Document:

Exhibit 10(o)

 

CONSTELLATION
ENERGY GROUP, INC.

 

SENIOR
EXECUTIVE SUPPLEMENTAL PLAN

 

1.                                       Objective.  The
objective of this Plan is to enhance the benefits provided to certain senior
executives of Constellation Energy Group and its subsidiaries in order to attract
and retain talented executive personnel.

 

2.                                       Definitions.  All words
beginning with an initial capital letter and not otherwise defined herein shall
have the meaning set forth in the Pension Plan.   All singular terms defined in this Plan will include the plural
and vice versa. As used herein, the following terms will have the
meaning specified below:

 

                                                “Average Annual Base Salary” means an
amount determined by (a) computing the monthly base rate of pay amounts (i.e.,
the types of such pay that are includable in the computation of Pension Plan
benefits) paid during the prior five consecutive twelve month periods
immediately preceding the month that includes the date of the computation, and
(b) averaging the two twelve month periods during which the highest amounts
were paid.

 

                                                “Average Incentive Award” (or “Average
Award”) means the average of the two highest of the participant’s five
immediately prior year awards earned under Constellation Energy Group’s
Executive Annual Incentive Plan, Constellation Energy Group’s Senior Management
Annual Incentive Plan and/or Other Incentive Awards Programs.

 

                                                “Benefit Start Date” means the date as of
which the participant’s benefits, if any, under this Plan commence.

 

                                                “Cause” means the participant’s (a)
failure to comply with Constellation Energy Group policy, (b) deliberate and
continual refusal to satisfactorily perform employment duties on substantially
a full-time basis, (c) deliberate and continual refusal to act in accordance
with any specific instructions of a majority of Constellation Energy Group’s
Board of Directors, (d) disclosure, without the consent of a majority of
Constellation Energy Group’s Board of Directors, of confidential information or
trade secrets concerning Constellation Energy Group which could be materially
damaging to Constellation Energy Group, or (e) deliberate 

 

 

misconduct which could be materially damaging to
Constellation Energy Group without reasonable good faith belief by the
participant that such conduct was in the best interest of Constellation Energy
Group.

 

                                                “Change in Control” means (a) the
purchase or acquisition by any person, entity or group of persons, (within the
meaning of Section 13(d) or 14(d) of the Securities Exchange Act of 1934 (the
“Exchange Act”), or any comparable successor provisions), of beneficial
ownership (within the meaning of Rule 13d-3 promulgated under the Exchange Act)
of 20 percent or more of either the outstanding shares of common stock of
Constellation Energy Group or the combined voting power of Constellation Energy
Group’s then outstanding shares of voting securities entitled to a vote
generally, or (b) the consummation of, following the approval by the
stockholders of Constellation Energy Group of a reorganization, merger, or
consolidation of Constellation Energy Group, in each case, with respect to
which persons who were stockholders of Constellation Energy Group immediately
prior to such reorganization, merger or consolidation do not, immediately
thereafter, own more than 50 percent of the combined voting power entitled to
vote generally in the election of directors of the reorganized, merged or
consolidated entity’s then outstanding securities, or (c) a liquidation or
dissolution of Constellation Energy Group or the sale of substantially all of its
assets, or (d) a change of more than one-half of the members of the Board of
Directors of Constellation Energy Group within a 90-day period for reasons
other than the death, disability, or retirement of such members.

 

                                                “Committee” means the Committee on
Management of the Board of Directors of Constellation Energy Group.

 

                                                “Constellation Energy Group” means
Constellation Energy Group, Inc., a Maryland corporation, or its successor.

 

                                                “Constellation Energy Group’s Executive
Annual Incentive Plan” means such plan or other incentive plan or arrangement
designated in writing by the Plan Administrator.

 

                                                “Constellation Energy Group’s Senior
Management Annual Incentive Plan” means such plan or other incentive plan or
arrangement designated in writing by the Plan Administrator.

 

                                                “Demotion” means a transfer to a position
with Constellation Energy Group or a subsidiary of Constellation Energy Group 

 

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that either (a) is substantially below the position in
which the participant was employed on the date of transfer, or (b) results in a
substantial reduction in pay when compared to the participant’s pay on the date
of the transfer.  Whether a position is
substantially below another position shall be determined in the reasonable
discretion of the Committee, with reference to factors including whether the
participant retains principal responsibility for a department or division, and
whether the participant remains eligible for the perquisites enjoyed by the
participant before the position change.

 

                                                “Early Receipt Reduction Factor” means
100% less 1/3 of 1% for each month that the participant is less than age 62 on
the participant’s Benefit Start Date.

 

                                                “Interest Rate” means the rate equal to
the average monthly 30-year Treasury bond rate for the second calendar quarter
preceding the computation date, less 50 basis points.

 

                                                “Internal Revenue Code Limitations” means
the limitations under Section 415 and/or 401(a)(17) of the Internal Revenue
Code.

 

                                                “LTD Plan” means the Constellation Energy
Group, Inc. Disability Insurance Plan as may be amended from time to time, or
any successor plan.

 

                                                “Mortality Table” means the mortality
table used to convert annuities to lump sums in the Pension Plan.

 

                                                “Nonqualified Deferred Compensation Plan”
means the Constellation Energy Group, Inc. Nonqualified Deferred Compensation
Plan.

 

                                                “Other Incentive Awards Program” means
the program(s) designated in writing by the Plan Administrator applicable to
certain employees that provides awards; but includes only the types of awards
that are includable in the computation of Pension Plan benefits.

 

                                                “Pension Plan” means the Pension Plan of
Constellation Energy Group, Inc. as may be amended from time to time, or any
successor plan.

 

                                                “Plan” means this Constellation Energy
Group, Inc. Senior Executive Supplemental Plan.

 

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                                                “Plan Administrator” means, as set forth
in Section 3, the Committee.

 

                                                “Rabbi Trust” means the trust adopted by
Constellation Energy Group pursuant to the Grantor Trust Agreement Dated as of
January 1, 2001, between Constellation Energy Group and Citibank, N.A.

 

                                                “Survivor Annuity Percentage” means 50%,
unless the participant elects, in the timing and manner established by the Plan
Administrator, a higher percentage (in multiples of 5% to a total percentage
not to exceed 100%).

 

                                                “Termination From Employment With
Constellation Energy Group” means a participant’s separation from service with
Constellation Energy Group or a subsidiary of Constellation Energy Group;
however, a participant’s retirement, disability, or transfer of employment to
or from a subsidiary of Constellation Energy Group shall not constitute a
Termination From Employment With Constellation Energy Group.

 

                                                “Total SERP Service” means (a) Credited
Service accumulated while designated as a participant with respect to
supplemental pension benefits under this Plan or while a participant under the
Constellation Energy Group Supplemental Pension Plan, or while a participant under
any predecessor executive supplemental pension benefit plan, plus (b) one
fourth of Credited Service accumulated while not such a participant.

 

3.                                       Plan Administration.  The
Committee is the Plan Administrator and has sole authority (except as specified
otherwise herein) to interpret the Plan and, in general, to make all other
determinations advisable for the administration of the Plan to achieve its
stated objective.  Appeals of written
decisions by the Plan Administrator may be made to the Board of Directors of
Constellation Energy Group.  Decisions
by the Board shall be final and not subject to further appeal.  The Plan Administrator shall have the power
to delegate all or any part of its duties to one or more designees, and to
withdraw such authority, by written designation.

 

4.                                       Eligibility.  Each senior
executive of Constellation Energy Group or its subsidiaries may be designated
in writing by the Plan Administrator as a participant with respect to one or
more benefits under the Plan. Once designated, 

 

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participation shall continue until such designation is
withdrawn at the discretion and by written order of the Plan Administrator,
provided, however, that such withdrawal may not be made with respect to a
participant who has satisfied the eligibility requirements to retire (as set
forth in Section 5(b)(i)). 
Notwithstanding the foregoing, any participant while classified as
disabled under the LTD Plan shall continue to participate in this Plan while
classified as disabled and, for purposes of the supplemental pension benefit
provided by this Plan, while classified as disabled, shall be deemed to
continue to accrue Credited Service until no later than his/her Normal
Retirement Date.

 

5.                                       Supplemental Pension Benefit.

 

(a)                                  Generally.

 

(i)                     A Plan participant who was a participant in the
Constellation Energy Group Supplemental Pension Plan on January 1, 2000, shall
be eligible for supplemental pension benefits under this Plan only if the
participant’s supplemental pension benefits under this Plan are greater than
the supplemental pension benefits computed under the Constellation Energy Group
Supplemental Pension Plan based on the participant’s age, service, and eligible
compensation on the date as of which benefits become payable. If a participant
or a participant’s surviving spouse receives benefits from this Plan, he/she
cannot also receive benefits from the Constellation Energy Group Supplemental
Pension Plan.

 

(ii)                  Any other participant in the Plan shall be eligible
for benefits under this Plan without regard to any computation under the
Constellation Energy Group Supplemental Pension Plan.

 

(b)           Retirement benefits.

 

(i)                     Eligibility for retirement benefits. A participant shall be eligible to
retire under this Plan on or after the participant’s Normal Retirement Date, or
on the first day of any month preceding his/her Normal Retirement Date, if on
his/her Severance From Service Date and while a participant he/she has attained
(1) age 55 and has accumulated at least 10 years of Credited Service; or (2)
age 62 and has accumulated at least five years of Credited Service.

 

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(ii)                  Computation of retirement benefits. A participant who is eligible to retire
under this Plan will be entitled to supplemental pension retirement benefits
under this Plan, which will be calculated as set forth below on the
participant’s Benefit Start Date:

 

(1)             add the Average Annual Base Salary and the Average
Incentive Award,

 

(2)             divide the sum by 12,

 

(3)             multiply this dollar amount by the appropriate
percentage, determined as follows: Chairman of the Board and President of
Constellation Energy Group - 60%; all other participants (the product of 5.5%
multiplied by the number of full and fractional years of Total SERP Service),
(maximum is 55%).

 

(4)             multiply this dollar amount by the Early Receipt
Reduction Factor; provided, however, if the participant is age 62 or older on
his/her Benefit Start Date, such factor shall be one (1),

 

(5)             subtract from this dollar amount the charges relating
to coverage for a pre-retirement survivor annuity in excess of 50%, and for a
post-retirement survivor annuity in excess of 50%, and

 

(6)             subtract from the remainder the net monthly amount
payable to the participant under the Pension Plan on the participant’s Benefit
Start Date (assuming a 50% spousal joint and survivor annuity for a married
participant), (if the participant is not eligible to commence monthly Pension
Plan payments on the participant’s Benefit Start Date, the participant’s
benefit will be unreduced for Pension Plan payments until the date the
participant is first eligible to commence monthly Pension Plan payments),  or,
if the participant elects a lump sum under the PEP provisions of the Pension
Plan, the monthly 

 

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amount that would have been payable under the Pension
Plan as a life annuity for a single participant or as a 50% spousal joint and
survivor annuity for a married participant, as of the Benefit Start Date under
this Plan.

 

(iii)               Form of payout of retirement benefits.  Each
participant entitled to supplemental pension retirement benefits will receive
his/her supplemental pension retirement benefits payout in the form of a
monthly payment, unless the participant makes a valid election to receive
his/her supplemental pension retirement benefits payout in the form of a lump
sum.

 

A participant may elect to receive his/her
supplemental pension retirement benefits payout in the form of a lump sum by
submitting to the Plan Administrator a signed Lump Sum Election Form.  On such Form, the participant may elect to
rollover such payout directly to the Nonqualified Deferred Compensation Plan.  The Form must be received by the Plan
Administrator before the beginning of the calendar year during which the
participant’s Severance From Service Date occurs.  The election to receive a payout in the form of a lump sum, or to
rollover such payment to the Nonqualified Deferred Compensation Plan, may be
revoked at any time before the beginning of the calendar year during which the
participant’s Severance From Service Date occurs, by submitting to the Plan
Administrator a signed Lump Sum Revocation Form.

 

(iv)              Amount,
timing, and source of monthly retirement benefit payout. 
A participant entitled to monthly supplemental pension retirement
benefits will receive monthly payments equal to the amount determined under
paragraph (b)(ii).  Such payments shall
commence effective with the first of the month following the Participant’s
Severance From Service Date.  If such
participant receives (or would have received but for the Internal Revenue Code
Limitations) cost of living adjustment(s) under the Pension Plan, the monthly
payments hereunder will be automatically increased based on the percentage of,
and at the same time as, such adjustment(s). 
Monthly payments hereunder shall permanently cease upon the death of the

 

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participant, effective with the monthly payment for
the month following the month of the participant’s death.  Monthly payments hereunder shall be made in
accordance with the provisions of the Rabbi Trust and, to the extent not paid
under the terms of the Rabbi Trust, from general corporate assets.

 

(v)                 Amount, timing, and source of lump sum retirement
benefit payout.  A participant entitled to a
lump sum supplemental pension retirement benefit will receive a lump sum
payment.  This lump sum payment will be
calculated by a certified actuary and will be equal to the present value of an
immediate annuity including the estimated present value of post-retirement
supplemental survivor annuity benefits described in Section 6, and reflecting
the present value of any deferred Pension Plan payments using (1) the
supplemental pension retirement benefit amount calculated under paragraph
(b)(ii), which is expressed as a monthly amount, (2) the Interest Rate computed
on the participant’s Benefit Start Date, and (3) the Mortality Table.  Such lump sum payment shall be made within
60 days after the participant’s Severance From Service Date, and shall either
be paid to the participant, or rolled over to the Nonqualified Deferred
Compensation Plan pursuant to the participant’s election under (b)(iii).  The lump sum payment shall be made in
accordance with the provisions of the Rabbi Trust and, to the extent not paid
under the terms of the Rabbi Trust, from general corporate assets.  A participant who receives or rolls over a
lump sum payment shall not be entitled to any cost of living or other pension
payment adjustments or to post-retirement survivor annuity coverage under the
Plan.

 

(vi)              Death
of participant entitled to lump sum payout.  In the event
of the death of a participant after his/her Severance From Service Date and
before the participant receives or rolls over the lump sum payment under
paragraph (b)(v), such lump sum payment shall be made to the participant’s
surviving spouse (as defined in Section 6(i)). 
The lump sum payment shall be the same amount and made at the same time
and from the same sources as 

 

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set forth in paragraph
(b)(v).  If there is no surviving spouse
at the date of the participant’s death, no payments shall be made pursuant to
Sections 5 or 6.  A surviving spouse who
receives a lump sum benefit under this paragraph (b)(vi) shall not be entitled
to any cost of living or other pension payment adjustments or to
post-retirement survivor annuity coverage under the Plan.

 

(c)                                  Entitlement to benefit upon happening of certain
events.

 

(i)                     Computation of gross accrued benefit. 
The computation of the gross accrued supplemental pension benefit for a
participant as of the date of the computation will be made as follows:

 

(1)             add the Average Annual Base Salary and the Average
Incentive Award,

 

(2)             divide the sum by 12, and

 

(3)             multiply this dollar amount by the appropriate
percentage, determined as follows: Chairman of the Board and President of
Constellation Energy Group — 60%; all other participants (by the product of
5.5% multiplied by the number of full and fractional years of Total SERP
Service as of the date of the computation) (maximum is 55%).

 

(ii)                  Computation of net accrued benefit. 
The computation of the net accrued supplemental pension benefit for a
participant as of the date of the computation will be made by subtracting from
the gross accrued benefit determined under paragraph (c)(i) the amount of the
participant’s Gross Pension under the Pension Plan determined as of the date of
the computation and assuming that monthly payments of such Gross Pension begin
on the first of the month after the later of reaching age 62 or the date of the
computation.  If the participant is not
eligible for payment of a Gross Pension under the Pension Plan, the participant’s
Accrued Gross Pension determined as of the date of 

 

9

 

the computation shall be substituted for the Gross
Pension described above, with the appropriate reduction for early receipt
applied as if the participant were eligible to begin payment of his Accrued
Gross Pension on the first of the month after the later of reaching age 62 or
the date of the computation.

 

(iii)               Satisfaction of requirements. 
A participant who has satisfied the age and Credited Service
requirements set forth in Section 5(b)(i) while eligible as set forth in
Section 4, but who does not retire under the Plan due to Demotion, Termination
From Employment With
Constellation Energy Group, or the withdrawal of a participant’s eligibility to
participate under Section 5, shall be entitled to his/her net accrued
supplemental pension benefit.  The
effective date of the Demotion, Termination From Employment With Constellation
Energy Group, or eligibility withdrawal event shall be the date of such
Demotion, Termination From Employment With Constellation Energy Group, or
eligibility withdrawal.

 

(iv)              Other
events.  A participant, regardless of his/her age and
years of Credited Service, shall be entitled to his/her net accrued
supplemental pension benefit upon the happening of any of the following
entitlement events, but only if such entitlement event occurs while a
participant and before a participant retires under this Plan:

 

(1)             Change
in Control.  A Change in Control, followed within two
years by the participant’s Demotion, a participant’s Termination From
Employment With Constellation Energy Group, or the withdrawal of the
participant’s eligibility to participate under the Plan, is an entitlement
event.  The effective date of the
entitlement event shall be the date of the Demotion, Termination From
Employment With Constellation Energy Group, or eligibility withdrawal.

 

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(2)             Plan
amendment.  A Plan amendment that has the effect of
reducing a participant’s gross accrued supplemental pension benefit is an
entitlement event.  In determining
whether such a reduction has occurred, the participant’s gross accrued
supplemental pension benefit calculated on the day immediately preceding the
effective date of the amendment shall be compared to the participant’s gross
accrued supplemental pension benefit calculated on the effective date of the
amendment.  An amendment that has the
effect of reducing future benefit accruals is not an entitlement event.  It is intended that an entitlement event
under this paragraph (c)(iii)(2) will occur only with respect to those
amendments that are substantially similar to amendments that are prohibited by
Internal Revenue Code section 411(d)(6) with respect to qualified pension
plans.  The effective date of the
entitlement event shall be the effective date of the Plan amendment.

 

(3)             Involuntary
Demotion, Termination From Employment With Constellation Energy Group, or
eligibility withdrawal without Cause.  A participant’s
involuntary Demotion or involuntary Termination From Employment With
Constellation Energy Group without Cause, or the withdrawal of a participant’s
eligibility to participate under Sections 5 or 6 of the Plan without Cause, is
an entitlement event.  The effective
date of the entitlement event shall be the effective date of the participant’s
involuntary Demotion or involuntary Termination From Employment With
Constellation Energy Group without Cause, or the eligibility withdrawal without
Cause.

 

(v)                 Form of benefit payout. Each participant entitled to a payout
under this paragraph (c) will receive such payout in the form of a lump sum
payment.

 

(vi)              Amount,
timing, and source of benefit payout.  A
participant entitled to a payout of his/her net accrued benefit, as a result of
the occurrence of 

 

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an event described in paragraphs (c)(iii), (c)(iv)(1),
(2), or (3) will be entitled to a lump sum benefit.  This lump sum benefit will be calculated by a certified
actuary  as the present value,
determined as of the date of payment, of an annuity beginning at age 62 (or the
participant’s actual age, if the participant is older than age 62 on the date
the lump sum benefit is payable), including the estimated present value of
post-retirement survivor annuity benefits described in Section 6, using (1) the
net accrued benefit amount calculated under paragraph (d)(iv) on the effective
date of the entitlement event, which is expressed as a monthly amount, (2) the
Interest Rate computed on the date the lump sum benefit is payable, and (3) the
Mortality Table.  The lump sum benefit
shall be payable as of the participant’s Severance From Service Date, and shall
be made within 60 days after such date in accordance with the provisions of the
Rabbi Trust and, to the extent not paid under the terms of the Rabbi Trust,
from general corporate assets.  A
participant who receives a lump sum benefit under this paragraph (c)(vi) shall
not be entitled to any cost of living or other pension payment adjustments or
to pre-retirement or post-retirement survivor annuity coverage.

 

(vii)           Death
of participant entitled to lump sum payout.  In the event
of the death of a participant after the occurrence of an event described in paragraphs (c)(iii), (c)(iv)(1), (2),
or (3) and before the participant receives the lump sum payment under paragraph
(c)(vi), a lump sum payment shall be made to the participant’s surviving spouse
(as defined in Section 6(i)).  The lump
sum payment will be calculated by a certified actuary and will be equal to 100%
of the lump sum that would have been paid to the participant under paragraph
(vi), as of the date on which the lump sum is payable under this paragraph
(vii), provided that the participant’s date of death is on or after his/her
Severance From Service Date.  If the
participant’s date of death is before his/her Severance From Service Date, 50%
shall be substituted for 100% in the preceding sentence.  The lump sum benefit shall be payable as of
the earlier of the participant’s Severance From Service Date or date 

 

12

 

of death, and shall be made within 60 days after such
date in accordance with the provisions of the Rabbi Trust and, to the extent
not paid under the terms of the Rabbi Trust, from general corporate
assets.  If there is no surviving spouse
at the date of the participant’s death, no payments shall be made pursuant to
Sections 5 or 6.  A surviving spouse who
receives a lump sum benefit under this paragraph (c) (vii) shall not be
entitled to any cost of living or other pension payment adjustments or to
pre-retirement or post-retirement survivor annuity coverage under the Plan.

 

6.                                       Supplemental Survivor Annuity Benefit.

 

(a)                                  Survivor annuity benefit.

 

(i)                     Eligibility for survivor annuity benefit. 
Following the death of a participant who is fully vested under the
Pension Plan, a supplemental survivor annuity may be paid to the participant’s
surviving spouse until the death of that spouse, using the Survivor Annuity
Percentage. The participant will not bear the cost of up to a 50% survivor
annuity benefit, but will bear the cost of a survivor annuity benefit in excess
of 50%.  For purposes of this Section
6(a), a participant’s surviving spouse is the individual married to the
participant on the date of the participant’s death.  If there is no surviving spouse, or if the participant or the
participant’s spouse previously received or is entitled to receive a lump sum
payment under Section 5, no supplemental survivor annuity will be payable.

 

(ii)                  Computation of survivor annuity benefit. 
The amount of the supplemental survivor annuity will be determined as
follows:

 

(1)             if the participant’s Benefit Start Date occurred prior
to the date of death:

 

(a)                        begin with the monthly pension benefit
(under Section 5(b) of this Plan) that 

 

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the participant was receiving prior to the date of
death, and

 

(b)                       multiply this dollar amount by the
Survivor Annuity Percentage.

 

(2)             otherwise:

 

(a)             Unless the participant elected the alternative
in-service death benefit in section (b) below:

 

(1)            begin with the 
monthly Early Retirement pension benefit (under both the Pension Plan
and Section 5(b) of this Plan) to which the participant would have been
entitled if the participant had been retired at the later of age 60 or his/her
actual age on the date of death for purposes of computing the Early Receipt
Reduction Factor,

 

(2)            multiply this dollar amount by the Survivor Annuity
Percentage,

 

(3)            subtract from the product the net amount, if any, of
the survivor annuity provided on behalf of the participant under the Pension
Plan if the participant is participating in the Traditional Pension Plan, or
the monthly annuity that would have been provided to the participant’s spouse
assuming that he or she had been designated as the participant’s beneficiary
and had chosen to receive a survivor benefit in the form of a monthly annuity,
if the participant is participating in the PEP, and

 

(4)            subtract from this dollar amount the charges relating
to coverage (under both the Pension Plan and this Plan) for a pre-retirement
survivor annuity in excess of 50%.

 

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(b)            If the participant was a participant in the Pension
Equity Plan option of the Pension Plan and elected this alternative in-service
death benefit by December 31 of the year prior to his/her death or during the
2001 initial election period established by the Plan Administrator

 

(1)            calculate the benefit under the Constellation Energy
Group Benefits Restoration Plan that would have been payable to the surviving
spouse if the participant were a participant in that plan and

 

(2)            that dollar amount will be paid to the surviving
spouse only in the form of a lump sum from this Plan.

 

(iii)               Form of payout of survivor annuity benefits. Unless the participant made a valid
election by December 31 of the year prior to his/her death or during the 2001
initial election period established by the Plan Administrator, to have the
survivor benefits paid in a lump sum, each surviving spouse entitled to a
supplemental survivor annuity benefit will receive his/her survivor annuity
benefit payout in the form of a monthly payment.

 

(iv)              Amount,
timing, and source of monthly survivor annuity benefit payout. 
A surviving spouse entitled to monthly supplemental survivor annuity
benefits will receive a monthly payment equal to the amount determined under
(ii) above.  Such payments shall
commence effective with the first day of the month following the month of the
participant’s death.  If such surviving
spouse receives (or would have received but for the Internal Revenue Code
Limitations) cost of living adjustment(s) under the Pension Plan, the monthly
payments hereunder will be automatically increased based on the percentage of,
and at the same time as, such adjustment(s). 
Monthly payments hereunder shall permanently cease upon the death of the
surviving spouse, effective with the monthly payment for the month following
the month 

 

15

 

of the surviving spouse’s death.  Monthly payments hereunder shall be made in
accordance with the provisions of the Rabbi Trust and, to the extent not paid
under the terms of the Rabbi Trust, from general corporate assets.

 

(v)                 Amount, timing, and source of lump sum survivor
benefit payout.
A surviving spouse entitled to lump sum supplemental survivor benefit will
receive a lump sum payment.  This lump
sum payment will be calculated by a certified actuary and will be equal to the
present value of an immediate annuity. Such lump sum payment shall be made
within 60 days after the participant’s death. 
The lump sum payment shall be made in accordance with the provisions of
the Rabbi Trust and, to the extent not paid under the terms of the Rabbi Trust,
from general corporate assets.  A
surviving spouse who receives a lump sum payment shall not be entitled to any
cost of living or other pension payment adjustments.

 

(vi)              Death
of surviving spouse entitled to lump sum payout. 
In the event of the death of a surviving spouse before the spouse
receives the lump sum payment under section 6(a)(v) no payment shall be made.

 

7.                                       Death Benefit.  Constellation Energy Group shall make
arrangements, through its split-dollar life insurance program or otherwise, for
life insurance coverage for each designated participant providing that the
participant’s beneficiary shall receive, as a pre-retirement (or pre-rollout
benefit for participants as of April 1, 2000 death benefit, an amount which is
approximately equal to three times the participant’s base salary control point
plus target annual incentive (as determined in the sole discretion of the Plan
Administrator), and as a post-retirement death benefit(or post-rollout benefit
for participants as of April 1, 2000, an amount which is approximately equal to
two times the participant’s base salary control point plus target annual
incentive (as determined in the sole discretion of the Plan Administrator), as
set forth in a separate agreement between the participant and his/her employer.

 

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As
determined in the sole discretion of the Plan Administrator, in the event that
either (i) a participant is ineligible to receive the type of life insurance
coverage provided to other participants under this Plan, or (ii) such coverage
is not available on reasonably cost-effective terms as a result of any penalty
for smoking or other factors that are reflected in the insurance carrier’s
rates, then Constellation Energy Group shall provide a benefit that, in the
discretion of the Plan Administrator, is substantially equivalent to the cost
of the benefit provided to other participants under this Plan.

 

8.                                       Dependent Death Benefit.  For a participant with a split-dollar policy
under Section 7, in the event of the death of a participant’s qualified
dependent while the participant is an active employee of Constellation Energy
Group or a subsidiary of Constellation Energy Group, Constellation Energy Group
shall make a death benefit payment to the participant, from general corporate
assets.  For purposes of this Section 8,
qualified dependent shall have the same meaning as set forth in Constellation
Energy Group’s Family Life Insurance Plan. 
For purposes of this Section 8, the amount of death benefit payment
shall be the highest amount of insurance that would have been payable with
respect to such qualified dependent if coverage had been provided under
Constellation Energy Group’s Family Life Insurance Plan.  The dependent death benefit payment under
this Plan shall be grossed-up for income tax withholding.

 

9.                                       Miscellaneous.  None of the
benefits provided under this Plan shall be subject to alienation or assignment
by any participant or beneficiary nor shall any of them be subject to
attachment or garnishment or other legal process except (i) to the extent
specially mandated and directed by applicable State or Federal statute; (ii) as
requested by the participant or beneficiary to satisfy income tax withholding
or liability; and (iii) any policy of insurance written by a commercial carrier
on a split-dollar basis shall be assignable.

 

This Plan may be amended from time to time, or
suspended or terminated at any time, provided, however, that no amendment or
termination shall reduce any previously accrued supplemental pension benefit
under this Plan or impair the rights of any participant or beneficiary entitled
to receive current or future payment hereunder at the time of such action.  All amendments to this Plan may be made at
the written direction of the Committee. Notwithstanding anything 

 

17

 

else in this Plan to the contrary, the Constellation
Energy Group Board of Directors may authorize a Participant to be eligible for
benefits or may increase benefit payments.

 

Participation in this Plan shall not constitute a
contract of employment between Constellation Energy Group or any of its
subsidiaries and any person and shall not be deemed to be consideration for, or
a condition of, continued employment of any person.

 

The Plan, notwithstanding the creation of the Rabbi
Trust, is intended to be unfunded for purposes of Title I of the Employee
Retirement Income Security Act of 1974. 
Constellation Energy Group shall make contributions to the Rabbi Trust
in accordance with the terms of the Rabbi Trust.  Any funds which may be invested and any assets which may be held
to provide benefits under this Plan shall continue for all purposes to be a
part of the general funds and assets of Constellation Energy Group and no
person other than Constellation Energy Group shall by virtue of the provisions
of this Plan have any interest in such funds and assets.  To the extent that any person acquires a
right to receive payments from Constellation Energy Group under this Plan, such
rights shall be no greater than the right of any unsecured general creditor of
Constellation Energy Group.

 

In the event Constellation Energy Group becomes a
party to a merger, consolidation, sale of substantially all of its assets or
any other corporate reorganization in which Constellation Energy Group will not
be the surviving corporation or in which the holders of the common stock of
Constellation Energy Group will receive securities of another corporation (in
any such case, the “New Company”), then the New Company shall assume the rights
and obligations of Constellation Energy Group under this Plan.

 

This Plan shall be governed in all respects by
Maryland law.

 

18

 

Amendments to the Constellation Energy Group, Inc.

Senior Executive Supplemental Plan (Plan)

 

1.             Notwithstanding anything in Section 5(b)(iii) of the
Plan to the contrary, any participant who terminates employment in connection
with the management restructuring announced late in 2001, and who wants to
receive a lump sum payout of his/her Plan benefit in 2002, must irrevocably
elect by December 31, 2001 to rollover the present value of his/her accrued
benefit under the Plan to the Nonqualified Deferred Compensation Plan effective
December 31, 2001.  Any additional
benefit accruals under the Plan during 2002 and prior to employment termination
will automatically be paid in a lump sum from the Plan within 60 days after
employment termination.

 

2.             Notwithstanding anything in Section 5(b)(ii) to the
contrary, participants designated by the Plan Administrator who are at least
age 55 with 10 or more years of service as of January 31, 2002 and who make an
irrevocable election in the time and manner established by the Plan
Administrator to voluntarily retire on February 1, 2002 (or such later date on
or before July 1, 2002 as required in the sole discretion of management), is
entitled to an enhanced early retirement benefit conditioned on such
participants’ execution of a waiver releasing Constellation Energy Group, Inc.
and its affiliates from certain claims. 
The enhanced benefit is expressed as a lump sum amount equal to three
weeks of pay (using Average Annual Base Salary and Average Incentive Award) per
year of Credited Service (as defined under the Pension Plan).  Participants who receive such enhanced
benefits are not eligible for benefits under any severance plan or arrangement.

 

19Exhibit 10(p)

 

CONSTELLATION
ENERGY GROUP, INC.

 

SUPPLEMENTAL
BENEFITS PLAN

 

1.                                       Objective.  The
objective of this Plan is to enhance the benefits provided to certain officers
and key employees of Constellation Energy Group and its subsidiaries in order
to attract and retain talented executive personnel.

 

2.                                       Definitions.  All words
beginning with an initial capital letter and not otherwise defined herein shall
have the meaning set forth in the Pension Plan.   All singular terms defined in this Plan will include the plural
and vice versa. As used herein, the following terms will have the
meaning specified below:

 

“Average Incentive Award” (or “Average Award”) means
the average of the two highest of the participant’s five immediately prior year
awards earned under Constellation Energy Group’s Executive Annual Incentive
Plan, Constellation Energy Group’s Senior Management Annual Incentive Plan
and/or the Other Incentive Awards Program.

 

“Committee” means the Committee on Management of the
Board of Directors of Constellation Energy Group.

 

“Constellation Energy Group” means Constellation
Energy Group, Inc., a Maryland corporation, or its successor.

 

“Constellation Energy Group’s Executive Annual
Incentive Plan” means such plan or other incentive plan or arrangement
designated in writing by the Plan Administrator.

 

“Constellation Energy Group’s Senior Management Annual
Incentive Plan” means such plan or other incentive plan or arrangement
designated in writing by the Plan Administrator.

 

“Income Replacement Percentage” means the percentage
under the LTD Plan that is used to calculate the participant’s actual LTD Plan
benefit.

 

“LTD Plan” means the Constellation Energy Group, Inc.
Disability Insurance Plan as may be amended from time to time, or any successor
plan.

 

 

“Other Incentive Awards Program” means the program(s)
designated in writing by the Plan Administrator applicable to certain employees
that provides awards; but includes only the types of awards that are includable
in the computation of Pension Plan benefits.

 

“Pension Plan” means the Pension Plan of Constellation
Energy Group, Inc. as may be amended from time to time, or any successor plan.

 

“Plan Administrator” means, as set forth in Section 3,
the Committee.

 

3.                                       Plan Administration.  The
Committee is the Plan Administrator and has sole authority (except as specified
otherwise herein) to interpret the Plan and, in general, to make all other
determinations advisable for the administration of the Plan to achieve its
stated objective.  Appeals of written
decisions by the Plan Administrator may be made to the Board of Directors of
Constellation Energy Group.  Decisions
by the Board shall be final and not subject to further appeal.  The Plan Administrator shall have the power
to delegate all or any part of its duties to one or more designees, and to
withdraw such authority, by written designation.

 

4.                                       Eligibility.  Each officer
or key employee of Constellation Energy Group or its subsidiaries may be
designated in writing by the Plan Administrator as a participant with respect
to one or more benefits under the Plan. Once designated, participation shall
continue until such designation is withdrawn at the discretion and by written
order of the Plan Administrator. 
Notwithstanding the foregoing, any participant while classified as
disabled under the LTD Plan shall continue to participate in this Plan (except
under Sections 6 and 7) while classified as disabled.

 

5.                                       Supplemental Long-Term Disability Benefit.

 

(i)                     Eligibility for disability benefits. 
Any participant who has completed at least one full calendar month of
service with Constellation Energy Group or its subsidiaries, who has elected
coverage under the LTD Plan, and who is disabled (as determined under the LTD
Plan) will be entitled to supplemental disability benefits under this Plan.

 

2

 

(ii)                  Computation of disability benefits. 
The amount of such supplemental disability benefits shall be determined
as follows:

 

(1)             multiply the monthly base rate of pay amount in effect
immediately prior to becoming entitled to benefits under the LTD Plan by
twelve,

 

(2)             add the Average Incentive Award to the product,

 

(3)             add certain bonuses and incentives that are included
in the computation of Average Pay under the Pension Plan (except that awards
included in the computation of Average Incentive Award shall be excluded),
earned over the last 12 months to the product,

 

(4)             divide the sum by 12,

 

(5)             multiply this monthly dollar amount by the Income
Replacement Percentage, and

 

(6)             subtract from the product the gross monthly amount
provided for the participant under the LTD Plan before such amount is reduced
for other benefits as set forth under the LTD Plan.

 

(iii)               Form of payment of disability benefits. 
Each participant entitled to supplemental disability benefits will
receive his/her supplemental
disability benefit payout in the form of a monthly payment.

 

(iv)              Amount,
timing, and source of monthly disability benefit payout. 
A participant entitled to supplemental disability benefits will receive
a monthly payment equal to the amount determined under (ii) above.  Such payments shall commence effective with
the commencement of the participant’s LTD Plan benefit payments.  Monthly payments shall permanently cease
when benefit payments under the LTD Plan cease.  Monthly payments shall be made from Constellation Energy Group’s
general corporate assets.

 

If a participant
receiving payments pursuant to this Section 5 receives cost of living or other
inflation/indexing adjustment(s) under the LTD Plan,

 

3

 

the payments hereunder
will be automatically increased based on the same percentage of, and at the
same time as, such adjustment(s).

 

(v)                 Bonus.  Any
participant who has less than ten years of Credited Service shall be entitled
to a monthly taxable cash bonus, equal to an amount based on the cost of LTD
Plan coverage, using the formula for computing Constellation Energy
Group-provided Flexible Benefits Plan credits for LTD Plan coverage and taking
into account the Participant’s Credited Service and covered compensation.  Such cash bonus shall be made from  general corporate assets.

 

6.                                       Sickness Benefit.  Each
participant, without regard to length of service, shall be entitled to the greater
of the benefits stipulated under his/her employer’s sick benefit policy for
employees or twenty-six (26) weeks of paid sick benefits within a rolling
52-week period.

 

7.                                       Vacation Benefit.  Each
participant, without regard to length of service, shall be entitled to the
greater of the benefits stipulated under his/her employer’s vacation benefit
policy for employees or five weeks of paid vacation during a calendar year.

 

8.                                       Planning Benefit.  Each
participant shall be entitled to certain personal financial, tax, and estate
planning services paid for by Constellation Energy Group but provided through
designated professional firms.  This
entitlement shall be subject to any dollar limitation established by the Plan Administrator
with respect to all such fees.  The
services shall be provided to each participant by the chosen firm(s) on a
personalized and confidential basis; and each firm shall have sole
responsibility for quality of the services which it may render.

 

The services to be
provided shall be on an on-going and continuous basis, but shall be limited to
(i) the development and legal documentation of both career-oriented financial
plans and personal estate plans, and (ii) tax counseling regarding personal tax
return preparation and the most advantageous structuring, tax-wise, of proposed
personal transactions.

 

Such planning benefit
shall continue during the year of retirement plus the next two calendar years
(the year of

 

4

 

retirement plus the next
calendar year for January 1 retirements) and include the completion of the
federal and state personal tax returns for the second calendar year following
retirement (the calendar year following retirement for January 1 retirements).  However, if a retired member of senior
management continues to serve as a member of the Board of Directors of
Constellation Energy Group, his/her planning benefit period shall be extended
until he/she no longer serves as a member of the Board of Directors.

 

Upon the death of a participant
entitled to the planning benefit provided hereunder, his/her surviving spouse
shall be entitled to receive the following planning benefit: (i) if the
deceased was not retired at the time of death, the surviving spouse shall be
entitled to the planning benefit for the year in which the death occurred plus
the next two calendar years, including completion of the federal and state
personal tax returns for the second calendar year after the year in which the
death occurred; or (ii) if the deceased was retired at the time of death, then
the surviving spouse shall receive a planning benefit equal to that the
deceased would have received if he/she had not died prior to expiration of the
planning benefit.  The surviving spouse
of a retired member of senior management whose death occurs while serving as a
member of the Board of Directors of Constellation Energy Group, shall be
entitled to a planning benefit as set forth in (i) above.

 

The planning benefit
provided under this Plan shall be grossed-up for income tax withholding.

 

9.                                       Miscellaneous.  None of the
benefits provided under this Plan shall be subject to alienation or assignment
by any participant or beneficiary nor shall any of them be subject to
attachment or garnishment or other legal process except (i) to the extent
specially mandated and directed by applicable State or Federal statute and (ii)
as requested by the participant or beneficiary to satisfy income tax
withholding or liability.

 

This Plan may be amended
from time to time, or suspended or terminated at any time, provided, however,
that no amendment or termination shall impair the rights of any participant or
beneficiary entitled to receive current or future payment hereunder at the time
of such action.  All amendments to this
Plan may be made at the written direction of the Committee.

 

5

 

Participation in this
Plan shall not constitute a contract of employment between Constellation Energy
Group or a subsidiary of Constellation Energy Group and any person and shall
not be deemed to be consideration for, or a condition of, continued employment
of any person.

 

All payments made under
the Plan shall be made from general corporate assets.  The Plan, is intended to be unfunded for purposes of Title I of
the Employee Retirement Income Security Act of 1974.  To the extent that any person acquires a right to receive
payments from Constellation Energy Group under this Plan, such rights shall be
no greater than the right of any unsecured general creditor of Constellation
Energy Group.

 

In the event Constellation Energy Group becomes a
party to a merger, consolidation, sale of substantially all of its assets or
any other corporate reorganization in which Constellation Energy Group will not
be the surviving corporation or in which the holders of the common stock of
Constellation Energy Group will receive securities of another corporation (in
any such case, the “New Company”), then the New Company shall assume the rights
and obligations of Constellation Energy Group under this Plan.

 

This Plan shall be
governed in all respects by Maryland law.

 

6

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