termination Date, such
payment shall be delayed until the earlier to occur of (A) the six-month anniversary of the Termination Date or (B) the date of Executive’s death. 
 10.17 No Waiver. Executive’s failure to insist upon strict compliance with any provision of this Agreement shall not be deemed a waiver of such provision or any other provision of this
Agreement. A waiver of any provision of this Agreement shall not be deemed a waiver of any other provision, and any waiver of any default in any such provision shall not be deemed a waiver of any later default thereof or of any other provision.

 10.18 Entire Agreement. This Agreement, as amended and restated effective February 10, 2011, contains the entire
understanding of Company and Executive with respect to its subject matter. 

  
 42 

 IN WITNESS WHEREOF, Executive and Exelon Corporation have executed this Change in Control
Employment Agreement effective as of February 10, 2011. 
  

			
	EXECUTIVE
	
	  

	
	EXELON CORPORATION
		
	By:	 	  

			
	Title:

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