Document:

Exhibit

Exhibit 10.3

NONQUALIFIED STOCK OPTION INDUCEMENT AGREEMENT
    
This Nonqualified Stock Option Inducement Agreement  (the “Agreement”) is made effective as of January 7, 2019 (the “Grant Date”) by and between Delphi Technologies PLC (the “Company”), and Richard F. Dauch (the “Optionee”).
WHEREAS, as an inducement for the Optionee to accept employment with the Company and its affiliates and to perform services for the Company as its Chief Executive Officer, the Company agreed to grant to the Optionee a nonqualified stock option and this Agreement sets forth the terms and conditions of such nonqualified stock option that is being granted as an inducement to the Optionee;
NOW, THEREFORE, in consideration of the premises and the mutual covenants and agreements herein contained and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the Company and the Optionee hereby agree as follows: 
1.Administration/Interpretation of Agreement.  This Agreement and the Option evidenced hereby will be administered by the Compensation and Human Resources Committee (the “Committee”) of the Board of Directors of the Company.  Any interpretation of this Agreement by the Committee and any decision made by it with respect to the Option or this Agreement is final and binding on all persons.
2.Grant of Option.  Subject to the terms and conditions of this Agreement, on the Grant Date, the Company hereby grants to the Optionee an option (the “Option”) to purchase 1,006,077 ordinary shares of the Company (the “Option Shares”), at an “Exercise Price” of $15.06, subject to any adjustments provided for in this Agreement.  The Option shall constitute a nonqualified stock option and is not intended to be an incentive stock option subject to section 422 of the Internal Revenue Code of 1986, as amended (the “Code”).  
3.Vesting/Exercisability.  
(a)    Twenty percent (20%) of the Option Shares subject to the Option shall become vested upon each of the first, second, third, fourth and fifth anniversaries of the Grant Date (each such date a “Vesting Date”), subject to the Optionee’s continued employment with the Company and its affiliates on the applicable Vesting Date.  
(b)    No portion of the Option shall vest after the date on which the Optionee’s employment with the Company and its affiliates terminates (the “Employment Termination Date”) and any unvested portion of the Option shall be forfeited effective as of the Employment Termination Date.  Notwithstanding the foregoing, in the event that the Optionee’s Employment Termination Date occurs by reason of death, Disability (as defined below), termination by the Company without cause, or termination by the Optionee for Good Reason (as defined below), the Option shall become fully vested upon 

730815556 00638439

the Employment Termination Date.  For purposes of this Agreement, the term “Disability” means (i) a permanent and total disability that entitles the Optionee to disability income payments under any long-term disability policy provided by the Company under which the Optionee is covered, as such plan or policy is then in effect or (ii) if the Optionee is not covered under a long-term disability plan or policy provided by the Company at such time for whatever reason, then a “permanent and total disability” as defined in Section 22(e)(3) of the Code and, in such case, the existence of any Disability will be certified by a physician acceptable to the Company.  For purposes of this Agreement, the term “Good Reason” shall have the meaning specified in the Company’s Long-Term Incentive Plan as in effect on the Grant Date (the “Incentive Plan”).
(c)    No portion of the Option may be exercised unless it is vested in accordance with the provisions of this Agreement.  No portion of the Option may be exercised after the Expiration Date of the Option (as described in Section 4).
4.Expiration.  To the extent vested, the Option may be exercised prior to the Expiration Date.  For purposes of this Agreement, the “Expiration Date” shall be the earliest of the following dates:
(a)    the tenth anniversary of the Grant Date;
(b)    if the Optionee’s Termination Date occurs on account of death or Disability, the one year anniversary of the Termination Date;
(c)    if the Optionee’s Termination Date occurs by reason of termination by the Company and its affiliates for Cause (as defined below), the Employment Termination Date; and 
(d)    if the Optionee’s Employment Termination Date occurs for any other reason, the three (3) month anniversary of the Employment Termination Date. 
For purposes of this Agreement, the term “Cause” shall have the meaning set forth in the Incentive Plan.
5.Manner of Exercise. 
(a)    The Option may be exercised in respect of a whole number of Option Shares (and only in respect of a whole number) by written notice of exercise from the Optionee (or, in the event of his death, his estate or other beneficiary) to the Secretary of the Company at the Company’s principal executive offices, which notice must be received prior to the Option’s Expiration Date.  Subject to the following provisions, the 

full Exercise Price for Option Shares purchased upon the exercise of the Option shall be paid at the time of such exercise (except that, in the case of an exercise arrangement approved by the Company and described below, payment may be made as soon as practicable after the exercise).  
(b)    Payment of the Exercise Price for the Option Shares in respect of which the Option is exercised shall be satisfied through the surrender of ordinary shares of the Company (“Shares”) to which the Optionee is otherwise entitled upon exercise of the Option (net withholding) unless the Optionee (or other person entitled to exercise) elects to pay such Exercise Price in cash or by tendering, by either actual delivery of Shares or by attestation, Shares acceptable to the Committee and valued at fair market value as of the day of exercise, or in any combination thereof; provided, however, that Shares may not be used to pay any portion of the Exercise Price unless the holder thereof has good title, free and clear of all liens and encumbrances. 
(c)    The Optionee (or other person entitled to exercise) may also elect to pay the Exercise Price (and any applicable withholding taxes) upon the exercise of an Option by irrevocably authorizing a third party, approved by the Committee, to sell Shares (or a sufficient portion of the Shares) acquired upon exercise of the Option and remit to the Company a sufficient portion of the sale proceeds to pay the entire Exercise Price and any tax withholding resulting from such exercise.
Tax withholding obligations shall also be subject to Section 6 of this Agreement.
6.Withholding.  This Option and all payments hereunder are subject to withholding of all applicable taxes. Any withholding obligations relating to this Option shall be satisfied through the surrender of Shares (or other amounts) to which the Optionee is otherwise entitled upon exercise of the Option (net withholding) unless the Optionee elects to satisfy such withholding as described in Section 4. Notwithstanding the foregoing, previously-owned Shares that have been held by the Optionee or Shares to which the Optionee is entitled under the Option may only be used to satisfy the minimum tax withholding required by applicable law (or other rates that will not have a negative accounting impact).
7.Adjustments/Change in Control.  
(a)    In the event that, as a result of any dividend or other distribution (whether in the form of cash, Shares or other securities), recapitalization, stock split, reverse stock split, reorganization, merger, consolidation, split-up, spin-off, combination, repurchase or exchange of Shares or other securities of the Company, issuance of warrants or other rights to acquire Shares or other securities of the Company, issuance of Shares pursuant 

to the anti-dilution provisions of securities of the Company, or other similar corporate transaction or event affecting the Shares, or of changes in applicable laws, regulations or accounting principles, an adjustment is necessary in order to prevent dilution or enlargement of the benefits or potential benefits intended to be made available under the Option, then the Committee shall, subject to the requirements of Section 409A of the Code, adjust equitably (a) the number and type of Shares (or other securities) subject to the Option, (b) the Exercise Price (or, if deemed appropriate, make a cash payment to the Optionee with respect to the Option).
(b)    Except as otherwise provided by the Committee, upon a Change in Control (as defined below), a merger or consolidation involving the Company or any other event with respect to which the Committee deems it appropriate, the Committee may cause the Option to be canceled in consideration of (i) the full acceleration of the Option and either (A) a period of at least ten (10) days prior to such Change in Control, merger, consolidation or other event to exercise the Option or (B) a payment in cash or other consideration to the Optionee in an amount equal to the Intrinsic Value (as defined below) of such Option (which may be equal to but not less than zero), which, if in excess of zero shall be payable upon the effective date of the Change in Control, merger, consolidation or other event, or (ii) a substitute award (which immediately upon grant shall have an Intrinsic Value equal to the Intrinsic Value of such Option and shall include terms and conditions not less favorable to the Optionee than the terms and conditions of the Option).  For purposes of the foregoing, (A) the term “Change in Control” shall have the meaning as set forth in the Incentive Plan, and (B) the term “Intrinsic Value” shall mean (I) the excess, if any, of the price per Share or implied price per Share in the Change in Control over the Exercise Price, multiplied by (II) the number of Shares covered by the Option. 
8.Data Protection.  By receiving the grant of the Option, the Optionee consents to the holding and processing of personal information provided by the Optionee to the Company or any of its affiliates, trustee or third party service provider, for all purposes relating to the operation of the Option and this Agreement.  These include, but are not limited to (a) administering and maintaining the Optionee’s records, (b) providing information to the Company, its affiliates, trustees of any employee benefit trust, registrars, brokers or third party administrators with respect to the Option (or the Shares subject to the Option), (c) providing information to future purchasers or merger partners of the Company or any of its affiliates, or the business in which the Optionee works, or (d) transferring information about the Optionee to any country or territory that may not provide the same protection for the information as the Optionee’s home country. 

9.Prohibition on Repricing.  Except as provided in Section 7 or except for reductions in the Exercise Price of the Option approved by the Company’s shareholders, the Exercise Price for the Option may not be decreased after the Grant Date nor may the Option be surrendered to the Company as consideration for the grant of a replacement Option with a lower exercise price or another equity or equity-based award.  Except as approved by the Company’s shareholders in no event shall the Option be surrendered to the Company (or any of its affiliates) in consideration for a cash payment if, at the time of such surrender, the Exercise Price of the Option is greater than the then current Fair Market Value of a Share.   
10.Transferability. The Option may not be transferred, assigned or pledged (whether by operation of law or otherwise) other than by the laws of descent and distribution. The Option shall not be subject to execution, attachment or similar process.
11.No Employment Rights. Nothing in this Agreement shall be considered to confer on the Optionee any right to continue in the employ of the Company or any affiliate or to limit the right of the Company or any affiliate to terminate the Optionee’s employment.
12.No Stockholder Rights. The Optionee shall not have any rights as a stockholder of the Company in respect of any of the Option Shares unless and until Shares are issued to the Optionee following the exercise of the Option.
13.Governing Law. This Agreement shall be governed in accordance with the laws of the State of Michigan.
14.Successors.  This Agreement shall, except as herein stated to the contrary, inure to the benefit of and bind the legal representatives, heirs, successors and assigns of the parties hereto.
15.Binding Effect. This Agreement shall be binding on the Company and the Optionee and on the Optionee’s heirs, legatees and legal representatives.
16.Amendment.  This Agreement may not be changed or terminated orally but only by an agreement in writing signed by the party against whom enforcement of any such change or termination is sought.
IN WITNESS WHEREOF, this Agreement has been duly executed and delivered to be effective as of the Grant Date

DELPHI TECHNOLOGIES PLC

/s/ James D. Harrington 
By: James D. Harrington
Its: Senior Vice President &  
General Counsel

OPTIONEE

/s/ Richard F. Dauch
Richard F. DauchExhibit

This Instrument Prepared By:

/s/ Christie D. Cannon                
Christie D. Cannon
Delmarva Power & Light Company
Mailstop 92DC42
500 N. Wakefield Drive
Newark, DE  19702-5440

                                                

DELMARVA POWER & LIGHT COMPANY

TO

THE BANK OF NEW YORK MELLON,
Trustee.

________

ONE HUNDRED AND TWENTY-SECOND SUPPLEMENTAL
INDENTURE

________

Dated as of January 1, 2019
(but executed on the dates shown on the execution page)

                                                

1

This ONE HUNDRED AND TWENTY-SECOND SUPPLEMENTAL INDENTURE, dated as of the first day of January, 2019 (but executed on the dates hereinafter shown), made and entered into by and between DELMARVA POWER & LIGHT COMPANY, a corporation of the State of Delaware and the Commonwealth of Virginia, hereinafter called the Company and THE BANK OF NEW YORK MELLON, a New York banking corporation, hereinafter called the Trustee;

WITNESSETH:

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

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

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

WHEREAS, it is provided in and by the Original Indenture, inter alia, as follows: 

“IT IS HEREBY AGREED by the Company that all the property, rights and franchises acquired by the Company after the date hereof (except any hereinbefore or hereinafter expressly excepted) shall (subject to the provisions of Section 9.01 hereof and to the extent permitted by law) be as fully embraced within the lien hereof as if such property, rights and franchises were now owned by the Company and/or specifically described herein and conveyed hereby;”

and

WHEREAS, the Company has acquired certain other property, real, personal and mixed, which heretofore has not been specifically conveyed to the Trustee;

2

NOW, THEREFORE, this ONE HUNDRED AND TWENTY-SECOND SUPPLEMENTAL INDENTURE WITNESSETH that for and in consideration of the premises and in pursuance of the provisions of the Indenture, the Company has granted, bargained, sold, released, conveyed, assigned, transferred, mortgaged, pledged, set over and confirmed, and by these presents does grant, bargain, sell, release, convey, assign, transfer, mortgage, pledge, set over and confirm unto the Trustee and to its successors in the trust in the Indenture created, to its and their assigns forever, all the following described properties of the Company, and does confirm that the Company will not cause or consent to a partition, either voluntary or through legal proceedings, of property, whether herein described or heretofore or hereafter acquired, in which its ownership shall be as tenant in common, except as permitted by, and in conformity with, the provisions of the Indenture and particularly of Article IX thereof:

MARYLAND
Kent County
	
					
	Property Name
	Instrument Date
	Deed Records
	Tax Map No.

	Liber
	Folio

	Chestertown Substation
Purchase of 0.73 acres of land located at 501 Morgnec Road, Chestertown MD 21801
	12/17/2018
	979
	160
	Tax Map 0037
Parcel 0085

Together with all other property, real, personal and mixed, tangible and intangible (except such property as in said Indenture expressly excepted from the lien and operation thereof), acquired by the Company on or prior to December 31, 2018, and not heretofore specifically subjected to the lien of the Indenture.

Also without limitation of the generality of the foregoing, the easements and rights-of-way and other rights in or relating to real estate or the occupancy of the same owned by the Company, and whether used or not used in connection with the Company’s operations, which are conveyed to the Company and recorded in the following Real Property Deed Records to which reference is made for a more particular description, to wit:

DELAWARE
New Castle County
	
			
	Instrument Date
	Deed Records
	Tax ID No.

	04/12/17
	20180405-0016040
	20-004.00-023, 20-004.00-043

	05/08/17
	20181220-0070741
	14-024.00-046

	05/16/17
	20180405-0016042
	20-004.00-043

	05/17/17
	20180405-0016041
	20-002.00-059

	05/17/17
	20180405-0016043
	20-004.00-045

	05/22/17
	20181023-0054551
	10-017.00-025

	12/19/17
	20180405-0016039
	13-009.00-043

	12/19/17
	20180404-0016044
	10-006.00-032

	01/11/18
	20180405-0016037
	14-025.00-056

	02/12/18
	20180405-0016038
	26-008.20-001

	02/19/18
	20180405-0016045
	10-035.00-043

3

	
			
	02/27/18
	20180405-0016046
	26-062.00-004

	03/05/18
	20180514-0022672
	07-029.20-148

	03/08/18
	20180514-0022674
	07-030.10-067

	03/15/18
	20180514-0022681
	07-030.10-059

	03/22/18
	20180514-0022677
	06-047.00-293

	03/23/18
	20180514-0022678
	14-002.40-106

	04/07/18
	20180514-0022673
	07-030.10-041

	04/09/18
	20180514-0022680
	08-018.00-034

	Instrument Date
	Deed Records
	Tax ID No.

	04/20/18
	20180514-0022675
	07-030.10-066

	04/20/18
	20180514-0022679
	09-028.30-098

	04/24/18
	20180608-0027437
	09-018.00-030

	04/27/18
	20180621-0029881
	26-042.00-006

	04/28/18
	20180514-0022676
	14-024.00-005

	04/30/18
	20180608-0027436
	06-156.00-003

	05/01/18
	20180608-0027439
	13-012.20-079

	05/07/18
	20181023-0054552
	07-032.10-058

	05/17/18
	20180608-0027440
	08-009.00-028

	05/17/18
	20180608-0027438
	08-009.00-028

	05/17/18
	20180621-0029880
	08-035.00-014

	05/29/18
	20180621-0029882
	08-023.00-023

	06/06/18
	20180621-0029879
	07-030.20-022

	06/08/18
	20180810-0040694
	15-010.00-047

	07/03/18
	20180709-0034380
	26-049.00-003

	07/05/18
	20180810-0040695
	08-022.00-008

	07/10/18
	20180810-0040692
	08-022.00-048

	07/11/18
	20181220-0070742
	14-020.00-086

	07/13/18
	20180810-0040691
	08-022.00-049

	07/16/18
	20180810-0040693
	08-022.00-047

	07/23/18
	20180810-0040696
	15-015.00-153

	07/23/18
	20180810-0040697
	15-015.00-180

	07/26/18
	20180816-0041745
	13-009.00-046

	08/24/18
	20181023-0054555
	11-037.00-002

	09/12/18
	20181109-0059961
	26-030.30-007

	09/20/18
	20181023-0054549
	15-011.00-171

	09/20/18
	20181023-0054553
	18-039.00-002, 18-036.00-002

	09/21/18
	20181023-0054554
	15-016.00-048

	09/25/18
	20181023-0054548
	14-016.00-118

	10/12/18
	20181023-0054550
	14-012.00-016

	10/16/18
	20181109-0059962
	08-008.00-030

	10/19/18
	20181109-0059960
	15-022.00-229

	10/23/18
	20181207-0067215
	15-020.00-136

	10/26/18
	20181207-0067216
	11-013.00-013

	10/26/18
	20181220-0070740
	26-057.00-008

4

	
			
	11/09/18
	20181220-0070739
	15-020.00-071

	11/09/18
	20181220-0070738
	08-126.10-054

	11/15/18
	20181207-0067217
	15-015.00-172

5

DELAWARE
Sussex County
	
				
	Instrument Date
	Deed Records
	Tax ID No.

	Book
	Page

	09/28/17
	4924
	182
	334-13.00-325.08

	11/12/17
	4877
	265
	132-10.00-24.00

	02/03/18
	4862
	334
	134-5.00-465.00

	04/12/18
	4889
	30
	134-17.00-7.00

	05/01/18
	4925
	9
	334-13.00-155.00

	08/08/18
	4935
	263
	334-13.00-296.00

	08/27/18
	4946
	165
	532-20.00-15.03

	09/02/18
	4964
	320
	330-11.13-26.00

	09/05/18
	4948
	60
	235-14.00-132.00, 235-14.00-132.03

	09/18/18
	4964
	322
	432-12.00-8.00

	11/10/18
	4979
	59
	132-6.00-92.01

	11/20/18
	4987
	244
	531-12.00-92.00

	12/04/18
	4988
	189
	533-19.00-50.00

	12/08/18
	4858
	314
	334-19.00-3.00, 334-19.00-3.02, 
334-19.00-3.04

DELAWARE
Kent County
	
				
	Instrument Date
	Deed Records
	Tax ID No.

	Instrument Number

	05/07/18
	9153
	223
	NM-00-12.00-02.11.00

	06/25/18
	9195
	130
	6-00-18700-01-0800-00001

MARYLAND
Caroline County
	
					
	Instrument Date
	Deed Records

	Map
	Parcel

	Book
	Page

	11/01/17
	1292
	244
	18
	225

6

MARYLAND
Cecil County
	
					
	Instrument Date
	Deed Records

	Map
	Parcel

	Book
	Page

	11/30/17
	4190
	470
	12
	33

	12/04/17
	4219
	155
	316
	728

	12/12/17
	4218
	470
	10
	423

	12/21/17
	4218
	462
	801
	290

	12/28/17
	4218
	465
	29
	307

	12/28/17
	4218
	456
	29
	49

	12/28/17
	4218
	458
	29
	51

	01/18/18
	4218
	468
	41
	351

	02/06/18
	4218
	454
	43
	6

	02/06/18
	4218
	454
	43
	6

	02/22/18
	4218
	460
	25
	70

	02/28/18
	4211
	119
	25
	762

	03/12/18
	4221
	270
	41
	404

	04/02/18
	4226
	480
	46
	14

	04/03/18
	4233
	468
	25
	747

	04/18/18
	4233
	466
	19
	79

	05/25/18
	4252
	373
	801
	501

	06/14/18
	4259
	192
	401
	459

	07/02/18
	4269
	204
	401
	2

	07/02/18
	4278
	185
	35
	598

	07/16/18
	4278
	187
	30
	17

	07/19/18
	4278
	190
	401
	458

	07/19/18
	4282
	438
	43
	138

	08/09/18
	4295
	367
	35
	14

	08/10/18
	4288
	477
	29
	383

	08/10/18
	4288
	479
	29
	20

	08/10/18
	4288
	481
	29
	580

	08/16/18
	4286
	432
	31
	446

	08/16/18
	4288
	375
	36
	414

	08/27/18
	4295
	364
	36
	489

	09/05/18
	4295
	369
	35
	118

	09/21/18
	4310
	355
	14
	79

	09/25/18
	4307
	80
	41
	69

	09/27/18
	4307
	65
	41
	371

	10/26/18
	4321
	1
	35
	353

	11/28/18
	4332
	318
	60
	4

	11/28/18
	4334
	183
	41
	89

	11/28/18
	4334
	180
	41
	74

	12/01/18
	4338
	376
	36
	556

	12/03/18
	4332
	318
	625
	801

7

MARYLAND
Dorchester County
	
					
	Instrument Date
	Deed Records
	Map
	Parcel

	 
	Liber
	Folio
	 
	 

	06/16/17
	1455
	458
	17
	10

	06/29/17
	1455
	454
	17
	10

	07/14/17
	1455
	450
	17
	10

	01/19/18
	1496
	383
	21
	74

	02/16/18
	1496
	380
	21
	75

	02/23/18
	1496
	372
	21
	72

	02/23/18
	1496
	375
	21
	113

	02/23/18
	1496
	378
	21
	112

	05/04/18
	1496
	369
	21
	167

MARYLAND
Kent County
	
					
	Instrument Date
	Deed Records
	Map
	Parcel

	Liber
	Folio

	11/15/17
	954
	7
	486
	37

	03/20/18
	937
	456
	44
	1

	04/11/18
	940
	191
	203
	1324

	04/11/18
	940
	193
	203
	1325

	05/03/18
	944
	152
	203
	1332

	05/03/18
	944
	154
	203
	1336

	05/22/18
	949
	4
	11
	18

	08/09/18
	960
	117
	203
	1336

	11/14/18
	979
	2
	42
	028A

8

MARYLAND
Queen Anne’s County
	
						
	Instrument Date
	Deed Records
	Map
	Parcel
	Lot

	Liber
	Folio

	11/14/17
	2826
	93
	35
	26
	 

	11/17/17
	2870
	26
	21
	3
	 

	11/21/17
	2871
	168
	23
	26
	 

	12/08/17
	2871
	176
	044C
	748
	 

	01/25/18
	2871
	170
	57
	347
	 

	01/25/18
	2871
	173
	57
	546
	 

	01/29/18
	2871
	166
	6
	227
	 

	03/20/18
	2873
	96
	60
	140
	 

	03/22/18
	2783
	86
	60
	8
	2

	03/26/18
	2889
	208
	058E
	768
	 

	05/08/18
	2901
	222
	57
	504
	 

	08/03/18
	2946
	119
	57
	364
	 

	09/05/18
	2963
	29
	1
	103
	 

	09/12/18
	2967
	46
	1
	45
	 

	09/13/18
	2968
	156
	57
	356
	 

	09/14/18
	2968
	153
	1
	49
	 

	09/19/18
	2978
	95
	1
	3
	 

	09/20/18
	2978
	85
	1
	11
	 

	09/20/18
	2978
	88
	1
	9
	 

	10/01/18
	2978
	93
	1
	61
	 

	10/01/18
	2978
	91
	1
	23
	 

	11/15/18
	3004
	36
	1
	18
	 

	11/15/18
	3004
	34
	1
	20
	 

	11/15/18
	3004
	32
	1
	57
	 

	12/05/18
	3011
	246
	044C
	501
	 

MARYLAND
Somerset County
	
					
	Instrument Date
	Deed Records
	Map
	Parcel

	Liber
	Folio

	05/07/18
	993
	128
	15
	45

	06/29/18
	999
	197
	65
	346

9

MARYLAND
Talbot County
	
					
	Instrument Date
	Deed Records
	Map
	Parcel

	 
	Liber
	Folio
	 
	 

	07/19/17
	2533
	348
	31
	66

	11/13/17
	2505
	29
	22
	307

	01/15/18
	2571
	492
	41
	134

	10/13/18
	2571
	498
	58
	27

	10/13/18
	2571
	496
	58
	62

MARYLAND
Wicomico County
	
					
	Instrument Date
	Deed Records
	Map
	Parcel

	Liber
	Folio

	11/15/17
	4274
	292
	29
	4

	11/30/17
	4274
	299
	50
	159

	11/30/17
	4274
	295
	50
	4

	11/30/17
	4274
	292
	29
	4

	03/29/18
	4324
	12
	31
	156

	04/10/18
	4324
	16
	601
	347

	06/29/18
	4356
	51
	13
	31

	07/09/18
	4350
	326
	601
	781

	07/09/18
	4350
	326
	601
	781

	07/23/18
	4354
	358
	184
	20

	08/02/18
	4361
	121
	027A
	166

	08/03/18
	4365
	98
	18
	84

	08/06/18
	4361
	119
	027A
	313

	08/10/18
	4365
	92
	027A
	0161, 0355

	08/10/18
	4365
	94
	027A
	380

	08/14/18
	4365
	96
	027A
	330

	08/16/18
	4365
	100
	027A
	168

	08/23/18
	4369
	6
	53
	373

	08/24/18
	4369
	8
	20
	255

	09/12/18
	4377
	258
	302
	1033

	10/04/18
	4385
	327
	109
	2521

	10/07/18
	4390
	474
	18
	2054

	10/30/18
	4396
	324
	41
	12

	11/08/18
	4403
	246
	39
	0033, 0542

	11/19/18
	4405
	239
	101
	5457

	11/19/18
	4405
	241
	101
	5457

	11/23/18
	4409
	46
	801
	625

	11/28/18
	4409
	46
	60
	4

MARYLAND
Worcester County
	
						
	Instrument Date
	Deed Records
	Map
	Parcel
	Lot

	 
	Liber
	Folio
	 
	 
	 

	10/16/17
	7144
	425
	114
	925A
	 

	12/08/17
	7144
	428
	10
	101
	 

	12/08/17
	7188
	74
	10
	282
	 

	12/11/17
	7144
	432
	15
	188
	 

	02/01/18
	7188
	26
	26
	185
	 

	02/13/18
	7188
	65
	15
	4
	 

	03/01/18
	7188
	68
	19
	6
	 

	03/03/18
	7188
	71
	9
	366
	 

	04/10/18
	7210
	355
	27
	482
	 

	05/03/18
	7225
	426
	100
	141
	 

	05/24/18
	7235
	361
	29
	14
	2A

	05/24/18
	7235
	355
	29
	14
	3A

	06/04/18
	7235
	358
	27
	14
	 

	06/12/18
	7250
	437
	27
	144
	 

	07/30/18
	7269
	26
	26
	255
	 

	07/30/18
	7269
	9
	71
	145
	 

	07/31/18
	7269
	3
	9
	27
	 

	08/23/18
	7303
	13
	9
	161
	 

	09/06/18
	7303
	1
	301
	1706
	 

	09/07/18
	7303
	6
	56
	9
	 

	09/07/18
	7303
	10
	10
	311
	 

	09/10/18
	7303
	16
	110
	3968
	 

	10/15/18
	7316
	370
	10
	27
	 

	11/08/18
	7334
	3
	15
	48
	 

	11/22/18
	7316
	367
	10
	206
	 

	11/28/18
	7339
	417
	27
	436
	 

VIRGINIA
Accomack County
	
			
	Instrument Date
	Deed Record
	Tax Parcel

	03/24/17
	180,001,994
	27-A-165

10

The following is a schedule of bonds issued under the Eighty-Eighth Supplemental Indenture and Credit Line Deed of Trust, effective as of October 1, 1994, that can be designated as First Mortgage Bonds, Series I, which may also be designated as Secured Medium Term Notes, Series I; and First Mortgage Bonds, Pledged Series I.

First Mortgage Bonds, Series I/Secured Medium Term Notes, Series I

Issuance Date        Tranche            Maturity        Principal

06/19/95        7.71% Bonds             06/01/25        $100,000,000

06/19/95        6.95% Amortizing Bonds    06/01/08        $  25,800,000

11/25/08        6.40% Bonds            12/01/13        $250,000,000

First Mortgage Bonds, Pledged Series I

Issuance Date        Tranche            Maturity        Principal

10/12/94        1994                10/01/29        $  33,750,000

Total Bonds Issued:                                $409,550,000

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

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

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

The debtor and its mailing address are Delmarva Power & Light Company, Mailstop 92DC42, 500 N. Wakefield Drive, Newark, Delaware 19702-5440.  The secured party and its address, from which information concerning the security interest hereunder may be obtained, is The Bank of New York Mellon, 500 Ross Street, 12th Floor, Pittsburgh, Pennsylvania 15262, Attn: Corporate Trust Administration.

The Company acknowledges that it received a true and correct copy of this One Hundred and Twenty-Second Supplemental Indenture.

11

This One Hundred and Twenty-Second Supplemental Indenture is executed and delivered pursuant to the provisions of Section 5.11 and paragraph (a) of Section 17.01 of the Indenture for the purpose of conveying, transferring and assigning to the Trustee and of subjecting to the lien of the Indenture with the same force and effect as though included in the granting clause thereof the above described property so acquired by the Company on or prior to the date of execution, and not heretofore specifically subject to the lien of the Indenture; but nothing contained in this One Hundred and Twenty-Second Supplemental Indenture shall be deemed in any manner to affect (except for such purposes) or to impair the provisions, terms and conditions of the Original Indenture, or of any indenture supplemental thereto and the provisions, terms and conditions thereof are hereby expressly confirmed.
IN WITNESS WHEREOF, the Company has caused this instrument to be signed in its name and behalf by its Senior Vice President, and its corporate seal to be hereunto affixed and attested by its Assistant Secretary and the Trustee has caused this instrument to be signed in its name and behalf by a Vice President and its corporate seal to be hereunto affixed and attested by an authorized officer, effective as of the 1st day of January, 2019.

DELMARVA POWER & LIGHT COMPANY

Date of Execution            By    /s/ Phillip S. Barnett                
Phillip S. Barnett, Senior Vice President
March 22, 2019

Attest:

/s/ Brian J. Buck            
Brian Buck, Assistant Secretary

DISTRICT OF COLUMBIA    )  SS

BE IT REMEMBERED that as of the 22nd day of March, 2019, personally came before me, a notary public for the District of Columbia, Phillip S. Barnett, Senior Vice President of DELMARVA POWER & LIGHT COMPANY, a corporation of the State of Delaware and the Commonwealth of Virginia (the “Company”), party to the foregoing instrument, known to me personally to be such, and acknowledged the instrument to be his own act and deed and the act and deed of the Company; that his signature is in his own proper handwriting; that the seal affixed is the common or corporate seal of the Company; and that his act of signing, sealing, executing and delivering such instrument was duly authorized by resolution of the Board of Directors of the Company.

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

/s/ Denise Wojcik                    
Notary Public, District of Columbia
My commission expires     1/14/2023        

12

THE BANK OF NEW YORK MELLON,
as Trustee

Date of Execution            By    /s/ Laurence J. O’Brien        
Laurence J. O’Brien, Vice President

April 3, 2019

Attest:

/s/ Latoya S. Elvin            
Latoya S. Elvin, Vice President

STATE OF NEW JERSEY    )
) SS.
COUNTY OF PASSAIC    )

BE IT REMEMBERED that as of the 3rd day of April, 2019, personally came before me, a Notary Public for the State of New Jersey, Laurence J. O’Brien, Vice President of THE BANK OF NEW YORK MELLON, a New York banking corporation (the “Trustee”), party to the foregoing instrument, known to me personally to be such, and acknowledged the instrument to be his own act and deed and the act and deed of the Trustee; that his signature is his own proper handwriting; that the seal affixed is the common or corporate seal of the Trustee; and that his act of signing, sealing, executing and delivering said instrument was duly authorized by resolution of the Board of Directors of the Trustee.

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

/s/ Rosemarie Socorro-Garcia                    
Notary Public, State of New Jersey
My commission expires     12/5/2021        

13

CERTIFICATE OF RESIDENCE

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

THE BANK OF NEW YORK MELLON

By    /s/ Laurence J. O’Brien        
Laurence J. O’Brien, Vice President

14

Certification

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

/s/ Christie D. Cannon                    
Christie D. Cannon

15

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