Document:

Exhibit

                            
                            	
	
	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 TWENTIETH SUPPLEMENTAL
INDENTURE

	
	
	 

Dated as of January 1, 2018
(but executed on the dates shown on the execution page)

	
			
	 
	 
	 

1

This ONE HUNDRED AND TWENTIETH SUPPLEMENTAL INDENTURE, dated as of the first day of January, 2018 (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 Twentieth 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 eighteen 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 Twentieth Supplemental Indenture, is hereinafter in this One Hundred and Twentieth Supplemental Indenture called the “Indenture”); and

WHEREAS, the execution and delivery of this One Hundred and Twentieth 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 Twentieth 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

2

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;

NOW, THEREFORE, this ONE HUNDRED AND TWENTIETH 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:

[NONE]

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, 2017, 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

3

	
			
	Instrument Date
	Deed Records
	Tax ID No.

	12/16/16
	20170112-0002218
	13-021.00-018

	12/08/16
	20170112-0002219
	06-034.00-025

	12/08/16
	20170112-0002220
	14-021.00-008

	01/11/17
	20170214-0008302
	15-026.00-023

	02/03/17
	20170228-0010513
	06-046.00-246

	02/07/17
	20170228-0010512
	06-122.00-082

	01/17/17
	20170222-009512
	07-044.30-002

	02/24/17
	20170328-0015261
	14-012.20-124, 14-012.20-001 - 14-012.22-142,  14-012.24-001 - 14-012.24-017

	03/03/17
	20170328-0015260
	13-002.30-062 - 13-002.30-123 , 13-007.10-001 - 13-007.10-078, 13-007.20-010 - 13-007.20-026

	04/18/17
	20170503-0022037
	06-11100038, 0611100165, 0611100165

	03/04/17
	2170503-0022036
	07-01700102

	04/11/17
	20170503-0022035
	10-04300022

	04/12/17
	20170503-0022034
	15-01100027

	05/02/17
	20170515-0023813
	07-02730095, 07-02730106

	04/19/17
	20170505-0022409
	06-100.00-022

	05/05/17
	20170629-0032581
	06-052.00-231

	06/22/17
	20170629-0032582
	09-018.00-081

	06/13/17
	20170707-0034169
	10-010.40-212, 10-010.40-380

	06/26/17
	20170809-0040602
	15-020.00-062

	07/18/17
	20170809-0040603
	08-017.00-002

	06/28/17
	20170630-0033045
	06-100.00-067

	07/28/17
	20170818-0042308
	10-043.00-022

	04/27/17
	20170818-0042309
	06-145.00-050

	08/12/17
	20170901-0045416
	15-026.00-210

	8/17/2017
	20170901-0045417
	08-037.00-067

	08/23/17
	20170915-0047648
	13-012.00-150

	Instrument Date
	Deed Records
	Tax ID No.

	9/5/2017
	20170915-0047646
	08-037.00-067

	08/31/17
	201709015-004767
	06-024.00-447,06-024.00-448, 06-024.00-251

	09/15/17
	20171013-0053393
	10-015.00-021, 10-015.00-022

	09/28/17
	20171013-0053394
	06-121.00-174

	09/26/17
	20171013-0053395
	08-024.10-064

	10/16/17
	20171116-0060070
	07-005.00-038

	10/11/17
	20171116-0060068
	14-012.00-239

	09/05/17
	20171116-0060067
	26-051.00-009

	10/11/17
	20171116-0060066
	08-008.30-078

	10/24/17
	20171116-0060065
	14-012.21-034

	10/18/17
	20171116-0060069
	23-064.00-061, 23-030.00-158

4

DELAWARE
Sussex County

	
				
	Instrument Date
	Deed Records
	Tax ID No.

	Book
	Page

	09/07/16
	4625
	266
	131-10.00-101.00

	10/06/16
	4650
	264
	334-12.00-106.01

	10/06/16
	4650
	266
	533-4.00-22.00

	12/08/16
	4650
	273
	233-10.00-77.00

	12/09/16
	4650
	271
	233-10.00-77.01

	12/09/16
	4650
	268
	334-14.17-72.00

	12/29/16
	4650
	275
	134-12.00-317.01

	01/19/17
	4707
	89
	134-12.00-170.00

	01/19/17
	4730
	217
	134-12.00-3663.00

	01/27/17
	4730
	219
	134-12.300-428

	02/10/17
	4688
	45
	331-03.00-128.00

	03/05/17
	4688
	50
	532-18.00-14.01

	03/28/17
	4756
	282
	530-10.13-2.00, 530-10.13-2.01

	03/31/17
	4704
	103
	232-12.00-103.00

	04/05/17
	4756
	286
	134-13.00-36.00

	04/07/17
	4756
	288
	334-13.19-70.00

	04/07/17
	4707
	91
	334-13.20-16.00

	04/07/17
	4756
	291
	532-18.00-11.01

	04/12/17
	4756
	298
	334-20.10-1.08, 334-20.10-1.01

	04/25/17
	4756
	284
	334-13.20-33.01

	05/11/17
	4756
	300
	233-16.00-6.02

	06/06/17
	4756
	302
	232-12.15-40.00

	06/09/17
	4756
	304
	532-23.00-1.02

	06/09/17
	4756
	306
	532-23.00-1.03

	06/27/17
	4756
	275
	Multiple

	07/10/17
	4770
	271
	331-4.00-34.07 
331-4.00-34.05

5

	
				
	Instrument Date
	Deed Records
	Tax ID No.

	 
	Book
	Page
	 

	7/18/17
	4770
	266
	132-6.00-230.00

	10/15/17
	4805
	41
	2-30-700.89.00

DELAWARE
Kent County

	
				
	Instrument Date
	Deed Records
	Tax ID No.

	Instrument Number

	02/16/17
	8549
	81
	4-00-03800-01-4202-00001

	12/19/16
	8549
	84
	7-00-07200-01-6200-00002

	02/23/17
	8549
	87
	9-00-06500-012900-00001

	08/05/17
	8778
	202
	8-00-113.00-01-03.04.000

	08/26/17
	8794
	269
	9-00-06400-01-5200-00001

MARYLAND
Caroline County

	
					
	Instrument Date
	Deed Records
	Map
	Parcel

	Book
	Page

	08/04/16
	1242
	44
	9
	17&62

	05/05/16
	1242
	39
	105
	2267

	08/01/16
	1244
	132
	9
	2,18

	01/27/17
	1244
	135
	11A
	54

	02/13/17
	1247
	373
	11A
	55

	02/13/17
	1247
	376
	11A
	57

	04/10/17
	1255
	418
	18 & 19
	154 & 156

	04/11/17
	1255
	423
	18
	147

	04/06/17
	1259
	455
	303
	650

	05/23/17
	1259
	147
	18
	146

	05/08/17
	1259
	143
	303
	648

6

MARYLAND
Cecil County

	
					
	Instrument Date
	Deed Records
	Map
	Parcel

	Book
	Page

	12/12/16
	4015
	90
	31
	31

	02/14/17
	4035
	333
	315
	2462

	02/14/17
	4035
	335
	316
	2462

	05/19/16
	4035
	339
	38
	188

	5/23/2016
	4035
	337
	10
	23

	09/02/15
	4035
	341
	30
	20

	Instrument Date
	Deed Records
	Map
	Parcel

	 
	Book
	Page
	 
	 

	3/6/2016
	4035
	343
	29
	84

	04/05/17
	4065
	443
	30
	17

	04/18/17
	4065
	446
	801
	298

	01/26/17
	4065
	449
	17
	639

	03/27/17
	4065
	451
	17
	3

	05/02/17
	4095
	442
	25
	232

	05/03/17
	4095
	444
	6
	68

	05/07/17
	4079
	146
	36
	12

	05/23/17
	4095
	438
	312
	2401

	04/05/17
	4065
	443
	30
	17

	06/08/17
	4095
	440
	24
	288

	07/21/17
	4114
	389
	36
	421

	07/12/17
	4114
	391
	401
	526

	08/04/17
	4128
	227
	14
	622

	08/17/17
	4128
	225
	19
	505

	06/29/17
	4122
	17
	9
	127

	08/03/17
	4122
	20
	19
	505

	10/31/17
	4169
	159
	25
	653

	09/16/17
	4169
	163
	21
	51

	10/10/17
	4169
	154
	31
	581

	10/13/17
	4169
	166
	25
	297

	11/01/17
	4169
	169
	31
	1326

	09/22/17
	4150
	161
	36
	153

	10/01/17
	4150
	159
	12
	201

7

MARYLAND
Dorchester County

	
					
	Instrument Date
	Deed Records
	Map
	Parcel

	 
	Liber
	Folio
	 
	 

	05/03/17
	1403
	1
	5
	35

	06/29/17
	1410
	169
	17
	10

	05/10/17
	1410
	160
	19
	72

	06/29/17
	1410
	164
	17
	10

	07/14/17
	1416
	33
	17
	10

8

MARYLAND
Kent County

	
					
	Instrument Date
	Deed Records
	Map
	Parcel

	Liber
	Folio

	02/10/17
	896
	270
	52
	16

	02/02/17
	896
	273
	201
	976

	04/25/17
	906
	68
	52
	15

	05/30/17
	909
	411
	41
	3

	06/21/17
	914
	309
	6
	4

	09/07/17
	915
	47
	400
	325

	07/17/17
	915
	45
	100
	1557

	08/21/17
	916
	235
	400
	326

	09/01/17
	917
	362
	27
	17

	10/22/17
	924
	342
	24
	46

9

MARYLAND
Queen Anne’s County

	
						
	Instrument Date
	Deed Records
	Map
	Parcel
	Lot

	Liber
	Folio

	10/26/16
	2632
	56
	65
	41
	2,3,4

	07/22/16
	2641
	393
	35H
	31
	 

	07/22/16
	2641
	397
	35H
	78
	 

	07/22/16
	2641
	405
	35H
	173
	 

	07/27/16
	2641
	401
	35H
	33
	 

	05/23/16
	2641
	409
	45
	14
	 

	08/19/16
	2641
	413
	63
	92
	 

	07/11/16
	2641
	417
	63
	43
	 

	06/17/16
	2641
	388
	31
	38
	 

	01/30/17
	2641
	495
	59
	155
	 

	01/31/17
	2641
	491
	35H
	79
	 

	01/31/17
	2641
	498
	35H
	113
	 

	08/26/16
	2641
	502
	63
	34
	 

	06/20/16
	2641
	506
	63
	53
	 

	01/05/17
	2641
	510
	51G
	1
	 

	02/08/17
	2686
	89
	51
	38
	1-4

	06/27/17
	2731
	135
	24
	37
	 

	06/19/17
	2731
	132
	24
	151
	 

	08/30/17
	2766
	64
	57
	127
	1,2

	08/25/17
	2766
	67
	40
	12
	 

	09/06/17
	2766
	71
	35
	120
	9

	09/06/17
	2766
	49
	35
	120
	1

	09/06/17
	2766
	52
	35
	120
	5

	09/06/17
	2766
	55
	35
	120
	4

	Instrument Date
	Deed Records
	Map
	Parcel
	Lot

	 
	Liber
	Folio
	 
	 
	 

	09/06/17
	2766
	58
	35
	120
	7

	09/06/17
	2766
	61
	35
	120
	8

	09/06/17
	2766
	74
	35
	130
	 

	09/12/17
	2784
	72
	58F
	69
	 

	09/07/17
	2784
	68
	35
	120
	10

	09/28/17
	2784
	75
	57
	429
	 

	10/09/17
	2805
	206
	57
	60
	 

	10/09/17
	2805
	203
	57
	274
	2

	10/09/17
	2805
	200
	57
	274
	1

10

MARYLAND
Somerset County

	
					
	Instrument Date
	Deed Records
	Map
	Parcel

	Liber
	Folio

	03/09/17
	946
	1
	203
	1330A

	05/16/17
	950
	355
	 
	 

	08/30/17
	958
	93
	40
	104 & 127

MARYLAND
Talbot County

	
					
	Instrument Date
	Deed Records
	Map
	Parcel

	 
	Liber
	Folio
	 
	 

	01/10/17
	2419
	422
	39
	105&107

	01/23/17
	2428
	128
	39
	55

	08/10/16
	2428
	124
	31
	276

	07/15/16
	2428
	149
	31
	125

	07/14/16
	2428
	132
	31
	176

	07/05/16
	2428
	136
	31
	47

	07/05/16
	2428
	140
	31
	127

	07/08/16
	2428
	144
	31
	22,342

	02/20/17
	2437
	130
	39
	14

	02/28/17
	2437
	134
	48
	35

	02/19/17
	2437
	122
	31
	98

	02/27/17
	2437
	138
	31
	269

	03/07/17
	2437
	142
	39
	79W

	03/14/17
	2434
	495
	58
	73

	03/14/17
	2434
	491
	58
	74

	03/14/17
	2434
	499
	48
	81

	02/13/17
	2437
	126
	39
	124

	05/15/17
	2449
	445
	53
	4

	Instrument Date
	Deed Records
	Map
	Parcel

	 
	Liber
	Folio
	 
	 

	06/05/17
	2459
	484
	39
	215

	07/13/17
	2468
	151
	44A
	102

	07/25/17
	2471
	265
	53
	64

	08/07/17
	2475
	320
	31
	65

	10/13/17
	2494
	149
	53
	53

	11/13/17
	2505
	29
	22
	307

11

MARYLAND
Wicomico County

	
					
	Instrument Date
	Deed Records
	Map
	Parcel

	Liber
	Folio

	08/10/17
	4220
	3
	102
	220

	08/10/17
	4220
	7
	42
	114

	08/03/12
	4143
	198
	58
	41

	07/03/17
	4143
	201
	104
	1388

	02/27/17
	4143
	205
	19
	76

	03/13/17
	4143
	195
	53
	113

	03/24/17
	4148
	121
	19
	99

	03/24/17
	4148
	125
	19
	9

	03/16/17
	4146
	397
	19
	21

	03/31/17
	4163
	271
	19
	90

	03/27/17
	4164
	73
	45
	32

	04/04/17
	4163
	266
	48
	279 & 753

	05/02/17
	4167
	289
	31
	304

	04/27/17
	4167
	292
	19
	64

	05/05/17
	4175
	242
	48
	372

	05/16/17
	4175
	246
	39
	406

	06/10/17
	4191
	331
	49
	27

	07/12/17
	4208
	169
	104
	2594

	07/19/17
	4208
	174
	58
	 

	09/07/17
	4212
	467
	51
	157

	09/25/17
	4238
	299
	115
	647

	09/20/17
	4238
	303
	141
	20

	09/19/17
	4238
	306
	50
	47

	10/12/17
	4252
	446
	49
	121

12

MARYLAND
Worcester County

	
						
	Instrument Date
	Deed Records
	Map
	Parcel
	Lot

	 
	Liber
	Folio
	 
	 
	 

	09/29/16
	6922
	386
	9
	366
	 

	01/25/17
	6938
	241
	20
	142
	 

	02/16/17
	6947
	479
	19
	84
	2

	08/03/17
	6962
	1
	27
	570
	 

	01/27/17
	6961
	489
	9
	331
	 

	04/09/17
	6990
	29
	10
	299
	 

	04/06/17
	6990
	32
	9
	176
	 

	04/20/17
	6997
	33
	101
	41
	 

	02/23/17
	6997
	35
	10
	101
	 

	04/07/17
	7024
	331
	20
	47
	 

	05/19/17
	7033
	272
	27
	146
	 

	06/08/17
	7017
	208
	27
	707
	22

	06/26/17
	7036
	127
	13
	27
	 

	06/30/17
	7054
	152
	56
	31
	 

	06/20/17
	7059
	354
	26
	299
	 

	07/05/17
	7054
	157
	56
	26
	 

	10/16/17
	7116
	292
	116
	5161A
	 

13

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
	 

	 
	 
	 
	 
	 

14

As supplemented and amended by this One Hundred and Twentieth 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 Twentieth Supplemental Indenture shall be read, taken and construed as one and the same instrument.

This One Hundred and Twentieth 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 Twentieth Supplemental Indenture.

This One Hundred and Twentieth 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 Twentieth 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.

[REMAINDER OF PAGE INTENTIONALLY LEFT BLANK]

15

IN WITNESS WHEREOF, the Company has caused this instrument to be signed in its name and behalf by its President, and its corporate seal to be hereunto affixed and attested by its 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, 2018.

DELMARVA POWER & LIGHT COMPANY

Date of Execution            By    /s/Donna J. Kinzel                
Donna J. Kinzel, Senior Vice President
March 21, 2018

Attest:

/s/Brian Buck            [SEAL]
Brian Buck, Assistant Secretary

STATE OF DELAWARE    )
)  SS
COUNTY OF NEW CASTLE    )

BE IT REMEMBERED that as of the 21st day of March, 2018, personally came before me, a notary public for the State of Delaware, Donna J. Kinzel, 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 her own act and deed and the act and deed of the Company; that her signature is in her own proper handwriting; that the seal affixed is the common or corporate seal of the Company; and that her 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/Patricia H. Lyons                [SEAL]
Notary Public, State of Delaware
My commission expires     Oct 19, 2020    

16

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, 2018

Attest:

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

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

BE IT REMEMBERED that as of this 3rd day of April, 2018, 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/Rick J. Fierro            

RICK J FIERRO
Notary Public
State of New Jersey
My Commission Expires Nov 24, 2019

[SEAL]

17

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

18

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

                    

19Exhibit

    
SEPARATION AGREEMENT
THIS  SEPARATION AGREEMENT (this “Agreement”) is entered into as of ________________, 20__ between Exelon Corporation (“Exelon”), _______________________  (“Subsidiary”, and, collectively with Exelon, the “Company”) and __________________ (the “Executive”).
W  I  T  N  E  S  S  E  T  H:
WHEREAS, the Executive is separating from all positions with the Company and its respective affiliates.
NOW, THEREFORE, in consideration of the mutual promise s and agreements contained herein, the adequacy and sufficiency of which are hereby acknowledged, the Company and the Executive agree as follows:
1.  Resignation & Termination of Employment.  The Executive’s employment will be terminated and Executive hereby resigns, each effective as of the close of business on ____________________, 20__ (the “Termination Date”), from his or her position as ________________________ and from all other positions as an officer or director of Exelon and its subsidiaries and affiliates.  [During the period commencing on the date hereof and ending on the Termination Date, Executive shall cooperate with and assist in the orderly transition of his or her duties, and shall diligently perform such other services reasonably consistent with his or her position as may be requested from time to time.  Executive’s current base salary and annual incentive target shall remain in effect, and Executive (and his or her eligible dependents) shall also remain eligible to participate in the Company’s applicable employee benefit plans, and shall remain subject to and comply with the Company’s code of business conduct and other employment policies.]

2.  Payment of Accrued Amounts.  The Company shall pay to the Executive the portion of his or her annual salary that has accrued but is unpaid as of the Termination Date and an additional amount representing the Executive’s accrued but unused vacation days as of the Termination Date, in each case not later than the second payroll date after the Termination Date.   

3.  Severance Payments.  The Company shall pay to the Executive:

(a)  cash severance payments in an aggregate amount equal to $_____________ which is equal to the product of [2.0 for named executive officers; 1.25 - 2.0 for other officers] times the sum of (i) $________ (representing the Executive’s annual base salary) and (ii) $_______ (representing the Executive’s target annual incentive).    For named executive officers and other “specified employees” within the meaning of section 409A of the Code, payment shall commence in the form of a lump sum payment of $______________ to be made as of the first payroll date occurring on or after the date that is six months after the Termination Date, followed by substantially equal regular payroll installments of the remainder over a period of [eighteen for named executive officers; twelve to fifteen for other officers] months; for other officers, payment 

shall commence not later than 45 days after the Termination Date in substantially equal payroll installments over a period of [15 - 24 months]; and  

(b)  a pro-rated annual incentive award for [the year in which the Termination Date occurs], the amount of which (if any) shall be determined based on business performance measures in a manner consistent with that applied to active peer executives of Subsidiary (assuming a meaningful impact performance rating) and payable at the time such awards are paid to such executives (but not later than [March 15 of the following year]), and each such payment shall be considered a separate short-term deferral for purposes of section 409A of the Internal Revenue Code (“Code”). 

4.  Tax Withholding.  The Company shall deduct from the amounts payable to the Executive pursuant to this Agreement the amount of all required federal, state and local withholding taxes in accordance with the Executive’s Form W-4 on file with the Company and all applicable social security and Medicare taxes.  

5.  Outplacement Assistance and Financial Counseling Services.  During the twelve-month period following the Termination Date, the Company shall reimburse the Executive for reasonable fees incurred for services rendered to the Executive by a professional outplacement organization selected by the Executive and reasonably acceptable to the Company to provide individual outplacement services, and Executive shall be eligible to receive financial counseling services consistent with the terms and conditions applicable to active peer executives under Exelon’s executive perquisite policy.  Executive may apply for external positions via search firms which also recruit executives for the Company.  

6.  Long Term Incentive Awards.  Subject to Executive’s timely execution of (and not revoking) the Waiver and Release (as defined in Section 9 below),

(a)  Executive shall remain eligible to receive full long-term [performance share awards for generation/business services company executives /or/ performance cash awards for utility executives] under Exelon’s long-term incentive program for the performance cycles commencing in the two years preceding the year in which the Termination Date occurs, and a pro-rated award for the performance cycle commencing in the year in which the Termination Date occurs, the respective amounts (if any) of which shall be determined in a manner consistent with that used to determine the amounts of such awards payable to active executives for such respective periods, and all such awards shall be payable at the time or times such respective awards are paid to active executives and each such award shall be considered a separate, short-term deferral for purposes of section 409A of the Code; and

(b)  Executive’s options to purchase common stock of Exelon granted by the Company shall, to the extent not exercised as of the Termination Date, remain exercisable until the (i) the earlier of the respective expiration dates of such options and the date that is ninety days after the Termination Date with respect to merger options other than those granted in 2012 if the Executive has not attained at least age 50 and completed at least 10 years of service, and (ii) until the respective expiration dates of such options with respect to merger options granted in 2012 and other options if the Executive is at least age 50 and has completed 10 or more years of service;  and

(c)  the non-vested portions of Executive’s [restricted stock unit for generation and business services company executives /or/ restricted cash for utility executives] awards under Exelon’s long term incentive program shall become fully vested as of the Termination Date [and, with respect to named executive officers and other “specified employees”, payable six months after the Termination Date].  

All such awards payable in shares shall be subject to the Company’s applicable resale restrictions, if any.
7.  Supplemental Executive Retirement Benefits.  The Executive shall be eligible for a retirement benefit under the Company’s applicable supplemental non-qualified pension plan (the “SERP”) in accordance with the terms and conditions thereof, except that in determining such benefit, the Executive shall be subject to the Executive’s timely execution of the Waiver and Release, be credited with [24 months for named executive officers; 15 -24 months for other officers] additional service calculated as though he or she received the severance benefits specified in Section 3(a) as regular salary and incentive pay over such period (and limited in its application to the amounts of such payments that exceed the compensation limitations applicable to qualified pension plans under the Code) and any other service previously granted to such Executive.  Such benefit shall be paid as provided in Section 8(c). 

8.  Employee and Other Benefits.

(a)  During the period commencing on the Termination Date and ending [24 months for named executive officers; 15 - 24 months for other officers] after the Termination Date (the “Severance Period”) and in satisfaction of COBRA continuation coverage during such period with respect to healthcare benefits, (i) the Executive (and his or her participating dependents) shall be eligible to participate in, and shall receive benefits under Exelon’s welfare benefit plans (including medical, dental and vision) in which the Executive (and his or her eligible dependents) were participating immediately prior to the Termination Date, and (ii) the Executive shall be eligible to participate in the life insurance programs in which he or she was a participant immediately prior to the Termination Date, in each case on the same basis as if the Executive had remained actively employed during the Severance Period.  

(b)  Following the Severance Period, if the Executive has attained at least age 50 and has completed at least 10 years of service as of the end of the Severance Period, the Executive (and his or her eligible dependents) shall be eligible for retiree benefits in accordance with and subject to the terms and conditions of the Company’s applicable health care plans, as in effect for employees of his or her legacy business unit from time to time (including the Company’s right to amend or terminate such plans at any time).  Such benefits shall not duplicate any benefits that may then be available to the Executive from any other employer and shall be secondary to Medicare.  

(c)  The Company shall pay to the Executive, in the time and manner specified in the terms and conditions of such plans and any distribution elections by the Executive in effect thereunder, his or her account balances (if any) under Exelon’s applicable deferred compensation  plans, as adjusted by any applicable earnings and losses on such account balances, and the Executive’s benefit under the supplemental executive retirement plan.  

(d)  The Executive shall be entitled to purchase the laptop computer furnished by the Company for his or her use, subject to removal of data and programs as determined by the Company.  The Executive shall be responsible for payment of expenses incurred after the 

Termination Date with respect to the Company-owned cellular phone furnished for his or her use.
(e)  If the Executive is entitled to any benefit under any employee benefit plan of the Company that is accrued and vested on the Termination Date and that is not expressly referred to in this Agreement, such benefit shall be provided to the Executive in accordance with the terms of such employee benefit plan.  

(f)  Notwithstanding Section 8(e) or anything else contained in this Agreement to the contrary, the Executive acknowledges and agrees that he or she is not and shall not be entitled to benefits under any other severance or change in control plan, program, agreement or arrangement, and that the benefits provided under this Agreement shall be the sole and exclusive benefits to which the Executive may become entitled upon his or her termination of employment.  In the event the Executive dies prior to executing the Waiver and Release, neither he or she, his or her estate, nor any other person shall be entitled to any further compensation or benefits under this Agreement, unless and until the executor of the Executive’s estate (and/or such other heirs or representatives as may be requested by the Company) executes upon Company request and does not revoke such a Waiver and Release.

9.  Waiver and Release.  Notwithstanding anything herein to the contrary, Executive’s right to the payments and benefits under this Agreement shall be contingent upon  (a) Executive having executed and delivered to the Company a waiver and general release agreement in the form attached hereto (the “Waiver and Release”) not earlier than the Termination Date but in no event more than 21 days [45 days if a group termination] after the Termination Date (the “Consideration Period”),  (b) Executive not revoking such release in accordance with the terms of the release and (c) 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 the Waiver and Release to the Company prior to the expiration of the Consideration Period or if the Executive revokes the Waiver and 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.  

10.  Restrictive Covenants.  The Executive acknowledges and agrees that he or she is bound by, and subject to, the Non-Solicitation and Confidentiality Agreement dated as of ________________ (the “Restrictive Covenants”) and the Waiver and Release.  The Executive shall comply with, and observe, the Restrictive Covenants including, without limitation, the confidential information, non-solicitation and intellectual property provisions and related covenants contained therein, all of which are hereby incorporated by reference.  In the event that Executive has breached any of the Restrictive Covenants or the Waiver and Release or has engaged in conduct during his or her employment with the Company that would constitute grounds for termination for Cause (as defined in the Exelon Corporation Senior Management Severance Plan), benefits under this Agreement shall terminate immediately, and Executive shall reimburse Exelon for any benefits received. 

11.  Certain Tax Matters.  

(a)  If it is determined by Exelon’s independent auditors that any severance payment, benefit or enhancement provided to the Executive pursuant to the terms of the this Agreement is or will become subject to any excise tax under section 4999 of the Code, or any similar tax payable under any United States federal, state, local, foreign or other law (“Excise 

Taxes”), then such payment, benefit or enhancement shall be reduced to the largest amount which would not cause any such Excise Tax to by payable be the Executive and not cause a loss of the related income tax deduction by the Company.  

(b)  The parties intend for this Agreement to comply with section 409A of the Code.  In the event the timing of any payment or benefit under this Agreement would result in any tax or penalty under section 409A of the Code, the Company may reasonably adjust the timing of such payment or benefit if doing so will eliminate or materially reduce such tax or penalty and amend this Agreement accordingly.  Executive acknowledges that Executive has been advised to consult Executive’s personal tax advisor concerning this Agreement, and has not relied on the Company for tax advice.

12.  Non-disparagement.  The Executive shall not publish, comment upon or disseminate any public statements suggesting or accusing the Company or any of its affiliates, employees, officers, directors or agents of any misconduct or unlawful behavior, or that brings the Company or any of its affiliates or the employees, officers, directors or agents of the Company or any of its affiliates into disrepute, or tarnish any of their images or reputations.  The provisions of this Section 12 shall not apply to truthful testimony as a witness, compliance with other legal obligations, assertion of or defense against any claim of breach of this Agreement, or any activity that otherwise may be required or permitted by the lawful order of a court or agency of competent jurisdiction, and shall not require the Executive to make false statements or disclosures.

13.  Publicity.  Executive shall not issue or cause the publication of any press release or other announcement with respect to the terms or provisions of this Agreement, nor disclose the contents hereof to any third party (other than to members of his or her immediate family or to tax, financial and legal advisors), without obtaining the consent of Exelon, except where such release, announcement or disclosure shall be required by applicable law or administrative regulation or agency or other legal process.    

14.  Other Employment; Other Plans.  The Executive shall not be obligated to seek other employment or take any other action by way of mitigation of the amounts payable to the Executive under any provision of this Agreement.  The amounts payable hereunder shall not be reduced by any payments received by the Executive from any other employer; provided, however, that any continued welfare benefits provided for by Section 8(a) shall not duplicate any benefits that are provided to the Executive and his or her family by such other employer and shall be secondary to any coverage provided by Medicare.  

15.  Cooperation by the Executive.  During the Severance Period, the Executive shall (a) be reasonably available to the Company to respond to requests by them for information pertaining to or relating to matters which may be within the knowledge of the Executive and (b) cooperate with the Company in connection with any existing or future litigation or other proceedings brought by or against the Company, its subsidiaries or affiliates, to the extent Exelon reasonably deems the Executive's cooperation necessary, including truthful testimony in any related proceeding.  

16.  Successors; Binding Agreement.  This Agreement shall inure to the benefit of and be binding upon the Company and its successors, and by the Executive, his or her spouse, personal or legal representatives, executors, administrators and heirs.  This Agreement, being personal, may not be assigned by Executive.

17.  Governing Law; Validity.  This Agreement shall be interpreted, construed and enforced in accordance with the terms of the Exelon Corporation Senior Management Severance Plan, and the applicable provisions of the Employee Retirement Income Security Act of 1974, as amended (“ERISA”) and section 409A of the Code.  

18.  Entire Agreement.  This Agreement and the Waiver and Release constitute the entire agreement and understanding between the parties with respect to the subject matter hereof and supersede and preempt any other understandings, agreements or representations by or between the parties, written or oral, which may have related in any manner to the subject matter hereof.  Executive acknowledges that the Company has made no representations regarding the tax consequences of payments under this Agreement and has had the opportunity to consult Executive’s tax advisor.

19.  Counterparts.  This Agreement may be executed in two counterparts, each of which shall be deemed to be an original and both of which together shall constitute one and the same instrument.

20.  Miscellaneous.  No provision of this Agreement may be modified or waived  unless such modification or waiver is agreed to in writing and executed by the Executive and by a duly authorized officer of the Company.  No waiver by either party hereto at any time of any breach by the other party hereto of, or compliance with, any condition or provision of this Agreement to be performed by such other party shall be deemed a waiver of similar or dissimilar provisions or conditions at the same or at any prior or subsequent time.  Failure by the Executive or the Company to insist upon strict compliance with any provision of this Agreement or to assert any right which the Executive or the Company may have hereunder shall not be deemed to be a waiver of such provision or right or any other provision or right of this Agreement.

21.  Beneficiary.  If the Executive dies prior to receiving all of the amounts payable hereunder (other than amounts payable under any plan referenced in Section 8, which shall be governed by any beneficiary designation in effect thereunder) but after executing the Waiver and Release, such amounts shall be paid, except as may be otherwise expressly provided herein or in the applicable plans, to the beneficiary (“Beneficiary”) designated with respect to this Agreement by the Executive in writing to the Vice President, Corporate Compensation of the Company during his or her lifetime, which the Executive may change from time to time by new designation filed in like manner without the consent of any Beneficiary; or if no such Beneficiary is designated, to his or her surviving spouse, and if there be none, to his or her estate.

22.  Nonalienation of Benefits.  Benefits payable under this Agreement shall not be subject in any manner to anticipation, alienation, sale, transfer, assignment, pledge, encumbrance, charge, prior to actually being received by the Executive, and any such attempt to dispose of any right to benefits payable hereunder shall be void.

23.  Severability.  If all or any part of this Agreement is declared by any court or governmental authority to be unlawful or invalid, such unlawfulness or invalidity shall not serve to invalidate any portion of this Agreement not declared to be unlawful or invalid, except that in the event a determination is made that the Restrictive Covenants as applied to the Executive are invalid or unenforceable in whole or in part, then this Agreement shall be void and the Company shall have no obligation to provide benefits hereunder.  Any paragraph or part of a paragraph so declared to be unlawful or invalid shall, if possible, be construed in a manner which will give effect to the terms of such paragraph or part of a paragraph to the fullest extent possible while remaining lawful and valid.

24.  Communications.  Nothing in this Agreement or the Waiver and Release shall be construed to prohibit or limit the Executive from filing a charge with, or reporting possible violations of law or regulation to any governmental agency or entity, including but not limited to the National Labor Relations Board, Nuclear Regulatory Commission, U.S. Equal Opportunity Commission, the Department of Labor, the Department of Justice, the Securities Exchange Commission, the Congress, and any agency Inspector General, or making other disclosures that are protected under the whistleblower provisions of applicable law or regulation, or taking any other action protected under section 211 of the Energy Reorganization Act.  The Executive does not need the prior authorization of the Company to make any such charges, reports or disclosures, and is not required to notify the Company that Executive has made such charges reports or disclosures, and no such report or disclosure shall be considered a violation of Section 12 of this Agreement or the Waiver and Release.  In addition, neither this Agreement nor the Waiver and Release limits the Executive’s ability to receive a monetary award from a government-administered whistleblower award program for providing any such reports or disclosures directly to a governmental agency.  Executive acknowledges, however, that the Waiver and Release requires Executive to specifically waive all rights to recover any monetary damages from the Company, including but not limited to lost wages and benefits, lost pay, damages for emotional distress, punitive damages, reinstatement, and attorneys’ fees and costs.  

25.  Sections.  Except where otherwise indicated by the context, any reference to a “Section” shall be to a Section of this Agreement.

IN WITNESS WHEREOF, Exelon and  Subsidiary have caused this Agreement to be executed by their duly authorized officers and the Executive has executed this Agreement as of the day and year first above written.
EXELON CORPORATION

By:_________________________________

Senior Vice President &
Chief Human Resource Officer

SUBSIDIARY

By:_________________________________

Vice President, Human Resources

___________________________________
  EXECUTIVE

    
WAIVER AND RELEASE 
UNDER
 SEPARATION AGREEMENT

In consideration for the Executive’s receiving severance benefits under the Separation Agreement (as defined below), _____________________ (the “Executive”) hereby agrees as follows:   
1.Release.  Except with respect to the Company’s obligations under the Separation Agreement by and between Exelon Corporation, [Executive’s employing subsidiary] (collectively, the “Company”) and the Executive dated as of _______, 20__ (the “Separation Agreement”), the Executive, on behalf of Executive and his or her heirs, executors, assigns, agents, legal representatives and personal representatives, hereby releases, acquits and forever discharges the Company, its agents, subsidiaries, affiliates, and their respective officers, directors, agents, servants, employees, attorneys, shareholders, successors, assigns and affiliates, of and from any and all claims, liabilities, demands, causes of action, costs, expenses, attorneys fees, damages, indemnities and obligations of every kind and nature, in law, equity, or otherwise, known and unknown, foreseen or unforeseen, disclosed and undisclosed, suspected and unsuspected, arising out of or in any way related to agreements, events, acts or conduct at any time prior to the day of execution of this Waiver and Release, including but not limited to any and all such claims and demands directly or indirectly arising out of or in any way connected with the Executive’s employment or other service with the Company, or any of its Subsidiaries or affiliates; the Executive’s termination of employment and other service with the Company or any of its subsidiaries or affiliates; claims or demands related to salary, bonuses, commissions, stock, stock options, restricted stock or any other ownership interests in the Company or any of its subsidiaries and affiliates, vacation pay, fringe benefits, expense reimbursements, sabbatical benefits, severance, change in control or other separation benefits, or any other form of compensation or equity; and claims pursuant to any federal, state, local law, statute, ordinance, common law or other cause of action including but not limited to, the federal Civil Rights Act of 1964, as amended; the federal Age Discrimination in Employment Act of 1967, as amended; the federal Americans with Disabilities Act of 1990; the Employee Retirement Income Security Act of 1974, as amended, tort law; contract law; wrongful discharge; discrimination; fraud; defamation; harassment; emotional distress; or breach of the covenant of good faith and fair dealing.  This Waiver and Release does not apply to (a) the payment of any benefits to which the Executive may be entitled under the terms of a Company-sponsored tax qualified retirement or savings plan or (b) Executive’s entitlement to indemnification, and coverage as an insured, with respect to his service as an officer, director, employee or agent in accordance with the terms and conditions of Article  VII of the Exelon Corporation Amended and Restated Bylaws.  

2.No Inducement.  The Executive agrees that no promise or inducement to enter into this Waiver or Release has been offered or made except as set forth in this Waiver and Release and the Separation Agreement, that the Executive is entering into this Waiver and Release without any threat or coercion and without reliance on any statement or representation made on behalf of the Company or any of its subsidiaries or affiliates, or by any person employed by or representing the Company or any of its subsidiaries or affiliates, except for the written provisions and promises contained in this Waiver and Release and the Separation Agreement.

3.Advice of Counsel; Time to Consider; Revocation.  The Executive acknowledges the following:

(a)    The Executive has read this Waiver and Release, and understands its legal and binding effect, including that by signing and not revoking this Waiver and Release the Executive waives and releases any and all claims under the Age Discrimination in Employment Act of 1967, as amended, including but not limited to the Older Workers Benefits Protection Act.  The Executive is acting voluntarily and of the Executive’s own free will in executing this Waiver and Release.
(b)    The Executive has been advised to seek and has had the opportunity to seek legal counsel in connection with this Waiver and Release.
(c)        The Executive was given at least [twenty-one (21) / forty-five (45)] days to consider the terms of this Waiver and Release before signing it.
(d)        At the time Executive was given this Waiver and Release, Executive was informed that his or her termination was not part of a group separation.    
The Executive understands that, if the Executive signs the Waiver and Release, the Executive may revoke it within seven (7) days after signing it, provided that Executive will not receive any severance benefits under the Separation Agreement.  The Executive understands that this Waiver and Release will not be effective until after the seven-day period has expired and no consideration will be due the Executive.

4.Severability.  If all or any part of this Waiver and Release is declared by any court or governmental authority to be unlawful or invalid, such unlawfulness or invalidity shall not invalidate any other portion of this Waiver and Release.  Any Section or a part of a Section declared to be unlawful or invalid shall, if possible, be construed in a manner which will give effect to the terms of the Section to the fullest extent possible while remaining lawful and valid.

5.Amendment.  This Waiver and Release shall not be altered, amended, or modified except by written instrument executed by the Company and the Executive.  A waiver of any portion of this Waiver and Release shall not be deemed a waiver of any other portion of this Waiver and Release.

6.Applicable Law.  The provisions of this Waiver and Release shall be interpreted and construed in accordance with the laws of the State of Illinois without regard to its choice of law principles.

IN WITNESS WHEREOF, the Executive has executed this Waiver and Release as of the date specified below.                        
EXECUTIVE
_____________________________________________
                            
DATE:  ________________________

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