Document:

Document

Exhibit 10.3

AMENDED AND RESTATED EVOQUA WATER TECHNOLOGIES CORP.
2017 EQUITY INCENTIVE PLAN
PERFORMANCE SHARE UNIT – NOTICE OF GRANT

Evoqua Water Technologies Corp. (the “Company”), a Delaware corporation, hereby grants to the Grantee set forth below (the “Grantee”) Performance Share Units (the “Performance Share Units” or “PSUs”), pursuant to the terms and conditions of this Notice of Grant (the “Notice”), the Performance Share Unit Award Agreement attached hereto as Exhibit A (the “Award Agreement”), and the Amended and Restated Evoqua Water Technologies Corp. 2017 Equity Incentive Plan (the “Plan”).  Capitalized terms used but not defined herein shall have the meaning attributed to such terms in the Award Agreement or, if not defined therein, in the Plan, unless the context requires otherwise.  
						
	Date of Grant:	[●]
	Name of Grantee:	[●]
	Total Target Number of PSUs:	[●]
	Performance Period	October 1, 2021 through September 30, 2024
	Potential Payout %:	From 0% to 200%
	
Vesting:	

Subject to the terms and conditions set forth in the Award Agreement and in the Statement of Performance Goals, the PSUs shall become earned (“Earned PSUs”) to the extent that the performance goals for the PSUs are achieved, as set forth or contemplated in the Statement of Performance Goals, provided (except as otherwise provided in the Award Agreement) that the Grantee has remained in continuous employment with the Company or a Subsidiary through the last day of the Performance Period.

The Performance Share Units shall be subject to the execution and return of this Notice by the Grantee to the Company within 60 days of the date hereof (including by utilizing an electronic signature and/or web-based approval and notice process or any other process as may be authorized by the Company).  By executing this Notice, the Grantee acknowledges that his or her agreement to the covenants set forth in Section 6 of the Award Agreement is a material inducement to the Company in granting this Award to the Grantee.
This Notice may be executed by facsimile or electronic means (including, without limitation, PDF) and in one or more counterparts, each of which shall be considered an original instrument, but all of which together shall constitute one and the same agreement, and shall become binding when one or more counterparts have been signed by each of the parties hereto and delivered to the other party hereto.

IN WITNESS WHEREOF, the parties hereto have executed this Notice of Grant as of the Date of Grant set forth above.
EVOQUA WATER TECHNOLOGIES CORP.
By: _____________________________________
			
	Name:    
Title:

GRANTEE
By: _____________________________________
			
	Name:    [●]

Exhibit A

AMENDED AND RESTATED EVOQUA WATER TECHNOLOGIES CORP.
2017 EQUITY INCENTIVE PLAN
PERFORMANCE SHARE UNIT
AWARD AGREEMENT
THIS PERFORMANCE SHARE UNIT AWARD AGREEMENT (the “Award Agreement”) is entered into by and between Evoqua Water Technologies Corp. (the “Company”) and the individual set forth on the signature page (the “Grantee”) to that certain Notice of Grant (the “Notice”) to which this Award Agreement is attached.  The terms and conditions of the Performance Share Units granted hereby, to the extent not controlled by the terms and conditions contained in the Plan, shall be as set forth in the Notice and this Award Agreement.  Capitalized terms used but not defined herein shall have the meaning attributed to such terms in the Notice or, if not defined therein, in the Plan, unless the context requires otherwise.
1.No Right to Continued Employee Status or Service
Nothing contained in this Award Agreement shall confer upon the Grantee the right to the continuation of his or her Employee status, or, in the case of a Consultant or Director, to the continuation of his or her service arrangement, or in either case to interfere with the right of the Company or any of its Subsidiaries or other affiliates to Terminate the Grantee.
2.Grant of PSUs 
Subject to and upon the terms, conditions and restrictions set forth in this Award Agreement, including any additional terms and conditions for the Grantee’s country (for any Grantee outside the United States only) set forth in Appendix A that forms part of this Award Agreement, and in the Plan, the Company has granted to the Grantee, as of the Date of Grant, the target number of Performance Share Units set forth in the Notice (the “Performance Share Units” or “PSUs”).  Each earned and vested PSU shall represent the right of the Grantee to receive one (1) Share, subject to and upon the terms and conditions of this Award Agreement, the Plan, and the achievement of the Performance Objectives approved by the Committee. 
3.Term of Performance Share Units 
This Award Agreement shall remain in effect until the Performance Share Units have (a) become earned and fully vested, and (b) been settled or been forfeited by the Grantee as provided in this Award Agreement.
4.Vesting of Performance Share Units.
(a)Vesting Schedule.  Subject to the terms and conditions set forth in this Award Agreement and in the Statement of Performance Goals attached hereto as Exhibit 1, the PSUs shall become earned (“Earned PSUs”) to the extent that the performance goals are achieved on the date on which the Board or Committee determines the level of attainment of the performance goals during the Performance Period (the “Determination Date”).  The Determination Date for the PSUs shall occur no later than 2 1⁄2 months after the end of the Performance Period.  Provided (except as otherwise provided in the Award Agreement) that the Grantee has not Terminated prior to the last day of the Performance Period, the total Earned PSUs shall vest on the Determination Date.  Any PSUs that do not so become vested will be forfeited, including, except as provided in Section 4(b) below, if the Grantee Terminates prior to the end of the Performance Period.  

(b)Subject to Sections 4(c)-(e) below, if the Grantee incurs prior to the last day of the Performance Period a Termination for any reason, whether voluntarily or involuntarily, then all PSUs shall terminate as of the date of the Grantee’s Termination.  If the Grantee incurs a Termination for Cause, then the Performance Share Units (including, for the avoidance of doubt, Earned PSUs) shall be forfeited and terminate immediately without consideration upon the effective date of such Termination for Cause.
(c) Termination due to Death or Disability.  If the Grantee incurs a Termination due to the Grantee’s death or Disability during the Performance Period, the PSUs shall remain eligible to vest in accordance with the terms and conditions of Section 4(a) as though the Grantee had remained in the continuous employ of the Company or a Subsidiary until the end of the Performance Period; provided, however, that in such circumstances, the number of PSUs that may become Earned PSUs pursuant to Section 4(a) above shall be pro-rated as follows: (i) the total number of Earned PSUs for the Performance Period multiplied by (ii) a fraction with the numerator equal to the number of calendar days that elapsed from the first day of the Performance Period until the Grantee’s Termination and the denominator equal to 1,096.  
(d)Retirement.  Subject to the remainder of this Section 4, if the Grantee has (x) (i) attained the age of 65 or (ii) attained the age of 55 and completed at least ten (10) consecutive years of service with the Company and (y) delivered written notice to the Company on or after meeting the requirements set forth in clause (x) of his or her intent to retire from the Company (such notice, a “Retirement Notice”) at least six months prior to the effective date of his or her retirement ((x) and (y), together, referred to as becoming “Retirement Eligible,” and the Termination of service referred to as the “Retirement”), the Grantee’s PSUs shall, notwithstanding his or her Termination for any reason other than Cause prior to any applicable vesting date, remain eligible to vest in accordance with the terms and conditions of Section 4(a) as though the Grantee had remained in the continuous employ of the Company or a Subsidiary until the end of the Performance Period; provided, however, that in such circumstances, the number of PSUs that may become Earned PSUs pursuant to Section 4(a) above shall be pro-rated as follows: (i) the total number of Earned PSUs for the Performance Period multiplied by (ii) a fraction with the numerator equal to the number of calendar days that elapsed from the first day of the Performance Period until the Grantee’s Termination and the denominator equal to 1,096; provided further, that, if the Company becomes aware of circumstances that would have given rise to the Grantee’s Termination for Cause, any PSUs that remain unvested as of the date of the Company’s becoming aware of such circumstances shall be forfeited for no consideration.
(e)Change in Control. 
(i)Notwithstanding Section 4(a) above, if at any time before the Determination Date or forfeiture of the PSUs, and while the Grantee is providing services to the Company or a Subsidiary, a Change in Control occurs, then the PSUs will vest (except to the extent that a Replacement Award is provided to the Grantee in accordance with Section 4(e)(ii) to continue, replace or assume the PSUs covered by this Award Agreement (the “Replaced Award”)) as follows: 100% of the Total Target Number of PSUs will become Earned PSUs and vest at the target level.  Earned PSUs that vest in accordance with this Section 4(e)(i) will be paid as provided for in Section 5 of this Award Agreement.
(ii)For purposes of this Award Agreement, a “Replacement Award” means an award (A) of time-based restricted share units equal to 100% of the Total Target Number of PSUs that will vest based solely on the passage of time subject to the Grantee’s continued employment with the Company or a Subsidiary (or any of their successors) (as applicable, the “Successor”) 

through the end of the Performance Period (which will become the new vesting date applicable to such units), (B) that has a value at least equal to the value of the Replaced Award, (C) that relates to publicly traded equity securities of the Company or its successor in the Change in Control or another entity that is affiliated with the Company or its successor following the Change in Control, (D) if the Grantee holding the Replaced Award is subject to U.S. federal income tax under the Code, the tax consequences of which to such Grantee under the Code are not less favorable to such Grantee than the tax consequences of the Replaced Award, and (E) the other terms and conditions of which are not less favorable to the Grantee holding the Replaced Award than the terms and conditions of the Replaced Award (including the provisions that would apply in the event of a subsequent Change in Control).  A Replacement Award may be granted only to the extent it does not result in the Replaced Award or Replacement Award failing to comply with or be exempt from Section 409A of the Code.  For the avoidance of doubt, 100% of the Total Target Number of PSUs will convert into time-based restricted stock units as described in clause (A) above in order for the PSUs granted hereunder to be considered a Replaced Award for purposes of this Section 4.  The determination of whether the conditions of this Section 4(e)(ii) are satisfied will be made by the Committee, as constituted immediately before the Change in Control, in its sole discretion.
(iii)Subject to any applicable provisions set forth in an employment agreement between the Grantee and the Company or any Subsidiary (the “Employment Agreement”) that would result in more favorable vesting of the PSUs for the Grantee, and notwithstanding the foregoing, if, after receiving a Replacement Award, the Grantee experiences a Termination from the Successor by reason of a termination of the Grantee by the Successor without Cause within the 12-month period following a Change in Control or, if applicable, any longer period following a Change in Control to the extent set forth in an Employment Agreement, and, in each case, during the remaining vesting period for the Replacement Award, then, notwithstanding anything to the contrary, the Replacement Award shall vest, at a target award level, and become nonforfeitable with respect to the restricted share units covered by such Replacement Award upon such termination (or, if applicable, upon satisfaction of any other conditions set forth in the applicable Employment Agreement, including, without limitation, the execution of a release of claims), and shall be paid in accordance with Section 5(d) of this Award Agreement. 
(iv)If a Replacement Award is provided, notwithstanding anything in this Award Agreement to the contrary, any outstanding PSUs that at the time of the Change in Control are not subject to a “substantial risk of forfeiture” (within the meaning of Section 409A of the Code) will be deemed to be vested at the time of such Change in Control and will be paid as provided for in Section 5 of this Award Agreement. 
5.Settlement
(a)Payment for the Earned PSUs, after and to the extent they have become vested and nonforfeitable, shall be made in the form of Shares.

(b)Except as otherwise provided in this Award Agreement, payment of the Earned PSUs shall be made as soon as administratively practical following (but in no event later than March 15 of the calendar year following the calendar year in which the Performance Period ends) (such date, the “Payment Date”). 
(c)If the Grantee is Terminated due to the Grantee’s death or Disability pursuant to Section 4(c) above or due to the Grantee’s Retirement pursuant to Section 4(d) above, the pro-rated portion of the PSUs that has become Earned PSUs and vested following the Determination Date pursuant to Sections 4(c) or (d) above, as applicable, will be payable to the Grantee in accordance with Section 5(b) above.
(d)Notwithstanding Sections 5(a)-(c), to the extent that the PSUs become Earned PSUs and vest on the date of a Change in Control pursuant to Section 4(e)(i) or on a termination of the Grantee by the Successor without Cause within a period of 12 months (or, if applicable, any longer period to the extent set forth in an Employment Agreement) after the Change in Control and during the remaining vesting period for the Replacement Award, pursuant to Section 4(e)(iii), the Grantee will receive payment for the Earned PSUs on the date of the Change in Control or termination, respectively (or, if applicable, upon satisfaction of any other conditions set forth in the applicable Employment Agreement, including, without limitation, the execution of a release of claims).
In all events and notwithstanding any other provision of this Award Agreement or the Plan, payment for the Earned PSUs (to the extent vested) shall be made within the short-term deferral period for purposes of Section 409A of the Code. The Company’s obligations to the Grantee with respect to the PSUs will be satisfied in full upon the issuance of Shares corresponding to such PSUs.
6.Prohibited Activities
(a)No Sale or Transfer.  Unless otherwise required by law, the Performance Share Units shall not be (i) sold, transferred or otherwise disposed of, (ii) pledged or otherwise hypothecated or (iii) subject to attachment, execution or levy of any kind, other than by will or by the laws of descent or distribution; provided, however, that any transferred Performance Share Units will be subject to all of the same terms and conditions as provided in the Plan and this Award Agreement and the Grantee’s estate or beneficiary appointed in accordance with the Plan will remain liable for any withholding tax that may be imposed by any federal, state, local, or foreign tax authority.
(b)Right to Terminate Performance Share Units and Recovery.  The Grantee understands and agrees that the Company has granted the Performance Share Units to the Grantee to reward the Grantee for the Grantee’s future efforts and loyalty to the Company and its affiliates by giving the Grantee the opportunity to participate in the potential future appreciation of the Company.  Accordingly, if (i) the Grantee materially violates the Grantee’s obligations relating to the non-disclosure or non-use of confidential or proprietary information under any Restrictive Agreement (as defined below) to which the Grantee is a party, or (ii) the Grantee materially breaches or violates the Grantee’s obligations relating to non-disparagement under any Restrictive Agreement to which the Grantee is a party, or (iii) the Grantee engages in any activity prohibited by this Section 6 of this Award Agreement, or (iv) the Grantee materially breaches or violates any non-solicitation obligations under any Restrictive Agreement to which the Grantee is a party, or (v) the Grantee is convicted of a felony against the Company or any of its affiliates or (vi) the Grantee breaches or violates any non-competition obligations under any Restrictive Agreement to which the Grantee is a party (as applicable), then, in addition to any other rights and remedies available to the Company, to the extent permitted under applicable law, the Company shall be entitled, at its option, exercisable by written notice, to terminate the 

Performance Share Units (including the vested or earned portion of the Performance Share Units) without consideration, which shall be of no further force and effect.  “Restrictive Agreement” shall mean (A) for any Grantee who is not a resident of the State of California, any agreement between the Company or any Subsidiary and the Grantee that contains non-competition, non-solicitation, non-hire, non-disparagement, or confidentiality restrictions applicable to the Grantee and (B) for any Grantee who is a resident of the State of California, any agreement between the Company or any Subsidiary and the Grantee that contains non-solicitation, non-hire, non-disparagement, or confidentiality restrictions applicable to the Grantee.  Notwithstanding anything in this Award Agreement or the Plan to the contrary, nothing in this Award Agreement or Plan prevents the Grantee from providing, without prior notice to the Company, information to governmental authorities regarding possible legal violations or otherwise testifying or participating in any investigation or proceeding by any governmental authorities regarding possible legal violations, and for purpose of clarity the Grantee is not prohibited from providing information voluntarily to the Securities and Exchange Commission pursuant to Section 21F of the Exchange Act.
(c)Other Remedies.  The Grantee specifically acknowledges and agrees that its remedies under this Section 6 shall not prevent the Company or any Subsidiary from seeking injunctive or other equitable relief in connection with the Grantee’s breach of any Restrictive Agreement.  In the event that the provisions of this Section 6 should ever be deemed to exceed the limitation provided by applicable law, then the Grantee and the Company agree that such provisions shall be reformed to set forth the maximum limitations permitted.
7.No Rights as Stockholder
The Grantee shall have no rights as a stockholder with respect to the Shares covered by the Performance Share Units until the effective date of issuance of the Shares and the entry of the Grantee’s name as a stockholder of record on the books of the Company following delivery of the Shares in settlement of the Performance Share Units.  
8.Taxation Upon Settlement of the Performance Share Units; Tax Withholding; Parachute Tax Provisions
The Grantee understands that the Grantee will recognize income for federal, state, local, and foreign income tax purposes, as applicable, in respect of the vesting and/or settlement of the Performance Share Units.  The acceptance of the Shares by the Grantee shall constitute an agreement by the Grantee to report such income in accordance with then applicable law and to cooperate with the Company and its subsidiaries in establishing the amount of such income and corresponding deduction to the Company and/or its subsidiaries for its income tax purposes.
The Grantee is responsible for all tax obligations that arise as a result of the vesting and settlement of the Performance Share Units.  The Company shall withhold at the minimum tax withholding rate required by law any amount payable to the Grantee sufficient to cover any federal, state, local, or foreign withholding taxes which may become required with respect to such vesting and settlement, and take any other action it deems necessary to satisfy any income or other tax withholding requirements as a result of the vesting and settlement of the Performance Share Units.  The Company shall have the right to require that the Grantee, or the Grantee’s beneficiary, furnish information deemed necessary by the Company to meet any tax reporting obligation as a condition to delivery of any Shares pursuant to settlement of the Performance Share Units.  In the event of any remaining tax balance, the Grantee will be required to deliver a check for that amount payable to the Company before the Shares are deposited into the Grantee’s plan account. 

In connection with the grant of the Performance Share Units, the parties wish to memorialize their agreement regarding the treatment of any potential golden parachute payments as set forth in Exhibit 2 attached hereto.
9.Securities Laws
Upon the acquisition of any Shares pursuant to the settlement of the Performance Share Units, the Grantee will make such written representations, warranties, and agreements as the Committee may reasonably request in order to comply with securities laws or with this Award Agreement.  Grantee hereby agrees not to offer, sell or otherwise attempt to dispose of any Shares issued to the Grantee upon settlement of the Performance Share Units in any way which would: (a) require the Company to file any registration statement with the Securities and Exchange Commission (or any similar filing under state law or the laws of any other county) or to amend or supplement any such filing or (b) violate or cause the Company to violate the Securities Act, the Exchange Act, the rules and regulations promulgated thereunder, or any other federal, state or local law, or the laws of any other country.  The Company reserves the right to place restrictions on any Shares the Grantee may receive as a result of the settlement of the Performance Share Units.
10.Modification, Amendment, and Termination of Performance Share Units
Except as set forth in Section 12(b) hereof and the Plan, this Award Agreement may not be modified, amended, terminated and no provision hereof may be waived in whole or in part if such modification or termination would materially and adversely alter or impair the rights or obligations of a Grantee under this Award Agreement, without the consent of the Grantee.
11.Notices
Unless otherwise provided herein, any notices or other communication given or made pursuant to the Notice, this Award Agreement or the Plan shall be in writing and shall be deemed to have been duly given (a) as of the date delivered, if personally delivered (including receipted courier service) or overnight delivery service, with confirmation of receipt; (b) on the date the delivering party receives confirmation, if delivered by facsimile to the number indicated or by email to the address indicated or through an electronic administrative system designated by the Company; (c) one (1) business day after being sent by reputable commercial overnight delivery service courier, with confirmation of receipt; or (d) three (3) business days after being mailed by registered or certified mail, return receipt requested, postage prepaid and addressed to the intended recipient as set forth below:
(i)    If to the Company at the address below:
Evoqua Water Technologies Corp. 
210 Sixth Avenue
Pittsburgh, Pennsylvania 15222 
Phone:  (724) 772-0044
Attention:    General Counsel
(ii)    If to the Grantee, at the most recent address, facsimile number or email contained in the Company’s records.
12.Award Agreement Subject to Plan, Clawback Policy, and Applicable Law
(a)This Award Agreement is made pursuant to the Plan and shall be interpreted to comply therewith.  A copy of the Plan is attached hereto.  Any provision of this Award Agreement inconsistent with the Plan shall be considered void and replaced with the 

applicable provision of the Plan.  The Plan shall control in the event there shall be any conflict between the Plan, the Notice, and this Award Agreement, and it shall control as to any matters not contained in this Award Agreement and as further described in Section 18 hereof.  The Committee shall have authority to make constructions of this Award Agreement, and to correct any defect or supply any omission or reconcile any inconsistency in this Award Agreement, and to prescribe rules and regulations relating to the administration of this Award and other Awards granted under the Plan.
(b)For the avoidance of doubt, with respect to any Grantee outside of the U.S., if the application of the vesting provisions as set forth in Sections 4(c)-(e) hereof is invalid or impracticable under applicable local law, the terms of Sections 4(c)-(e) hereof shall either be amended or be deemed not to apply to such Grantee, as determined in the sole discretion of the Committee.  All determinations made and actions taken with respect to this Section 12(b) shall be made in the sole discretion of the Committee.
(c)Notwithstanding anything in this Award Agreement to the contrary, the Grantee acknowledges and agrees that this Award Agreement and the award of Performance Share Units described herein are subject to the terms and conditions of any Company clawback policy as may be in effect from time to time, including, without limitation, any such policy specifically implemented pursuant to Section 10D of the Exchange Act and any applicable rules or regulations promulgated thereunder (including applicable rules and regulations of any national securities exchange on which the Shares may be traded).
(d)This Award Agreement shall be governed by the laws of the State of Delaware, without regard to the conflicts of law principles thereof, and subject to the exclusive jurisdiction of the courts therein.  The Grantee hereby consents to personal jurisdiction in any action brought in any court, federal or state, within the State of Delaware having subject matter jurisdiction in the matter.
13.Section 409A
The Performance Share Units are intended to be exempt from Section 409A of the Code and, accordingly, to the maximum extent permitted, this Award Agreement shall be interpreted to be exempt from Section 409A of the Code or, if not exempt, in compliance therewith.  Nothing contained herein shall constitute any representation or warranty by the Company regarding compliance with Section 409A of the Code.  The Company shall have no obligation to take any action to prevent the assessment of any additional income tax, interest or penalties under Section 409A of the Code on any Person and the Company, its Subsidiaries and affiliates, and each of their respective employees and representatives, shall have no liability to the Grantee with respect thereto.  Any references to the Grantee’s Termination shall mean a Termination that constitutes a separation from service of the Grantee for purposes of Treasury Regulation Section 1.409A-1(h). 
14.    Non-U.S. Addendum  
Notwithstanding any provisions in this document to the contrary, the Performance Share Units will also be subject to the special terms and conditions set forth on Appendix A for Grantees who reside outside of the United States.  Moreover, if the Grantee is not a resident of any of the countries listed on Appendix A as of the Date of Grant, but relocates to one of the listed countries at any point thereafter, the special terms and conditions for such country will apply to the Grantee, to the extent the Company determines that the application of such terms and 

conditions are necessary or advisable in order to comply with local law or facilitate the administration of the Plan.  Appendix A constitutes part of this Award Agreement. 
15.Headings and Capitalized Terms
Unless otherwise provided herein, capitalized terms used herein that are defined in the Plan and not defined herein shall have the meanings set forth in the Plan.  Headings are for convenience only and are not deemed to be part of this Award Agreement.  Unless otherwise indicated, any reference to a Section herein is a reference to a Section of this Award Agreement.
16.Severability and Reformation
If any provision of this Award Agreement shall be determined by a court of law of competent jurisdiction to be unenforceable for any reason, such unenforceability shall not affect the enforceability of any of the remaining provisions hereof; and this Award Agreement, to the fullest extent lawful, shall be reformed and construed as if such unenforceable provision, or part thereof, had never been contained herein, and such provision or part thereof shall be reformed or construed so that it would be enforceable to the maximum extent legally possible.
17.Binding Effect
This Award Agreement shall be binding upon the parties hereto, together with their personal executors, administrator, successors, personal representatives, heirs and permitted assigns.
18.Entire Agreement
This Award Agreement, together with the Plan, and, to the extent incorporated herein and subject to the last sentence of this Section 18, the applicable provisions of any applicable Employment Agreement that would result in more favorable vesting or provide for other accelerated vesting terms applicable to the Grantee’s Performance Share Units, supersede all prior written and oral agreements and understandings among the parties as to its subject matter and constitute the entire agreement of the parties with respect to the subject matter hereof; provided, however, that this Section 18 shall not apply to any of Grantee’s obligations relating to non-disclosure or non-use of confidential or proprietary information, non-disparagement, non-solicitation, non-hire and non-competition under any Restrictive Agreement to which the Grantee is bound.  If there is any conflict between the Notice, this Award Agreement, the Employment Agreement and the Plan, then the applicable terms of the Plan shall govern; provided, however, that to the extent the applicable provisions of the Employment Agreement would result in more favorable vesting or provide for other accelerated vesting terms applicable to the Grantee’s Performance Share Units, subject to the last sentence of this Section 18, the Employment Agreement shall govern (to the extent not inconsistent with the terms of the Plan).  Notwithstanding anything to the contrary in this Award Agreement, any Performance Share Units granted herein or that have been granted to Grantee pursuant to any other Award Agreement relating to Performance Share Units (including PSUs granted to Grantee by the Company on May 18, 2021) shall be subject to the applicable provisions of any applicable Employment Agreement regarding vesting of equity awards (and the execution and non-revocation of any release of claims relating thereto) including to the extent such provisions result in more favorable vesting or provide for other accelerated vesting terms applicable to the Grantee’s Performance Share Units; provided, however, that such more favorable vesting provisions in the Employment Agreement shall not apply with respect to the determination as to the amount or number of Performance Share Units that become earned by Grantee based on the achievement of the applicable performance metrics relating to the PSUs (which such earned PSU amount shall be solely determined pursuant to the terms of the applicable Award Agreement).  

19.Waiver
Waiver by any party of any breach of this Award Agreement or failure to exercise any right hereunder shall not be deemed to be a waiver of any other breach or right whether or not of the same or a similar nature.  The failure of any party to take action by reason of such breach or to exercise any such right shall not deprive the party of the right to take action at any time while or after such breach or condition giving rise to such rights continues.Exhibit 4.3

 

CONSTELLATION

 

EMPLOYEE SAVINGS PLAN

 

(Effective as of February 1, 2022)

 

    

     

    

 

Table
of Contents

 

Page

 

	ARTICLE 1 TITLE, PURPOSE
    AND EFFECTIVE DATES	1
	 	 
	ARTICLE 2 DEFINITIONS	3
	 	 
	ARTICLE 3 PARTICIPATION	11
	 	 
	Section 3.1
    . Eligibility for Participation	11
	Section 3.2
    . Applications for Before-Tax Contributions and After-Tax Contributions	12
	Section 3.3
    . Transfer to Affiliates	14
	 	 
	ARTICLE 4 EMPLOYER CONTRIBUTIONS	15
	 	 
	Section 4.1
    . Before-Tax Contributions	15
	Section 4.2
    . 402(g) Annual Limit on Before-Tax Contributions	17
	Section 4.3
    . Employer Matching Contributions.	19
	Section 4.4
    . Fixed Employer Contributions for Certain Participants	25
	Section 4.5
    . Limitations on Contributions for Highly-Compensated Eligible Employees	33
	Section 4.6
    . Limitation on Employer Contributions	40
	 	 
	ARTICLE 5 EMPLOYEE CONTRIBUTIONS	41
	 	 
	Section 5.1
    . After-Tax Contributions	41
	Section 5.2
    . Rollover Contributions	42
	Section 5.3
    . Special Accounting Rules for Rollover Contributions	43
	 	 
	ARTICLE 6 TRUST AND INVESTMENT FUNDS	44
	 	 
	Section 6.1
    . Trust	44
	Section 6.2
    . Investment Funds	44
	 	 
	ARTICLE 7 PARTICIPANT ACCOUNTS AND INVESTMENT
    ELECTIONS	45
	 	 
	Section 7.1
    . Participant Accounts and Investment  Elections	45
	Section 7.2
    . Allocation of Net Income of Trust Fund and Fluctuation in Value of Trust Fund Assets	50
	Section 7.3
    . Allocations of Contributions Among Participants’ Accounts	51
	Section 7.4
    . Limitations on Allocations Imposed by Section 415 of the Code	52
	Section 7.5
    . Correction of Error	53
	 	 
	ARTICLE 8 WITHDRAWALS AND DISTRIBUTIONS	54
	 	 
	Section 8.1
    . Withdrawals and Distributions Prior to Termination of Employment	54
	Section 8.2
    . Loans to Participants	60
	Section 8.3
    . Distributions Upon Termination of Employment	63
	Section 8.4
    . Time of Distribution	68
	Section 8.5
    . Designation of Beneficiary	70
	Section 8.6
    . Distributions to Minor and Disabled Distributees	71
	Section 8.7
    . “Lost” Participants and Beneficiaries	71
	Section 8.8
    . Death Benefits Under USERRA	72
	 	 
	ARTICLE 9 PARTICIPANTS’ STOCKHOLDER RIGHTS	72
	 	 
	Section 9.1
    . Voting Shares of Common Stock	72
	Section 9.2
    . Tender Offers	73

 

    i 

     

    

 

	ARTICLE 10 SPECIAL PARTICIPATION AND DISTRIBUTION
    RULES RELATING TO REEMPLOYMENT OF TERMINATED EMPLOYEES AND EMPLOYMENT BY RELATED ENTITIES	75
	 	 
	Section 10.1
    . Change of Employment Status	75
	Section 10.2
    . Reemployment of an Eligible Employee Whose Employment Terminated Prior to His or Her Becoming a Participant	75
	Section 10.3
    . Reemployment of a Terminated Participant	76
	Section 10.4
    . Employment by an Affiliate	76
	Section 10.5
    . Leased Employees	76
	Section 10.6
    . Reemployment of Veterans	77
	 	 
	ARTICLE 11 ADMINISTRATION	80
	 	 
	Section 11.1
    . The Administrator, the Investment Office and the Corporate Investment Committee	80
	Section 11.2
    . Claims Procedure	84
	Section 11.3
    . Procedures for Domestic Relations Orders	85
	Section 11.4
    . Notices to Participants, Etc	85
	Section 11.5
    . Notices to Administrator	90
	Section 11.6
    . Records	90
	Section 11.7
    . Reports of Trustee and Accounting to Participants	90
	Section 11.8
    . Electronic Media	90
	 	 
	ARTICLE 12 PARTICIPATION BY OTHER EMPLOYERS	91
	 	 
	Section 12.1
    . Adoption of Plan	91
	Section 12.2
    . Withdrawal from Participation	91
	Section 12.3
    . Company as Agent for Employers	91
	 	 
	ARTICLE 13 CONTINUANCE BY A SUCCESSOR	92
	 	 
	ARTICLE 14 MISCELLANEOUS	93
	 	 
	Section 14.1
    . Expenses	93
	Section 14.2
    . Non-Assignability	93
	Section 14.3
    . Employment Non-Contractual	95
	Section 14.4
    . Limitation of Rights	95
	Section 14.5
    . Merger or Consolidation with Another Plan	96
	Section 14.6
    . Gender and Plurals	96
	Section 14.7
    . Applicable Law	96
	Section 14.8
    . Severability	96
	Section 14.9
    . No Guarantee	96
	Section 14.10.
    Statute of Limitations for Actions under the Plan	97
	Section 14.11.
    Forum for Legal Actions under the Plan	97
	Section 14.12.
    Legal Fees	98
	 	 
	ARTICLE 15 TOP-HEAVY PLAN REQUIREMENTS	98
	 	 
	Section 15.1
    . Top-Heavy Plan Determination	98
	Section 15.2
    . Definitions and Special Rules	99
	Section 15.3
    . Minimum Contribution for Top-Heavy Years	100
	 	 
	ARTICLE 16 AMENDMENT, ESTABLISHMENT OF
    SEPARATE PLAN AND TERMINATION	101
	 	 
	Section 16.1
    . Amendment	101
	Section 16.2
    . Establishment of Separate Plan	102

 

    ii 

     

    

 

	Section 16.3
    . Termination and Distributions upon Termination of the Plan	102
	Section 16.4 . Trust
    Fund to Be Applied Exclusively for Participants and Their Beneficiaries	104
	 	 
	Supplement I Transfers from Other Plans	105
	 	 
	SUPPLEMENT II Elective Transfers Between This Plan and Plans of Affiliates or the TXU 401(k) Plan	1
	 	 
	SUPPLEMENT III Merger of Certain AmerGen Plans into this Plan	1
	 	 
	SUPPLEMENT IV Merger of New England Plan into this Plan	1
	 	 
	SUPPLEMENT V Transfers from the Exelon Corporation 401(k) Profit Sharing Plan No	1
	 	 
	SUPPLEMENT VI Merger of Constellation Plan into this Plan	1
	 	 
	SUPPLEMENT VII Merger of CENG Plan into this Plan	1
	 	 
	SUPPLEMENT VIII Merger of NMP Plan into this Plan	1
	 	 
	SUPPLEMENT IX Transfer of Account Balances for Former Employees of Pepco Energy Services, Inc. and Merger of Pepco Holdings LLC Retirement Savings Plan into this Plan	1
	 	 
	SUPPLEMENT X Merger of BG Boston Services LLC Union Retirement 401(k) Plan, BG New England Power Services, Inc. 401(k) Plan, and BG New England Power Services, Inc. Union Retirement 401(k) Plan (collectively, the “Mystic Plans”) into this Plan.	1
	 	 
	SUPPLEMENT XI Merger of Exelon Employee Savings Plan for Represented Employees at TMI and Oyster Creek, and Exelon Employee Savings Plan for Represented Employees at Clinton (collectively, the “TMI, Oyster Creek and Clinton Plans”) into this Plan.	1
	 	 
	SUPPLEMENT XII SPECIAL RULES RELATING TO THE CARES ACT	1
	 	 
	APPENDIX I	1

 

    iii 

     

    

 

CONSTELLATION EMPLOYEE SAVINGS PLAN

 

ARTICLE 1

 

TITLE, PURPOSE AND EFFECTIVE DATES

 

Effective at 12:01 a.m., Eastern Time, February 1,
2022 (the “Effective Date”), the accounts, and related liabilities, of Constellation Transferred Employees under the Exelon
Corporation Employee Savings Plan (the “Exelon Savings Plan”) are being spun-off and transferred to this newly formed plan
titled “Constellation Employee Savings Plan” (the “Plan”). In addition, effective as of the Effective Date, the
Exelon Employee Savings Plan for Represented Employees at TMI and Oyster Creek (the “TMI and OYC Savings Plan”) and the Exelon
Employee Savings Plan for Represented Employees at Clinton (the “Clinton Savings Plan”) are being merged with and into the
Plan. Constellation Energy Generation, LLC (formerly named Exelon Generation Company, LLC), by adopting this document, establishes the
Plan and implements the spin-off to the Plan of the accounts, and related liabilities, of Constellation Transferred Employees under the
Exelon Savings Plan, as last amended and restated effective as of January 1, 2021, and implements the merger of the TMI and OYC Savings
Plan and Clinton Savings Plan with and into the Plan, and sets forth the terms of the Plan, all as of the Effective Date.

 

    

     

    

 

The terms of this Plan shall control and apply
to each Employee whose employment with the Company or any of its Affiliates is terminated on or after February 1, 2022 and the rights
and benefits of any Beneficiaries of such Employee. The rights and benefits of each Participant whose employment terminated before February 1,
2022 and of the Beneficiaries of such Participant shall be determined under the Exelon Savings Plan, the TMI and OYC Savings Plan or the
Clinton Savings Plan, as applicable, as in effect at the time of such Participant’s termination, including any provisions of this
Plan effective at such time; and provided, further that, the provisions of Article 6 (relating to the trust and investment
funds), Article 7 (relating to participant accounts and investment elections), Sections 8.3 – 8.7 of Article 8 (relating
to distributions), Article 9 (relating to participants’ stockholders rights), Article 10 (relating to special participation
and distribution rules relating to reemployment of terminated employees and employment by related entities), Article 11 (relating
to administration), Article 14 (relating to miscellaneous provisions) and Article 16 (relating to amendment and termination
of the Plan) shall be effective for all such persons. But (a) the terms of this Plan shall not apply to any other person who, prior
to the Effective Date, was a participant in the Exelon Savings Plan, the TMI and OYC Savings Plan or the Clinton Savings Plan, as applicable
or any surviving spouse or beneficiary of any such participant, and (b) nothing contained in this Plan document shall be interpreted
or construed as imposing any obligation, on or after February 1, 2022, on Exelon Corporation or its subsidiaries to enforce any rights
of any Employee, Participant or Beneficiary or provide any benefit to any Employee, Participant or Beneficiary.

 

Exelon
Corporation has amended the Exelon Savings Plan, the TMI and OYC Savings Plan and the Clinton Savings Plan to require the trustee of the
Exelon Corporation Defined Contribution Retirement Plans Master Trust to transfer assets from such trust to the trustee of the Constellation
Defined Contribution Retirement Plan Trust the value of the account balances of, and accrued liabilities (including any outstanding
loan balances), of all Constellation Transferred Employees that are spun-off from the Exelon Savings Plan, the TMI and OYC Savings Plan
and the Clinton Savings Plan to the Plan.

 

This Plan is designated as a “profit sharing
plan” within the meaning of section 1.401-1(a)(2)(ii) of the Regulations; and is also designated as an ERISA section 404(c) Plan
within the meaning of section 2550.404c-1 of the Regulations. In addition, the portion of the Plan invested in the Employer Stock Fund
described in Section 6.2 is designated as an “employee stock ownership plan” within the meaning of section 4975(e)(7) of
the Code and, as such, is designed to invest primarily in “qualifying employer securities” as defined in section 4975(e)(8) of
the Code.

 

    2

     

    

 

ARTICLE 2

 

DEFINITIONS

 

As used herein, the following words and phrases
shall have the following respective meanings when capitalized:

 

(1)           Administrator.
The Company acting through its Director, Employee Benefit Plans and Programs, or such other person or committee appointed pursuant to
Section 11.1 (relating to the Administrator, the Investment Office and the Corporate Investment Committee).

 

(2)           Affiliate.
(a) A corporation that is a member of the same controlled group of corporations (within the meaning of section 414(b) of the
Code) as an Employer, (b) a trade or business (whether or not incorporated) under common control (within the meaning of section 414(c) of
the Code) with an Employer, (c) any organization (whether or not incorporated) that is a member of an affiliated service group (within
the meaning of section 414(m) of the Code) that includes an Employer, a corporation described in clause (a) of this subdivision
or a trade or business described in clause (b) of this subdivision or (d) any other entity that is required to be aggregated
with an Employer pursuant to Regulations promulgated under section 414(o) of the Code.

 

(3)           After-Tax
Contributions. Contributions made by a Participant pursuant to Section 5.1.

 

(4)           After-Tax
Contributions Account. The account established pursuant to Section 7.1 to which shall be credited (i) a Participant’s
After-Tax Contributions, (ii) any after-tax contributions transferred to the Plan from the Exelon Savings Plan, the TMI and OYC Savings
Plan, the Clinton Savings Plan or any other tax-qualified retirement plan on behalf of such Participant and (iii) earnings (or losses)
thereon.

 

(5)           Before-Tax
Contributions. Contributions made on behalf of a Participant pursuant to Section 4.1. The term “Before-Tax Contributions”
includes Designated Roth Contributions, if any, and Catch-Up Contributions, if any.

 

(6)           Before-Tax
Contributions Account. The account established pursuant to Section 7.1 to which shall be credited (i) a Participant’s
Before-Tax Contributions other than Catch-Up Contributions, (ii) any before-tax contributions transferred to the Plan from the Exelon
Savings Plan, the TMI and OYC Savings Plan, the Clinton Savings Plan or any other tax-qualified retirement plan on behalf of such Participant
and (iii) earnings (or losses) thereon.

 

(7)           Beneficiary.
The person or persons entitled under Section 8.5 to receive benefits in the event of the death of a Participant. For any period in
which the Plan is not an “ERISA section 404(c) Plan” as defined in the Regulations under section 404(c) of ERISA,
each Beneficiary shall be a “named fiduciary” within the meaning of section 402(a)(1) of ERISA for the sole purpose of
directing the Trustee with respect to the exercise of shareholder rights pursuant to Article 9 (relating to Participants’ stockholder
rights).

 

    3

     

    

 

(8)           Board
of Directors. The Board of Directors of Constellation Energy Corporation, the sole member of Constellation Energy Generation, LLC.

 

(9)           Catch-Up
Contributions. Before-Tax Contributions made pursuant to paragraph (c) of Section 4.1 (relating to Catch-Up Contributions)
by a Participant who has attained age 50 before the close of the relevant Plan Year.

 

(10)         Catch-Up
Contributions Account. The account established pursuant to Section 7.1 for each Participant who has attained age 50 to which
shall be credited (i) a Participant’s Catch-Up Contributions, (ii) any “catch-up” contributions transferred
to the Plan from the Exelon Savings Plan, the TMI and OYC Savings Plan, the Clinton Savings Plan or any other tax-qualified retirement
plan on behalf of such Participant and (iii) earnings (or losses) thereon

 

(11)         Code.
The Internal Revenue Code of 1986, as amended.

 

(12)         Common
Stock. The common stock, without par value, of Constellation Energy Corporation, which is publicly traded on an established securities
market.

 

(13)         Company.
Constellation Energy Generation, LLC (formerly named Exelon Generation Company, LLC), a Pennsylvania limited liability company, or any
successor to such Company that adopts the Plan pursuant to Article 13 (relating to continuance by a successor). For provisions of
this Plan applicable to periods prior to the Effective Date, Exelon Corporation, a Pennsylvania corporation.

 

    4

     

    

 

(14)         Compensation.
Except as provided in the third sentence of this subdivision, the normal base pay under the applicable Company payroll of an Employee
from an Employer for personal services rendered, including (i) nuclear license premiums for management employees, (ii) payments
attributable to worker’s compensation received from an Employer, (iii) taxable payments received by an employee under any corporate-approved
disability plan, (iv) solely for employees who are employed by Exelon Boston Services LLC who are represented by Local 369 of the
Utility Workers Union of America, AFL-CIO, overtime pay, (v) solely for employees who are represented by IBEW Local Union 15 and
covered under a collective bargaining agreement between an Employer and IBEW Local Union 15 (“Local 15 Member”), overtime
pay, but only amounts paid with respect to hours worked in excess of an Employee’s normally scheduled hours, (vi) differential
wage payments (as defined in section 3401(h) of the Code), (vii) bi-weekly commissions, (viii) solely for employees who
are represented by Local 369 of the Utility Workers Union of America, AFL-CIO, at the Mystic 7, 8 and 9 generating stations, overtime
pay, shift differential and annual incentive bonus, and excluding (i) salary continuation or lump sum payments under a severance
benefit plan, or other severance arrangement, of an Employer, (ii) bonuses or incentive awards (other than meter readers’ bonuses),
(iii) overtime pay except as set forth above, (iv) shift premiums, (v) fringe benefits, (vi) commissions other than
bi-weekly commissions), (vii) other extraordinary payments and (viii) payments made in a form other than cash, but without reduction
on account of the Employee’s election to have his or her pay reduced pursuant to a qualified cash or deferred arrangement described
in section 401(k) of the Code (including any such election to make a Designated Roth Contribution), a qualified transportation fringe
benefit program described in section 132(f) of the Code or a cafeteria plan described in section 125 of the Code. For purposes of
the preceding sentence, in the case of a non-represented Employee who works and is compensated based on a shift schedule other than a
basic work week consisting of five regularly scheduled eight-hour work days, the normal base pay of such Participant for each two-week
pay period shall be computed by multiplying his or her basic hourly rate, determined without regard to any premium payments made at an
overtime rate, by 80 hours (pro-rated for a part-time Employee). For a Participant who is employed at the Three Mile Island, Oyster Creek
or Clinton facility and is covered by a collective bargaining agreement, Compensation means base salary or wages computed on the basis
of an Employee’s regular work schedule, not to exceed 40 hours (or, in the case of a Participant employed at the Clinton facility,
regular basic compensation from the Employer paid during a Plan Year for services rendered), including nuclear license premiums and, in
the case of such a Participant working at the Three Mile Island facility who is represented by IBEW Local 777 only, payments under any
annual incentive program sponsored by the Company, in each case, payable in cash to an Employee by the Company before reduction for the
Employee’s election to have his or her pay reduced pursuant to a qualified cash or deferred arrangement described in section 401(k) of
the Code (including any such election to make a Designated Roth Contribution), a qualified transportation fringe benefit program described
in section 132(f) of the Code or a cafeteria plan described in section 125 of the Code. An Employee’s “compensation”
(within the meaning of section 415 of the Code) for any Plan Year in excess of the applicable dollar limitation contained in Section 401(a)(17)
of the Code (as adjusted for changes in the cost of living pursuant to section 401(a)(17) of the Code), shall be not be taken into account
for any purpose under the Plan. Notwithstanding the foregoing, an amount classified as Compensation under the preceding paragraphs shall
not be Compensation for purposes of the Plan if such amount is paid to an Employee after the Employee’s severance from employment
unless (i) such amount is regular compensation for services during the Employee’s regular working hours or compensation for
services outside the Employee’s regular working hours and (ii) such amount is paid on or before the later of (A) 2 1⁄2
months after the Employee’s severance from employment and (B) the last day of the Plan Year during which the Employee’s
severance from employment occurs. Finally, in no event shall Compensation for purposes of this Plan include any amount that is not “compensation”
within the meaning of section 415(c)(3) of the Code and section 1.415(c)-2 of the Regulations.

 

    5

     

    

 

(15)         Constellation
Transferred Employee. (a) Any Employee who (i) was a participant in the Exelon Savings Plan on January 31, 2022, (ii) was
employed by a member of the “Constellation Group” (as defined below) on January 31, 2022, (iii) continues to be
an Employee of a member of the Constellation Group on February 1, 2022, and (iv) is receiving regular salary or wages from
and rendering services to a member of the Constellation Group, or is on an authorized leave of absence, in each case on and after February 1,
2022; (b) each former employee of Exelon Corporation or any of its affiliates whose last employment prior to termination was with
a member of the Constellation Group and who was a participant in the Exelon Savings Plan as of his or her termination; and (c) each
former employee of Exelon Corporation or any of its Affiliates whose last employment prior to termination was with a member of the “Exelon
Group” (as defined below) and who was a participant in the Exelon Savings Plan as of his or her termination but (A) whose
job duties immediately prior to termination related primarily to the “Constellation Business” (as defined below) or (B) who
immediately prior to termination was employed at a location that primarily served the Constellation Business, or (C) who was a “Shared
Services Employee” (as defined below) whose employment terminated on or after January 1, 2001 and who immediately prior to
termination was not employed at a location that primarily served either the “Exelon Business” (as defined below) or the Constellation
Business and whose account, and related liabilities, pursuant to the spin-off of a portion of the Exelon Savings Plan was assigned to
the Plan as of the Effective Date. For purposes of this definition, (a) “Constellation Business” means a business involving
the competitive power generation and marketing and trading of electricity and gas, principally through the Company and its subsidiaries
and also includes any other business conducted by any member of the Constellation Group as of or prior to February 1, 2022; (b) “Constellation
Group” means (i) Constellation Energy Corporation, (ii) the “Constellation Entities” (as such term is defined
in the Separation Agreement dated as of January 31, 2022), and (iii) each entity that becomes a subsidiary of Constellation
Energy Corporation on or after February 1, 2022, including in each case, any entity that is merged or consolidated with or into,
or the result of a statutory division of, Constellation Energy Corporation or any subsidiary of Constellation Energy Corporation; (c) “Exelon
Business” means a business involving the regulated transmission and distribution of electricity and natural gas, principally through
Exelon Energy Delivery Company, LLC and its subsidiaries and does not include the Constellation Business; (d) “Exelon Group”
means, collectively, Exelon Corporation and the subsidiaries and entities held by Exelon Corporation, other than Constellation Energy
Corporation and the Constellation Entities; and (e) “Shared Services Employee” means a current or former employee of
the Exelon Group or Constellation Group whose job duties are not or were not, immediately prior to termination of employment, related
primarily to either the Exelon Business or the Constellation Business (based on such employee’s title, location and any other criteria
Exelon Corporation determined was controlling in connection with the spinoff from the Exelon Savings Plan); provided no person who is
listed as an “Exelon Employee” on Schedule A of the Employee Matters Agreement dated February 1, 2022 between Exelon
Corporation and Constellation Energy Corporation shall be considered a Constellation Transferred Employee.

 

(16)         Corporate
Investment Committee. The Company acting through the committee consisting of the executives or other persons designated from time
to time in the charter of such Committee.

 

(17)         Designated
Roth Contributions. Before-Tax Contributions designated as Roth contributions pursuant to Section 4.2(c) (relating to Untaxed
Contributions and Designated Roth Contributions) by a Participant.

 

(18)         Designated
Roth Contributions Account. The account established pursuant to Section 7.1 for each Participant to which shall be credited (i) all
Designated Roth Contributions made on behalf of such Participant pursuant to Section 4.2(c), (ii) designated Roth contributions
transferred to the Plan from the Exelon Savings Plan, the TMI and Oyster Creek Savings Plan, the Clinton Savings Plan or any other tax-qualified
retirement plan on behalf of such Participant and (iii) earnings (or losses) thereon.

 

(19)         Effective
Date. February 1, 2022.

 

    6

     

    

 

(20)         Eligible
Employee. An Employee other than (i) an Employee the terms of whose employment are subject to a collective bargaining agreement
that does not provide for participation in this Plan (or a predecessor plan in the case of a corporate transaction or plan merger), (ii) an
Employee on an unpaid leave of absence (except as required by applicable law respecting Military Service), (iii) an Employee paid
on the temporary payroll of an Employer who has never completed 1,000 Hours of Service in any period of twelve consecutive months beginning
with the Employee’s date of employment or any anniversary thereof, unless the Employee is a Long-Term Part-Time Employee, (iv) an
individual rendering services to an Employer who is not on the payroll of any Employer (including but not limited to, a leased employee),
(v) any Employee who is covered, in respect of the same period of employment, by another savings plan intended to be qualified under
Section 401(a) of the Code which is sponsored by the Company or any of its Affiliates and (vi) an Employee who is not a
resident of the United States, its territories or possessions (“U.S.”), unless the Employee resides outside the U.S. under
a temporary work arrangement approved by an Employer. It is expressly intended that an individual rendering services to an Employer pursuant
to any of the following agreements shall be excluded from Plan participation pursuant to clause (iv) of this subdivision even if
a court or administrative agency subsequently determines that such individual is an Employee: (a) an agreement providing that such
services are to be rendered as an independent contractor, (b) an agreement with an entity, including a leasing organization within
the meaning of section 414(n)(2) of the Code, that is not an Employer or (c) an agreement that contains a waiver of participation
in the Plan.

 

(21)         Employee.
An individual whose relationship with an Employer is, under common law, that of an employee.

 

(22)          Employer.
The Company and any other Affiliate set forth on Appendix I hereto that, with the consent of the Company elects to participate in the
Plan in the manner described in Article 12 either with respect to all Employees or a particular group of Employees of such Affiliate
and any successor Affiliate that adopts the Plan pursuant to Article 13. If any entity described in the preceding sentence withdraws
from participation in the Plan pursuant to Section 12.2, such entity shall thereupon cease to be an Employer. Appendix I shall be
updated from time to time by the Company to reflect any adoption pursuant to Article 12, but the failure to so update such Appendix
shall not affect the effectiveness of any such adoption. Such adoptions will be effective whether occurring before, on or after the Effective
Date and whether or not reflected in Appendix I. For provisions of this Plan applicable to periods prior to the Effective Date, Exelon
Corporation and any of its subsidiaries determined as of immediately before the Effective Date that participated in the Exelon Savings
Plan, the TMI and OYC Savings Plan or the Clinton Savings Plan, as applicable.

 

(23)         Employer
Matching Contributions. Contributions made by an Employer pursuant to Section 4.3.

 

(24)         Employer
Matching Contributions Account. The account established pursuant to Section 7.1 to which shall be credited (i) any Employer
Matching Contributions made on behalf of a Participant, (ii) any employer matching contributions transferred to the Plan from the
Exelon Savings Plan, the TMI and OYC Savings Plan, the Clinton Savings Plan or any other tax-qualified retirement plan on behalf of such
Participant and (iii) earnings (or losses) thereon.

 

(25)          ERISA.
The Employee Retirement Income Security Act of 1974, as amended.

 

(26)          Exelon
Savings Plan. The Exelon Corporation Employee Savings Plan.

 

(27)         Fixed
Employer Contributions. Contributions made by an Employer with respect to certain Participants pursuant to Section 4.4.

 

    7

     

    

 

(28)         Fixed
Employer Contributions Account. The account established pursuant to Section 7.1 to which shall be credited (i) any Fixed
Employer Contributions made on behalf of a Participant, (ii) any fixed employer contributions transferred to the Plan from the Exelon
Savings Plan, the TMI and OYC Savings Plan or any other tax-qualified retirement plan on behalf of such Participant and (iii) earnings
(or losses) thereon.

  

(29)          Hour
of Service. Each hour for which an Employee is directly or indirectly compensated by, or entitled to receive compensation from, an
Employer. For purposes of this subdivision, compensation shall mean the total earnings paid, directly or indirectly, to the Employee
by an Employer, including any back pay, irrespective of mitigation of damages, either awarded to the Employee or agreed to by an Employer.
The computation of Hours of Service and the periods to which Hours of Service are credited shall be determined under uniform rules adopted
by the Administrator in accordance with Department of Labor regulations §2530.200b-2(b), (c) and (f).

 

(30)         Investment
Office. The Company acting through the Company’s Investment Office.

 

(31)         Long-Term
Part-Time Employee. An Employee who has never completed 1,000 Hours of Service in any period of twelve consecutive months beginning
with the Employee’s date of employment or any anniversary thereof, but who has completed three consecutive years of employment
beginning after December 31, 2020 (including employment with Exelon Corporation or any of its affiliates) during which the Employee
is credited with at least 500 Hours of Service for each of the years included in the three consecutive year period.

 

(32)         Military
Service. The performance of duty on a voluntary or involuntary basis in a “uniformed service” (as defined below) under
competent authority of the United States government and includes active duty, active duty for training, initial active duty for training,
inactive duty training, full-time National Guard duty, and a period for which a person is absent from employment for the purpose of an
examination to determine the fitness of the person to perform any such duty. For purposes of the preceding sentence, the term “uniformed
service” means the Armed Forces, the Army National Guard and the Air National Guard when engaged in active duty for training, inactive
duty training, or full-time National Guard duty, the commissioned corps of the Public Health service, and any other category of persons
designated by the President of the United States in time of war or emergency.

 

(33)         Participant.
An Eligible Employee who satisfies the conditions set forth in Section 3.1 (relating to eligibility for Participation). An individual
shall cease to be a Participant upon the complete distribution, or transfer of his or her account under the Plan. For any period in which
the Plan is not an “ERISA section 404(c) Plan” as defined in Regulations under section 404(c) of ERISA, each Participant
shall be a “named fiduciary” within the meaning of section 402(a)(1) of ERISA for the sole purpose of directing the Trustee
with respect to the exercise of shareholder rights pursuant to Article 9 (relating to Participants’ stockholder rights).

 

(34)         Plan.
The plan herein set forth, and as from time to time amended.

 

(35)         Plan
Year. The period beginning February 1, 2022 and ending December 31, 2022 and, for each year beginning after December 31,
2022, the twelve-month period beginning on each January 1.

 

    8

     

    

 

(36)         Qualified
Non-Elective Contribution. Contributions (other than Employer Matching Contributions or Fixed Employer Contributions) made by the
Employer and allocated to Participants' accounts that the Participants may not elect to receive in cash until distributed from the Plan
and that are nonforfeitable when made to the Plan and are distributable only in accordance with the distribution provisions (other than
for hardships) applicable to Before-Tax Contributions.

 

(37)         Qualified
Non-Elective Contribution Account. The account to which shall be credited (i) any Qualified Non-Elective Contributions, (ii) any
qualified non-elective contributions transferred to the Plan from the Exelon Savings Plan, the TMI and OYC Savings Plan, the Clinton
Savings Plan or any other tax-qualified retirement plan on behalf of such Participant and (iii) earnings (or losses) thereon.

 

(38)         Qualified
Reservist. The term “Qualified Reservist” shall mean an individual who is (i) a member of a reserve component (as
defined in chapter 1 of title 37, United States Code) and (ii) ordered or called to active duty for a period in excess of 179 days
or for an indefinite period, after September 11, 2001.

 

(39)         Regulations.
Written final or temporary promulgations of the Department of Labor construing Title I of ERISA or the Internal Revenue Service construing
the Code.

 

(40)         Rollover
Account. The account established pursuant to Section 7.1 to which shall be credited (i) any rollover contribution made by
or on behalf of an Eligible Employee or a Participant, (ii) any rollover contribution transferred to the Plan from the Exelon Savings
Plan, the TMI and OYC Savings Plan, the Clinton Savings Plan or any other tax-qualified retirement plan on behalf of such Participant
and (iii) earnings (or losses) thereon.

 

(41)         Spouse.
The individual who is lawfully married to the Participant under the laws of the state or foreign jurisdiction where the individual and
the Participant were married, without regard to the laws of the state where the individual and the Participant are domiciled. For the
avoidance of doubt, the term “Spouse” shall not include a person who, with the Participant, is in a domestic partnership,
civil union or other similar formal relationship recognized by applicable law.

 

(42)         Termination
Date. (a) The date an Employee quits, retires, is discharged from employment by an Employer, qualifies for disability benefits
under an Employer-sponsored long-term disability plan (for purposes of this Plan, the Constellation Disability Benefit Plan is not considered
to be a long-term disability plan) or dies, (b) the date the Employee’s employer ceases to be an Employer on account of its
sale to a party or parties that do not qualify as an Affiliate of any Employer, (c) the first anniversary of the Employee’s
first date of absence from employment by an Employer for any other reason, except as provided in clause (d) or (e) below, (d) in
the case of an Employee who is absent from employment for maternity or paternity reasons, the second anniversary of the first date of
such absence or (e) the last date following a period of Military Service as of which the Employee has reemployment rights under applicable
law. For purposes of this subdivision, an absence from employment for maternity or paternity reasons means an absence (1) by reason
of the pregnancy of the Employee, (2) by reason of the birth of a child of the Employee, (3) by reason of the placement of a
child with the Employee in connection with the adoption of such child by such Employee or (4) for purposes of caring for such child
for a period beginning immediately following such birth or placement. Notwithstanding the foregoing sentences, an Employee’s absence
from employment for maternity or paternity reasons or for Military Service shall not be considered in determining the Employee’s
Termination Date unless the Employee, upon the Administrator’s request, provides certification that the leave was taken for one
of the reasons enumerated in the preceding sentence.

 

    9

     

    

 

 

(43)         Trust.
The trust created by agreement between the Company and the Trustee, as from time to time amended.

 

(44)         Trust
Fund. All money and property of every kind of the Trust held by the Trustee that is attributable to the Plan pursuant to the terms
of the Trust agreement.

 

(45)         Trustee.
The trustee that executes the Trust instrument provided for in Article 6, or any successor trustee or, if there is more than one
trustee acting at any time, all of such trustees collectively.

 

(46)         Untaxed
Contributions. Before-Tax Contributions not designated as Designated Roth Contributions pursuant to Section 4.2(c) (relating
to Untaxed Contributions and Designated Roth Contributions) by a Participant.

 

(47)         Untaxed
Contributions Account. The account established pursuant to Section 7.1 for each Participant to which shall be credited (a) all
Before-Tax Contributions that are Untaxed Contributions made on behalf of the Participant pursuant to Section 4.2(c), (b) any
before-tax contributions (which are not designated Roth contributions, as defined in section 402A(c) of the Code) transferred to
the Plan from the Exelon Savings Plan, the TMI and OYC Savings Plan, the Clinton Savings Plan or any other tax-qualified retirement plan
on behalf of such Participant and (c) earnings (or losses) thereon.

 

(48)         Valuation
Date. Each business day, as determined by the Trustee, or such other days as the Administrator may designate.

 

(49)         VRU.
The telephonic voice response unit designated by the Administrator, which may be used to make certain elections under the Plan. The VRU
shall require each Participant, or Beneficiary, as the case may be, to provide such identification data as may, from time to time, be
required by the VRU. The Administrator shall cause to be kept such records of VRU activity as it shall deem necessary or appropriate,
and such records shall constitute valid authorization of the elections made by each Participant and Beneficiary for all purposes of the
Plan and applicable Regulations. No written authorization shall be required from a Participant or Beneficiary after an election has been
made by calling the VRU.

 

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ARTICLE 3

 

 

PARTICIPATION

 

Section 3.1.
Eligibility for Participation.

 

Each
Constellation Transferred Employee who was a participant in the Exelon Savings Plan on January 31, 2022 and each participant in either
the TMI and OYC Savings Plan or the Clinton Savings Plan shall be a Participant as of February 1, 2022. Each other Eligible Employee
who is a member of a bargaining unit represented by IBEW Local Union 15 and covered under a collective bargaining agreement between an
Employer and IBEW Local Union 15 shall be eligible to become a Participant on the first day of the payroll period coinciding with or next
following the date he or she has completed three months of employment with an Employer (regardless of the number of Hours of Service actually
performed). Each other Eligible Employee who is not a member of a bargaining unit represented by IBEW Local Union 15 shall be eligible
to become a Participant on the first day of the payroll period coinciding with or next following the date of his or her employment as
an Eligible Employee on or after the Effective Date. A Long-Term Part-Time Employee who becomes an Eligible Employee shall be eligible
to become a Participant solely with respect to Before-Tax Contributions described in Section 4.1 and Rollover Contributions described
in Section 5.2 and shall be eligible to make such contributions on the first day of the payroll period coinciding with or next following
the date he or she becomes a Long-Term Part-Time Employee. A Long-Term Part-Time Employee who completes 1,000 Hours of Service
in any period of twelve consecutive months beginning with the Employee’s anniversary of his or her date of employment shall cease
to be a Long-Term Part-Time Employee and shall become eligible with respect to all contributions under the Plan to which other similarly
situated Eligible Employees are eligible.

 

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Section 3.2.
Applications for Before-Tax Contributions and After-Tax Contributions.

 

(a)           Regular
Payroll Before-Tax and After-Tax Contributions. Each Eligible Employee who desires to commence Before-Tax Contributions or After-Tax
Contributions shall make a request in the manner prescribed by the Administrator specifying the Employee’s chosen rate of Before-Tax
Contributions for each payroll period or his or her chosen rate of After-Tax Contributions for each payroll period, or both. Such request
shall authorize the Employee’s Employer to reduce the Eligible Employee’s Compensation by the amount of any such Before-Tax
Contributions, to make regular payroll deductions of any such After-Tax Contributions or both, as the case may be. The request shall also
specify the Employee’s investment elections pursuant to Section 7.1(b) and shall evidence the Employee’s acceptance
of and agreement to all provisions of the Plan. In addition, an Eligible Employee who is not a member of a bargaining unit represented
by IBEW Local Union 15 on the date of his or her employment may elect, in accordance with the provisions of this paragraph (a), to become
a Participant on the first day of the payroll period coinciding with or next following such date. All requests to commence contributions
pursuant to this paragraph (a) shall be effective as of such time after the Administrator (or its delegate) receives such request
as shall be established by the Administrator, provided, that all such requests shall be effective on the first day of a payroll
period commencing not more than 30 days after receipt thereof by the Administrator (or its delegate). Notwithstanding the above, if an
Eligible Employee who is a Constellation Transferred Employee has an election in effect on January 31, 2022 under paragraph (a) of
Section 3.2 of the Exelon Savings Plan, that election shall be treated as an election by such Constellation Transferred Employee
under this paragraph unless the Constellation Transferred Employee makes a new election under the Plan. Further notwithstanding the above,
if an Eligible Employee who was participant in either the TMI and Oyster Creek Savings Plan or the Clinton Savings Plan on January 31,
2022 has an election in effect on January 31, 2022 under paragraph (a)(i) or (a)(ii) of Section 4.1 of the TMI and
OYC Savings Plan or the Clinton Savings Plan, as applicable, that election shall be treated as an election by such Eligible Employee under
this paragraph unless the Eligible Employee makes a new election under the Plan.

 

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(b)           Automatic
Enrollment for Certain Employees. (i) Deemed Election of
Default Before-Tax Contributions. A Participant who is an Employee and who does not make an election pursuant to paragraph (a) of
this Section 3.2 to make Before-Tax Contributions or After-Tax Contributions shall be deemed to have elected to make Before-Tax
Contributions (“Default Before-Tax Contributions”) equal to 3 percent (“Default Percentage”) of his or her Compensation
for each payroll period and to have his or her Employer reduce his or her Compensation by the amount thereof, provided that, in the case
of a Constellation Transferred Employee who is an Eligible Employee and who did not, as of January 31, 2022, make an election under
paragraph (a) of Section 3.2 of the Exelon Savings Plan, shall have a Default Percentage as of the Effective Date equal to
such Constellation Transferred Employee’s “default percentage” in effect as of January 31, 2022 under the Exelon
Savings Plan and, provided further that, in the case of an Eligible Employee who was participant in either the TMI and Oyster Creek Savings
Plan or the Clinton Savings Plan on January 31, 2022 and who did not, as of January 31, 2022, make an election under either
paragraph (a)(i) or (a)(ii) of Section 4 of either such plan, shall have a Default Percentage as of the Effective Date
equal to such Eligible Employee’s “default percentage” in effect as of January 31, 2022 under the TMI and Oyster
Creek Savings Plan or the Clinton Savings Plan, as applicable. The Default Percentage of each Participant described in the preceding
sentence will increase by 1 percent each Plan Year, beginning with the second Plan Year that begins after the Default Percentage first
applies to the Participant, until it reaches 10%, with such maximum Default Percentage being applicable to any Participant who is automatically
enrolled pursuant to this Section. The increase will be effective March 1 of each applicable Plan Year. Notwithstanding the foregoing,
in the event a Participant’s initial Default Before-Tax Contribution occurs during the period commencing on December 1 and
ending the last day of February, the initial increase to such Participant’s Default Percentage shall commence on the March 1
of the calendar year following the first anniversary of the Participant’s initial Default Before-Tax Contribution. The effective
date of such Participant’s deemed election shall be 90 days after the Participant receives a notice of his or her rights and obligations
under this paragraph (b)(i) (the “Automatic Enrollment Notice”), except that February 1, 2022 shall be the effective
date of the deemed election of an Employee who is described in the first sentence above and is either (1) a Constellation Transferred
Employee, or (2) an Eligible Employee who was participant in either the TMI and Oyster Creek Savings Plan or the Clinton Savings
Plan on January 31, 2022. During the 90-day period after the Participant receives the Automatic Enrollment Notice (including an
automatic enrollment notice distributed prior to February 1, 2022 to a Constellation Transferred Employee or an Eligible Employee
who was participant in either the TMI and Oyster Creek Savings Plan or the Clinton Savings Plan on January 31, 2022), the Participant
shall have an opportunity to make an affirmative election to (1) not have any Default Before-Tax Contributions made on his or her
behalf or (2) have Before-Tax Contributions made in a different amount or percentage of Compensation by giving direction to the
Administrator (or its delegate) in the manner prescribed by the Administrator. Any deemed election described in this paragraph (b)(i) shall
be effective only with respect to Compensation not currently available to the Participant. Notwithstanding the foregoing, none of the
following Constellation Transferred Employees shall have a Default Percentage: (a) a Constellation Transferred Employee who on or
after April 6, 2009 and before January 1, 2020 became eligible to participate in the Exelon Savings Plan as a result of being
rehired; (b) a Constellation Transferred Employee who first became a participant in the Exelon Savings Plan as a result of the Employee
Savings Plan for Constellation Energy Nuclear Group, LLC or the Represented Employee Savings Plan for Nine Mile Point merging with the
Exelon Savings Plan on July 1, 2015; (c) a Constellation Transferred Employee who first became a participant in the Exelon
Savings Plan as a result of the Pepco Holdings LLC Retirement Savings Plan, the BG Boston Services LLC Union Retirement 401(k) Plan,
the BG New England Power Services, Inc. 401(k) Plan, or the BG New England Power Services, Inc. Union Retirement 401(k) Plan
merging with the Exelon Savings Plan on July 1, 2018.

 

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(ii)           Withdrawal
of Default Before-Tax Contributions. A covered employee deemed to elect Default Before-Tax Contributions pursuant to paragraph (b)(i) may
elect, no later than 90 days after the first payroll date that the first Default Before-Tax Contributions on behalf of the covered employee
occurs, to receive a distribution equal to the amount of all such contributions (adjusted for earnings and losses and reduced by any applicable
fees) made with respect to the covered employee through the earlier of (1) the pay date for the second payroll period that begins
after the covered employee’s withdrawal request and (2) the first pay date that occurs after 30 days following the covered
employee’s request. An election by a covered employee to withdraw Default Before-Tax Contributions pursuant to this paragraph (b)(ii) shall
be deemed to be an election by the covered employee, as of the date of the withdrawal election, to reduce his Before-Tax Contribution
percentage to 0 percent (subject to any affirmative election by the covered employee to the contrary).

 

Section 3.3.
Transfer to Affiliates.

 

If a Participant is transferred from one Employer
to another Employer or from an Employer to an Affiliate, such transfer shall not terminate the Participant’s participation in the
Plan and such Participant shall continue to participate in the Plan until an event occurs that would have terminated his or her participation
had the Participant continued in the service of an Employer until the occurrence of such event; provided, however, that
a Participant shall not be entitled (i) to make contributions to the Plan, or (ii) to have contributions made on his or her
behalf to the Plan during any period of employment by any Affiliate that is not an Employer with respect to such Participant. Periods
of employment with an Affiliate shall be taken into account only to the extent set forth in Section 10.4 (relating to employment
by Affiliates). Payments received by a Participant from an Affiliate that is not an Employer with respect to such Participant shall not
be treated as compensation for any purposes under the Plan. Notwithstanding the foregoing or anything contained in the Plan to the contrary,
in the case of a Participant whose employment is transferred to a position governed by the terms of a collective bargaining agreement
which provides for participation in another plan, such Participant will be eligible to participate only in the plan designated in the
collective bargaining agreement governing such position and such Participant’s account will be transferred to such plan.

 

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ARTICLE 4

 

EMPLOYER CONTRIBUTIONS

 

Section 4.1.
Before-Tax Contributions.

 

(a)           Initial
Election Respecting Regular Payroll Before-Tax Contributions. Subject to the limitations set forth in Sections 4.2 (relating to the
402(g) annual limit on Before-Tax Contributions), 4.5 (relating to limitations on contributions for highly compensated Eligible Employees),
4.6 (relating to the limitation on Employer contributions) and 7.4 (relating to limitations on allocations imposed by section 415 of the
Code), each Employer shall contribute (i) on behalf of each Participant who is an Eligible Employee of such Employer and is either
a member of a bargaining unit represented by IBEW Local Union 15, or an Employee working at the Clinton facility, Three Mile Island facility
or Oyster Creek facility covered by a collective bargaining agreement an amount equal to a whole percentage not less than 1 and not more
than 50 percent of such Participant’s Compensation for each payroll period as designated by the Participant in his or her request
pursuant to Section 3.2(a), (ii) on behalf of each Participant who is an Eligible Employee of such Employer and is a member
of a bargaining unit represented by the Utility Workers Union of America, AFL-CIO, Local Union 369 at the Mystic generating stations 7,
8 or 9, an amount equal to a whole percentage not less than 1 and not more than 90 percent of such Participant’s Compensation for
each payroll period as designated by the Participant in his or her request pursuant to Section 3.2(a), and (iii) on behalf of
any other Participant who is an Eligible Employee of such Employer an amount equal to a whole percentage not less than 1 and not more
than 50 percent, of such Participant’s Compensation for each payroll period as designated by the Participant on his or her request
pursuant to Section 3.2(a). Before-Tax Contributions described in the preceding sentence shall be delivered to the Trustee no less
frequently than bi-weekly. In addition, if back-pay is awarded to a Participant who is an Eligible Employee and any portion of such back-pay
constitutes Compensation as defined in subdivision (14) of Article 2 (relating to the definition of Compensation), the Employer of
such Participant shall contribute on behalf of such Participant an amount equal to the Before-Tax Contribution percentage, which was most
recently chosen by the Participant in his or her request pursuant to Section 3.2(a), of such back-pay that constitutes Compensation.
A Before-Tax Contribution described in the preceding sentence shall be treated under the Plan in the same manner as all other Before-Tax
Contributions and shall be delivered to the Trustee as soon as practicable after the back-pay is paid to the Participant.

 

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(b)           Changes
in the Rate or Suspension of Regular Payroll Before-Tax Contributions. A Participant’s Before-Tax Contributions pursuant to
paragraph (a) of this Section 4.1 shall continue in effect at the rate designated by a Participant in his or her request until
the Participant changes such designation or suspends such contributions. A Participant may change such designation at any time by giving
direction to the Administrator (or its delegate) in the manner prescribed by the Administrator. Any such direction shall be limited to
the contribution rates described in paragraph (a) of this Section 4.1.

 

A Participant may suspend future Before-Tax Contributions
pursuant to paragraph (a) of this Section 4.1 by giving notice to the Administrator (or its delegate) in the manner prescribed
by the Administrator. A Participant who has ceased Before-Tax Contributions pursuant to this subsection may resume Before-Tax Contributions
by so directing the Administrator (or its delegate) in the manner prescribed by the Administrator. All such directions to change the rate
of, suspend or resume Before-Tax Contributions shall be effective as of such time after the Administrator (or its delegate) receives any
such direction as shall be established by the Administrator, provided that such direction shall be effective on the first day of
a payroll period commencing not more than 30 days after receipt thereof by the Administrator (or its delegate).

  

(c)           Catch-Up
Contributions. Each Participant who pursuant to paragraph (a) of this Section 4.1 is eligible to make Before-Tax Contributions
for any Plan Year and who shall attain age 50 before the close of such Plan Year shall be eligible to have Before-Tax Contributions made
in addition to those described in paragraph (a) of this Section 4.1 (“Additional Before-Tax Contributions”) if no
other Before-Tax Contributions to be made pursuant to paragraph (a) of this Section 4.1 may be made to the Plan for such payroll
period by reason of the limitations of Section 4.2 (relating to the 402(g) annual limit on Before-Tax Contributions). Notwithstanding
the preceding sentence, in no event shall the amount of Additional Before-Tax Contributions exceed the maximum percentage of such Participant’s
Compensation permitted for Before-Tax Contributions for any payroll period (as set forth in Section 4.1(a)). Such Additional Before-Tax
Contributions shall be elected, made, suspended, resumed and credited in a manner similar to that described in paragraphs (a) and
(b) of this Section 4.1 and in accordance with and subject to such additional rules and limitations of section 414(v) of
the Code and otherwise as the Administrator determines; provided, however, that in the case of a Participant who is eligible to make Additional
Before-Tax Contributions and who is represented by Utility Workers Union of America, AFL-CIO, Local Union 369 at the Mystic 7, 8 or 9
generating stations, once such Participant has reached the 402(g) annual limit on Before-Tax Contributions, such Participant’s
Before-Tax Contribution deferral election percentage shall automatically be applied to Additional Before-Tax Contributions without any
further election required on the part of such Participant. To the extent such Additional Before-Tax Contributions are not “Catch-Up
Contributions” as defined for purposes of section 414(v) of the Code, they shall be taken into account, and to the extent such
Additional Before-Tax Contributions are Catch-Up Contributions they shall not be taken into account, for purposes of Article 4 or
7 or other provisions of the Plan implementing the required limitations of sections 401(k)(3), 401(k)(11), 401(k)(12), 402(g), 404, 410(b),
415 or 416 of the Code, as applicable.

 

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Section 4.2.
402(g) Annual Limit on Before-Tax Contributions.

 

(a)           General
Rule. Notwithstanding the provisions of Section 4.1 (relating to Before-Tax Contributions), a Participant’s Before-Tax
Contributions for any calendar year, together with amounts contributed under all other plans and arrangements maintained by an Employer
or Affiliate and described in sections 401(k), 408(k), 408(p) or 403(b) of the Code, and excluding any Additional Before-Tax
Contributions made to the Plan pursuant to paragraph (c) of Section 4.1 which are Catch-Up Contributions described in such paragraph
or Default Before-Tax Contributions that are withdrawn pursuant to paragraph (b)(ii) of Section 3.2, shall not exceed the applicable
dollar amount under section 402(g) of the Code (as adjusted for cost-of-living increases in accordance with section 402(g)(5) of
the Code) for such calendar year.

 

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(b)           Correction
of Excess Before-Tax Contributions. If for any calendar year a Participant determines that the aggregate of the (i) Before-Tax
Contributions to this Plan, excluding any Additional Before-Tax Contributions made to the Plan pursuant to paragraph (c) of Section 4.1
which are Catch-Up Contributions described in such paragraph, and (ii) amounts contributed under other plans or arrangements described
in sections 401(k), 408(k) or 403(b) of the Code will exceed the limit imposed by paragraph (a) of this Section 4.2
for the calendar year in which such contributions were made (“Excess Before-Tax Contributions”), such Participant shall, pursuant
to such rules and at such time following such calendar year as determined by the Administrator, be allowed to submit a written request
that the Excess Before-Tax Contributions plus any income and minus any loss allocable thereto be distributed to him or her. The request
described in this subsection shall be made in the manner and form prescribed by the Administrator and shall state the amount of the Participant’s
Excess Before-Tax Contributions for the calendar year. The request shall be accompanied by the Participant’s written statement that
if such Excess Before-Tax Contributions are not distributed, such Excess Before-Tax Contributions, when added to amounts deferred under
other plans or arrangements described under sections 401(k), 408(k), or 403(b) of the Code, excluding any contributions which are
Catch-Up Contributions described in section 414(v) of the Code, will exceed the limit for such Participant under section 402(g) of
the Code. A distribution of Excess Before-Tax Contributions (reduced by any amounts recharacterized or distributed pursuant to paragraph
(e)(1) of Section 4.5 (relating to adjustments to comply with section 401(k)(3) of the Code)) shall be made no later than
the applicable time period set forth in the Code and Regulations thereunder following the end of the Plan Year for which such Excess Before-Tax
Contributions were made, plus any income and minus any loss allocable thereto through the end of such Plan Year. The amount of any income
or loss allocable to such Excess Before-Tax Contributions shall be determined pursuant to applicable Regulations. If Excess Before-Tax
Contributions are distributed pursuant to this Section 4.2, any corresponding Employer Matching Contributions allocated to the Participant’s
Employer Matching Contributions Account, adjusted for income or loss pursuant to Regulations, to which such Participant would be entitled
under Section 8.3 (relating to distributions upon termination of employment) if such Participant had terminated employment on the
last day of the calendar year during which contributions were made (or earlier if such Participant actually terminated employment at an
earlier date) shall be distributed to such Participant and any remaining amount of such corresponding Employer Matching Contributions,
adjusted for income or loss, shall be forfeited. Notwithstanding the provisions of this paragraph, any such Excess Before-Tax Contributions
shall be treated as “annual additions” for purposes of Section 7.4 (relating to limitations on allocations imposed by
section 415 of the Code) and shall not be disregarded as Before-Tax Contributions for purposes of determining the average deferral percentage
described in Section 4.5(d)(1) or, to the extent applicable, the average contribution percentage described in Section 4.5(d)(2),
except that in the case of a non-highly compensated eligible employee, as that term is defined in Section 4.5(d)(4), such Excess
Before-Tax Contributions shall be ignored to the extent that such contributions are prohibited pursuant to section 401(a)(30) of the Code,
which requires that Before-Tax Contributions not exceed the limit described in paragraph (a) of Section 4.2 (relating to the
annual limit on Before-Tax Contributions). Any distribution of Excess Before-Tax Contributions to a Participant shall be treated as a
distribution of the Untaxed Contributions, up to the extent Untaxed Contributions have been made by such Participant to the Plan for such
Plan Year and, to the extent that distributions of Excess Before-Tax Contributions to such Participant exceed the Participant’s
Untaxed Contributions for such Plan Year, the distributions of Excess Before-Tax Contributions shall be treated as Designated Roth Contributions
made by the Participant to the Plan for the Plan Year.

 

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(c)           Untaxed
Contributions and Designated Roth Contributions. A Participant who has made an election to commence, change, suspend or resume Before-Tax
Contributions pursuant to this Section 4.2 shall designate the portion of such contributions that are to be Designated Roth Contributions
includible in the Participant’s gross income when made pursuant to section 402A of the Code. Such designation is irrevocable with
respect to contributions made or to be made with respect to Compensation currently available. Any such election made by a Participant
which does not expressly designate a portion of Before-Tax Contributions as Designated Roth Contributions shall be deemed to designate
no portion of Before-Tax Contributions as Designated Roth Contributions. Any Before-Tax Contributions that are not Designated Roth Contributions
are referred to herein as Untaxed Contributions.

 

Section 4.3.
Employer Matching Contributions.

 

(a)           Amount
of Contributions. Subject to the limitations set forth in Sections 4.5 (relating to limitations on contributions for highly compensated
Eligible Employees), 4.6 (relating to the limitations on Employer contributions) and 7.4 (relating to limitations on allocations imposed
by section 415 of the Code), and except as otherwise provided below, each Employer shall contribute the following for each payroll period
on behalf of each Participant who is an Employee of such Employer (references to hire and rehire dates prior to the Effective Date refer
to hire and rehire dates with Exelon Corporation and its affiliates):

 

		(i)	For each Participant (A) who is classified as a non-represented, non-exempt craft employee assigned to the Peach Bottom, Limerick,
Outage Services East, Philadelphia Electric Company or Texas generating plant or (B) the terms of whose employment is subject to
a collective bargaining agreement that provides for participation in the Plan (except for those Participants whose employment is subject
to the collective bargaining agreement with IBEW Local Union 97 or other collective bargaining agreement as set forth below in this Section 4.3(a)),
an amount equal to 100 percent of Matched Contributions, as defined below, but only to the extent that Matched Contributions do not exceed
5 percent (4 percent for a Participant whose employment is subject to a collective bargaining agreement and is employees at the Clinton
facility) of the Participant’s Compensation for the payroll;

 

		(ii)	For each Participant employed by the Company at the James A. FitzPatrick Nuclear Station, the terms of whose employment are subject
to a collective bargaining agreement with the International Brotherhood of Electrical Workers, Local 97 Production and Maintenance, or
the International Brotherhood of Electrical Workers, Local 97 Security, (A) an amount equal to 100 percent of Matched Contributions,
as defined below, but only to the extent that Matched Contributions do not exceed 6 percent of the Participant’s Compensation for
the payroll period in the case of such a Participant who is eligible to participate in the Nine Mile Point Pension Plan under the Constellation
Employee Pension Plan and (B) an amount equal to 70 percent of Matched Contributions, as defined below, but only to the extent that
Matched Contributions do not exceed 6 percent of the Participant’s Compensation for the payroll period in the case of any other
such Participant;

 

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		(iii)	For each Participant, the terms of whose employment is subject to the collective bargaining agreement with IBEW Local Union 97 (except
for a Participant described in clause (ii) of this Section 4.3(a)), an amount equal to 60 percent of Matched Contributions,
as defined below, but only to the extent that Matched Contributions do not exceed 5 percent of the Participant’s Compensation for
the payroll;

 

		(iv)	For each Participant, the terms of whose employment is subject to the collective bargaining agreement with the Utility Workers Union
of America, AFL-CIO, Local Union 369 at the Mystic 8 or 9 generating station, an amount equal to 100 percent (effective January 1,
2021, 60 percent for a Participant described in this clause who is hired or rehired on or after January 1, 2021) of Matched Contributions,
as defined below, but only to the extent that Matched Contributions do not exceed 4 percent (effective January 1, 2021, 5 percent
for a Participant described in this clause who is hired or rehired on or after January 1, 2021) of the Participant’s “eligible
compensation,” as defined below, for the payroll;

 

		(v)	For each Participant, the terms of whose employment is subject to the collective bargaining agreement with the Utility Workers Union
of America, AFL-CIO, Local Union 369 at the Mystic 7 generating station, an amount equal to 60 percent of Matched Contributions, as defined
below, but only to the extent that Matched Contributions do not exceed 5 percent of the Participant’s “eligible compensation,”
as defined below, for the payroll;

 

		(vi)	For each Participant, the terms of whose employment is subject to the collective bargaining agreement with the Utility Workers Union
of America, AFL-CIO and Local 369 and who is employed at the Everett LNG Facility (collectively, the “Everett Represented Participants”),
an amount equal to 100 percent of Matched Contributions, as defined below, but only to the extent that Matched Contributions do not exceed
4 percent of such Participant’s eligible compensation for the payroll;

 

		(vii)	For each Participant, the terms of whose employment is subject to the collective bargaining agreement with IBEW Local Union 614 and
is employed by the Company, who is hired or rehired on or after August 26, 2020, an amount equal to 60 percent of Matched Contributions,
as defined below, but only to the extent that Matched Contributions do not exceed 5 percent of the Participant’s “eligible
compensation,” as defined below, for the payroll; and

 

		(viii)	For each other Participant, an amount equal to 60 percent of Matched Contributions, as defined below, but only to the extent that
Matched Contributions do not exceed 5 percent of the Participant’s Compensation for the payroll.

 

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In addition, each Participant described in clause
(iii), (v) and (viii) of the preceding paragraph and (1) each Participant described in clause (vii)(1) of the preceding
paragraph who is hired or rehired on or after August 26, 2020, (2) each Participant described in clause (iv) of the preceding
paragraph who is hired or rehired on or after January 1, 2021, (3) each Participant described in clause (vii)(2) of the
preceding paragraph who is hired or rehired on or after April 15, 2021, and (4) each Participant described in clause (i) of
the preceding paragraph who is employed at the Clinton facility shall be eligible to receive a “Profit Sharing Matching Contribution,”
provided that such Participant either (i) is an Employee of such Employer on the last day of such Plan Year, (ii) is not employed
on such day as a result of an approved unpaid leave of absence during such Plan Year, or (iii) terminates employment during such
Plan Year (1) after attaining age 50 and completing at least 10 years of service, as determined by the Administrator, (2) as
a result of circumstances entitling the Participant to separation benefits under an Employer’s severance benefit plan, provided
that, the Participant satisfies all of the conditions to receive separation benefits under such severance plan, (3) as a result of
a disability that entitles the Participant to benefits under an Employer’s long-term disability plan, or (4) on account of
the Participant’s death. The “Profit Sharing Matching Contribution” shall be an amount (if any) determined by the Board
of Directors (or the Compensation Committee, or other authorized committee thereof) in its sole discretion based on attainment of specified
performance goals, and (A) in the case of each Participant described in clause (iii) of the preceding paragraph, not exceeding
60 percent of such Participant’s Matched Contributions, as defined below, for each payroll period, but only to the extent that such
Matched Contributions do not exceed 5 percent of the Participant’s annual “eligible compensation” (as defined below)
for the payroll period and only to the extent that the total Profit Sharing Matching Contributions do not exceed 3 percent of such Participant’s
 “eligible compensation” (as defined below)), (B) in the case of each Participant described in clause (vii)(1) of
the preceding paragraph who is hired or rehired on or after August 26, 2020, and in the case of each Participant described in clause
(vii)(2) of the preceding paragraph who is hired or rehired on or after April 15, 2021 not exceeding 60 percent of a Participant’s
Matched Contributions, as defined below, for each payroll period, but only to the extent that such Matched Contributions do not exceed
5 percent of the Participant’s “eligible compensation” (as defined below) and only to the extent that the total Profit
Sharing Matching Contributions do not exceed 3 percent of the Participant’s “eligible compensation” (as defined below),
(C) in the case of each Participant described in clause (iv) of the preceding paragraph, not exceeding 60 percent of a Participant’s
Matched Contributions, as defined below, for each payroll period, but only to the extent that such Matched Contributions do not exceed
5 percent of the Participant’s annual “eligible compensation” (as defined below) and only to the extent that the total
Profit Sharing Matching Contributions do not exceed 3 percent of the Participant’s “eligible compensation” (as defined
below), (D) in the case of each Participant described in clause (v) of the preceding paragraph, not exceeding 60 percent of
a Participant’s Matched Contributions, as defined below, for each payroll period, but only to the extent that such Matched Contributions
do not exceed 5 percent of the Participant’s annual “eligible compensation” (as defined below), (E) in the case
of each Participant described in clause (viii) of the preceding paragraph, not exceeding 60 percent of a Participant’s Matched
Contributions, as defined below, for each payroll period, but only to the extent that such Matched Contributions do not exceed 5 percent
of the Participant’s Compensation for the payroll period and (F) in the case of each Participant described in clause (i) of
the preceding paragraph who is employed at the Clinton facility, 50 percent of a Participant’s Matched Contributions, as defined
below, for each payroll period, but only to the extent that such Matched Contributions do not exceed 4 percent of the Participant’s
Compensation for the payroll period.

 

    21

     

    

 

For
purposes of this Section 4.3, “Matched Contributions” means the sum of (i) the Before-Tax Contributions made on
behalf of the Participant for a payroll period, excluding Additional Before-Tax Contributions which are Catch-Up Contributions described
in section 414(v) of the Code and excluding Default Before-Tax Contributions distributed pursuant to paragraph (b)(ii) of
Section 3.2 (relating to withdrawal of Default Before-Tax Contributions), and (ii) the After-Tax Contributions made by the Participant
for such payroll period. Any Employer Matching Contributions made by an Employer with respect to Default Before-Tax Contributions that
are withdrawn pursuant to paragraph (b)(ii) of Section 3.2, plus any earnings, shall be forfeited and used to reduce future
Employer Matching Contributions made by an Employer pursuant to this Section.

 

For purposes of this Section 4.3, “eligible
compensation” shall mean base pay only in the case of Participants the terms of whose employment is subject to the collective bargaining
agreement with (i) the Utility Workers Union of America, AFL-CIO, Local Union 369 at the Mystic 7, 8 and 9 generating stations, (ii) 
IBEW Local Union 97 (except for a FitzPatrick Participant (as such term is defined in Section 4.4(a))), or (iii) IBEW Local
Union 614 and employed by the Company.

 

In addition to the Employer Matching Contributions
described above, in the case of a New England Plan Participant, as defined in Supplement IV attached hereto, whose Before-Tax Contributions
exceed the limit described in Section 4.2 (relating to the 402(g) annual limit on Before-Tax Contributions), an additional Employer
Matching Contribution shall be made on behalf of such Participant in an amount equal to the amount described in clause (iv) of the
first paragraph of this Section 4.3 assuming that such Participant had continued making the same rate of Before-Tax Contributions
that were in effect with respect to such Participant at the time such Before-Tax Contributions exceeded the limit described in Section 4.2.

 

    22

     

    

 

In addition to the Employer Matching Contributions
described above, in the case of a Participant whose terms of employment are subject to the collective bargaining agreement with the Utility
Workers Union of America, AFL-CIO, Local Union 369 at the Mystic 7, 8 or 9 generating stations, each Plan Year the Employer shall make
 “true-up” Employer Matching Contributions for each such Participant equal to the difference, if any, of the Employer Matching
Contributions previously made on a per payroll basis for the Plan Year based on the applicable maximum percentage of the Participant’s
 “eligible compensation” per payroll, as described above, and the amount of Employer Matching Contributions that he or she
would receive if the match were based on the applicable maximum percentage of the Participant’s “eligible compensation”
for such Plan Year (i.e., an amount equal to 100% of Matched Contributions that do not exceed 4 percent of the Participant’s “eligible
compensation” for the Plan Year in the case of Participants at Mystic 8 and 9 generating stations and an amount equal to 60% of
Matched Contributions that do not exceed 5 percent of the Participant’s “eligible compensation” for the Plan Year in
the case of Participants at the Mystic 7 generating station).

 

For purposes of this Section 4.3, “eligible
compensation” shall mean, with respect to an Everett Represented Participant, any payment that would be included in the safe harbor
definition of compensation under Treasury regulation Section 1.415(c)-2(d)(4), in each case as paid to such Participant by an Employer
during the period that such individual was an Eligible Employee under the Plan (such definition of “eligible compensation,”
the “Everett Represented Compensation”).

 

    23

     

    

 

(b)           Special
Part-Time Employees. Notwithstanding paragraph (a) hereof, no Employer shall make a contribution pursuant to this Section 4.3
on behalf of any Participant who is a “part-time regular employee” as defined in an Agreement dated July 23, 1993 between
the Commonwealth Edison Company and the System Council U-25, I.B.E.W. (the “July 23, 1993 Agreement”), unless one
of the following applies:

  

		(1)	the Participant had in effect on July 23, 1993 an authorization to make contributions under the Plan as then in effect and elected
pursuant to the July 23, 1993 Agreement and request by the Company to become a part-time regular employee during the initial staffing
period that began July 23, 1993 and ended December 31, 1993 (the “Initial Staffing Period”);

 

		(2)	the Participant had in effect on the date the Participant became a part-time regular employee an authorization to make contributions
under the Plan as then in effect and chose the Option II Benefits Package as described in the July 23, 1993 Agreement, as amended;

 

		(3)	the Participant did not have in effect on the date the Participant became a part-time regular employee an authorization to make contributions
under the Plan as then in effect and elected pursuant to the July 23, 1993 Agreement and request by the Company to become a part-time
regular employee during the Initial Staffing Period; provided such Participant had in effect on any date after December 24, 1995
and before February 20, 1996 an authorization to make contributions under the Plan; or

 

		(4)	the Participant elected other than pursuant to the July 23, 1993 Agreement to become a part-time regular employee during the
Initial Staffing Period; provided that such Participant had in effect on any date after December 24, 1995 and before February 20,
1996 and authorization to make contributions under the Plan.

 

(c)           Time
of Delivery of Contributions. Employer Matching Contributions for any Plan Year shall be delivered to the Trustee at the same time
the Before-Tax Contributions or After-Tax Contributions to which such Employer Matching Contributions relate are delivered to the Trustee;
provided, however, that ‘Profit Sharing Matching Contributions’ for any Plan Year shall be delivered to the Trustee on or
before the last day of the calendar quarter next following the end of such Plan Year.

 

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Section 4.4.
Fixed Employer Contributions for Certain Participants.

 

(a)           Amount
of Contributions.

 

(1) Participants Employed within
the Commercial Retail or Commercial Wholesale Business of the Company. Subject to the limitations set forth in Section 4.6 (relating
to the limitations on Employer contributions) and 7.4 (relating to limitations on allocations imposed by section 415 of the Code), each
Participant who, during the applicable Plan Year (a) is employed by an Employer as an Employee within the Commercial Retail or Commercial
Wholesale business of the Company (the “Commercial Business”), (b) is eligible to participate in the Constellation Short-Term
Incentive Award Program and (c) is not eligible to participate in a traditional defined benefit plan sponsored by the Company or
one of its Affiliates shall be eligible to receive a Fixed Employer Contribution, provided that such Participant either (i) is an
Employee on the last day of such Plan Year, (ii) is not employed on such day as a result of an approved unpaid leave of absence during
such Plan Year, or (iii) terminates employment during such Plan Year (1) after attaining age 50 and completing at least 10 years
of service, as determined by the Administrator, (2) as a result of circumstances entitling the Participant to separation benefits
under an Employer’s severance benefit plan, provided that, the Participant satisfies all of the conditions to receive separation
benefits under such severance plan, (3) as a result of a disability that entitles the Participant to benefits under an Employer’s
long-term disability plan, or (4) on account of the Participant’s death. The Fixed Employer Contribution for a Participant
entitled to such contribution shall equal 3% of the Participant’s Compensation, determined as of the last day of the applicable
Plan Year; provided, however, (A) in the case of a Participant who during the applicable Plan Year transfers from the Commercial
Business to a position with the Employers which is not within the Commercial Business, such Participant’s Compensation for purposes
of the Fixed Employer Contribution shall be determined as of the last day of employment within the Commercial Business and (B) in
the case of a Participant who during the applicable Plan Year transfers from a position with the Employers which is not within the Commercial
Business to a position within the Commercial Business, such Participant’s Compensation for purposes of the Fixed Employer Contribution
shall be the compensation received beginning as of the first day of employment within the Commercial Business through the last day of
the applicable Plan Year (or the last day of employment within the Commercial Business, if applicable).

 

(2)  Participants Employed by
Constellation Home Products & Services, LLC. Subject to the limitations set forth in Section 4.6 (relating to the limitations
on Employer contributions) and 7.4 (relating to limitations on allocations imposed by section 415 of the Code), effective for Eligible
Employees hired on or after February 1, 2018, each Participant who during the applicable Plan Year is employed by Constellation Home
Products & Services, LLC (“Constellation Home”) shall be eligible to receive a Fixed Employer Contribution, provided
that such Participant either (i) is an Employee on the last day of such Plan Year, (ii) is not employed on such day as a result
of an approved unpaid leave of absence during such Plan Year, or (iii) terminates employment during such Plan Year (1) after
attaining age 50 and completing at least 10 years of service, as determined by the Administrator, (2) as a result of circumstances
entitling the Participant to separation benefits under an Employer’s severance benefit plan, provided that, the Participant satisfies
all of the conditions to receive separation benefits under such severance plan, (3) as a result of a disability that entitles the
Participant to benefits under an Employer’s long-term disability plan, or (4) on account of the Participant’s death.
The Fixed Employer Contribution for a Participant entitled to such contribution shall equal 3% of the Participant’s Compensation,
determined as of the last day of the applicable Plan Year; provided, however, (A) in the case of a Participant who during the applicable
Plan Year transfers from Constellation Home to a position with the Employers which is not within Constellation Home, such Participant’s
Compensation for purposes of the Fixed Employer Contribution shall be determined as of the last day of employment within Constellation
Home and (B) in the case of a Participant who during the applicable Plan Year transfers from a position with the Employers which
is not within Constellation Home to a position within Constellation Home, such Participant’s Compensation for purposes of the Fixed
Employer Contribution shall be the compensation received beginning as of the first day of employment within Constellation Home through
the last day of the applicable Plan Year (or the last day of employment within Constellation Home, if applicable).

 

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(3)            Participants at the FitzPatrick
Nuclear Station. Subject to the limitations set forth in Section 4.6 (relating to the limitations on Employer contributions)
and 7.4 (relating to limitations on allocations imposed by section 415 of the Code), effective March 31, 2017 and for Plan Years
beginning thereafter and continuing through the end of the applicable collective bargaining agreement, each Participant who is employed
by the Company at the James A. FitzPatrick Nuclear Station, the terms of whose employment are subject to a collective bargaining agreement
with the International Brotherhood of Electrical Workers, Local 97 Production and Maintenance, or the International Brotherhood of Electrical
Workers, Local 97 Security (collectively, the “FitzPatrick Participants”) shall be eligible to receive a Fixed Employer Contribution;
provided that, with respect to Plan Years beginning on and after January 1, 2018, such Participant either (i) is an Employee
on the last day of such Plan Year, (ii) is not employed on such day as a result of an approved unpaid leave of absence during such
Plan Year, or (iii) terminates employment during such Plan Year (1) after attaining age 50 and completing at least 10 years
of service, as determined by the Administrator, (2) as a result of circumstances entitling the Participant to separation benefits
under an Employer’s severance benefit plan, provided that, the Participant satisfies all of the conditions to receive separation
benefits under such severance plan, (3) as a result of a disability that entitles the Participant to benefits under an Employer’s
long-term disability plan, or (4) on account of the Participant’s death. The Fixed Employer Contribution for a FitzPatrick
Participant who is eligible to participate in the Nine Mile Point Pension Plan entitled to such a contribution shall be $1,000 for each
Plan Year beginning on and after January 1, 2018.

 

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(4)            Participants Hired or Rehired
On or After February 1, 2018. Subject to the limitations set forth in Section 4.6 (relating to the limitations on Employer
contributions) and 7.4 (relating to limitations on allocations imposed by section 415 of the Code), effective February 1, 2018 ((a) effective
June 26, 2018 and for Plan Years beginning thereafter and continuing through the end of the applicable collective bargaining agreement,
with respect to each Participant hired or rehired on or after June 26, 2018 and employed at Hyperion Station, the terms of whose
employment are subject to a collective bargaining agreement with the International Union of Operating Engineers, Local 501, (b) effective
August 26, 2020 and for Plan Years beginning thereafter, with respect to each Participant who is a member of a collective bargaining
unit represented by IBEW Local Union 614 and employed by the Company who is hired or rehired on or after August 26, 2020; (c) effective
October 26, 2020 and for Plan Years beginning thereafter, with respect to each Participant who is a member of a collective bargaining
unit represented by IBEW Local Union 97 (other than a FitzPatrick Participant) who is hired or rehired on or after October 26, 2020;
and (d) effective January 1, 2021 and for Plan Years beginning thereafter, with respect to each Participant who is a member
of a collective bargaining unit represented by Utility Workers Union of America, AFL-CIO, Local 369 at the Mystic 8 or 9 generating station
and who is hired or rehired on or after January 1, 2021), except for the excluded Participants described in the last sentence of
this subsection (4), each Participant who (a) is hired or rehired on or after February 1, 2018 or the dates set forth in the
above parenthetical and (b) is not eligible to participate (except for purposes of receiving interest credits, as applicable) in
the Constellation Cash Balance Pension Plan or any other Company-sponsored pension plan with respect to such employment shall be eligible
to receive a Fixed Employer Contribution, provided that such Participant either (i) is an Employee on the last day of such Plan Year,
(ii) is not employed on such day as a result of an approved unpaid leave of absence during such Plan Year, or (iii) terminates
employment during such Plan Year (1) after attaining age 50 and completing at least 10 years of service, as determined by the Administrator,
(2) as a result of circumstances entitling the Participant to separation benefits under an Employer’s severance benefit plan,
provided that, the Participant satisfies all of the conditions to receive separation benefits under such severance plan, (3) as a
result of a disability that entitles the Participant to benefits under an Employer’s long-term disability plan, or (4) on account
of the Participant’s death. The Fixed Employer Contribution for a Participant entitled to such contribution shall equal 4 percent
of the sum of the Participant’s Compensation (determined as of the last day of the applicable Plan Year) plus, if applicable, the
Participant’s annual incentive bonus for the applicable year (which is payable in the immediately following calendar year). For
purposes of the first sentence above, the excluded Participants shall be: the Participants described in Subsection 4.4(a)(1) and
4.4(a)(2) above and, effective as of October 1, 2018, the Participants described in Subsection 4.4(a)(5) below, and Employees
employed by the Company in the Nuclear Security Division or by Constellation Nuclear Security, LLC as hourly non-exempt nuclear security
guards.

 

(5)            Represented
Participants at the Everett LNG Facility. Subject to the limitations set forth in Section 4.6 (relating to the limitations on
Employer contributions) and 7.4 (relating to limitations on allocations imposed by section 415 of the Code), effective October 1,
2018 and for Plan Years beginning thereafter and continuing through the end of the applicable collective bargaining agreement, each Everett
Represented Participant shall be eligible to receive a Fixed Employer Contribution equal to 6% of such Participant’s eligible compensation,
determined as of the last day of the applicable Plan Year; provided that such Participant either (i) is an Employee on the last day
of such Plan Year, (ii) is not employed on such day as a result of an approved unpaid leave of absence during such Plan Year, or
(iii) terminates employment during such Plan Year (1) after attaining age 50 and completing at least 10 years of service, as
determined by the Administrator, (2) as a result of circumstances entitling the Participant to separation benefits under an Employer’s
severance benefit plan, provided that, the Participant satisfies all of the conditions to receive separation benefits under such severance
plan, (3) as a result of a disability that entitles the Participant to benefits under an Employer’s long-term disability plan,
or (4) on account of the Participant’s death. For purposes of this Section 4.4(a)(5), “eligible compensation”
shall be deemed to mean the Everett Represented Compensation (as defined in Section 4.3(a)), except that such definition shall also
exclude any bonus, commission or other incentive payments.

 

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(6)            Represented
Employees at the Three Mile Island Facility. Subject to the limitations set forth in Section 4.6 (relating to the limitations
on Employer contributions) and 7.4 (relating to limitations on allocations imposed by section 415 of the Code), each Participant who is
a full-time Employee working at the Three Mile Island facility and who is (a) newly hired or rehired after June 8, 2018 and
(b) is not eligible to participate (except for purposes of receiving interest credits, as applicable) in the Constellation Cash Balance
Pension Plan or any other pension plan sponsored by the Company or any of its Affiliates with respect to such employment shall be eligible
to receive a Fixed Employer Contribution equal to 4% of such Participant’s Compensation, determined as of the last day of the applicable
Plan Year; provided that such Participant either (i) is an Employee on the last day of such Plan Year, (ii) is not employed
on such day as a result of an approved unpaid leave of absence during such Plan Year, or (iii) terminates employment during such
Plan Year (1) after attaining age 50 and completing at least 10 years of service, as determined by the Administrator, (2) as
a result of circumstances entitling the Participant to separation benefits under an Employer’s severance benefit plan, provided
that, the Participant satisfies all of the conditions to receive separation benefits under such severance plan, (3) as a result of
a disability that entitles the Participant to benefits under an Employer’s long-term disability plan, or (4) on account of
the Participant’s death. In the case of a Participant who is not eligible for a Fixed Employer Contribution under this subsection
for the entire Plan Year as a result of being newly hired or transferred in or out of an eligible position, such Participant’s Compensation
and annual incentive bonus shall be pro-rated based on the number of days the Participant is eligible for a Fixed Employer Contribution
described in this subsection for such year.

 

If a Participant is eligible for a Fixed Employer
Contribution described in subsections (a)(1), (2), (4), or (5) and such Participant is hired by an Employer after January 1
of the applicable Plan Year or such Participant transferred in or out of a position eligible for a Fixed Employer Contribution after January 1
of the applicable Plan Year (except as otherwise provided in Subsection 4(a)(2)), the amount of the Fixed Employer Contribution described
in those Subsections shall be an amount equal to the Fixed Employer Contribution multiplied by a fraction, the numerator of which is the
number of whole or partial months during the Plan Year in which the Participant was eligible for a Fixed Employer Contribution and the
numerator of which is twelve.

 

(b)           Time
of Delivery of Contributions. Fixed Employer Contributions for any Plan Year shall be delivered by an Employer to the Trustee on or
before the last day of the calendar quarter next following the end of such Plan Year or, in the case of the Fixed Employer Contributions
for FitzPatrick Participants described in Section 4.4(a)(3), such other date as agreed to between the applicable Employer and the
applicable collective bargaining unit.

 

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Section 4.5.
Limitations on Contributions for Highly-Compensated Eligible Employees.

 

(a)            Limits
Imposed by Section 401(k)(3) of the Code. Notwithstanding the provisions of Section 4.1 (relating to Before-Tax Contributions),
if the Before-Tax Contributions for a Plan Year fail, or in the judgment of the Administrator are likely to fail, to satisfy both of the
tests set forth in paragraphs (1) and (2) of this subsection, the adjustments prescribed in paragraph (e)(1) of this Section 4.5
shall be made.

 

		(1)	The average deferral percentage for the group consisting of highly compensated eligible employees of all Employers does not exceed
the product of the average deferral percentage for the group consisting of non-highly compensated eligible employees multiplied by 1.25.

 

		(2)	The average deferral percentage for the group consisting of highly compensated eligible employees of all Employers (i) does not
exceed the average deferral percentage for the group consisting of non-highly compensated eligible employees by more than two percentage
points, and (ii) does not exceed two times the average deferral percentage for such group.

 

Any Additional Before-Tax Contributions which are “Catch-Up Contributions”
described in paragraph (c) of Section 4.1 shall not be considered as Before-Tax Contributions for purposes of determining whether
the tests set forth in paragraphs (1) and (2) of this subsection are satisfied or for purposes of making any adjustments prescribed
in paragraph (e) of this Section 4.5.

 

(b)            Limits
Imposed by Section 401(m) of the Code. Notwithstanding the provisions of Section 4.3 (relating to Employer Matching
Contributions) and Section 5.1 (relating to After-Tax Contributions), if the Employer Matching Contributions and After-Tax Contributions
for a Plan Year fail, or in the judgment of the Administrator are likely to fail, to satisfy both of the tests set forth in paragraphs
(1) and (2) of this subsection, the adjustments prescribed in paragraph (e)(2) of this Section 4.5 shall be made.

 

    33

     

    

 

		(1)	The average contribution percentage for the group consisting of highly compensated eligible employees of all Employers does not exceed
the product of the average contribution percentage for the group consisting of non-highly compensated eligible employees multiplied by
1.25.

 

		(2)	The average contribution percentage for the group consisting of highly compensated eligible employees of all Employers (i) does
not exceed the average contribution percentage for the group consisting of non-highly compensated eligible employees by more than two
percentage points, and (ii) does not exceed two times the average contribution percentage for such group.

 

(c)            Aggregate
Limit on Contributions. Deleted in its entirety.

 

(d)            Definitions.
For purposes of this Section 4.5:

 

		(1)	the “average deferral percentage” for a group of Eligible Employees with respect to a Plan Year shall be the average of
the ratios, calculated separately for each Eligible Employee in such group (but excluding any Eligible Employee who was a Long-Term Part-Time
Employee on any day of the relevant Plan Year) to the nearest one-hundredth of one percent, of the Before-Tax Contributions made for the
benefit of such Eligible Employee to the total compensation paid to such Eligible Employee for the portion of such Plan Year during which
such Eligible Employee was a Participant, except that no Additional Before-Tax Contributions which are “Catch-Up Contributions”
described in paragraph (c) of Section 4.1 or Default Before-Tax Contributions that are withdrawn pursuant to paragraph (b)(ii) of
Section 3.2 shall be considered as Before-Tax Contributions for purposes of determining a Participant’s average deferral percentage;

 

		(2)	the “average contribution percentage” for a group of Eligible Employees with respect to a Plan Year shall be the average
of the ratios, calculated separately for each Eligible Employee in such group (but excluding any Eligible Employee who was a Long-Term
Part-Time Employee on any day of the relevant Plan Year) to the nearest one-hundredth of one percent, of the Employer Matching Contributions
made, After-Tax Contributions made and, in the Administrator’s sole discretion, to the extent permitted under Regulations or otherwise
under the Code, the Before-Tax Contributions made during such year for the benefit of such Eligible Employee, except that no Additional
Before-Tax Contributions which are “Catch-Up Contributions” described in paragraph (c) of Section 4.1, shall be
considered as Before-Tax Contributions for purposes of determining a Participant’s average contribution percentage, to such Eligible
Employee’s compensation for the portion of such Plan Year during which such Eligible Employee was a Participant;

 

    34

     

    

 

		(3)	the term “highly compensated eligible employee” shall mean any Eligible Employee who is a Participant, who performs service
in the determination year and who (a) is a 5%-owner (as determined under section 416(i)(1)(A)(iii) of the Code) at any time
during the Plan Year or the preceding Plan Year or (b) both (1) is paid compensation in excess of $80,000 (as adjusted for increases
in the cost of living in accordance with section 414(q) of the Code) from an Employer for the preceding Plan Year, and (2) is
in the group of employees consisting of the top 20% of the employees of the Employer and its Affiliates when ranked on the basis of compensation
paid during such preceding Plan Year;

 

		(4)	the term “non-highly compensated eligible employee” shall mean any Eligible Employee who is a Participant, who performs
services in the determination year and is not a highly compensated eligible employee;

 

		(5)	the term “compensation” shall have the meaning set forth in section 414(s) of the Code or, in the discretion of the
Administrator, any other meaning in accordance with the Code for these purposes, except that for purposes of determining whether an Eligible
Employee is a “highly compensated eligible employee”, as described in paragraph (d)(3) of this Section 4.5, “compensation”
shall have the meaning set forth in section 1.415(c)-2(d)(4) of the Regulations;

 

		(6)	if this Plan and one or more other plans of the Employer to which Before-Tax Contributions, After-Tax Contributions, or qualified
nonelective contributions (as such term is defined in section 401(m)(4)(C) of the Code) are made are treated as one plan for purposes
of section 410(b) of the Code, such plans shall be treated as one plan for purposes of this Section. If a highly compensated eligible
employee participates in this Plan and one or more other plans of the Employer to which any such contributions are made, all such contributions
shall be aggregated for purposes of this Section 4.5; and

 

		(7)	if this Plan benefits Employees who are included in a unit of employees covered by a collective bargaining agreement and employees
who are not included in such collective bargaining unit, this Plan shall be treated as comprising two or more separate plans, as determined
by the Administrator in accordance with applicable Regulations, for purposes of this Section 4.5. If such other plan has a plan year
that is different from the Plan Year of this Plan, then the highly compensated eligible employee’s contributions made to such other
plan during the Plan Year of this Plan shall be aggregated with contributions of the same type made to this Plan for such Plan Year for
purposes of determining the average deferral percentage and average contribution percentage for this Plan for such Plan Year for the group
of highly compensated eligible employees.

 

    35

     

    

 

In computing the “average deferral
percentage” for a group of Eligible Employees with respect to a Plan Year, the Before-Tax Contributions that will be taken into
account for such Plan Year will be only those that relate to compensation that would have been received by the Eligible Employee in the
Plan Year or is attributable to services performed by the Eligible Employee in the Plan Year and would have been received by the Eligible
Employee within 2-1/2 months after the close of the Plan Year. In computing the “average contribution percentage” for a group
of Eligible Employees with respect to a Plan Year, (i) an After-Tax Contribution will be taken into account only if it is paid to
the Trust during such Plan Year or paid to an agent of the Plan and transmitted to the Trust within a reasonable time after the end of
the Plan Year; (ii) an excess contribution that is recharacterized will be taken into account during the Plan Year in which the contribution
would have been received in cash by the Eligible Employee had the Eligible Employee not elected to defer the contribution; (iii) an
Employer Matching Contribution will be taken into account only if it is made on account of the Eligible Employee’s Before-Tax Contributions
or After-Tax Contributions, allocated to the Eligible Employee’s Account as of a date within that Plan Year and paid to the Trust
by the end of the twelfth month following the close of such Plan Year; and (iv) qualified matching contributions which are used to
meet the requirements of section 401(k)(3)(A) of the Code are not to be taken into account for purposes of the actual deferral percentage
test of section 401(m) of the Code. To the extent required by law, the following will be treated as separate plans for purposes of
sections 401(a)(4) and 410(b) of the Code: (i) the portion of the Plan that is a 401(k) plan, (ii) the portion
of the Plan that is a section 401(m) plan; (iii) the portion of the plan that provides for contributions other than elective,
employee or matching; (iv) the portion of the Plan that is an ESOP; and (v) the portion of the plan that is not an ESOP.

 

    36

     

    

 

(e)            Adjustments
to Comply with Limits.

 

(1)           Adjustments
to Comply with Section 401(k)(3) of the Code. The Administrator shall cause to be made such periodic computations as it
shall deem necessary or appropriate to determine whether either of the tests set forth in paragraph (a)(1) or (a)(2) of this
Section 4.5 shall be satisfied during a Plan Year, and, if it appears to the Administrator that neither of such tests will be satisfied,
the Administrator shall take such steps as it deems necessary or appropriate to reduce or otherwise adjust the Before-Tax Contributions
contributed or to be contributed for all or a portion of such Plan Year on behalf of Participants who are highly compensated eligible
employees to the extent necessary in order for one of such tests to be satisfied. If, as of the end of the Plan Year, the Administrator
determines that, notwithstanding any adjustments made pursuant to the preceding sentence, neither of the tests set forth in paragraph
(a)(1) and (a)(2) of this Section 4.5 shall be satisfied with respect to such Plan Year, the total amount by which Before-Tax
Contributions must be reduced in order to satisfy either such test shall be calculated in the manner prescribed by section 401(k)(8)(B) of
the Code (the “excess contributions amount”). The Before-Tax Contributions made on behalf of the Participant who is a highly
compensated eligible employee and whose actual dollar amount of Before-Tax Contributions is the highest shall be reduced until such dollar
amount equals the next highest actual dollar amount of Before-Tax Contributions made for such Plan Year on behalf of any highly compensated
employee, or until the total reduction equals the excess contributions amount. If further reductions are necessary, then the Before-Tax
Contributions on behalf of each Participant who is a highly compensated eligible employee and whose actual dollar amount of Before-Tax
Contributions is the highest (after the reduction described in the preceding sentence) shall be reduced in accordance with the previous
sentence. Such reductions shall continue to be made to the extent necessary so that the total reduction equals the excess contributions
amount.

 

    37

     

    

 

To the extent that the sum of such reductions
with respect to a Participant and the amount of other After-Tax Contributions allocated to such Participant’s After-Tax Contributions
Account does not exceed 50 percent (10 percent in the case of a Participant who is a member of a bargaining unit represented by IBEW Local
Union 15) of the Participant’s Compensation, the amount of such reductions shall be treated as an After-Tax Contribution. To the
extent such amount cannot be treated as an After-Tax Contribution because of the limitation described in the preceding sentence, such
amount, plus any income and minus any loss allocable thereto through the end of the Plan Year for which the After-Tax Contribution was
made, shall be distributed to such Participant no later than the last day of the subsequent Plan Year and the Participant shall forfeit
any corresponding Employer Matching Contributions related thereto plus any income and minus any loss allocable thereto through the end
of the Plan Year for which the Employer Matching Contribution was made. The Participant shall designate the extent to which such distributed
excess contributions are treated as Untaxed Contributions or Designated Roth Contributions (but only up to the extent that such types
of contributions were made by the Participant to the Plan for the Plan Year) and, in the event that any such designation is not made or
is incomplete, such distributed excess contributions shall be treated as Untaxed Contributions up to the extent Untaxed Contributions
were made to the Plan for the Plan Year and, to the extent that such distributed excess contributions exceed such Untaxed Contributions,
such excess contributions shall be treated as distributions of Designated Roth Contributions made to the Plan for the Plan Year.

 

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The amount of Before-Tax Contributions
to be distributed to a Participant pursuant to this Section shall be reduced by any Before-Tax Contributions previously distributed
to such Participant pursuant to Section 4.2(b) (relating to correction of Excess Before-Tax Contributions) for such Plan Year.
The amount of any income or loss allocable to any such reductions to be so distributed shall be determined pursuant to Regulations. The
unadjusted amount of any such reductions so distributed shall be treated as “annual additions” for purposes of Section 7.4
(relating to limitations on allocations imposed by section 415 of the Code).

 

(2)           Adjustments
to Comply with Section 401(m) of the Code. The Administrator shall cause to be made such periodic computations as it shall
deem necessary or appropriate to determine whether either of the tests set forth in paragraph (b)(1) or (b)(2) of this Section 4.5
shall be satisfied during a Plan Year, and, if it appears to the Administrator that neither of such tests will be satisfied, the Administrator
shall take such steps as it deems necessary or appropriate to adjust the Employer Matching Contributions made, After-Tax Contributions
made, and any Before-Tax Contributions treated as Employer Matching Contributions pursuant to paragraph (d)(2) of this Section 4.5
for all or a portion of such Plan Year on behalf of Participants who are highly compensated eligible employees to the extent necessary
in order for one of such tests to be satisfied. If after the end of a Plan Year it is determined that regardless of any steps taken neither
of the tests set forth in paragraph (b)(1) or (b)(2) of this Section 4.5 shall be satisfied with respect to such Plan Year,
the Administrator shall calculate the total amount by which any such contributions on behalf of Participants who are highly compensated
eligible employees must be reduced in order to satisfy either such test, in the manner prescribed by section 401(m)(6) of the Code
(the “excess aggregate contributions amount”). The amount to be reduced with respect to Participants who are highly compensated
eligible employees shall be determined by first reducing the After-Tax Contributions (including Before-Tax Contributions recharacterized
as After-Tax Contributions pursuant to paragraph (e)(1) of this Section 4.5) and then by reducing the Employer Matching Contributions
for each Participant whose actual dollar amount of such aggregate contributions for such Plan Year is highest until such reduced dollar
amount equals the next highest dollar amount of such contributions for such Plan Year on behalf of any other highly compensated eligible
employee, or until the total reduction equals the excess aggregate contributions amount. If further reductions are necessary, such contributions
on behalf of each Participant who is a highly compensated eligible employee and whose actual dollar amount of such contributions is the
highest (after the reduction described in the preceding sentence) shall be reduced in accordance with the preceding sentence. Such reductions
shall continue to be made to the extent necessary until the total reduction equals the excess aggregate contributions amount. If After-Tax
Contributions are distributed pursuant to this paragraph (e)(2), any corresponding Employer Matching Contributions related thereto plus
any income and minus any loss allocable through the end of the Plan Year for which the Employer Matching Contributions were made to which
such Participant would be entitled under Section 8.3 (relating to distributions upon termination of employment) if such Participant
had terminated employment on the last day of the Plan Year for which contributions were made (or earlier if any such Participant actually
terminated employment at any earlier date) shall also be distributed with such After-Tax Contributions (and taken into account to determine
whether further reductions are necessary), and any remaining amount of such corresponding Employer Matching Contributions plus any income
and minus any loss allocable through the end of the Plan Year for which the Employer Matching Contributions were made shall be forfeited.
If the reductions required by this subparagraph exceed the amount of After-Tax Contributions made or to be made by any Participant for
such Plan Year and the amount of Employer Matching Contributions made or to be made on behalf of such Participant for such Plan Year,
any Before-Tax Contributions made on behalf of such Participant that the Administrator has elected to treat as Employer Matching Contributions
pursuant to paragraph (d)(2) of this Section 4.5 shall also be adjusted and taken into account in accordance with this subparagraph,
except that such Before-Tax Contributions may not be recharacterized as After-Tax Contributions.

 

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Section 4.6.
Limitation on Employer Contributions.

 

The contributions of an Employer for any Plan Year
shall not exceed the maximum amount for which a deduction is allowable to such Employer for federal income tax purposes for the fiscal
year of such Employer that coincides with such Plan Year.

 

Any contribution made by an Employer by reason
of a good faith mistake of fact, or the portion of any contribution made by an Employer that exceeds the maximum amount for which a deduction
is allowable to such Employer for federal income tax purposes by reason of a good faith mistake in determining the maximum allowable deduction,
shall upon the request of such Employer be returned by the Trustee to the Employer. An Employer’s request and the return of any
such contribution must be made within one year after such contribution was mistakenly made or after the deduction of such excess portion
of such contribution was disallowed, as the case may be. The amount to be returned to an Employer pursuant to this paragraph shall be
the excess of (i) the amount contributed over (ii) the amount that would have been contributed had there not been a mistake
of fact or a mistake in determining the maximum allowable deduction. Earnings attributable to the mistaken contribution shall not be returned
to the Employer, but losses attributable thereto shall reduce the amount to be so returned. If the return to the Employer of the amount
attributable to the mistaken contribution would cause the balance of any Participant’s account as of the date such amount is to
be returned (determined as if such date coincided with the close of a Plan Year) to be reduced to less than what would have been the balance
of such account as of such date had the mistaken amount not been contributed, the amount to be returned to the Employer shall be limited
so as to avoid such reduction.

 

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Any Before-Tax Contributions returned to an Employer
pursuant to this Section 4.6 shall be treated as the return of Untaxed Contributions, up to the extent Untaxed Contributions were
made by such Participant to the Plan for such Plan Year and, to the extent that the returned contributions exceed such Untaxed Contributions,
such returned contributions shall be treated as Designated Roth Contributions made by the Participant to the Plan for the Plan Year.

 

ARTICLE 5

 

EMPLOYEE CONTRIBUTIONS

 

Section 5.1.
After-Tax Contributions.

 

Subject to the limitations set forth in Section 4.5
(relating to limitations on contributions for highly-compensated Eligible Employees) and Section 7.4 (relating to limitations on
allocations imposed by section 415 of the Code), each Participant who is an Eligible Employee may elect in accordance with Section 3.2(a) to
make After-Tax Contributions under the Plan by payroll deduction. After-Tax Contributions made by a Participant who is a member of a bargaining
unit represented by IBEW Local Union 15 for any payroll period shall equal a whole percentage not less than 1 nor more than 10 percent
of the Participant’s Compensation for such payroll period, as designated by the Participant in his or her request pursuant to Section 3.2(a).
After-Tax Contributions made by a Participant who is a member of a bargaining unit represented by the Utility Workers Union of America,
AFL-CIO, Local Union 369 at the Mystic generating stations 7, 8 or 9, for any payroll period shall equal a whole percentage not less than
1 and not more than 90 percent of such Participant’s Compensation for such payroll period as designated by the Participant in his
or her request pursuant to Section 3.2(a). After-Tax Contributions made by any other Participant for any payroll period shall equal
a whole percentage not less than 1 nor more than 50 percent, of the Participant’s Compensation for such payroll period, as designated
by the Participant in his or her request pursuant to Section 3.2(a). Except as set forth below, After-Tax Contributions shall be
delivered to the Trustee no less frequently than bi-weekly. In addition, if back-pay is awarded to a Participant who is an Eligible Employee
and any portion of such back-pay constitutes Compensation as defined in subsection (14) of Article 2 (relating to the definition
of compensation), After-Tax Contributions shall be made for such Participant in an amount equal to the After-Tax Contribution percentage,
which was most recently chosen by the Participant in his or her request pursuant to Section 3.2(a), of such back-pay that constitutes
Compensation. An After-Tax Contribution described in the preceding sentence shall be treated under the Plan in the same manner as all
other After-Tax Contributions and shall be delivered to the Trustee as soon as practicable after the back-pay is paid to the Participant.
Except as provided in the following sentence and in Section 4.1, After-Tax Contributions shall be subject to the same provisions
regarding commencement, change and suspension applicable to Before-Tax Contributions as set forth in Section 4.1. If a Participant
who has not attained age 591⁄2 makes a withdrawal of After-Tax Contributions pursuant to Section 8.1(c), then: (a) After-Tax
Contributions made by such Participant pursuant to this Section 5.1 shall cease beginning with the first payroll period beginning
after the date on which the Participant receives such withdrawal and (b) such Participant shall not again be eligible to elect such
contributions until the first payroll period that coincides with or follows the date on which contributions ceased by 6 months.

 

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Section 5.2.
Rollover Contributions.

 

(a)            The
Trustee shall be authorized to receive, hold and distribute in accordance with the Plan, a direct rollover contribution consisting of
cash (or, in connection with a corporate transaction if so provided in such transaction agreement, in-kind rollover of loan notes), transferred
to the Plan by (i) a qualified plan described in section 401(a) or 403(a) of the Code, including after-tax employee contributions
to such plan, (ii) an annuity contract described in section 403(b) of the Code, excluding after-tax employee contributions or
(iii) an eligible plan under section 457(b) of the Code which is maintained by a state, political subdivision of a state, or
any agency or instrumentality of a state or political subdivision of a state. The Trustee shall also be authorized to receive, hold and
distribute in accordance with the Plan, a Participant contribution of an eligible rollover distribution from (A) a qualified plan
described in section 401(a) or 403(a) of the Code, (B) an annuity contract described in section 403(b) of the Code,
(C) an eligible plan under section 457(b) of the Code which is maintained by a state, political subdivision of a state, or any
agency or instrumentality of a state or political subdivision of a state or (D) an individual retirement account or annuity described
in section 408(a) or 408(b) of the Code that is eligible to be rolled over and would otherwise be includible in gross income.
The amounts transferred must be eligible rollover distributions, as defined in section 402(c) of the Code. Effective December 1,
2012, an eligible rollover distribution of a lump sum amount from a qualified defined benefit plan sponsored by the Company also may be
contributed to this Plan in accordance with administrative rules established by the Administrator.

 

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(b)            Delivery
of Rollover Contributions to Administrator. Except as otherwise provided in paragraph (a) of this Section 5.2, if an individual
desires to make a rollover contribution pursuant to such paragraph (a), such contribution either (i) shall be delivered by the individual
to the Administrator and by the Administrator to the Trustee on or before the 60th day after the day on which the Employee receives the
distribution or on or before such later date as may be prescribed by law, or (ii) shall be transferred on behalf of the individual
directly from the trust from which the eligible rollover distribution is made. Any contribution that is delivered by the Eligible Employee
must be accompanied by (i) a statement of the Employee that to the best of his or her knowledge the amount so transferred meets the
conditions specified in paragraph (a) of this Section 5.2, (ii) a copy of such documents as may have been received by the
Employee advising him or her of the amount of and the character of such distribution and (iii) any investment election with respect
to such contribution in such form and manner as may be required by the Administrator. Notwithstanding the foregoing, the Administrator
shall not accept a rollover contribution if in its judgment accepting such contribution would cause the Plan to violate any provision
of the Code or Regulations, and the Administrator shall not be required to accept such a contribution to the extent it consists of property
other than cash.

 

Section 5.3.
Special Accounting Rules for Rollover Contributions.

 

If a rollover contribution is made by or on behalf
of an Employee, the Administrator shall cause a Rollover Account to be established and maintained for such Employee to which shall be
credited all rollover contributions made pursuant to Section 5.2. A rollover contribution shall be credited to such Rollover Account
as of the Valuation Date coinciding with or next following the date on which such contribution is delivered to the Trustee.

 

If a rollover contribution is made by, or a direct
transfer is made on behalf of, an Eligible Employee prior to becoming a Participant, such Eligible Employee shall until such time as he
or she becomes a Participant be deemed to be a Participant, and his or her Rollover Account and After-Tax Contributions Account, if any,
shall be deemed to be an account of a Participant, for all purposes of the Plan except for the purposes of the allocation of contributions
provided for in paragraphs (a), (b), (c), (d), (e), (f) and (g) of Section 7.3 and any determination of when he or she
becomes a Participant pursuant to Article 3.

 

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ARTICLE 6

 

TRUST AND INVESTMENT FUNDS

 

Section 6.1.
Trust.

 

A Trust shall be created by the execution of a
trust agreement between the Company and the Trustee. All contributions under the Plan shall be paid to the Trustee. The Trustee shall
hold all monies and other property received by it and invest and reinvest the same, together with the income therefrom, on behalf of the
Participants collectively in accordance with the provisions of the trust agreement. The Trustee shall make distributions from the Trust
Fund at such time or times to such person or persons and in such amounts as the Administrator directs in accordance with the Plan.

 

Section 6.2.
Investment Funds.

 

The Trustee shall establish and maintain, or shall
cause to be established and maintained, an investment fund herein called the “Employer Stock Fund” which shall be invested
in Common Stock, and shall also include such short-term obligations and short-term liquid investments purchased by the Trustee, in accordance
with the Trust agreement, pending the selection and purchase of the Common Stock or as otherwise determined by the Trustee to be necessary
to satisfy such fund’s cash needs. In connection with the spin-off of Exelon Corporation’s business involving the competitive
power generation and marketing and trading of electricity and gas to Constellation Energy Corporation, the Trustee also shall establish
and maintain, or shall cause to be established and maintained, an investment fund herein called the “Non-Employer Stock Fund”
which shall be invested in the stock of Exelon Corporation distributed in connection with the spin-off and shall also include such short-term
obligations and short-term liquid investments purchased by the Trustee, in accordance with the Trust agreement. The stock of Exelon Corporation
held by the Non-Employer Stock Fund shall be liquidated within a reasonably short period of time after the spin-off, as determined, and
directed, by an independent investment manager under section 3(38) of ERISA appointed by the Investment Office. In addition, as directed
by the Investment Office, one or more additional separate investment funds shall be established and maintained and shall be invested as
directed by the Investment Office. The Investment Office also may, from time to time, and in its sole discretion, segregate any of the
assets held under any investment fund established pursuant to this Section 6.2 and allocate the investment results from such segregated
assets among all or a portion of the accounts of Participants in such manner as it shall determine to be appropriate.

 

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ARTICLE 7

 

PARTICIPANT
ACCOUNTS AND INVESTMENT ELECTIONS

 

Section 7.1.
Participant Accounts and Investment  Elections.

 

(a)            Participant
Accounts. For each Participant the Administrator shall establish and maintain, or shall cause to be established and maintained, investment
accounts to which amounts contributed under the Plan shall be credited according to each Participant’s investment elections pursuant
to paragraph (b) of this Section 7.1, subject to the last sentence of the first paragraph of Section 6.2 (relating to the
Investment Office’s authority to segregate any of the assets held under any investment fund).

 

Each investment account shall, to the extent appropriate,
be composed of the following accounts: (A) a Before-Tax Contributions Account, which shall be divided into an Untaxed Contributions
Account and a Designated Roth Contributions Account, (B) a Catch-Up Contributions Account, (C) an Employer Matching Contributions
Account, (D) an After-Tax Contributions Account, (E) a Fixed Employer Contributions Account, (F) a Rollover Account and
(G) a Qualified Non-Elective Contribution Account. Earnings and losses on investment of funds in each account shall be credited or
debited to that account.

 

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All such accounts and subaccounts shall be for
accounting purposes only, and there shall be no segregation of assets within the investment funds among the separate Participants’
accounts.

 

(b)            Investment
Election. Each Participant, as part of his or her request for participation described in Section 3.2 (or in connection with the
delivery of a rollover contribution pursuant to Section 5.2), shall make an investment election that shall apply to the investment
of contributions to be made on his or her behalf or by him or her pursuant to Article 4 (relating to Employer contributions) or Article 5
(relating to Employee contributions) and any earnings on such contributions. Such election shall specify that such contributions be invested
either (i) wholly in one of the funds maintained or employed by the Trustee pursuant to Section 6.2 or (ii) divided among
such funds in 1 percent increments or in such other increments established by the Administrator or the Investment Office from time to
time. Each Eligible Employee for whom a Rollover Account is established before such Eligible Employee has become a Participant shall,
in the manner prescribed by the Administrator, make such investment election as of the Valuation Date on which such account is established.
During any period in which no currently valid direction as to the investment of an Employee’s account is on file with the Administrator,
contributions or direct transfers made by him or her, or on his or her behalf, to the Plan will be invested in such manner as the Investment
Office shall determine.

 

Notwithstanding the above, the investment election,
or deemed investment election, under the Exelon Savings Plan, TMI and Oyster Creek Savings Plan or the Clinton Savings Plan of an Eligible
Employee who is a Constellation Transferred Employee and who was a participant on January 31, 2022 in the Exelon Savings Plan, TMI
and Oyster Creek Savings Plan or the Clinton Savings Plan shall be treated as an election by such Constellation Transferred Employee under
this paragraph.

 

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(c)            Change of Investment Election.
Subject to such restrictions as may be imposed by the Administrator or the Investment Office (including, without limitation, any restrictions
imposed with respect to transfers of funds to or from the Employer Stock Fund described in Section 6.2 by individuals who are subject
to Rule16b-3 under section 16 of the Securities Exchange Act of 1934 or for liquidity reasons), a Participant may elect to change as of
any Valuation Date his or her investment election applicable to all or any portion of his or her current account balance. In addition,
a Participant may elect to change as of the first day of any payroll period his or her investment election applicable to future contributions
made pursuant to Articles 4 (relating to Employer contributions) or 5 (relating to Employee contributions), or both, as specified by the
Participant. Such changes shall be limited to the investment funds then maintained by the Trustee pursuant to Section 6.2. A Participant’s
change of investment election must be made in the manner and at the time prescribed by the Administrator (or its delegate). Any such change
shall specify that such contributions be invested either (i) wholly in one of the funds maintained by the Trustee pursuant to Section 6.2,
or (ii) divided among such funds in 1 percent increments or such other increments established by the Administrator or the Investment
Office from time to time. In the event that one or more investment funds are no longer maintained by the Trustee, each Participant may
elect, in the manner and at the time prescribed by the Administrator (or its delegate), to change his or her investment elections with
respect to all or a portion (as determined by the Administrator) of his or her accounts; provided, however, that in the event no
such valid election is made, the portion of the Participant’s accounts subject to such election shall be invested in such manner
as the Investment Office shall determine until such time as the Participant properly files a new investment election.

 

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Section 7.2.
Allocation of Net Income of Trust Fund and Fluctuation in Value of Trust Fund Assets.

 

In the event that contributions, income and losses
are not otherwise specifically allocated to Participant accounts by the Trustee, as soon as practical after each Valuation Date, the net
worth of each investment fund (as defined in Section 6.2) as of such Valuation Date shall be determined. If the net worth of such
investment fund as so determined is more or less than the total of all balances credited as of such Valuation Date to the subaccounts
of Participants invested in the investment fund as of such Valuation Date who are Participants as of such Valuation Date, the amount of
any excess or deficiency shall be prorated and credited or charged to such subaccounts proportionally to the balances of such subaccounts
as of the preceding Valuation Date after making all allocations for such preceding Valuation Date prescribed by this Article and
after decreasing each such subaccount by any loans, withdrawals or distributions from such subaccount during such period (but not less
than zero), with all of such decreases to be made in such manner as the Administrator determines in its discretion to be necessary.

 

Notwithstanding any provision of this Article 7,
any Designated Roth Contributions Account shall be maintained in a manner that satisfies the separate accounting requirement, and any
Regulations or other requirements promulgated, under section 402A of the Code. Accordingly, gains, losses and other credits and charges
shall be separately allocated on a reasonable basis to each such account and other accounts under the Plan, the Plan shall keep a record
of each Participant’s Designated Roth Contributions that have not been withdrawn, and contributions and withdrawals of Designated
Roth Contributions, and related earnings, shall be accounted for with respect to Designated Roth Contributions Accounts. However, forfeitures
shall not be allocated to any Designated Roth Contributions Account. These separate accounting requirements apply with respect to a Participant
from the time the Participant makes his or her first Designated Roth Contribution until the time the Participant’s Designated Roth
Contributions Account is distributed.

 

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Section 7.3.
Allocations of Contributions Among Participants’ Accounts.

 

(a)            Allocation
of Before-Tax Contributions. Before-Tax Contributions shall be allocated to the Before-Tax Contributions Account of each Participant
for whom such contributions are made as soon as practical after such contributions are delivered to the Trustee or insurer maintaining
a group annuity contract. The Before-Tax Contributions that are Untaxed Contributions made pursuant to Section 4.2, shall be allocated
to the Untaxed Contributions Account of such Participant. The Before-Tax Contributions that consist of Designated Roth Contributions made
on behalf of the Participant pursuant to paragraph (c) Section 4.2 (relating to Untaxed Contributions and Designated Roth Contributions)
shall be allocated to the Designated Roth Contributions Account of such Participant.

 

(b)            Allocation
of Catch-Up Contributions. Catch-Up Contributions shall be allocated to the Catch-Up Contributions Account of each Participant for
whom such contributions are made as soon as practical after such contributions are delivered to the Trustee or insurer maintaining a group
annuity contract.

 

(c)            Allocation
of Employer Matching Contributions. Employer Matching Contributions shall be allocated to the Employer Matching Contributions Account
of each Participant for whom such contributions are made as soon as practical after such contributions are delivered to the Trustee or
insurer maintaining a group annuity contract.

 

(d)            Allocation
of After-Tax Contributions. After-Tax Contributions shall be allocated to the After-Tax Contributions Account of the Participant who
makes such contributions as soon as practical after such contributions are delivered to the Trustee or insurer maintaining a group annuity
contract.

 

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(e)            Allocation
of Fixed Employer Contributions. Fixed Employer Contributions shall be allocated to the Fixed Employer Contributions Account of each
Participant for whom such contributions are made as soon as practical after such contributions are delivered to the Trustee or insurer
maintaining a group annuity contract.

 

(f)            Allocation
of Rollover Contributions and Direct Transfers. Rollover contributions made pursuant to Article 5 (relating to Employee contributions)
shall be credited to the Rollover Account of the Participant on whose behalf such contribution is made as of the Valuation Date coinciding
with or next following the date on which the contribution is delivered to the Trustee.

 

(g)            Allocation
of Forfeitures. The total amount forfeited during any Plan Year shall be used to (i) pay the expenses incurred by the Trustee
for the administration of the Trust Fund, (ii) held to pay the expenses reasonably estimated by the Trustee for the administration
of the Plan or Trust Fund during the next following Plan Year, or (iii) used to reduce Employer Matching Contributions as determined
by the Administrator.

 

Section 7.4.
Limitations on Allocations Imposed by Section 415 of the Code.

 

Notwithstanding any other provision of the Plan,
the amount allocated to a Participant’s accounts under the Plan for each Plan Year shall be limited so that the aggregate annual
additions to the Participant’s accounts under this Plan and in all other defined contribution plans maintained by an Employer shall
not exceed the lesser of: (A) $61,000 (as adjusted pursuant to section 415(d) of the Code) and (B) 100% of the Participant’s
compensation for such Plan Year.

 

If the amount to be allocated to a Participant’s
accounts pursuant to Section 7.3 (relating to allocations of contributions among Participant’s accounts) for a Plan Year would
exceed the limitation set forth in this Section 7.4, then such excess shall be reduced before allocations are made to the Participant’s
accounts. If, in any Plan Year, the annual additions actually allocated to the Participant’s accounts exceed the limitation set
forth in this Section 7.4, then such annual additions shall be corrected in accordance with the Employee Plans Compliance Resolution
System of the Internal Revenue Service.

 

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For purposes of this Section 7.4, the “annual
additions” for a Plan Year to a Participant’s accounts in this Plan and in any other defined contribution plan maintained
by an Employer is the sum during such Plan Year of:

 

(a)            the
amount of Employer contributions (including Before-Tax Contributions and Designated Roth Contributions and excluding any Default Before-Tax
Contributions that are withdrawn pursuant to paragraph (b)(ii) of Section 3.2) allocated to the Participant’s accounts,
excluding, however, (X) Before-Tax Contributions and Designated Roth Contributions that are “catch-up contributions”
made pursuant to section 414(v) of the Code, (Y) excess deferrals that are distributed in accordance with section 402(g) of
the Code and (Z) restorative payments (within the meaning of section 1.415(c)-1(b)(2)(ii)(C) of the Regulations),

 

(b)            the
amount of forfeitures allocated to the Participant’s accounts,

 

(c)            the
amount of Employee contributions allocated to the Participant accounts, but excluding any rollover contributions, direct transfers or
loan repayments, and

 

(d)            the
contributions allocated on behalf of the Participant to any individual medical benefit account (as defined in section 415(l) of the
Code) or, if the Participant is a key employee within the meaning of section 419A(d)(3) of the Code, to any post-retirement medical
benefits account established pursuant to section 419A(d)(1) of the Code.

 

For purposes of this Section 7.4, “defined
contribution plan” shall have the meaning set forth in section 415 of the Code and Regulations, and the term “Employer”
shall include all Affiliates except that in defining Affiliates “more than 50 percent” shall be substituted for “at
least 80 percent” where required by section 415(g) of the Code. In addition, for purposes of this Section 7.4, “compensation”
shall mean a Participant’s compensation as defined under section 1.415(c)-2(d)(4) of the Regulations (as amended from time
to time).

 

Section 7.5.
Correction of Error.

 

If it comes to the attention of the Administrator
that an error has been made in any of the allocations prescribed by this Article or an error has been made in any other respect, appropriate
adjustment shall be made to the accounts of all Participants and designated Beneficiaries that are affected by such error, except that
no adjustment need be made with respect to any Participant or Beneficiary whose account has been distributed in full prior to the discovery
of such error.

 

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ARTICLE 8 

 

WITHDRAWALS AND DISTRIBUTIONS

 

Section 8.1.
Withdrawals and Distributions Prior to Termination of Employment.

 

(a)            Hardship
Withdrawals. An Employee who has not attained age 591⁄2 may make a request by calling the VRU, or in such other manner as may
be prescribed by the Administrator, to withdraw as of any date all or a portion of the balance of his or her Before-Tax Contributions
Account (other than earnings credited to such account after December 31, 1988), Catch-Up Contributions Account, Employer Matching
Contributions Account and Fixed Employer Contributions Account only if the Participant has incurred a financial hardship, except that
while any loan to the Participant under Section 8.2 remains outstanding, the amount available for withdrawal under this paragraph
(a) shall be the balance in such account less the balance of all outstanding loans to the Participant. The determination of the existence
of financial hardship and the amount required to be distributed to satisfy the need created by the hardship will be made by the Administrator
in a uniform and non-discriminatory manner subject to the following rules:

 

(A)           A
financial hardship shall be deemed to exist if, and only if, the Participant certifies to the Administrator (or its delegate) that the
financial need is on account of:

 

		(i)	medical expenses described in section 213(d) of the Code incurred or anticipated to be incurred by the Participant, the Participant’s
Spouse or any dependents of the Participant (as defined in section 152 of the Code) or primary beneficiary;

 

		(ii)	funeral or burial expenses incurred by the Participant for the Participant’s deceased parent, Spouse, children or dependent
(as defined in section 152 of the Code, without regard to section 152(d)(1)(B) of the Code) or primary beneficiary;

 

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		(iii)	the purchase (excluding mortgage payments) of a principal residence of the Participant;

 

		(iv)	the payment of tuition, related educational fees, and room and board expenses for up to the next twelve months of post-secondary education
for the Participant, the Participant’s Spouse, children or dependents (as defined in section 152 of the Code, without regard to
sections 152(b)(1) and (2) and 152(d)(1)(B) of the Code) or primary beneficiary;

 

		(v)	the need to prevent eviction of the Participant from his or her principal residence or foreclosure of mortgage of the Participant’s
principal residence;

 

		(vi)	expenses for the repair of damage to the Participant’s principal residence that would qualify for the casualty deduction under
section 165 of the Code (determined without regard to section 165(h)(5) of the Code and whether the loss exceeds 10% of adjusted
gross income); or

 

		(vii)	expenses and losses (including loss of income) incurred by the Participant on account of a disaster declared by the Federal Emergency
Management Agency (“FEMA”) under the Robert T. Stafford Disaster Relief and Emergency Assistance Act, Public Law 100-707,
provided that the Participant’s principal residence or principal place of employment at the time of the disaster was located in
an area designated by FEMA for individual assistance with respect to the disaster;

 

For purposes of the foregoing, an individual is
a Participant’s “primary beneficiary” if the Participant has designated him or her as a “Beneficiary” under
Section 8.5 and such individual has an unconditional right to all or a portion of the Participant’s accounts upon the Participant’s
death.

 

(B)            A
distribution shall be deemed to be necessary to satisfy a financial need of the Participant if, and only if, the Participant:

 

		(i)	has obtained all distributions, other than hardship withdrawals, and all nontaxable loans under any Employer’s plan in which
the Participant participates, and

 

		(ii)	the distribution is not in excess of the amount of the immediate and heavy financial need, which need shall include amounts necessary
to pay any federal, state and local income taxes, excise taxes and penalties.

 

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The Participant shall be required to certify to
the Administrator in the manner prescribed by the Administrator both the reason for the financial need and that the Participant has insufficient
cash or other liquid assets reasonably available to satisfy the need. The Administrator may rely on the Participant’s representation
unless the Administrator has actual knowledge that is contrary to the representation.

 

The Participant shall designate the extent to which
the hardship withdrawal pursuant to this paragraph (a) are Designated Roth Contributions from the Participant’s Designated
Roth Contributions Account and the extent that such withdrawals are Untaxed Contributions from the Participant Untaxed Contributions Account
and in the event that any such designation is not made or is incomplete, such hardship withdrawals shall be treated as withdrawals of
Designated Roth Contributions to the extent Designated Roth Contributions were made to the Plan and, to the extent that the hardship withdrawal
exceeds such Designated Roth Contributions, such hardship withdrawal shall be treated as Untaxed Contributions.

 

(b)            Withdrawals
After Age 591⁄2. An Employee who has attained age 591⁄2 may make a request by calling the VRU, or in such other manner as
may be prescribed by the Administrator, to withdraw as of any date an amount which is not greater than the balance of his or her Before-Tax
Contributions Account, Catch-Up Contributions Account, Employer Matching Contributions Account and Fixed Employer Contributions Account
as of the most recent Valuation Date determined by the Administrator, except that while any loan to the Participant under Section 8.2
remains outstanding, the amount available for withdrawal shall be the balance in such accounts less the balance of all outstanding loans
to the Participant.

 

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The Participant shall designate the extent to which
the withdrawal pursuant to this paragraph (b) are Designated Roth Contributions from the Participant’s Designated Roth Contributions
Account and the extent that such withdrawals are Untaxed Contributions from the Participant’s Untaxed Contributions Account and
in the event that any such designation is not made or is incomplete, such withdrawals shall be treated as withdrawals of Designated Roth
Contributions to the extent Designated Roth Contributions were made to the Plan and, to the extent that the withdrawal exceeds such Designated
Roth Contributions, such withdrawal shall be treated as Untaxed Contributions.

 

(c)            Withdrawals
From the After-Tax Contributions Account. An Employee may make a request by calling the VRU, or in such other manner as may be prescribed
by the Administrator, no more than once during any Plan Year, to withdraw from his or her After-Tax Contributions Account an amount which
is not greater than the balance of the Participant’s After-Tax Contributions Account as of the most recent Valuation Date determined
by the Administrator, except that while any loan to the Participant under Section 8.2 remains outstanding, the amount available for
withdrawal shall be the balance in such account less the balance of all outstanding loans to the Participant.

 

(d)            Withdrawals
from the Rollover Account. A Participant may make a request by calling the VRU, or in such other manner as may be prescribed by the
Administrator, to withdraw an amount which is not greater than the balance in his or her Rollover Account as of the most recent Valuation
Date determined by the Administrator, except that while any loan to the Participant under Section 8.2 remains outstanding, the amount
available for withdrawal shall be the balance in such account less the balance of all outstanding loans to the Participant.

 

(e)            Qualified
Reservist Withdrawals. A Participant who is a Qualified Reservist may make a request by calling VRU, or in such manner as may be prescribed
by the Administrator, to withdraw any portion of his or her Before-Tax Contributions Account or his or her Designated Roth Contributions
Account, and the amount requested shall not be subject to the 10 percent additional tax imposed pursuant to section 72(t)(2)(G) of
the Code, provided that the amount requested is distributed during the period beginning on the date the Participant is ordered or called
to active duty and ending at the close of his or her active duty.

 

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(f)            Withdrawals
of Employer Matching Contributions for Members of IBEW Local Union 614. Notwithstanding any provision in the Plan to the contrary,
a Participant who is a member of a bargaining unit represented by IBEW Local Union 614 and who has completed 60 months as a Participant
may elect, in accordance with procedures established by the Administrator, to receive a distribution of all or any part of his or her
Employer Matching Contributions Account, as adjusted for gains, earnings and losses attributable thereto determined as of the Valuation
Date next succeeding the date of receipt of the request for distribution.

 

Additionally, a Participant who is a member of
a bargaining unit represented by IBEW Local Union 614, regardless of whether he or she has completed 60 months as a Participant, may elect,
in accordance with procedures established by the Administrator, to receive a distribution of all or any part of that portion of the Employer
Matching Contributions Account that is derived from Employer Matching Contributions in excess of Employer Matching Contributions allocated
to his or her Employer Matching Contributions Account during the two Plan Years preceding the Plan Year in which the withdrawal takes
place, adjusted for gains, earnings and losses attributable thereto determined as of the Valuation Date next succeeding the date of receipt
of the request for distribution.

 

No distribution made pursuant to this paragraph (f) may
be for an amount which is less than the lesser of (i) $200; and (ii) the balance of the Participant’s Employer Matching
Contributions Account, as adjusted for gains, earnings and losses attributable thereto. In addition, a Participant may not make more than
one withdrawal pursuant to this paragraph (f) in any Plan Year.

 

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(g)            Provisions
Applicable to All Withdrawals. Any withdrawal made pursuant to this Section 8.1 shall be made at such time as prescribed by the
Administrator and shall be made pro-rata from each of the investment funds in which as of the date of the withdrawal (i) in the case
of a withdrawal pursuant to paragraph (a) or (b) of this Section 8.1, the Participant’s Before-Tax Contributions
Account, Catch-Up Contributions Account (and, if applicable, Employer Matching Contributions Account or Fixed Employer Contributions Account)
is invested, (ii) in the case of a withdrawal pursuant to paragraph (c) of this Section 8.1, the Participant’s After-Tax
Contributions Account is invested, (iii) in the case of a withdrawal pursuant to paragraph (d) of this Section 8.1, the
Participant’s Rollover Account is invested, (iv) in the case of a withdrawal pursuant to paragraph (e) of this Section 8.1,
the Participant’s Before Tax Contributions Account and Designated Roth Contributions Account, and (v) in the case of a withdrawal
pursuant to paragraphs (f) or (i) of this Section 8.1, the Participant’s Employer Matching Contribution Account.
Notwithstanding anything in the Plan to the contrary, the Administrator or the Investment Office may impose any restrictions it deems
necessary or appropriate with respect to withdrawals by individuals who have any portion of their accounts invested in the Employer Stock
Fund described in Section 6.2 and who are subject to Rule 16b-3 under section 16 of the Securities Exchange Act of 1934.

 

(h)            Dividend
Distributions in Respect of the Employer Stock Fund. Dividends shall be allocated to the accounts of each Participant, any portion
of whose account balance is invested in the Employer Stock Fund in accordance with paragraph (b) of Section 7.1, based upon
the total number of shares of Common Stock represented by the Participant’s proportionate share of the Employer Stock Fund as of
such date as may be determined from time to time by the Administrator on or before each dividend record date. Cash dividends shall be
reinvested in Common Stock (through the Employer Stock Fund) unless the Participant (or his or her Beneficiary) elects, at the time and
in the manner prescribed by the Administrator, to receive a cash distribution in an amount equal to such dividend, payable not later than
90 days after the end of the Plan Year in which such dividend was paid.

 

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Section 8.2.
Loans to Participants.

 

(a)            Making
of Loans. Subject to the restrictions set forth in this Section 8.2, the Administrator shall establish a loan program whereby
any Participant who is a party-in-interest (within the meaning of section 3(14) of ERISA) or any Beneficiary who is a party-in-interest
and any such Participant’s Beneficiary may request, in the manner and form prescribed by the Administrator, to borrow funds from
the Plan. The principal amount of such loan shall be not less than $1,000 and the aggregate amount of all outstanding loans to a Participant
or Beneficiary shall not exceed the lesser of: (1) 50% of the value of the aggregate of the Participant’s vested account balances
as of the Valuation Date coinciding with or immediately preceding the day on which the loan is made; and (2) $50,000, reduced by
the excess, if any, of the highest outstanding loan balances of the Participant under all plans maintained by the Employer during the
period of time beginning one year and one day prior to the date such loan is to be made and ending on the date such loan is to be made
over the outstanding balance of loans from all such plans on the date on which such loan was made. Any loans outstanding on January 31,
2022 under the Exelon Savings Plan, the TMI and OYC Savings Plan or the Clinton Savings Plan, as applicable, for a Participant who is
a Constellation Transferred Employee and who becomes a Participant on the Effective Date shall be transferred to the Plan on the Effective
Date and shall be treated as a loan taken under the Plan, including for purposes of Supplement XII, with repayments continuing in the
same amount and with the same frequency as they were under the Exelon Savings Plan, the TMI and OYC Savings Plan or the Clinton Savings
Plan, as applicable.

 

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(b)            Restrictions.
Any loan approved by the Administrator pursuant to the preceding paragraph (a) shall be made only upon the following terms and conditions:

 

(1)            The
period for repayment of the loan shall be arrived at by mutual agreement between the Administrator and the Participant but such period
shall not exceed five years or, in the case of a loan to acquire a principal place of residence, shall not be less than five years or
more than 15 years, from the date of the loan. Such loan may be prepaid at any time, without penalty, by delivery to the Administrator
of a check in an amount equal to the entire unpaid balance of such loan. No partial prepayment shall be permitted. Except as otherwise
provided under uniform and nondiscriminatory procedures established by the Administrator, any loan to a Participant who is an Employee
is due in full immediately after termination of employment.

 

(2)            No
loan shall be made to a Participant who is an Employee unless such Participant consents to have such loan repaid in substantially equal
installments deducted from the regular payments of the Participant’s compensation during the term of the loan. A Participant who
(a) was an Employee at the time the Participant received a loan from the Plan, (b) is no longer an Employee and no longer receives
compensation from an Employer, but (c) continues to perform services for an Employer, shall consent, either at the time the loan
is taken or prior to the date prescribed by the Administrator, to have the balance of any loan outstanding at the time the Participant
no longer is an Employee repaid in substantially equal installments over the remaining life of the loan. Such installments shall be paid
in the manner specified by the Administrator.

 

(3)            Each
loan shall be evidenced by the Participant’s collateral promissory note, in the form prescribed by the Administrator, for the amount
of the loan, with interest, payable to the order of the Plan, and shall be secured by an assignment of 50% of the Participant’s
vested account balance.

 

(4)            Each
loan shall bear a fixed interest rate commensurate with the interest rates then being charged by persons in the business of lending money
for loans made under similar circumstances, as determined by the Administrator.

 

(5)            Except
as otherwise provided in this Plan, no withdrawal (other than a withdrawal from a Participant’s accounts to the extent that such
withdrawal would not reduce the Participant’s vested account balances to less than the then outstanding balance of any loan to such
Participant or such higher amount determined by the Administrator to be appropriate security for such loan) or distribution shall be made
to any Participant who has borrowed from the Trust, or to a Beneficiary of any such Participant, unless and until the loan, including
interest, has been repaid.

 

(6)            A
charge shall be made against the account of each Participant requesting a loan equal to such reasonable loan application fee (and loan
acceptance fee, if required by the Administrator) as shall be set from time to time by the Administrator.

 

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(7)            A
Participant is permitted only one loan in any calendar year and, except as otherwise provided in this Section 8.2(b)(7), no more
than five loans to a Participant may be outstanding at any time. Notwithstanding the foregoing, no more than three loans may be outstanding
at any time for any of the following: (A) a Participant who is a member of a bargaining unit represented by IBEW Local Union 15,
(B) a Participant who is employed at Byron in Nuclear Security and is a member of United Security System Union Local 1, (C) a
Participant who is employed at Oyster Creek in Nuclear Security and is a member of United Government Security Officers of America Local
17, (D) a Participant who is employed at Three Mile Island in Nuclear Security in Nuclear Security and is a member of United Government
Security Officers of America Local 18, (E) a Participant who is a non-represented Employee (other than a Participant who is classified
as a non-represented, non-exempt craft employee assigned to the Peachbottom, Limerick, Outage Services East, Philadelphia Electric Company
or Texas generating plant), (F) a Participant who is a member of a bargaining unit represented by IBEW Local Union 97, (G) a
Participant who is a member of a bargaining unit represented by IBEW Local 51, and (H) a Participant who is a member of a bargaining
unit represented by IBEW Local 1306. Only one loan may be outstanding for a Participant who is (A) a member of a bargaining unit
represented by Utility Workers Union of America, AFL-CIO, Local 369 at the Mystic 7, 8 or 9 generating station, or (B) a member of
a bargaining unit represented by IBEW Local 777.

 

(8)            Loan
repayments shall be invested in the various investment funds as elected by the Participant.

 

(9)            The
Administrator may, in its sole discretion, restrict the amount to be disbursed pursuant to any loan request to the extent it deems necessary
to take into account any fluctuations in the value of a Participant’s accounts since the Valuation Date immediately preceding the
date on which such loan is to be made.

 

(10)            Any
restrictions the Administrator or the Investment Office determines are necessary or appropriate with respect to loans requested by individuals
who have any portion of their accounts invested in the Employer Stock Fund described in Section 6.2 and who are subject to Rule 16b-3
under section 16 of the Securities Exchange Act of 1934.

 

If any loan or portion of a loan made to a Participant
under the Plan, together with the accrued interest thereon, is in default (taking into account any grace period permitted by law, and
as determined by the Administrator), the Administrator shall take appropriate steps to collect on the note and foreclose on the security.
If upon a Participant’s termination of employment entitling the Participant to a distribution under Section 8.3 (relating to
distributions upon termination of employment), death or retirement, any loan or portion of a loan made to such Participant under the Plan,
together with the accrued interest thereon, remains unpaid, such unpaid amount may be repaid to the Plan no later than the last day of
the calendar quarter following the calendar quarter in which such termination of employment occurred or as of such later date or dates
permitted under uniform and nondiscriminatory procedures established by the Administrator. If full repayment is not so made, an amount
equal to the unpaid portion of such loan, together with the accrued interest thereon, shall be charged to the Participant’s accounts
after all other adjustments required under the Plan, but before any distribution pursuant to Section 8.3 (relating to distributions
upon termination of employment).

 

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(c)            Loan
Subaccount. The Trustee shall establish and maintain a loan subaccount on behalf of each Participant or Beneficiary to whom a loan
is made under this Section 8.2. Such subaccount shall represent the investment of the Participant’s or Beneficiary’s
account in such loan. As of the Valuation Date immediately preceding the date on which a loan is approved, the Participant’s or
Beneficiary’s loan subaccount shall be credited with the amount of the loan and thereafter shall be debited with repayments of the
principal of such loan. The various accounts maintained for the Participant or Beneficiary shall be invested in the loan subaccount and
debited by the amount of the loan and credited with payments of interest on, and repayments of principal of, such loan in accordance with
uniform rules established by the Administrator.

 

(d)            Sarbanes-Oxley.
Notwithstanding any provision of the Plan to the contrary, the Administrator reserves the right to deny the request of a Participant for
a loan that, in the judgment of the Administrator, would violate any provision of the Sarbanes-Oxley Act of 2002.

 

Section 8.3.
Distributions Upon Termination of Employment.

 

(a)            Termination
of Employment under Circumstances Entitling Participant to Full Distribution of His or Her Account Balance. If a Participant terminates
employment, the Participant, or his or her designated Beneficiary, as the case may be, shall be entitled to receive the entire balance
of the Participant’s accounts, at the time set forth in Section 8.4 (relating to time of distribution) and in the manner set
forth in paragraph (b) of this Section 8.3. A Participant shall be fully vested in the entire balance of his or her accounts
at all times.

 

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(b)            Form of
Distribution. (1) Subject to paragraph (d) of this Section 8.3 (relating to small benefits payable in lump sum) and
Section 8.4 (8) (relating to compliance with Section 401(a)(9) of the Code), any distribution to which a Participant
or Beneficiary, as the case may be, becomes entitled upon termination of employment shall be distributed by whichever of the following
forms of distribution the Participant or Beneficiary, as the case may be, elects by calling the VRU, or in such other manner as may be
prescribed by the Administrator:

 

(A)            By
payment in a lump sum.

 

		(B)	By payment in a series of approximately equal annual, quarterly, or monthly installments, over a period of years as specified by the
Participant (but not extending beyond the life expectancy of such Participant).

 

		(C)	By payment of a partial withdrawal of any portion of his or her vested account balance.

 

Subject to Section 8.4 (8), a Participant
who elected to receive distribution of his or her vested account balance in the form of installments may, at any time after such election
is made, elect to change the frequency of such installments, discontinue receiving such installments, make a partial withdrawal of any
portion of his or her vested account balance or receive the remaining amount of his or her vested account balance in the form of a lump
sum payment in accordance with any procedure established by the Administrator. A Participant who elected to receive a partial withdrawal
of his or her vested account balance may, at any time after such election is made, elect to receive the remaining amount of his or her
vested account balance in the form of installments or in the form of a lump sum payment in accordance with any procedure established by
the Administrator. If no election is made by a Participant or Beneficiary, as the case may be, as to the form of distribution, the Participant’s
vested account balance shall be distributed in the form of a lump sum payment. Any distribution election under the Exelon Savings Plan,
the TMI and OYC Savings Plan or the Clinton Savings Plan, as applicable, made by a Participant who is a Constellation Transferred Employee
and who becomes a Participant on the Effective Date shall be treated as being made under this Plan.

 

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The amount distributed hereunder shall be paid
in cash, except that if the Participant’s account is paid in a lump sum, then the Participant may request that all of his or her
account invested in the Employer Stock Fund be distributed in whole shares of Common Stock held in such Fund with any fractional share
being paid in cash. The number of shares of Common Stock to be distributed shall be based on the current fair market value of a share
of Common Stock as determined by the Trustee under Section 7.2 (relating to allocation of net income of Trust Fund and fluctuation
in value of Trust assets) as of the Valuation Date coinciding with or immediately preceding the date payment of the Participant’s
account is to be made. Requests for distribution in the form of Common Stock shall be made at such time and in such manner as the Administrator
shall determine under rules and regulations which are uniformly applied.

 

Notwithstanding the preceding paragraphs, no distribution
shall be made in the form of installments with respect to a Participant’s Rollover Account that was established to hold the amount
distributed or directly transferred from the Commonwealth Edison Company Employee Stock Ownership Plan upon such plan’s termination
if the Participant elected not to receive distribution of such amount until his or her 65th birthday.

 

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(c)            Notice
of Availability of Election of Optional Forms of Benefits. No less than 30 days (or such shorter period as permitted by law) and no
more than 90 days before distribution is to be made hereunder, the Administrator, or its designee, shall explain to the Participant that
he or she may elect any form of distribution set forth in paragraph (b) of this Section 8.3. Such explanation shall include
a general description of the eligibility conditions and other material features of the optional forms of distribution provided under the
Plan. Notwithstanding the first sentence of this paragraph (c), distribution may commence less than 30 days after the description described
above is given, provided that: (i) the Administrator, or its designee, clearly informs the Participant that the Participant has a
right to a period of at least 30 days after receiving the explanation to consider the decision of whether or not to elect a distribution
(and, if applicable, a particular distribution option), and (ii) the Participant, after receiving the explanation, affirmatively
elects a distribution. The description referred to in this paragraph (c), as well as the explanation of the participant’s right
to a period of at least 30 days to consider such explanation before electing a distribution, shall be provided to the Participant through
the VRU or in such other manner prescribed by the Administrator.

 

(d)            Small
Benefits Payable in Lump Sum. Notwithstanding any provision of the Plan to the contrary, if the vested amount of the Participant’s
account balances does not exceed $1,000, including the value of the Participant’s Rollover Account (such amount referred to herein
as the “small benefit amount”), such vested amount shall be distributed in a lump sum cash payment as soon as administratively
practicable after the Participant’s termination of employment in accordance with such procedures as may be established by the Administrator.

 

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(e)            Direct
Rollover Option. In the case of a distribution from the Plan (excluding any amount offset against the Participant’s account
balance to repay the outstanding balance of any unpaid loan) which is an “eligible rollover distribution” within the meaning
of section 402(c)(4) of the Code, a Participant (or surviving Spouse of a Participant or a former Spouse who is an alternate payee
under a qualified domestic relations order as defined in section 414(p) of the Code) may elect that all or any portion of such distribution
shall be directly transferred as a rollover contribution from this Plan to (i) an individual retirement account described in section
408(a) of the Code, (ii) an individual retirement annuity described in section 408(b) of the Code, (iii) an annuity
plan described in section 403(a) of the Code, (iv) an annuity contract described in section 403(b) of the Code, (v) a
retirement plan qualified under section 401(a) of the Code (the terms of which permit the acceptance of rollover contributions),
(vi) an eligible plan under section 457(b) of the Code which is maintained by an eligible employer described in section 457(e)(1)(A) of
the Code (the terms of which permit the acceptance of rollover contributions) or (vii) a Roth IRA described in section 408A of the
Code. However, in the case of a distribution of a Participant’s After-Tax Contributions Account, such distribution shall only be
directly transferred as a rollover contribution to an account or annuity described in section 408 of the Code, or to such a qualified
retirement or annuity plan described in section 401(a) or 403(a) of the Code that agrees to separately account for amounts so
transferred, including separately accounting for the portion of such amount which is includible in gross income and the portion of such
distribution which is not so includible. Notwithstanding any provision of this paragraph (e), in the case of any eligible rollover distribution
that includes all or any portion of the Participant’s Designated Roth Contributions Account, a Participant or surviving Spouse or
a former Spouse who is an alternate payee under a qualified domestic relations order as defined in section 414(p) of the Code may
elect to transfer such portion only to another plan which accounts for Designated Roth Contributions described in section 402A of the
Code or to a Roth IRA described in section 408A of the Code and only to the extent the rollover is permitted by the rules of section
402(c) of the Code. In addition, a Beneficiary who is not the surviving Spouse of the Participant may elect that all or any portion
of such distribution shall be directly transferred as a rollover contribution from this Plan to (i) an individual retirement account
described in section 408(a) of the Code, (ii) an individual retirement annuity described in section 408(b) of the Code
or (iii) a Roth IRA described in section 408A of the Code, that, in either case, is established for the purpose of receiving such
distribution on behalf of the Beneficiary.

 

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Section 8.4.
Time of Distribution.

 

A Participant who has terminated employment shall
commence receiving distribution of his or her vested account balance as soon as administratively practical after the Valuation Date coinciding
with or immediately following the date on which the Participant attains age 65, except as provided below.

 

		(1)	Early Distribution. Except as provided in subparagraph (7), a Participant whose Termination Date is prior to his or her 65th
birthday may elect by calling the VRU, or in such other manner as may be prescribed by the Administrator, prior to his or her termination
of employment to have distribution of his or her vested account balance commence within 60 days after the Valuation Date coinciding with
or immediately following the Participant’s Termination Date.

 

		(2)	Deferral of Distribution. A Participant may elect by calling the VRU, or in such other manner as may be prescribed by the Administrator,
which election shall be made at the time prescribed by the Administrator, that distribution of his or her vested account balance commence
as soon as practicable after the Participant’s attainment of (a) for distributions on or after January 1, 2020, age 72,
and (b) for distributions prior to January 1, 2020, age 701⁄2.

 

		(3)	Elections After Termination Date. Except as provided in subparagraph (7), a Participant who has terminated employment and whose
distribution is to commence either after the Participant’s attainment of age 65 or 72 (701⁄2 in the case of distributions prior
to January 1, 2020) may elect at any time by calling the VRU, or in such other manner as may be prescribed by the Administrator,
to have distribution of his or her vested account balance made within 60 days after the date such election is made.

 

		(4)	Required Beginning Date. Distributions paid or commencing during the Participant’s lifetime shall commence not later
than April 1 of the calendar year following the calendar year in which the Participant attains age 72 (701⁄2 in the case of
distributions prior to January 1, 2020), except that distributions made to a Participant who is not a “five percent owner”
(as defined in section 416(i) of the Code) may commence on April 1 of the calendar year following the later of the calendar
year in which the Participant attains age 72 (701⁄2 in the case of distributions prior to January 1, 2020) or the calendar year
in which the Participant retires. Notwithstanding any provision of the Plan to the contrary, any distributions required by this subparagraph
shall be made not less rapidly than in accordance with the final Regulations under Section 401(a)(9). The Participant shall designate
the extent to which the distribution of Before-Tax Contributions pursuant to this subparagraph 4 are Designated Roth Contributions from
the Participant’s Designated Roth Contributions Account and the extent that such withdrawals are Untaxed Contributions from the
Participant’s Untaxed Contributions Account and in the event that any such designation is not made or is incomplete, such distribution
shall be treated as a distribution of Designated Roth Contributions to the extent Designated Roth Contributions were made to the Plan
and, to the extent that the distribution of Before-Tax Contributions exceeds such Designated Roth Contributions, such distribution shall
be treated as Untaxed Contributions.

 

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		(5)	Distributions Commencing Prior to January 1, 2020 After Participant’s Death. Distributions commencing after the
Participant’s death and before January 1, 2020 shall be completed within five years after the death of the Participant, except
that (i) effective with respect to any Participant whose death occurs on or after January 1, 1995, regardless of when such Participant’s
employment terminated, if the Participant’s Beneficiary is the Participant’s Spouse, distribution may be deferred until the
date on which the Participant would have attained age 701⁄2 had he or she survived and distributions may be made over a period not
longer than the life expectancy of such Spouse; (ii) if the Participant’s Beneficiary is a natural person other than the Participant’s
Spouse and distributions commence not later than one year after the Participant’s death, such distributions may be made over a period
not longer than the life expectancy of such Beneficiary. If at the time of the Participant’s death, distribution of the Participant’s
benefit has commenced, the remaining portion of the Participant’s benefit shall be paid in the manner elected by the Participant’s
Beneficiary, but at least as rapidly as was the method of distribution being used prior to the Participant’s death.

 

		(6)	Distributions Commencing on or After January 1, 2020 After Participant’s Death. Distributions commencing after the
Participant’s death and on or after January 1, 2020 shall be completed by December 31 of the calendar year containing
the tenth anniversary of the Participant’s death, except that (i) if the Participant’s Beneficiary is the Participant’s
Spouse, distribution may be deferred until the date on which the Participant would have attained age 72 had he or she survived and distributions
may be made over a period not longer than the life expectancy of such Spouse; (ii) if the Participant’s Beneficiary is an “eligible
designated beneficiary,” other than the Participant’s Spouse, and distributions commence not later than one year after the
Participant’s death, such distributions may be made over a period not longer than the life expectancy of such Beneficiary; and (iii) if
the Participant’s Beneficiary is not a “designated beneficiary,” distributions shall be completed by December 31
of the calendar year containing the fifth anniversary of the Participant’s death. If at the time of the Participant’s death,
distribution of the Participant’s benefit has commenced, the remaining portion of the Participant’s benefit shall be paid
in the manner elected by the Participant’s Beneficiary, subject to the provisions of the preceding sentence. For purposes of this
paragraph, (a) “designated beneficiary” means an individual who is designated under the terms of the Plan as a beneficiary
or a trust for the benefit of individuals that meets the requirements of Treas. Reg. 1.401(a)(9)-4 Q-5; and (b) an “eligible
designated beneficiary” is a designated beneficiary who, as of the date of the Participant’s death, is (i) the Participant’s
Spouse, (ii) an individual who is no more than ten years older than the Participant, (iii) an individual who is disabled (within
the meaning of Section 72(m)(7) of the Code), (iv) an individual who is chronically ill (within the meaning of Section 7702B(c)(2) of
the Code, except that the requirements of subparagraph (A)(i) thereof shall only be treated as met if there is a certification that,
as of such date, the period of inability described in such subparagraph with respect to the individual is an indefinite one which is reasonably
expected to be lengthy in nature), or (v) the Participant’s minor child, but only until reaching the age of majority.

 

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		(7)	Distribution of Rollover Account After Termination Date. A Participant who has terminated employment or the Beneficiary of
such Participant, as the case may be, may elect by calling the VRU, or in such other manner as may be prescribed by the Administrator
prior to the time his or her vested account balance is distributed under this Section 8.4 to have distribution of the balance of
his or her Rollover Account commence at such prior time as the Participant or Beneficiary shall elect, provided that, while any loan to
the Participant under Section 8.2 remains outstanding, such distribution shall be made only to the extent that the balance of such
Participant’s vested account balance remaining after such distribution will equal or exceed the balance of all outstanding loans
to the Participant.

 

		(8)	Compliance with Section 401(a)(9) of the Code. Notwithstanding any provision of the Plan to the contrary, all distributions
will be made in accordance with section 401(a)(9) of the Code and the regulations promulgated thereunder, including the minimum distribution
incidental death benefit requirement thereof.

 

Notwithstanding anything contained herein to the
contrary and except as provided in subparagraph (4) above, in the event that the recordkeeper for the Plan is changed, distributions
may be made at such time as prescribed by the Administrator in order to accommodate the transfer of records to the new recordkeeper.

 

Section 8.5.
Designation of Beneficiary.

 

Each Participant shall have the right to designate
a Beneficiary or Beneficiaries (who may be designated contingently or successively and that may be an entity other than a natural person)
to receive any distribution to be made under Section 8.3 (relating to distributions upon termination of employment) upon the death
of such Participant or, in the case of a Participant who dies subsequent to termination of his or her employment but prior to the distribution
of the entire amount to which he or she is entitled under the Plan, any undistributed balance to which such Participant would have been
entitled, provided, however, that no such designation (or change thereof) shall be effective if the Participant was married
on the date of the Participant’s death unless such designation (or change thereof) was consented to at the time of such designation
(or change thereof) by the person who was the Participant’s Spouse, in writing, acknowledging the effect of such consent and witnessed
by a notary public or a Plan representative, or it is established to the satisfaction of the Administrator that such consent could not
be obtained because the Participant’s Spouse cannot be located or such other circumstances as may be prescribed in Regulations.
Subject to the preceding sentence, a Participant may from time to time, without the consent of any Beneficiary, change or cancel any such
designation. Such designation and each change therein shall be made in the form prescribed by the Administrator and shall be filed with
the Administrator. A Participant’s beneficiary designation in effect under the Exelon Savings Plan immediately prior to the Effective
Date, including a beneficiary designation made under the PECO Energy Company Employee Savings Plan immediately prior to March 31,
2001 (if still effective as of the Effective Date), as well as a Participant’s beneficiary designation in effect under the TMI and
OYC Savings Plan or the Clinton Savings Plan, as applicable, shall remain in effect under the Plan on and after February 1, 2022
until such time as such designation is changed or canceled in accordance with this Section 8.5 and, in the case of any other merger
of a plan into the Plan, a Participant’s beneficiary designation in effect under the merged plan immediately prior to the merger
date shall remain in effect under the Plan on and after the merger date until such time as such designation is changed or canceled in
accordance with this Section 8.5. If (i) no Beneficiary has been named by a deceased Participant, (ii) such designation
is not effective pursuant to the proviso contained in the first sentence of this section, or (iii) the designated Beneficiary has
predeceased the Participant, any undistributed balance of the deceased Participant shall be distributed by the Trustee at the direction
of the Administrator (a) to the surviving Spouse of such deceased Participant, if any, or (b) if there is no surviving Spouse,
to the surviving children of such deceased Participant, if any, in equal shares, or (c) if there is no surviving Spouse or surviving
children, to the surviving parents of such deceased Participant, if any, in equal shares, or (d) if there is no surviving Spouse,
surviving children or surviving parents, to the executor or administrator of the estate of such deceased Participant or (e) if no
executor or administrator has been appointed for the estate of such deceased Participant within six months following the date of the Participant’s
death, in equal shares to the person or persons who would be entitled under the intestate succession laws of the state of the Participant’s
domicile to receive the Participant’s personal estate. The marriage of a Participant shall be deemed to revoke any prior designation
of a Beneficiary made by him or her and a divorce shall be deemed to revoke any prior designation of the Participant’s divorced
Spouse if written evidence of such marriage or divorce is timely received by the Administrator.

 

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Section 8.6.
Distributions to Minor and Disabled Distributees.

 

Any distribution that is payable to a distributee
who is a minor or to a distributee who has been legally determined to be unable to manage his or her affairs by reason of illness or mental
incompetency may be made to, or for the benefit of, any such distributee at such time consistent with the provisions of this Plan and
in such of the following ways as the authorized legal representative of such distributee shall direct: (a) directly to any such minor
distributee, (b) to such legal representative, (c) to a custodian under a Uniform Gifts to Minors Act for any such minor distributee,
or (d) as otherwise directed by such legal representative. The Plan Administrator shall not be required to see to the application
by any third party of any distribution made to or for the benefit of such distributee pursuant to this Section.

 

Section 8.7.
“Lost” Participants and Beneficiaries.

 

If within a period of five years following the
death or other termination of employment of any Participant, the Administrator in the exercise of reasonable diligence has been unable
to locate the person or persons entitled to benefits under this Article 8, the rights of such person or persons shall be forfeited,
provided, however, that the Plan shall reinstate and pay to such person or persons the amount of the benefits so forfeited
upon a claim for such benefits made by such person or persons. The amount to be so reinstated shall be obtained from the total amount
that shall have been forfeited pursuant to Section 8.3 (relating to distribution upon termination of employment) during the Plan
Year that the claim for such forfeited benefit is made. If the amount to be reinstated exceeds the amount of such forfeitures, the Employer
in respect of whose Employee the claim for forfeited benefit is made shall make a contribution in an amount equal to the remainder of
such excess. Any such contribution shall be made without regard to whether or not the limitations set forth in Section 4.6 (relating
to limitation on Employer contributions) will be exceeded by such contribution.

 

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Section 8.8.
Death Benefits Under USERRA

 

In the case of a Participant who dies on or after
January 1, 2007 while performing Military Service, the Beneficiaries of such Participant shall be entitled to any additional benefits,
if any, (other than benefit accruals relating to the period of qualified military service) provided under the Plan had the Participant
resumed employment with an Employer and then terminated such employment on account of such Participant’s death.

 

ARTICLE 9

 

PARTICIPANTS’ STOCKHOLDER RIGHTS

 

Section 9.1.
Voting Shares of Common Stock.

 

Each Participant and Beneficiary shall be entitled
to direct the Trustee as to the exercise of any voting rights attributable to shares of Common Stock then allocated to his or her account
and the Trustee shall vote such shares according to the voting directions of the Participant or Beneficiary that have been timely submitted
to the Trustee on forms provided by the Trustee for such purpose. Participants and Beneficiaries shall be permitted to direct the Trustee
as to the exercise of any voting rights, including, but not limited to, any corporate matter that involves the voting of shares of Common
Stock with respect to the approval or disapproval of any corporate merger or consolidation, recapitalization, reclassification, liquidation,
dissolution, sale of substantially all assets of a trade or business, or similar transaction prescribed in Regulations. The Trustee shall
with respect to any matter vote the shares of Common Stock credited to Participants’ accounts with respect to which the Trustee
does not timely receive voting instructions in the same proportion as to shares the Trustee has received voting instructions. Written
notice of any meeting of stockholders of the Company and a request for voting instructions shall be given by the Administrator or the
Trustee, at such time and in such manner as the Administrator shall determine, to each Participant or Beneficiary entitled to give instructions
for voting shares of Common Stock at such meeting. The Administrator shall establish and pay for a means by which Participants and Beneficiaries
can expeditiously deliver such voting instructions to the Trustee. All instructions delivered by Participants or Beneficiaries shall be
confidential and shall not be disclosed to any person, including the Employer.

 

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Section 9.2.
Tender Offers.

 

(a)           In
the event a tender offer is made generally to the stockholders of the Company to transfer all or a portion of their shares of Common Stock
in return for valuable consideration, including but not limited to, offers regulated by section 14(d) of the Securities Exchange
Act of 1934, as amended, each Participant or Beneficiary shall be entitled to direct the Trustee regarding how to respond to any such
tender offer with respect to the number of shares of Common Stock then allocated to his or her account and the Trustee shall vote such
shares according to the voting directions of the Participant or Beneficiary that have been timely submitted to the Trustee on forms provided
by the Trustee for such purpose. A Participant or Beneficiary shall not be limited in the number of directions to tender or withdraw from
tender that he or she can give, but shall not have the right to give directions to tender or withdraw from tender after a reasonable time
established by the Trustee pursuant to paragraph (c) of this Section 9.2. The Trustee shall with respect to a tender offer
decline to vote the shares of Common Stock credited to Participants’ accounts with respect to which the Trustee does not timely
receive directions on how to respond to any such tender offer. All such directions shall be confidential and shall not be disclosed to
any person, including the Employer.

 

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(b)           Within
a reasonable time after the commencement of a tender offer, the Administrator shall provide to each Participant and Beneficiary:

 

		(i)	the offer to purchase as distributed by the offeror to the stockholders of the Company,

 

		(ii)	a statement of the shares of Common Stock allocated to his or her account, and

 

		(iii)	directions as to the means by which a Participant can give directions with respect to the tender offer.

 

The Administrator shall establish and pay for a
means by which a Participant and Beneficiary can expeditiously deliver directions to the Trustee with respect to a tender offer. The Administrator
shall transmit or cause to be transmitted to the Trustee aggregate numbers of shares to be tendered or withheld from tender representing
directions of Participants and Beneficiaries. The Administrator, at its election, may engage an agent to receive directions from Participants
and Beneficiaries and transmit them to the Trustee.

 

(c)           The
Trustee may establish a reasonable time, taking into account the time restrictions of the tender offer, after which it shall not accept
directions of Participants or Beneficiaries.

 

(d)           Notwithstanding
the foregoing, with respect to a tender offer for the purchase or exchange of less than five percent (5%) of the outstanding shares of
Common Stock, the Investment Office shall direct the Trustee with respect to the sale, exchange or transfer of the shares of Common Stock
held in the Trust Fund, and the Trustee shall follow the direction of the Investment Office.

 

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ARTICLE 10

 

SPECIAL PARTICIPATION AND DISTRIBUTION RULES RELATING

 

TO REEMPLOYMENT OF TERMINATED EMPLOYEES AND

 

EMPLOYMENT BY RELATED ENTITIES

 

Section 10.1.
Change of Employment Status.

 

If an Employee who is not a Participant becomes
eligible to participate because of a change in his or her employment status, such Eligible Employee shall become a Participant as of the
date of such change if either the Employee is not a member of a bargaining unit represented by IBEW Local Union 15 or the Employee has
satisfied the eligibility service requirement set forth in Section 3.1; otherwise the Employee shall become a Participant in accordance
with Section 3.1 following satisfaction of the eligibility service requirement.

 

Section 10.2.
Reemployment of an Eligible Employee Whose Employment Terminated Prior to His or Her Becoming a Participant.

 

(a)           If
the employment of an Eligible Employee who is a member of a bargaining unit represented by IBEW Local Union 15 terminated before the Employee
satisfied the eligibility service requirement set forth in Section 3.1 and such Employee is thereafter reemployed by an Employer,
such Employee shall be eligible to become a Participant in accordance with Section 3.1.

 

(b)           If
the employment of an Eligible Employee who is a member of a bargaining unit represented by IBEW Local Union 15 terminated after he or
she had satisfied the eligibility service requirement set forth in Section 3.1 but prior to becoming a Participant is reemployed
by an Employer, he or she shall not be required to satisfy again such requirement and shall be eligible to become a Participant upon filing
an application in accordance with Section 3.2 (relating to application for Before-Tax Contributions and After-Tax Contributions).

 

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Section 10.3.
Reemployment of a Terminated Participant.

 

If a terminated Participant is reemployed as an
Eligible Employee, the Participant shall not be required to satisfy again the eligibility service requirement set forth in Section 3.1
and shall again become a Participant upon filing an application in accordance with Section 3.2 (relating to application for Before-Tax
Contributions and After-Tax Contributions).

 

Section 10.4.
Employment by an Affiliate.

 

If an individual is employed by an Affiliate that
is not an Employer, then any period of such employment shall be taken into account solely for the purposes of determining whether and
when such individual is eligible to participate in the Plan under Article 3 (relating to participation), when such individual has
retired or otherwise terminated his or her employment for purposes of Article 8 (relating to withdrawals and distributions) to the
same extent it would have been had such period of employment been as an Employee of his or her Employer.

 

Section 10.5.
Leased Employees.

 

A leased employee (as defined below) shall not
be eligible to participate in the Plan. If an individual who performed services as a leased employee (as defined below) of an Employer
or an Affiliate becomes an Employee, or if an Employee becomes such a leased employee, then any period during which such services were
so performed shall be taken into account solely for the purposes of determining whether and when such individual is eligible to participate
in the Plan under Article 3 (relating to participation) and determining when such individual has retired or otherwise terminated
his or her employment for purposes of Article 8 (relating to withdrawals and distributions) to the same extent it would have been
had such service been as an Employee. This Section shall not apply to any period of service during which such a leased employee was
covered by a plan described in section 414(n)(5) of the Code. Any contributions or benefits provided under such plan to a leased
employee by his or her leasing organization shall be treated as provided under this Plan and shall be taken into account under Section 7.4
(relating to limitation on allocations imposed by Section 415 of the Code) to the extent required under section 1.415(a)-1(f)(3) of
the Regulations. For purposes of this Plan, a “leased employee” shall mean any person who is not an employee of an Employer
and who pursuant to an agreement between an Employer or Affiliate has performed services for an Employer or an Affiliate on a substantially
full-time basis for a period of at least one year, which services were performed under the primary direction or control of an Employer
or an Affiliate.

 

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Section 10.6.
Reemployment of Veterans.

 

(a)           General.
The provisions of this Section shall apply in the case of the reemployment by an Employer of an Eligible Employee, within the period
prescribed by the Uniformed Service Employment and Reemployment Rights Act (“USERRA”), after the Employee’s completion
of a period of Military Service. The provisions of this Section are intended to provide such Employees with the rights required USERRA
and section 414(u) of the Code, and shall be interpreted in accordance with such intent.

 

(b)           Make
Up of Before-Tax and After-Tax Contributions. Such Employee shall be entitled to make contributions under the Plan (“Make-Up
Employee Contributions”), in addition to Before-Tax and After-Tax Contributions which the Employee elects to have made under the
Plan pursuant to Section 4.1 (relating to Before-Tax Contributions). From time to time while employed by an Employer, such Employee
may elect to contribute Make-Up Employee Contributions during the period beginning on the date of such Employee’s reemployment and
ending on the earlier of:

 

		(i)	the end of the period equal to the product of three and such Employee’s period of Military Service, and

 

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		(ii)	the fifth anniversary of the date of such reemployment.

 

Such Employee shall not be permitted to contribute
Make-Up Employee Contributions to the Plan in excess of the amount which the Employee could have elected to have made under the Plan in
the form of Before-Tax and After-Tax Contributions if the Employee had continued in employment with his or her Employer during such period
of Military Service. Such Employee shall be deemed to have earned “Compensation” from his or her Employer during such period
of Military Service for this purpose in the amount prescribed by sections 414(u)(2)(B) and 414(u)(7) of the Code. The manner
in which an Eligible Employee may elect to contribute Make-Up Employee Contributions pursuant to this paragraph (b) shall be prescribed
by the Administrator.

 

(c)           Make
Up of Employer Matching Contributions. An Eligible Employee who contributes Make-Up Employee Contributions as described in paragraph
(b) shall be entitled to an allocation of Employer Matching Contributions (“Make-Up Matching Contributions”) in an amount
equal to the amount of Employer Matching Contributions which would have been allocated to the Employer Matching Contributions Account
of such Eligible Employee under the Plan if such Make-Up Employee Contributions had been made in the form of Before-Tax or After-Tax Contributions
(as applicable) during the period of such Employee’s Military Service. The amounts necessary to make such allocation of Make-Up
Matching Contributions shall be derived from any forfeitures not yet applied towards Employer Matching Contributions for the Plan Year
in which the Make-Up Employee Contributions are made, and if such forfeitures are not sufficient for this purpose, then the Eligible Employee’s
Employer shall make a special contributions which shall be utilized solely for purposes of such allocation.

 

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(d)           Make
Up of Fixed Employer Contributions for Certain Participants. An Eligible Employee described in paragraph (a) above who prior
to his or her Military Service, was eligible to receive a Fixed Employer Contribution pursuant to Section 4.4 shall be entitled to
an allocation of the Fixed Employer Contributions (“Make-Up Fixed Contributions”) in an amount equal to the amount of Fixed
Employer Contributions which would have been allocated to the Fixed Employer Contribution Account of such Eligible Employee under the
Plan during the period of such Employee’s Military Service. For purposes of determining the Make-Up Fixed Contributions, such Employee
shall be deemed to have earned “Compensation” from his or her Employer during such period of Military Service for this purpose
in the amount prescribed by sections 414(u)(2)(B) and 414(u)(7) of the Code. The amounts necessary to make such allocation of
Fixed Employer Contributions shall be derived from any forfeitures not yet applied towards Fixed Employer Contributions or Employer Matching
Contributions for the Plan Year in which the Make-Up Fixed Employer Contributions are made, and if such forfeitures are not sufficient
for this purpose, then the Eligible Employee’s Employer shall make a special contributions which shall be utilized solely for purposes
of such allocation.

 

(e)           Application
of Limitations and Nondiscrimination Rules. Any contributions made by an Eligible Employee or an Employer pursuant to this Section on
account of a period of Military Service in a prior Plan Year shall not be subject to the limitations prescribed by Sections 4.2, 4.5 and
7.4 of the Plan (relating to sections 402(g), 404 and 415 of the Code) for the Plan Year in which such contributions are made. The Plan
shall not be treated as failing to satisfy the nondiscrimination rules of Section 4.5 of the Plan (relating to limitations on
contributions for highly compensated Eligible Employees) for any Plan Year solely on account of any make up contributions made by an Eligible
Employee or an Employer pursuant to this Section 10.6.

 

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ARTICLE 11

 

ADMINISTRATION

 

Section 11.1.
The Administrator, the Investment Office and the Corporate Investment Committee.

 

(a)           The
Administrator. The Company acting through its Director, Employee Benefit Plans and Programs, or such other person or committee appointed
by the Chief Human Resources Officer from time to time (such director or other person or committee, the “Administrator”),
shall be the “administrator” of the Plan, within the meaning of such term as used in ERISA. In addition, the Administrator
shall be the “named fiduciary” of the Plan, within the meaning of such term as used in ERISA, solely with respect to administrative
matters involving the Plan and not with respect to any investment of the Plan’s assets. The Administrator shall have the following
duties, responsibilities and rights:

 

		(i)	The Administrator shall have the duty and discretionary authority to interpret and construe the Plan in regard to all questions of
eligibility, the status and rights of Participants, distributees and other persons under the Plan, and the manner, time, and amount of
payment of any distribution under the Plan. Benefits under the Plan shall be paid to a Participant or Beneficiary only if the Administrator,
in its discretion, determines that such person is entitled to benefits.

 

		(ii)	The Administrator shall direct the Trustee to make payments of amounts to be distributed from the Trust under Article 8 (relating
to withdrawals and distributions).

 

		(iii)	The Administrator shall supervise the collection of Participants’ contributions made pursuant to Article 5 (relating to
Employee contributions) and the delivery of such contributions to the Trustee.

 

		(iv)	The Administrator shall have all powers and responsibilities necessary to administer the Plan, except those powers that are specifically
vested in the Investment Office, the Corporate Investment Committee or the Trustee.

 

		(v)	Each Employer shall, from time to time, upon request of the Administrator, furnish to the Administrator such data and information
as the Administrator shall require in the performance of its duties.

 

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		(vi)	The Administrator may require a Participant or Beneficiary to complete and file certain applications or forms approved by the Administrator
and to furnish such information requested by the Administrator. The Administrator and the Plan may rely upon all such information so furnished
to the Administrator.

 

		(vii)	The Administrator shall be the Plan’s agent for service of legal process and forward all necessary communications to the Trustee.

 

(b)           Removal
of Administrator. The Chief Human Resources Officer shall have the right at any time, with or without cause, to remove the Administrator
(including any member of a committee that constitutes the Administrator). The Administrator may resign and the resignation shall be effective
upon delivery of the written resignation to the Chief Human Resources Officer or upon the Administrator’s termination of employment
with the Employers. Upon the resignation, removal or failure or inability for any reason of the Administrator to act hereunder, the Chief
Human Resources Officer shall appoint a successor. Any successor Administrator shall have all the rights, privileges and duties of the
predecessor, but shall not be held accountable for the acts of the predecessor. None of the Company, Constellation Energy Corporation,
any officer or employee of the Company or Constellation Energy Corporation or any member of the Board of Directors who is not the Chief
Human Resources Officer, nor any other person shall have any responsibility regarding the retention or removal of the Administrator.

 

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(c)           The
Investment Office. The Investment Office, shall be the “named fiduciary” of the Plan, within the meaning of such term
as used in ERISA, solely with respect to matters involving the investment of assets of the Plan and, any contrary provision of the Plan
notwithstanding, in all events subject to the limitations contained in Sections 404(a)(2) and 404(c) of ERISA and the terms
of the Plan, and all other applicable limitations. The Investment Office shall have the following duties, responsibilities and rights:

 

		(i)	The Investment Office shall be the “named fiduciary” for purposes of designating the investment funds under Section 6.2
and for purposes of appointing one or more investment managers as described in ERISA.

 

		(ii)	The Investment Office shall be solely responsible for all matters involving investment of the Employer Stock Fund described in Section 6.2
and no other person shall have any responsibility with respect to investment of such fund; provided, however, that the Investment Office
has appointed an independent investment manager under section 3(38) of ERISA to manage the investment of the Common Stock in the Employer
Stock Fund and such investment manager (rather than the Investment Office) shall be solely responsible for any and all investment decisions
relating thereto.

 

		(iii)	Each Employer shall, from time to time, upon request of the Investment Office, furnish to the Investment Office such data and information
as the Investment Office shall require in the performance of its duties.

 

(d)           The
Corporate Investment Committee. The Company acting through the Corporate Investment Committee shall be responsible for overall monitoring
of the performance of the Investment Office. The Corporate Investment Committee and the Company’s Chief Investment Officer shall
have the right at any time, with or without cause, to remove one or more employees of the Investment Office or to appoint another person
or committee to act as, or as an employee of, the Investment Office. Any successor Investment Office employee shall have all the rights,
privileges and duties of the predecessor, but shall not be held accountable for the acts of the predecessor. The power and authority of
the Corporate Investment Committee with respect to the Plan shall be limited solely to the monitoring and removal of the employees of
the Investment Office and the Corporate Investment Committee shall have no other duties or responsibilities with respect to the Plan.
None of the Company, any officer or employee of the Company or Constellation Energy Corporation or any member of the Board of Directors
who is not a member of the Corporate Investment Committee, nor any other person shall have any responsibility regarding the appointment
or removal of the employees of Investment Office.

 

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(e)           Status
of Administrator, the Investment Office and the Corporate Investment Committee. The Administrator, any person acting as, or on behalf
of, the Investment Office, and any member of the Corporate Investment Committee may, but need not, be an Employee, trustee or officer
of an Employer and such status shall not disqualify such person from taking any action hereunder or render such person accountable for
any distribution or other material advantage received by him or her under this Plan, provided that no Administrator, person acting as,
or on behalf of, the Investment Office, or any member of the Corporate Investment Committee who is a Participant shall take part in any
action of the Administrator or the Investment Office on any matter involving solely his or her rights under this Plan.

 

(f)            Notice
to Trustee of Members. The Trustee shall be notified as to the names of the Administrator and the person or persons authorized to
act on behalf of the Investment Office.

 

(g)           Allocation
of Responsibilities. Each of the Administrator, the Investment Office and the Corporate Investment Committee may allocate their respective
responsibilities and may designate any person, persons, partnership or corporation to carry out any of such responsibilities with respect
to the Plan. Any such allocation or designation shall be reduced to writing and such writing shall be kept with the records of the Plan.

 

(h)           General
Governance. The Corporate Investment Committee shall elect one of its members as chairman and appoint a secretary, who may or may
not be a member of such Committee. All decisions of the Corporate Investment Committee shall be made by the majority, including actions
taken by written consent. The Administrator, the Investment Office and the Corporate Investment Committee may adopt such rules and
procedures as it deems desirable for the conduct of its affairs, provided that any such rules and procedures shall be consistent
with the provisions of the Plan.

 

(i)            Indemnification.
The Employers hereby jointly and severally indemnify the Administrator, the persons employed in the Investment Office, the members of
the Corporate Investment Committee, the Chief Human Resources Officer, the members of the Board of Directors and the directors (or other
governing body), officers and employees of the Employers and each of them, from the effects and consequences of their acts, omissions
and conduct in their official capacity with respect to the Plan (including but not limited to judgments, attorney fees and costs with
respect to any and all related claims, subject to the Company’s notice of and right to direct any litigation, select any counsel
or advisor, and approve any settlement), except to the extent that such effects and consequences result from their own willful misconduct.
The foregoing indemnification shall be in addition to (and secondary to) such other rights such persons may enjoy as a matter of law or
by reason of insurance coverage of any kind.

 

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(j)            No
Compensation. None of the Administrator, any person employed in the Investment Office nor any member of the Corporate Investment Committee
may receive any compensation or fee from the Plan for services as the Administrator, the Investment Office or a member of the Corporate
Investment Committee; provided, however that nothing contained herein shall preclude the Plan from reimbursing the Company or any Employer
for compensation paid to any such person if such compensation constitutes “direct expenses” for purposes of ERISA. The Employers
shall reimburse the Administrator, the persons employed in the Investment Office and the members of the Corporate Investment Committee
for any reasonable expenditures incurred in the discharge of their duties hereunder.

 

(k)           Employ
of Counsel and Agents. The Administrator, the Investment Office and the Corporate Investment Committee may employ such counsel (who
may be counsel for an Employer) and agents and may arrange for such clerical and other services as each may require in carrying out its
respective duties under the Plan.

 

Section 11.2.
Claims Procedure.

 

Any Participant or distributee who believes he
or she is entitled to benefits in an amount greater than those which he or she is receiving or has received may file a claim with the
Administrator. Such a claim shall be in writing and state the nature of the claim, the facts supporting the claim, the amount claimed,
and the address of the claimant. The Administrator shall review the claim and, unless special circumstances require an extension of time,
within 90 days after receipt of the claim, give notice to the claimant, either in writing by registered or certified mail, commercial
overnight courier, or in an electronic notification, of the Administrator’s decision with respect to the claim. Any electronic notice
delivered to the claimant shall comply with the standards imposed by applicable Regulations. If the Administrator determines that special
circumstances require an extension of time for processing the claim, the claimant shall be so advised in writing within the initial 90-day
period and in no event shall such an extension exceed 90 days. The extension notice shall indicate the special circumstances requiring
an extension of time and the date by which the Administrator expects to render the benefit determination. The notice of the decision of
the Administrator with respect to the claim shall be written in a manner calculated to be understood by the claimant and, if the claim
is wholly or partially denied, the Administrator shall notify the claimant of the adverse benefit determination and shall set forth the
specific reasons for the adverse determination, the references to the specific Plan provisions on which the determination is based, a
description of any additional material or information necessary for the claimant to perfect the claim, an explanation of why such material
or information is necessary, and a description of the claim review procedure under the Plan and the time limits applicable to such procedures,
including a statement of the claimant’s right (subject to the limitations described in Sections 14.10 through 14.12) to bring a
civil action under Section 502 of ERISA following an adverse benefit determination on review. The Administrator shall also advise
the claimant that the claimant or the claimant’s duly authorized representative may request a review by the by the Vice President,
Benefits (or such other officer designated from time to time by the Chief Human Resources Officer) of the adverse benefit determination
by filing with such officer, within 60 days after receipt of a notification of an adverse benefit determination, a written request for
such review. The claimant shall be informed that, within the same 60-day period, he or she (a) may be provided, upon request and
free of charge, reasonable access to, and copies of, all documents, records and other information relevant to the claimant’s claim
for benefits and (b) may submit to such officer written comments, documents, records and other information relating to the claim
for benefits. If a request is so filed, review of the adverse benefit determination shall be made by such officer within, unless special
circumstances require an extension of time, 60 days after receipt of such request, and the claimant shall be given written notice of the
officer’s final decision. If the reviewing officer determines that special circumstances require an extension of time for processing
the claim, the claimant shall be so advised in writing within the initial 60-day period and in no event shall such an extension exceed
60 days. The extension notice shall indicate the special circumstances requiring an extension of time and the date by which the officer
expects to render the determination on review. The review of the officer shall take into account all comments, documents, records and
other information submitted by the claimant relating to the claim, without regard to whether such information was submitted or considered
in the initial benefit determination. The notice of the final decision shall include specific reasons for the determination and references
to the specific Plan provisions on which the determination is based and shall be written in a manner calculated to be understood by the
claimant.

 

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Notwithstanding anything herein to the contrary,
the applicable time limitations set forth in this Section 11.2 shall be extended to the extent required by the “Extension of
Certain Timeframes for Employee Benefit Plans, Participants and Beneficiaries Affected by the COVID-19 Outbreak, 85 Fed. Reg. 26351”,
as modified by EBSA Disaster Relief Notice 2021-01, and other applicable requirements.

 

Section 11.3.
Procedures for Domestic Relations Orders.

 

If the Administrator receives any written judgment,
decree or order (including approval of a property settlement agreement) pursuant to domestic relations or community property laws of any
state relating to the provision of child support, alimony or marital property rights of a Spouse, former Spouse, child or other dependent
of a Participant and purporting to provide for the payment of all or a portion of the Participant’s benefit under the Plan to or
on behalf of one or more of such persons (such judgment, decree or order being hereinafter called a “domestic relations order”),
the Administrator shall promptly notify the Participant and each other payee specified in such domestic relations order of its receipt
and of the following procedures. After receipt of a domestic relations order, the Administrator shall determine whether such order constitutes
a “qualified domestic relations order,” as defined in paragraph (b) Section 14.2 (relating to exception for qualified
domestic relations orders), and shall notify the Participant and each payee named in such order in writing of its determination. Such
notice shall be written in a manner calculated to be understood by the parties and shall set forth specific reasons for the Administrator’s
determination, and shall contain an explanation of the review procedure under the Plan. The Administrator shall also advise each party
that the party or his or her duly authorized representative may request a review by the Vice President, Benefits (or such other officer
designated from time to time by the Chief Human Resources Officer) of the Administrator’s determination by filing a written request
for such review. The Administrator shall give each party affected by such request notice of such request for review. Each party also shall
be informed that he or she may have reasonable access to pertinent documents and submit comments in writing to such officer in connection
with such request for review. Each party shall be given written notice of the officer’s final determination, which notice shall
be written in a manner calculated to be understood by the parties and shall include specific reasons for such final determination. Any
amounts subject to a domestic relations order which would be payable to the alternate payee prior to the determination that such order
is a qualified domestic relations order shall be separately accounted for and not distributed prior to such determination. If within a
reasonable time after receipt of written evidence of such order it is determined that such domestic order constitutes a qualified domestic
relations order, the amounts so separately accounted for (plus any interest thereon) shall be paid to the alternate payee. If within such
reasonable period of time it is determined that such order does not constitute a qualified domestic relations order, the amounts so separately
accounted for (plus any interest thereon) shall be paid to such other persons, if any, entitled to such amounts at such time. Prior to
the issuance of regulations, the Administrator shall establish the time periods in which the Administrator’s determination, a request
for review thereof and the review by the Administrator shall be made, provided that the total of such time periods shall not be longer
than 18 months from the date the first payment from the Plan would be required to be made to and alternate payee.

 

The duties of the Administrator under this Section 11.3
may be delegated by the Administrator to one or more persons other than the Administrator.

 

Section 11.4.
Notices to Participants, Etc.

 

All notices, reports and statements given, made,
delivered or transmitted to a Participant or distributee or any other person entitled to or claiming benefits under the Plan shall be
deemed to have been duly given, made or transmitted when mailed by first class mail with postage prepaid and addressed to the Participant
or distributee or such other person at the address last appearing on the records of the Administrator. A Participant or distributee or
other person may record any change of his or her address from time to time by written notice filed with the Administrator.

 

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Section 11.5.  
Notices to Administrator.

  

Written directions, notices and other communications
from Participants or distributees or any other person entitled to or claiming benefits under the Plan to the Administrator shall be deemed
to have been duly given, made or transmitted either when delivered to such location as shall be specified upon the forms prescribed by
the Administrator for the giving of such directions, notices and other communications or when mailed by first class mail with postage
prepaid and addressed to the addressee at the address specified upon such forms.

 

Section 11.6.
   Records.

 

Each of the Administrator and the Investment Office
shall keep a record of all of their respective proceedings, if any, and shall keep or cause to be kept all books of account, records and
other data as may be necessary or advisable in their respective judgment for the administration of the Plan or the administration of the
investments of the Plan.

 

Section 11.7.  
Reports of Trustee and Accounting to Participants.

 

The Administrator shall keep on file, in such form
as it shall deem convenient and proper, all reports concerning the Trust Fund received by it from the Trustee, and the Administrator will,
as soon as practicable after the last day of each quarter of each Plan Year furnish each Participant and Beneficiary with a statement
reflecting the condition of his or her accounts as of that date.

 

Section 11.8.  
Electronic Media.

 

Notwithstanding any provision of the Plan to the
contrary and for all purposes of the Plan, to the extent permitted by the Administrator and any applicable law or Regulation, the use
of electronic technologies shall be deemed to satisfy any written notice, consent, delivery, signature, disclosure or recordkeeping requirement
under the Plan, the Code or ERISA to the extent permitted by or consistent with applicable law and Regulations. Any transmittal by electronic
technology shall be deemed delivered when successfully sent to the recipient, or such other time specified by the Administrator.

 

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ARTICLE 12

 

PARTICIPATION BY OTHER EMPLOYERS

 

Section 12.1.  
Adoption of Plan.

 

With the consent of the Company, any entity may
become a participating Employer under the Plan by (a) taking such action as shall be necessary to adopt the Plan and (b) executing
and delivering such instruments and taking such other action as may be necessary or desirable to put the Plan into effect with respect
to such entity.

 

Section 12.2.  
Withdrawal from Participation.

 

Any Employer shall terminate its participation
in the Plan at any time, under such circumstances as the Company may provide, by delivering to the Company a duly certified copy of a
resolution of its board of directors (or other governing body) to that effect, or by ceasing to be a member of the same controlled group
as the Company (within the meaning of section 1563(a) of the Code).

 

Section 12.3.  
Company as Agent for Employers.

 

Each entity that becomes a participating Employer
pursuant to Section 12.1 (relating to adoption of Plan) or Article 13 (relating to continuance by a successor) by so doing shall
be deemed to have appointed the Company its agent to exercise on its behalf all of the powers and authorities hereby conferred upon the
Company by the terms of the Plan, including, but not by way of limitation, the power to amend and terminate the Plan. The authority of
the Company to act as such agent shall continue unless and until the portion of the Trust Fund held for the benefit of Employees of the
particular Employer and their Beneficiaries is set aside in a separate Trust Fund as provided in Section 16.2 (relating to establishment
of separate trust).

 

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ARTICLE 13

 

CONTINUANCE
BY A SUCCESSOR

 

In the event that the Employer is reorganized by
way of merger, consolidation, transfer of assets or otherwise, so that another entity succeeds to all or substantially all of the Employer’s
business, such successor entity may be substituted for the Employer under the Plan by adopting the Plan and becoming a party to the Trust
agreement. Contributions by the Employer shall be automatically suspended from the effective date of any such reorganization until the
date upon which the substitution of such successor entity for the Employer under the Plan becomes effective. If, within 90 days following
the effective date of any such reorganization, such successor entity shall not have elected to become a party to the Plan, or if the Employer
adopts a plan of complete liquidation other than in connection with a reorganization, the Plan shall be automatically terminated with
respect to Employees of such Employer as of the close of business on the 90th day following the effective date of such reorganization
or as of the close of business on the date of adoption of such plan of complete liquidation, as the case may be, and the Administrator
shall direct the Trustee to distribute the portion of the Trust Fund applicable to such Employer in the manner provided in Article 16
(relating to establishment of separate plan and termination).

 

If such successor entity is substituted for an
Employer by electing to become a party to the Plan as described above, then, for all purposes of the Plan, employment of such Employee
with such Employer, including service with and compensation paid by such Employer, shall be considered to be employment with an Employer.

 

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ARTICLE 14

 

MISCELLANEOUS

 

Section 14.1.  
Expenses.

 

Except as provided in the last sentence of Section 6.2
(relating to expenses of investments for an investment fund), all costs and expenses incurred in administering the Plan and the Trust,
including, but not limited to, “direct expenses” incurred in administering the Plan and the Trust (including compensation
paid to any employee of an Employer or an Affiliate who is engaged in the administration of the Plan or the Trust), the expenses of the
Administrator and the Investment Office, the fees of counsel and any agents for the Administrator and the Investment Office, the fees
and expenses of the Trustee, the fees of counsel for the Trustee and other administrative expenses shall, to the extent permitted by law,
be paid from the Trust Fund (and may be deducted from Participants’ accounts); provided, that any such expenses not paid from the
Trust Fund shall be paid by the Employers. Notwithstanding the foregoing, the Administrator may authorize an Employer to pay any expenses,
and the Employer shall be reimbursed from the Trust Fund for such payments. The Administrator, in its discretion, having regard to the
nature of a particular expense, shall determine the portion of the expense that is to be borne by each Employer.

 

Section 14.2.  
Non-Assignability.

 

(a)            In
general. It is a condition of the Plan, and all rights of each Participant and Beneficiary shall be subject thereto, that no right
or interest of any Participant or Beneficiary in the Plan shall be assignable or transferable in whole or in part, either directly or
by operation of law or otherwise, including, but not by way of limitation, execution, levy, garnishment, attachment, pledge or bankruptcy,
but excluding devolution by death or mental incompetency, and no right or interest of any Participant or Beneficiary in the Plan shall
be liable for, or subject to, any obligation or liability of such Participant or Beneficiary, including claims for alimony or the support
of any Spouse, except as provided below.

 

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(b)            Exception
for Qualified Domestic Relations Orders. Notwithstanding any provision of the Plan to the contrary, if a Participant’s account
balance under the Plan, or any portion thereof, is the subject of one or more qualified domestic relations orders, as defined below, such
account balance or portion thereof shall be paid to the person and at the time and in the manner specified in any such order. For purposes
of this paragraph (b), “qualified domestic relations order” shall mean any “domestic relations order” as defined
in Section 11.3 (relating to procedures for domestic relations orders) that creates (or recognizes the existence of) or assigns to
a person other than the Participant (an “alternate payee”) rights to all or a portion of the Participant’s account balance
under the Plan, and:

 

		(A)	clearly specifies

 

		(i)	the name and last known mailing address (if any) of the Participant and each alternate payee covered by such order,

 

		(ii)	the amount or percentage of this Participant’s benefits to be paid by the Plan to each such alternate payee, or the manner in
which such amount or percentage is to be determined,

 

		(iii)	the number of payments to, or period of time for which, such order applies, and

 

		(iv)	each plan to which such order applies;

 

		(B)	does not require

 

		(i)	the Plan to provide any type or form of benefit or any option not otherwise provided under the Plan at the time such order is issued,

 

		(ii)	the Plan to provide increased benefits (determined on the basis of actuarial equivalence), and

 

		(iii)	the payment of benefits to an alternate payee that at the time such order is issued already are required to be paid to a different
alternate payee under a prior qualified domestic relations order; and

 

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(C)            does
not require the commencement of payment of benefits to any alternate payee before the earlier of (I) the date on which the Participant
is entitled to a distribution under the Plan and (II) the date the Participant attains age 50, except that the order may require
the commencement of payment of benefits as soon as administratively practicable after the date such order is determined by the Administrator
to be a “qualified domestic relations order”;

 

all as determined by the Administrator pursuant to the procedures contained
in Section 11.3 (relating to procedures for domestic relations orders). Any amounts subject to a domestic relations order prior to
determination of its status as a qualified domestic relations order that but for such order would be paid to the Participant shall be
segregated in a separate account or an escrow account pending such determination. If within the time period described in Section 11.3,
the Administrator determines that the domestic relations order constitutes a qualified domestic relations order, the amount so segregated
(plus any interest thereof) shall be paid to the alternate payee. If such determination is not made within the time period described in
Section 11.3, then the amount so segregated (plus any interest thereon), shall, as soon as practicable after the end of such reasonable
time period, be paid to the Participant. Any determination regarding the status of such order after the time period described in Section 11.3
shall be applied only to payments on or after the date of such determination.

 

Section 14.3.  
Employment Non-Contractual.

 

The Plan confers no right upon an Employee to continue
in employment.

 

Section 14.4.  
Limitation of Rights.

 

A Participant or distributee shall have no right,
title or claim in or to any specific asset of the Trust Fund, but shall have the right only to distributions from the Trust Fund on the
terms and conditions herein provided.

 

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Section 14.5.  
Merger or Consolidation with Another Plan.

 

A merger or consolidation with, or transfer of assets or liabilities
to, any other plan shall not be effected unless the terms of such merger, consolidation or transfer are such that each Participant, distributee,
Beneficiary or other person entitled to receive benefits from the Plan would, if the Plan were to terminate immediately after the merger,
consolidation or transfer, receive a benefit equal to or greater than the benefit such person would be entitled to receive if the Plan
were to terminate immediately before the merger, consolidation, or transfer.

 

Section 14.6.  
Gender and Plurals.

 

Wherever used in the Plan, words in the masculine
gender shall include masculine or feminine gender, and, unless the context otherwise requires, words in the singular shall include the
plural, and words in the plural shall include the singular.

 

Section 14.7.  
Applicable Law.

 

Except to the extent preempted by applicable federal
law or otherwise provided under the terms of the Plan, the Plan and all rights hereunder shall be governed by and construed in accordance
with the laws of the State of Illinois.

 

Section 14.8.  
Severability.

 

If a provision of the Plan shall be held illegal
or invalid, the illegality or invalidity shall not affect the remaining parts of the Plan and the Plan shall be construed and enforced
as if the illegal or invalid provision had not been included in the Plan.

 

Section 14.9.  
No Guarantee.

 

Neither the Administrator or the Investment Office,
the Employer, nor the Trustee in any way guarantees the Trust from loss or depreciation nor the payment of any money that may be or become
due to any person from the Trust Fund. Nothing herein contained shall be deemed to give any Participant, distributee, or Beneficiary an
interest in any specific part of the Trust Fund or any other interest except the right to receive benefits out of the Trust Fund in accordance
with the provisions of the Plan and the Trust Fund.

 

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Section 14.10.  
Statute of Limitations for Actions under the Plan.

 

Except for actions to which the statute of limitations
prescribed by Section 413 of ERISA applies, (a) no legal or equitable action relating to a claim for benefits under Section 502
of ERISA may be commenced later than one year after the claimant receives a final decision from the Company’s Vice President, Benefits
(or such other officer designated from time to time by the Chief Human Resources Officer) in response to the claimant’s request
for review of the adverse benefit determination and (b) no other legal or equitable action involving the Plan may be commenced later
than two years from the time the person bringing an action knew, or had reason to know, of the circumstances giving rise to the action.
This provision shall not be interpreted to extend any otherwise applicable statute of limitations, nor to bar the Plan or its fiduciaries
from recovering overpayments of benefits or other amounts incorrectly paid to any person under the Plan at any time or bringing any legal
or equitable action against any party.

 

Section 14.11.  
Forum for Legal Actions under the Plan.

 

Any legal action involving the Plan that is brought
by any Participant, any Beneficiary or any other person shall be litigated in the federal courts located in the Northern District of Illinois,
the Eastern District of Pennsylvania, or District of Maryland, whichever is most convenient, and no other federal or state court; provided,
however, that any such action brought or purporting to be brought in a representative capacity (including, without limitation, actions
that at any time seek or attain class certification and actions brought pursuant to section 502 of ERISA) shall be litigated exclusively
in the federal courts located in the Northern District of Illinois in Chicago.

 

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Section 14.12.
   Legal Fees.

 

Any award of legal fees in connection with an action
involving the Plan shall be calculated pursuant to a method that results in the lowest amount of fees being paid, which amount shall be
no more than the amount that is reasonable. In no event shall legal fees be awarded for work related to (a) administrative proceedings
under the Plan, (b) unsuccessful claims brought by a Participant, Beneficiary or any other person, or (c) actions that are not
brought under ERISA. In calculating any award of legal fees, there shall be no enhancement for the risk of contingency, nonpayment or
any other risk nor shall there be applied a contingency multiplier or any other multiplier. In any action brought by a Participant, Beneficiary
or any other person against the Plan, the Administrator, the Investment Office, the Vice President, Benefits, any Plan fiduciary, the
Chief Human Resources Officer, the Company, the Board of Directors, their respective affiliates or their respective officers, directors
(or other governing body), employees, or agents (the “Plan Parties”), legal fees of the Plan Parties in connection with such
action shall be paid by the Participant, Beneficiary or other person bringing the action, unless the court specifically finds that there
was a reasonable basis for the action.

 

ARTICLE 15

 

TOP-HEAVY
PLAN REQUIREMENTS

 

Section 15.1.  
Top-Heavy Plan Determination.

 

If as of the determination date (as defined in
Section 15.2) for any Plan Year (a) the sum of the account balances under the Plan and all other defined contribution plans
in the aggregation group (as defined in Section 15.2) and (b) the present value of accrued benefits under all defined benefit
plans in such aggregation group of all Participants in such plans who are key employees (as defined in Section 15.2) for such Plan
Year exceeds 60 percent of the aggregate of the account balances and present value of accrued benefits of all participants in such plans
as of the determination date (as defined in Section 15.2), then this Plan shall be a top-heavy plan for such Plan Year, and the requirements
of Sections 15.3 (relating to minimum contribution for top-heavy years) shall be applicable for such Plan Year as of the first day thereof.
If the Plan shall be a top-heavy plan for any Plan Year and not be a top-heavy plan for any subsequent Plan Year, the requirements of
this Article shall not be applicable for such subsequent Plan Year. In determining whether the Plan is top-heavy for any Plan Year,
the account balances under the Plan and all other defined contribution plans in the aggregation group (as defined in Section 15.2)
and the present value of accrued benefits under all defined benefit plans in such aggregation group of Participants who are Long-Term
Part Time Employees on any day of the relevant Plan Year shall be disregarded.

 

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Section 15.2.
Definitions and Special Rules.

 

		(a)	Definitions. For purposes
of this Article, the following definitions shall apply:

 

		(1)	Determination Date. The determination date for all plans in the aggregation group shall be the last day of the preceding Plan
Year, and the valuation date applicable to a determination date shall be (i) in the case of a defined contribution plan, the date
as of which account balances are determined which is coincident with or immediately precedes the determination date, and (ii) in
the case of a defined benefit plan, the date as of which the most recent actuarial valuation for the Plan Year that includes the determination
date is prepared, except that if any such plan specifies a different determination or valuation date, such different date shall be used
with respect to such plan.

 

		(2)	Aggregation Group. The aggregation group shall consist of (a) each plan of an Employer in which a key Employee is a participant,
(b) each other plan that enables such a plan to be qualified under section 401(a) of the Code, and (c) any other plans
of an Employer that the Company designates as part of the aggregation group and that shall permit the aggregation group to continue to
meet the requirements of sections 401(a) and 410 of the Code with such other plan being taken into account.

 

		(3)	Key Employee. Key Employee shall have the meaning set forth in section 416(i) of the Code.

 

		(4)	Compensation. Compensation shall have the meaning set forth in section 1.415(c)-2(d)(4) of the Regulations.

 

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(b)            Special
Rules. For the purpose of determining the accrued benefit or account balance of a Participant, the accrued benefit or account balance
of any person who has not performed services for an employer at any time during the 1-year period ending on the determination date shall
not be taken into account pursuant to this Section. Any person who received a distribution from a plan (including a plan that has terminated)
in the aggregation group during the 1-year period ending on the last day of the preceding Plan Year shall be treated as a Participant
in such plan, and any such distribution shall be included in such Participant’s account balance or accrued benefit, except that
in the case of any distribution made for a reason other than separation from service, death or disability, this sentence shall be applied
by substituting “5-year period” for the “1-year period” stated herein.

 

Section 15.3.  
Minimum Contribution for Top-Heavy Years.

 

Notwithstanding any provision of the Plan to the
contrary, the sum of the Employer contributions under Article 4 (other than Before-Tax Contributions described in Section 4.1)
allocated to the account of each Participant (other than a key Employee) during any Plan Year and the forfeitures allocated to the account
of such Participant (other than a key Employee) during any Plan Year for which the Plan is a top-heavy plan shall in no event be less
than the lesser of (i) 3% of such Participant’s compensation during such Plan Year and (ii) the highest percentage at
which contributions are made on behalf of any key Employee for such Plan Year. Notwithstanding the preceding sentence, if the percentage
determined pursuant to clause (ii) of the preceding sentence is less than 3%, such percentage shall be recalculated by including
Before-Tax Contributions made on behalf of key employees. Such minimum contribution shall be made even if, under other provisions of the
Plan, the Participant would not otherwise be entitled to receive an allocation or would receive a lesser allocation for the year because
of (i) the Participant’s failure to complete 1,000 Hours of Service, or (ii) compensation of less than a stated amount.
If, during any Plan Year for which this Section 15.3 is applicable, a defined benefit plan is included in the aggregation group and
such defined benefit plan is a top-heavy plan for such Plan Year, the percentage set forth in clause (i) of the first sentence of
this Section shall be 5%. The percentage referred to in clause (ii) of the first sentence of this Section shall be obtained
by dividing the aggregate of contributions made pursuant to Article 4 and pursuant to any other defined contribution plan that is
required to be included in the aggregation group (other than a defined contribution plan that enables a defined benefit plan that is required
to be included in such group to be qualified under section 401(a) of the Code) during the Plan Year on behalf of such key Employee
by such key Employee’s compensation for the Plan Year. Notwithstanding the above, the provisions of this Section 15.3 shall
not apply for any Plan Year with respect to an Eligible Employee who has accrued the defined benefit minimum provided under section 416
of the Code under a qualified defined benefit plan maintained by an Employer or Affiliate. Further notwithstanding the above, the minimum
contribution shall not be made for a Participant to the extent that the Participant was a Long-Term Part Time Employee on any day
of the relevant Plan Year.

 

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ARTICLE 16

 

AMENDMENT,
ESTABLISHMENT OF SEPARATE PLAN AND TERMINATION

 

Section 16.1.  
Amendment.

 

The Company may at any time and from time to time
amend or modify the Plan by resolution of the Board of Directors (or the Compensation Committee, or other authorized committee, thereof);
provided, however, that in the case of any amendment or modification that would not result in an aggregate annual cost to the Company
of more than $50,000,000, the Plan may be amended or modified by action of the Chief Human Resources Officer (with the consent of the
Chief Executive Officer in the case of a discretionary amendment or modification expected to result in an increase in annual expense or
liability exceeding $250,000) or another executive officer holding title of equivalent or greater responsibility.

 

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Section 16.2.  
Establishment of Separate Plan.

 

If an Employer withdraws from the Plan under Section 12.2
(relating to withdrawal from participation), the Administrator may determine the portion of the Trust Fund held by the Trustee that is
applicable to the Participants and former Participants of such Employer and direct the Trustee to segregate such portion in a separate
Trust Fund. Such separate Trust Fund shall thereafter be held and administered as a part of the separate plan of such Employer.

 

The portion of the Trust Fund applicable to the
Participants and former Participants of a particular Employer shall be the sum of:

 

		(a)	the total amount credited to all accounts that are applicable to the Participants and former Participants of such Employer and

 

		(b)	an amount that bears the same
ratio to the excess, if any, of

 

		(i)	the total value of the Trust Fund
over

		(ii)	the total amount credited to all
accounts

 

as the total amount credited to the accounts that are applicable
to the Participants of such Employer bears to the total amount credited to such accounts of all Participants.

 

Section 16.3.  
Termination and Distributions upon Termination of the Plan.

 

The Company has established the Plan with the bona
fide intention and expectation that contributions will be continued indefinitely, but the Company will not have any obligation or liability
whatsoever to maintain the Plan for any given length of time and may terminate the Plan at any time by resolution of the Board of Directors
or the Compensation Committee (or other authorized committee) thereof, to that effect, without any liability whatsoever for any such termination.
Notwithstanding the preceding sentence, the Plan shall not be terminated in respect of Eligible Employees who are members of a bargaining
unit represented by IBEW Local Union 15 if such termination is inconsistent with the portion of the collective bargaining agreement then
in effect between the Employer of such Eligible Employees and IBEW Local Union 15 concerning the Plan. The Plan will be deemed terminated:
(a) if and when the Company is judicially declared bankrupt, or (b) upon dissolution of the Company.

 

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Upon termination of the Plan by the Company or
withdrawal from participation in the Plan by any Employer pursuant to Section 12.2 (relating to withdrawal from participation) or
the partial termination of the Plan with respect to a group of Employees or complete discontinuance of contributions hereunder, distributions
shall be made to each affected Participant or other persons entitled to distributions pursuant to Article 8 (relating to withdrawals
and distributions). If the entire Plan is terminating, upon the completion of distribution to all Participants, the Trust will terminate,
the Trustee will be relieved from all liability under the Trust, and no Participant or other person will have any claims thereunder, except
as required by applicable law.

 

Notwithstanding the preceding paragraph, no distribution
shall be made to any Participant (i) until he or she attains age 591⁄2 except as otherwise provided in Section 8.3 (relating
to distributions upon termination of employment) or (ii) if a successor plan, as defined in Regulations, is established or maintained
by the Participant’s Employer.

 

To the extent that no discrimination in value results,
any distribution after termination or partial termination of the Plan may be made, in whole or in part, in cash, in securities or other
assets in kind, or in non-transferable annuity contracts, as the Administrator (in its discretion) may determine. All non-cash distributions
shall be valued at fair market value at date of distribution.

 

If the Internal Revenue Service refuses to issue
an initial, favorable determination letter that the Plan and Trust Fund as adopted by an Employer meet the requirements of section 401(a) of
the Code and that the Trust Fund is exempt from tax under section 501(a) of the Code, the Employer may terminate its participation
in the Plan and shall direct the Trustee to pay and deliver the portion of the Trust Fund applicable to the Participants of such Employer,
determined pursuant to Section 16.2 (relating to establishment of separate plan) to such Employer and such Employer shall pay to
Participants or their beneficiaries the part of such Employer’s portion of the Trust Fund as is attributable to contributions made
by Participants.

 

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Notwithstanding any provision of this Plan to the
contrary, no distribution shall be made pursuant to this Section 16.3 (relating to termination and distribution upon termination
of the Plan) solely due to the termination of this Plan if, within the meaning of applicable Regulations, the employer establishes or
maintains an alternative defined contribution plan.

 

Section 16.4.
   Trust Fund to Be Applied Exclusively for Participants and Their Beneficiaries.

 

Subject only to the provisions of Section 4.6
(relating to the limitation on Employer contributions), 7.4 (relating to limitations on allocations imposed by section 415 of the Code)
and 16.3 (relating to termination and distributions upon termination of the Plan), and any other provision of the Plan to the contrary
notwithstanding, it shall be impossible for any part of the Trust Fund to be used for or diverted to any purpose not for the exclusive
benefit of Participants and their Beneficiaries either by operation or termination of the Plan, power of amendment or other means.

 

    104

     

    

 

IN WITNESS WHEREOF, the Company has caused this
instrument to be executed by its duly authorized officer on this 31st day of January, 2022.

 

	 	CONSTELLATION ENERGY GENERATION, LLC
	 	 
	 	 
	 	By:	 /s/ Susie Kutansky
	 	 	Susie Kutansky
	 	 	Senior Vice President and
	 	 	Chief Human Resources Officer

 

    105

     

    

  

Supplement
I

 

Transfers from Other Plans

 

With the consent of the Administrator, whenever
a participant in any other qualified savings or profit sharing plan maintained for employees of an entity any of whose assets or stock
are acquired by an Employer (the “Other Plan”) becomes a Participant in this Plan, then such Participant’s interest
in the Other Plan may be transferred to the Trustee of this Plan and credited to administrative subaccounts to be held, invested, reinvested
and distributed pursuant to the terms of the Plan and the Trust and, as of the date of the transfer of any such Participant’s interest
in the Other Plan,

 

		(a)	there shall be credited to the Before-Tax Contributions Account of such Participant that portion of his interest in the Other Plan
which is transferred to the Trustee and which represents the Participant’s salary reduction contributions, if any, made to the Other
Plan on behalf of the Participant,

 

		(b)	there shall be credited to the After-Tax Account of such Participant that portion of his interest in the Other Plan which is transferred
to the Trustee and which represents the Participant’s after-tax contributions, if any, made to the Other Plan,

 

		(c)	there shall be credited to the Employer Matching Contributions Account of such Participant that portion of his interest in the Other
Plan which is transferred to the Trustee and which represents the matching contributions and other employer contributions, if any, made
to the Other Plan on behalf of the Participant, and

 

		(d)	there shall be credited to the Rollover Account of such Participant that portion of his interest in the Other Plan which is transferred
to the Trustee and which represents the Participant’s rollover contributions, if any, to the Other Plan.

 

    I-1

     

    

 

Any amounts credited to a Participant’s Before-Tax
Contributions Account, After-Tax Contributions Account, Employer Matching Contributions Account and Rollover Account shall be credited
to the administrative subaccounts in accordance with such Participant’s investment direction in effect as of the date of such transfer.
Any salary reduction contributions credited to the Before-Tax Contributions Account that are designated Roth contributions within the
meaning of section 402A of the Code shall be maintained in a manner that satisfies the separate accounting requirement, and any Regulations
or other requirements promulgated, under section 402A of the Code. Any special provisions applicable to amounts transferred to the Trustee
from any Other Plan shall be set forth in an Exhibit hereto.

 

    I-2

     

    

 

SUPPLEMENT II

 

Elective Transfers Between This Plan and Plans of Affiliates or the TXU 401(k) Plan

 

A.            Transfers
to this Plan. Whenever an individual who is employed by an Affiliate that is not an Employer has a change in employment status that
results in such individual (a) becoming an Eligible Employee and (b) being ineligible to make additional elective contributions
under a plan maintained by such Affiliate (an “Affiliate Plan”), such Eligible Employee may elect to transfer his or her benefits
under the Affiliate Plan to this Plan. Such election must be conditioned upon a voluntary, fully-informed election by the Eligible Employee.
In the event that the Eligible Employee makes such election, his or her benefits under the Affiliate Plan shall be credited to his account
under this Plan, and such benefits shall be subject to the terms of, and paid as prescribed by, this Plan, and the terms of the Affiliate
Plan shall not apply with respect to such benefits.

 

An individual who becomes an Eligible Employee in
connection with the Company’s 2002 acquisition of from Texas Utilities, Inc. (“TXU”) may elect to transfer his
or her benefits under TXU’s 401(k) plan (the “TXU Plan”) to this Plan. Such election must be conditioned upon a
voluntary, fully-informed election by the Eligible Employee. In the event that the Eligible Employee makes such election, his or her benefits
under the TXU Plan shall be credited to his account under this Plan, and such benefits shall be subject to the terms of, and paid as prescribed
by, this Plan, and the terms of the TXU Plan shall not apply with respect to such benefits.

 

B.            Transfers
from this Plan. Whenever a Participant has a change in employment status that results in such Participant (a) ceasing to be an
Eligible Employee and (b) becoming eligible to participate in an Affiliate Plan, such Participant may elect to transfer his or her
benefits under this Plan to the Affiliate Plan. Such election must be conditioned upon a voluntary, fully-informed election by the Participant.
In the event that the Participant makes such election, the Participant, effective at the time of the transfer, shall not be entitled to
any benefits under this Plan and the benefits transferred to the Affiliate Plan shall be subject to the terms of, and paid as prescribed
by, the Affiliate Plan, and the terms of this Plan shall not apply with respect to such benefits.

 

    II-1

     

    

 

 

SUPPLEMENT III

Merger
of Certain AmerGen Plans into this Plan

 

Purpose.
The purpose of this Supplement III is to reflect the merger of the AmerGen Clinton Employee Savings Plan for Nonbargaining Employees (the
 “Clinton Plan”) and the AmerGen TMI and Oyster Creek Employee Savings Plan for Nonbargaining Employees (collectively, the
 “AmerGen Plans”) into the Plan effective February 1, 2004 (the “Merger Date”) and to preserve those provisions
of the AmerGen Plans that cannot be eliminated by amendment without violating section 411(d)(6) of the Internal Revenue Code and
applicable Treasury regulations thereunder.

 

Definitions.
Unless the context clearly indicates otherwise, a term defined in the Plan shall have the same meanings for purposes of this Supplement
III.

 

Conflicts
Between the Plan and this Supplement III. This Supplement III and the Plan together comprise the Plan with respect to AmerGen
Plan Participants (as defined below). In case of any conflict between the provisions of the Plan and this Supplement III, the terms and
provisions of this Supplement III shall govern to the extent necessary to eliminate such conflict.

 

AmerGen
Plan Participants. This Supplement III shall be applicable to all AmerGen Plan Participants. “AmerGen Plan Participants”
are participants in the Plan who were participants in the AmerGen Plans and whose account balances under the AmerGen Plans were merged
into the Plan.

 

Vesting.
All AmerGen Plan Participants shall be fully vested in their accounts under the Plan.

 

    III-1 

     

    

 

Withdrawals
of Employer Matching Contributions. Notwithstanding any provision in the Plan to the contrary, an AmerGen Plan Participant
who, immediately prior to the Merger Date was a participant in the Clinton Plan (“Clinton Participant”) who has completed
60 months as either a participant in the Clinton Plan or a participant in this Plan may elect, in accordance with procedures established
by the Administrator, to receive a distribution of all or any part of his or her Employer Matching Contributions Account that is attributable
to contributions made under the Clinton Plan, as adjusted for gains, earnings and losses attributable thereto determined as of the Valuation
Date next succeeding the date of receipt of the request for distribution. Additionally, a Clinton Participant, regardless of his or her period
of participation in the Clinton Plan or this Plan, may elect, in accordance with procedures established by the Administrator, to receive
a distribution of all or any part of that portion of the Employer Matching Contributions Account that is attributable to contributions
made under the Clinton Plan and that is derived from Employer Matching Contributions in excess of Employer Matching Contributions allocated
to his or her Employer Matching Contributions Account during the two Plan Years preceding the Plan Year in which the withdrawal takes
place, adjusted for gains, earnings and losses attributable thereto determined as of the Valuation Date next succeeding the date of receipt
of the request for distribution.

 

No distribution made pursuant to this Supplement
III may be for an amount which is less than the lesser of (i) $200; or (ii) that portion of the Participant’s Employer
Matching Contributions Account that is attributable to contributions made under the Clinton Plan, as adjusted for gains, earnings and
losses attributable thereto. In addition, a Participant may not make more than one withdrawal pursuant to this Supplement III in any Plan
Year.

 

Loans.
With respect to any loan to an AmerGen Plan Participant that is outstanding at the Merger Date, the terms of such loan shall continue
to be governed by the note evidencing such loan and the terms applicable to such loan as in effect under the AmerGen Plans as of the Merger
Date. All loans made after the Merger Date shall be governed by and in accordance with the terms of the Plan and any loan policy issued
thereunder by the Administrator.

 

    III-2 

     

    

 

SUPPLEMENT IV

Merger of New England Plan into this Plan

 

Purpose.
The purpose of this Supplement IV is to reflect the merger of the Exelon New England Union Retirement 401(k) Plan (the “New
England Plan”) into the Plan effective November 1, 2004 (the “Merger Date”).

 

Definitions.
Unless the context clearly indicates otherwise, a term defined in the Plan shall have the same meanings for purposes of this Supplement
IV.

 

Conflicts
Between the Plan and this Supplement IV. This Supplement IV and the Plan together comprise the Plan with respect to New England
Plan Participants (as defined below). In case of any conflict between the provisions of the Plan and this Supplement IV, the terms and
provisions of this Supplement IV shall govern to the extent necessary to eliminate such conflict.

 

New
England Plan Participants. This Supplement IV shall be applicable to all New England Plan Participants. “New England
Plan Participants” are participants in the Plan who were participants in the New England Plan and whose account balances under the
New England Plan were merged into the Plan.

 

Vesting.
All New England Plan Participants shall be fully vested in their accounts under the Plan.

 

Loans.
With respect to any loan to a New England Plan Participant that is outstanding at the Merger Date, the terms of such loan shall continue
to be governed by the note evidencing such loan and the terms applicable to such as in effect under the New England Plan as of the Merger
Date. All loans made after the Merger Date shall be governed by and in accordance with the terms of the Plan and any loan policy issued
thereunder by the Administrator.

 

    IV-1 

     

    

 

SUPPLEMENT
V

Transfers from the Exelon Corporation 401(k) Profit Sharing Plan No. 2

 

A.          Purpose.
The purpose of this Supplement V is to reflect the transfer to the Plan of assets allocated to certain accounts under the Exelon Corporation
401(k) Profit Sharing Plan No. 2 (the “InfraSource Plan No. 2”), which was terminated on November 30,
2007.

 

B.          Definitions.
All capitalized terms used in this Supplement V, but not separately defined herein, shall have the same meanings assigned to such terms
in the Plan.

 

C.          Applicability.
This Supplement shall apply to any individual (“Affected Participant”) whose benefit under the InfraSource Plan No. 2
is transferred pursuant to Section D of this Supplement V. An Affected Participant shall be treated as a Participant under the Plan
for all purposes of the Plan except, unless the Affected Participant is otherwise eligible to participate in the Plan, for purposes related
to making or receiving contributions as set forth in Articles 4 and 5 of the Plan.

 

D.          Transfer.
Notwithstanding any provision in the Plan to the contrary, assets allocated to the InfraSource Plan No. 2 accounts of any individual
who, in connection with the termination of the InfraSource Plan No. 2, elected to transfer his or her benefits thereunder to the
Plan or who did not make a timely election with respect to his or her benefits under the InfraSource Plan No. 2, shall be transferred
to the Plan as soon as administratively practicable after November 30, 2007 and credited to a separate account (“Affected Account”)
under this Plan.

 

E.          Conflicts
Between the Plan and this Supplement V. This Supplement V and the Plan together comprise the Plan with respect to Affected
Accounts. In case of any conflict between the provisions of the Plan and this Supplement V, the terms and provisions of this Supplement
V shall govern to the extent necessary to eliminate such conflict.

 

F.          Vesting.
Each Affected Participant shall be fully vested in his or her Affected Account.

 

    V-1 

     

    

 

SUPPLEMENT VI

Merger of Constellation Plan into this Plan

 

Purpose.
The purpose of this Supplement VI is to reflect the merger of the Constellation Energy Group, Inc. Employee Savings Plan (the “Constellation
Plan”) into the Plan effective July 1, 2014 (the “Merger Date”) and to preserve certain provisions of the Constellation
Plan.

 

Definitions.
Unless the context clearly indicates otherwise, a term defined in the Plan shall have the same meanings for purposes of this Supplement
VI.

 

Conflicts
Between the Plan and this Supplement VI. This Supplement VI and the Plan together comprise the Plan with respect to Constellation
Plan Participants (as defined below). In case of any conflict between the provisions of the Plan and this Supplement VI, the terms and
provisions of this Supplement VI shall govern to the extent necessary to eliminate such conflict.

 

Constellation
Plan Participants. This Supplement VI shall be applicable to all Constellation Plan Participants. “Constellation Plan
Participants” are participants in the Plan who were participants in the Constellation Plan immediately prior to the Merger Date
and whose account balances under the Constellation Plan were merged into the Plan.

 

Vesting.
All Constellation Plan Participants shall be fully vested in their accounts under the Plan as of the Merger Date.

 

    VI-1 

     

    

 

Withdrawals
of After-Tax Contributions. Notwithstanding any provision in the Plan to the contrary, a Constellation Plan Participant may
elect, in accordance with procedures established by the Administrator, to receive a distribution of all or any part of his or her After-Tax
Contributions Account that is attributable to matured contributions made under the Constellation Plan prior to the Merger Date, as adjusted
for gains, earnings and losses attributable thereto determined as of the Valuation Date next succeeding the date of receipt of the request
for distribution. A Constellation Plan Participant may also elect, in accordance with procedures established by the Administrator, to
receive a distribution of all or any part of his or her After-Tax Contributions that is attributable to unmatured contributions made under
the Constellation Plan prior to the Merger Date, as adjusted for gains, earnings and losses attributable thereto determined as of the
Valuation Date next succeeding the date of receipt of the request for distribution; provided, however, that such Constellation Participant
shall be suspended from making Before-Tax and After-Tax Contributions to the Plan for six (6) months following the month in which
the election is received by the Administrator. For employees with less than 5 years of service, After-Tax Contributions mature 24 months
after the date of contribution. For employees with 5 or more years of service, After-Tax Contributions mature upon the date of contribution.

 

Withdrawals
of Employer Matching Contributions. Notwithstanding any provision in the Plan to the contrary, a Constellation Plan Participant
may elect, in accordance with procedures established by the Administrator, to receive a distribution of all or any part of his or her
Employer Matching Contributions Account that is attributable to matured contributions made under the Constellation Plan prior to the Merger
Date, as adjusted for gains, earnings and losses attributable thereto determined as of the Valuation Date next succeeding the date of
receipt of the request for distribution. For employees with less than 5 years of service, Employer Matching Contributions mature 24 months
after the date of contribution. For employees with 5 or more years of service, Matching Contributions mature upon the date of contribution.

 

Loans.
With respect to any loan to a Constellation Plan Participant that is outstanding at the Merger Date, the terms of such loan shall continue
to be governed by the note evidencing such loan and the terms applicable to such loan as in effect under the Constellation Plan as of
the Merger Date. All loans made after the Merger Date shall be governed by and in accordance with the terms of the Plan and any loan policy
issued thereunder by the Administrator.

 

    VI-2 

     

    

 

SUPPLEMENT VII

Merger of CENG Plan into this Plan

 

Purpose.
The purpose of this Supplement VII is to reflect the merger of the Employee Savings Plan for Constellation Energy Nuclear Group, LLC (the
 “CENG Plan”) into the Plan effective July 1, 2015 (the “CENG Merger Date”) and to preserve certain provisions
of the CENG Plan.

 

Definitions.
Unless the context clearly indicates otherwise, a term defined in the Plan shall have the same meanings for purposes of this Supplement
VII.

 

Conflicts
between the Plan and this Supplement VII. This Supplement VII and the Plan together comprise the Plan with respect to CENG
Plan Participants (as defined below). In case of any conflict between the provisions of the Plan and this Supplement VII, the terms and
provisions of this Supplement VII shall govern to the extent necessary to eliminate such conflict.

 

CENG
Plan Participants. This Supplement VII shall be applicable to all CENG Plan Participants. “CENG Plan Participants”
are participants in the Plan who were participants in the CENG Plan immediately prior to the CENG Merger Date and whose account balances
under the CENG Plan were merged into the Plan.

 

Vesting.
All CENG Plan Participants shall be fully vested in their accounts under the Plan as of the CENG Merger Date.

 

    VII-1 

     

    

 

Withdrawals
of After-Tax Contributions. Notwithstanding any provision in the Plan to the contrary, a CENG Plan Participant may elect, in
accordance with procedures established by the Administrator, to receive a distribution of all or any part of his or her After-Tax Contributions
Account that is attributable to matured contributions made under the CENG Plan prior to the CENG Merger Date, as adjusted for gains, earnings
and losses attributable thereto determined as of the Valuation Date next succeeding the date of receipt of the request for distribution.
A CENG Plan Participant may also elect, in accordance with procedures established by the Administrator, to receive a distribution of all
or any part of his or her After-Tax Contributions that is attributable to unmatured contributions made under the CENG Plan prior to the
CENG Merger Date, as adjusted for gains, earnings and losses attributable thereto determined as of the Valuation Date next succeeding
the date of receipt of the request for distribution; provided, however, that such CENG Participant shall be suspended from making Before-Tax
and After-Tax Contributions to the Plan for six (6) months following the month in which the election is received by the Administrator.
For employees with less than 5 years of service, After-Tax Contributions mature 24 months after the date of contribution. For employees
with 5 or more years of service, After-Tax Contributions mature upon the date of contribution.

 

Withdrawals of Employer Matching Contributions.
Notwithstanding any provision in the Plan to the contrary, a CENG Plan Participant may elect, in accordance with procedures established
by the Administrator, to receive a distribution of all or any part of his or her Employer Matching Contributions Account that is attributable
to matured contributions made under the CENG Plan prior to the CENG Merger Date, as adjusted for gains, earnings and losses attributable
thereto determined as of the Valuation Date next succeeding the date of receipt of the request for distribution. For employees with less
than 5 years of service, Employer Matching Contributions mature 24 months after the date of contribution. For employees with 5 or more
years of service, Matching Contributions mature upon the date of contribution.

 

Loans.
With respect to any loan to a CENG Plan Participant that is outstanding at the CENG Merger Date, the terms of such loan shall continue
to be governed by the note evidencing such loan and the terms applicable to such loan as in effect under the CENG Plan as of the CENG
Merger Date. All loans made after the CENG Merger Date shall be governed by and in accordance with the terms of the Plan and any loan
policy issued thereunder by the Administrator.

 

    VII-2 

     

    

 

SUPPLEMENT VIII

Merger of NMP Plan into this Plan

 

Purpose.
The purpose of this Supplement VIII is to reflect the merger of the Represented Employee Savings Plan for Nine Mile Point (the “NMP
Plan”) into the Plan effective July 1, 2015 (the “NMP Merger Date”) and to preserve certain provisions of the NMP
Plan.

 

Definitions.
Unless the context clearly indicates otherwise, a term defined in the Plan shall have the same meanings for purposes of this Supplement
VIII.

 

Conflicts
between the Plan and this Supplement VIII. This Supplement VIII and the Plan together comprise the Plan with respect to NMP
Plan Participants (as defined below). In case of any conflict between the provisions of the Plan and this Supplement VIII, the terms and
provisions of this Supplement VIII shall govern to the extent necessary to eliminate such conflict.

 

NMP
Plan Participants. This Supplement VIII shall be applicable to all NMP Plan Participants. “NMP Plan Participants”
are participants in the Plan who were participants in the NMP Plan immediately prior to the NMP Merger Date and whose account balances
under the NMP Plan were merged into the Plan.

 

Vesting.
All NMP Plan Participants shall be fully vested in their accounts under the Plan as of the NMP Merger Date.

 

Withdrawals
of After-Tax Contributions. Notwithstanding any provision in the Plan to the contrary, a NMP Plan Participant may elect, in
accordance with procedures established by the Administrator, to receive a distribution of all or any part of his or her After-Tax Contributions
Account that is attributable to contributions made under the NMP Plan prior to the NMP Merger Date, as adjusted for gains, earnings and
losses attributable thereto determined as of the Valuation Date next succeeding the date of receipt of the request for distribution, at
any time and such distribution shall not be subject to any Plan procedure that would otherwise require the distribution to be a minimum
amount.

 

    VIII-1 

     

    

 

Withdrawals
of Employer Matching Contributions. Notwithstanding any provision in the Plan to the contrary, a NMP Plan Participant may elect,
in accordance with procedures established by the Administrator, to receive a distribution of all or any part of his or her Employer Matching
Contributions Account that is attributable to matured contributions made under the NMP Plan prior to the NMP Merger Date, as adjusted
for gains, earnings and losses attributable thereto determined as of the Valuation Date next succeeding the date of receipt of the request
for distribution. For employees with less than 5 years of service, Employer Matching Contributions mature 24 months after the date of
contribution. For employees with 5 or more years of service, Matching Contributions mature upon the date of contribution.

 

Loans.
With respect to any loan to a NMP Plan Participant that is outstanding at the NMP Merger Date, the terms of such loan shall continue to
be governed by the note evidencing such loan and the terms applicable to such loan as in effect under the NMP Plan as of the NMP Merger
Date. All loans made after the NMP Merger Date shall be governed by and in accordance with the terms of the Plan and any loan policy issued
thereunder by the Administrator.

 

Total
Disability. Notwithstanding any provision in the Plan to the contrary, in the event an NMP Plan Participant suffers Total Disability
(as defined below), such NMP Plan Participant may elect, in accordance with procedures established by the Administrator, to receive a
distribution of all or any part of his or her entire Plan account attributable to contributions made under the NMP Plan prior to the NMP
Merger Date, as adjusted for gains, earnings and losses attributable thereto. For purposes of this Supplement VIII, Total Disability shall
mean (a) for an NMP Plan Participant who is covered under the Company's long-term disability plan, the NMP Plan Participant's total
disability entitling him to a benefit under such plan; and (b) for any other NMP Plan Participant, the total and permanent inability,
by reason of physical or mental infirmity, or both, of an NMP Plan Participant to perform, without endangering his or her health, the
tasks, functions or duties assigned to him by the Employer for not less than six consecutive months; provided that the determination of
the existence or nonexistence of such NMP Plan Participant's Total Disability shall be made by the Administrator pursuant to an examination
by a physician selected or approved by the Administrator.

 

    VIII-2 

     

    

 

Deemed
Severance from Employment. A NMP Plan Participant who is on active duty for more than 30 days in accordance with Section 414(u)(12)(B) of
the Code, is treated as having been severed from employment during such period and may elect to receive a distribution of all or any part
of his or her entire Plan account attributable to contributions made under the NMP Plan prior to the NMP Merger Date, as adjusted for
gains, earnings and losses attributable thereto, in accordance with and subject to the limitations of Section 414(u)(12)(B) of
the Code. If such an NMP Plan Participant elects a distribution in connection with a deemed severance, the NMP Plan Participant’s
right to make After-Tax and Before-Tax Contributions following such distribution and while on leave shall be suspended for a six-month
period after the distribution.

 

    VIII-3 

     

    

 

Disability
Claims. This section shall be applicable on and after April 1, 2018. Notwithstanding anything contained in the Plan to
the contrary (including, but not limited to, the claims procedures in Section 11.2 of the Plan), if any NMP Plan Participant (also
referred to in this section as a “claimant”) believes the claimant is entitled to benefits in an amount greater than those
which the claimant is receiving or has received, and such benefits involve a determination under the Plan regarding whether such individual
has incurred a Total Disability, the claimant may file a disability-related claim with the Administrator. Such a disability-related claim
shall be in writing and state the nature of the claim, the facts supporting the claim, the amount claimed and the address of the claimant.
The Administrator shall review the disability-related claim and, unless an extension is necessary due to matters beyond the control of
the Administrator, within 45 days after receipt of the claim, give written or electronic notice to the claimant of its decision with respect
to the claim. This 45-day period may be extended up to 30 days if the Administrator determines that an extension is necessary due to matters
beyond the control of the Administrator and the claimant is notified of the extension in writing or electronically (in accordance with
the requirements of Department of Labor Regulation section 2520.104b-1(c)(1) or other applicable Regulations) within the 45-day period.
If, prior to the end of the initial 30-day extension period, the Administrator determines that another extension is necessary due to matters
beyond the control of the Plan and the claimant is notified in writing or electronically (in accordance with the requirements of Department
of Labor Regulation section 2520.104b-1(c)(1) or other applicable Regulations) within the initial 30-day extension period, the initial
extension period may be extended for up to an additional 30 days. Any notice of extension shall (i) describe the circumstances requiring
the extension, (ii) specify the expected date by which the Administrator will make its determination, and (iii) explain the
standards on which entitlement to a benefit is based, any unresolved issues that prevent a decision on the disability-related claim and
any additional information needed to resolve those issues, and the claimant shall have at least 45 days to provide the specified information.

 

    VIII-4 

     

    

 

If the disability-related claim is wholly or partially
denied, the notice of the decision shall set forth (i) the specific reasons for the denial; (ii) specific references to the
pertinent Plan provisions on which the denial is based; (iii) a description of any additional material or information necessary for
the claimant to perfect the claim and an explanation of why such material or information is necessary; (iv) an explanation of the
claim review procedure under the Plan and the time limits applicable to such procedure (including a statement of the claimant’s
right (subject to the limitations described in Section 14.10 (relating to statute of limitations for actions under the Plan) and
14.11 (relating to forum for legal actions under the Plan)) to bring a civil action under section 502(a) of ERISA following the final
denial of the claim); (v) a discussion of the decision, including an explanation of the basis for disagreeing with or not following
(A) the views presented by the claimant to the Administrator of health care professionals treating the claimant and vocational professionals
who evaluated the claimant, (B) the views of medical or vocational experts whose advice was obtained on behalf of the Administrator
in connection with a claimant’s adverse benefit decision, without regard to whether the advice was relied upon in making the decision,
and (C) a disability determination regarding the claimant presented by the claimant to the Administrator made by the Social Security
Administration; (vi) if the decision is based on a medical necessity or experimental treatment or similar exclusion or limit, either
an explanation of the scientific or clinical judgment for the decision, applying the terms of the Plan to the claimant’s medical
circumstances, or a statement that such explanation will be provided free of charge upon request; (vii) either the specific internal
rules, guidelines, protocols, standards or other similar criteria of the Plan or the Administrator relied upon in making the decision
or, alternatively, a statement that such rules, guidelines, protocols, standards or other similar criteria of the Plan or the Administrator
do not exist; and (viii) a statement that the claimant is entitled, upon request and free of charge, to reasonable access to, and
copies of, all relevant documents, records and information. Such notice shall be written in a manner calculated to be understood by the
claimant. Notification of the denial of the claim shall be provided in a culturally and linguistically appropriate manner (in accordance
with Department of Labor Regulation section 2560.503-1(o)).

 

    VIII-5 

     

    

 

The claimant (or the claimant’s duly authorized
representative) may request a review by the Chief Human Resources Officer (or such other officer designated from time to time by the Chief
Human Resources Officer) of any denial of the claimant’s disability-related claim by filing with such officer within 180 days after
notice of the denial has been received by the claimant, a written request for such review. Within the same 180 day period, the claimant
may submit to the officer written comments, documents, records and other information relating to the claim. Upon request and free of charge,
the claimant also may have reasonable access to, and copies of, documents, records and other information relative to the claim. In addition,
the officer shall provide to the claimant, free of charge, (i) any new or additional evidence considered, relied upon or generated
by the Plan or the officer in connection with the disability-related claim and (ii) any new or additional rationale on which the
decision is based. Such evidence and/or rationale shall be provided as soon as possible and sufficiently in advance of the date on which
the claimant must be notified of an adverse benefit decision on review to give the claimant a reasonable opportunity to respond prior
to that date. If a request for review is so filed, review of the denial shall be made by the officer within 45 days after receipt of such
request (unless special circumstances require an extension of time). If special circumstances require an extension of time, the claimant
shall be notified in writing or electronically (in accordance with the requirements of Department of Labor Regulation section 2520.104b-1(c)(1) or
other applicable Regulations) within the initial 45-day period of the extension, and such notice shall describe the circumstances requiring
the extension and the expected date by which the officer will make its determination. In no event shall such an extension exceed 45 days.
The officer shall not afford deference to the initial denial of the disability-related claim on review, and the review shall be conducted
by an officer who is neither the individual who denied the claim that is the subject of the review (or a subordinate of such individual).
If the initial denial of the disability-related claim is based, in whole or in part, on a medical judgment, the officer shall consult
with a health care professional who has appropriate training and experience in the field of medicine involved in the medical judgment,
and such health care professional shall be an individual who was not previously consulted with respect to the denial of the disability-related
claim (or the subordinate of any such individual). The officer shall identify any medical or vocational experts whose advice was obtained
on behalf of the Plan in connection with a denial of a disability-related claim, without regard to whether the advice was relied upon
in making the denial. If the appeal is wholly or partially denied, the notice of the final decision of the officer shall be provided to
the claimant and shall include: (i) the specific reasons for the denial; (ii) specific references to the pertinent Plan provisions
on which the denial is based; (iii) a statement that the claimant is entitled, upon request and free of charge, to reasonable access
to, and copies of, all relevant documents, records and information; (iv) a discussion of the decision, including an explanation of
the basis for disagreeing with or not following (A) the views presented by the claimant to the officer of health care professionals
treating the claimant and vocational professionals who evaluated the claimant, (B) the views of medical or vocational experts whose
advice was obtained on behalf of the officer in connection with a claimant’s adverse benefit decision, without regard to whether
the advice was relied upon in making the decision, and (C) a disability determination regarding the claimant presented by the claimant
to the officer made by the Social Security Administration; (v) if the decision is based on a medical necessity or experimental treatment
or similar exclusion or limit, either an explanation of the scientific or clinical judgment for the decision, applying the terms of the
Plan to the claimant’s medical circumstances, or a statement that such explanation will be provided free of charge upon request;
(vi) either the specific internal rules, guidelines, protocols, standards or other similar criteria of the Plan or the officer relied
upon in making the decision or, alternatively, a statement that such rules, guidelines, protocols, standards or other similar criteria
of the Plan or the officer do not exist; and (vii) a statement of the claimant’s right (subject to the limitations described
in Section 14.10 (relating to statute of limitations for actions under the Plan) and 14.11 (relating to forum for legal actions under
the Plan)) to bring a civil action under Section 502(a) of ERISA following the final denial of the claim. Such notice shall
be written in a manner calculated to be understood by the claimant. Notification of the denial of the claim upon review shall be provided
in a linguistically appropriate matter (in accordance with Department of Labor Regulation section 2560.503-1(o)).

 

    VIII-6 

     

    

 

SUPPLEMENT IX

Transfer of Account Balances for Former Employees of Pepco Energy Services, Inc. and Merger of Pepco Holdings LLC Retirement Savings
Plan into this Plan

 

A. Purpose. The purpose of this Supplement
IX is to reflect the transfer of certain account balances from the Pepco Holdings LLC Retirement Savings Plan (the “Pepco Plan”)
into the Plan on June 26, 2017 (the “PES Transfer Date”), the merger of the Pepco Plan into the Plan effective July 1,
2018 (the “Pepco Merger Date”) and to preserve certain provisions of the Pepco Plan.

 

B. Definitions. Unless the context clearly
indicates otherwise, a term defined in the Plan shall have the same meanings for purposes of this Supplement IX.

 

C. Conflicts between the Plan and this Supplement
IX. This Supplement IX and the Plan together comprise the Plan with respect to Pepco Plan Participants (as defined below). In the
case of any conflict between the provisions of the Plan and this Supplement IX, the terms and provisions of this Supplement IX shall govern
to the extent necessary to eliminate such conflict.

 

D. Pepco Plan Participants. This Supplement
IX shall be applicable to all Pepco Plan Participants. “Pepco Plan Participants” are participants in the Plan who (i) were
employees of Pepco Energy Services, Inc. and were participants in the Pepco Plan immediately prior to the PES Transfer Date and whose
account balances, including outstanding loans, under the Pepco Plan were transferred into the Plan on the PES Transfer Date (the “PES
Transferred Participants”) or (ii) were participants in the Pepco Plan immediately prior to the Pepco Merger Date and whose
account balances, including outstanding loans, under the Pepco Plan were merged into the Plan on the Pepco Merger Date.

 

    IX-1 

     

    

 

E. Pepco Transaction Date. For purposes of
this Supplement IX, the Pepco Transaction Date shall mean the Pepco Merger Date, except that with respect to the PES Transferred Participants,
the Pepco Transaction Date shall mean the PES Transfer Date.

 

F. Withdrawals of After-Tax Contributions.
Notwithstanding any provision in the Plan to the contrary, a Pepco Plan Participant may elect, at any time, in accordance with procedures
established by the Administrator, to receive a distribution of all or any part of his or her After-Tax Contributions Account, without
penalty or forfeiture, that is attributable to After-Tax Contributions made prior to the Pepco Transaction Date and consists of: (i) After-Tax
Contributions which are matched, and the matching contributions were in the Plan for more than 24 months; (ii) After-Tax Contributions
which were matched, including those which have been in the Plan for less than 24 months if the Participant has more than 60 months of
Plan participation (including participation in the Pepco Plan); or (iii) After-Tax Contributions which were not matched.

 

If a Pepco Plan Participant requests a withdrawal
of After-Tax Contributions made prior to the Pepco Transaction Date in excess of the amount that may be withdrawn without penalty or forfeiture
as described in the paragraph above or if no further withdrawals are available from such amounts, or as otherwise permitted under Section 8.1(c) of
the Plan, the Pepco Plan Participant may withdraw an additional amount up to the total portion of his After-Tax Contributions Account
made prior to the Pepco Transaction Date however; any such request for withdrawal shall result in the suspension of all Employer Matching
Contributions to the Plan on behalf of that Pepco Plan Participant for a period of six (6) months after the date of the withdrawal.
Withdrawals of After-Tax Contributions under this Section F are subject to a $300 minimum, or the After-Tax Contributions Account
balance, if less.

 

    IX-2 

     

    

 

G. Withdrawals of Employer Matching Contributions.
Notwithstanding any provision in the Plan to the contrary, a Pepco Plan Participant may elect, in accordance with procedures established
by the Administrator, to receive a distribution of all or any part of his or her Employer Matching Contributions Account that is attributable
to matured contributions made under the Pepco Plan prior to the Pepco Transaction Date, as adjusted for gains, earnings and losses attributable
thereto determined as of the Valuation Date next succeeding the date of receipt of the request for distribution. For employees with less
than 5 years of service, Employer Matching Contributions mature 24 months after the date of contribution. For employees with 5 or more
years of service, Matching Contributions mature upon the date of contribution. Withdrawals of Employer Matching Contributions under this
Section G are subject to a $300 minimum, or the Matching Contributions Account balance, if less. In addition, a Pepco Plan Participant
who is represented by a collective bargaining unit may withdraw amounts from his or her Employer Matching Contributions Account as set
forth in Section 8(i) of the Plan.

 

H. Loans. With respect to any loan to a
Pepco Plan Participant that is outstanding at the Pepco Transaction Date, the terms of such loan shall continue to be governed by the
note evidencing such loan and the terms applicable to such loan as in effect under the Pepco Plan as of the Pepco Transaction Date. All
loans made after the Pepco Transaction Date shall be governed by and in accordance with the terms of the Plan and any loan policy issued
thereunder by the Administrator.

 

I. ESOP/PAYSOP. Pepco Plan Participants
who previously participated in the Conectiv ESOP/PAYSOP plan and who still have assets attributable to such plan are subject to the specific
rules of that Conectiv ESOP/PAYSOP plan.  While still employed, such Pepco Plan Participants may elect to withdraw, but not
more frequently than four times per calendar year, all or any part of the assets which were allocated to his or her Conectiv ESOP/PAYSOP
plan prior to the first day of the 84-month period ending on the day prior to the withdrawal.

 

    IX-3 

     

    

 

 

SUPPLEMENT
X

 

Merger of BG Boston Services LLC Union Retirement 401(k) Plan, BG New England Power 

Services, Inc. 401(k) Plan,
and BG New England Power Services, Inc. Union Retirement 401(k)

  Plan (collectively, the “Mystic Plans”) into this
Plan.

 

A. Purpose. The purpose of this Supplement
X is to reflect the merger of the Mystic Plans into the Plan effective July 1, 2018 (the “Mystic Merger Date”) and to
preserve certain provisions of the Mystic Plans.

 

B. Definitions. Unless the context clearly
indicates otherwise, a term defined in the Plan shall have the same meanings for purposes of this Supplement X.

 

C. Conflicts between the Plan and this Supplement
X. This Supplement X and the Plan together comprise the Plan with respect to Mystic Plan Participants (as defined below). In the case
of any conflict between the provisions of the Plan and this Supplement X, the terms and provisions of this Supplement X shall govern to
the extent necessary to eliminate such conflict.

 

D. Mystic Plan Participants. This Supplement
X shall be applicable to all Mystic Plan Participants. “Mystic Plan Participants” are participants in the Plan who were participants
in one of the Mystic Plans immediately prior to the Mystic Merger Date and whose account balances, including outstanding loans, under
the Mystic Plans were merged into the Plan on the Mystic Merger Date.

 

E. Vesting. All Mystic Plan Participants shall
be fully vested in their accounts under the Plan as of the Mystic Merger Date.

 

F. Loans. With respect to any loan to a Mystic
Plan Participant that is outstanding at the Mystic Merger Date, the terms of such loan shall continue to be governed by the note evidencing
such loan and the terms applicable to such loan as in effect under the applicable Mystic Plan as of the Mystic Merger Date. All loans
made after the Mystic Merger Date shall be governed by and in accordance with the terms of the Plan and any loan policy issued thereunder
by the Administrator.

 

     Supplement X-1

     

    

 

SUPPLEMENT XI

 

Merger of Exelon Employee Savings Plan for Represented Employees at TMI and Oyster Creek,

 and Exelon Employee Savings Plan for Represented
Employees at Clinton (collectively, the “TMI,

 Oyster Creek and Clinton Plans”) into this Plan.

 

A. Purpose. The purpose of this Supplement
XI is to reflect the merger of the TMI, Oyster Creek and Clinton Plans into the Plan effective February 1, 2022 (the “TMI,
Oyster Creek and Clinton Merger Date”) and to preserve certain provisions of the TMI, Oyster Creek and Clinton Plans.

 

B. Definitions. Unless the context clearly
indicates otherwise, a term defined in the Plan shall have the same meanings for purposes of this Supplement X.

 

C. Conflicts between the Plan and this Supplement
X. This Supplement X and the Plan together comprise the Plan with respect to TMI, Oyster Creek and Clinton Plan Participants (as defined
below). In the case of any conflict between the provisions of the Plan and this Supplement X, the terms and provisions of this Supplement
X shall govern to the extent necessary to eliminate such conflict.

 

D. TMI, Oyster Creek and Clinton Plan Participants.
This Supplement X shall be applicable to all TMI, Oyster Creek and Clinton Plan Participants. “TMI, Oyster Creek and Clinton Plan
Participants” are participants in the Plan who were participants in one of the TMI, Oyster Creek and Clinton Plans immediately prior
to the TMI, Oyster Creek and Clinton Merger Date and whose account balances, including outstanding loans, under the TMI, Oyster Creek
and Clinton Plans were merged into the Plan on the TMI, Oyster Creek and Clinton Merger Date.

 

E. Vesting. All TMI, Oyster Creek and Clinton
Plan Participants shall be fully vested in their accounts under the Plan as of the TMI, Oyster Creek and Clinton Merger Date.

 

     Supplement XI-1

     

    

 

F. In-Service Distributions of Employer Matching
Contributions. Notwithstanding any provision in the Plan to the contrary, a TMI, Oyster Creek and Clinton Plan Participant who, immediately
prior to the TMI, Oyster Creek and Clinton Merger Date was a participant in the Clinton Savings Plan (“Clinton Participant”)
who has completed 60 months as either a participant in the Clinton Savings Plan or a participant in this Plan may elect, in accordance
with procedures established by the Administrator, to receive a distribution of all or any part of his or her Employer Matching Contributions
Account that is attributable to matching contributions made under the Clinton Savings Plan, as adjusted for gains, earnings and losses
attributable thereto determined as of the Valuation Date next succeeding the date of receipt of the request for distribution. Additionally,
a Clinton Participant, regardless of his or her period of participation in the Clinton Savings Plan or this Plan, may elect, in accordance
with procedures established by the Administrator, to receive a distribution of all or any part of that portion of the Employer Matching
Contributions Account that is attributable to matching contributions made under the Clinton Savings Plan and that is derived from matching
contributions in excess of matching contributions allocated to his or her Employer Matching Contributions Account during the two Plan
Years preceding the Plan Year in which the withdrawal takes place, adjusted for gains, earnings and losses attributable thereto determined
as of the Valuation Date next succeeding the date of receipt of the request for distribution.

 

No distribution made pursuant to this Supplement
XI may be for an amount which is less than the lesser of (i) $250; or (ii) that portion of the Participant’s Employer
Matching Contributions Account that is attributable to contributions made under the Clinton Savings Plan, as adjusted for gains, earnings
and losses attributable thereto. In addition, a Participant may not make more than one withdrawal pursuant to this Supplement XI in any
Plan Year.

 

G. Loans. With respect to any loan to a TMI,
Oyster Creek and Clinton Plan Participant that is outstanding at the TMI, Oyster Creek and Clinton Merger Date, the terms of such loan
shall continue to be governed by the note evidencing such loan and the terms applicable to such loan as in effect under the applicable
TMI, Oyster Creek and Clinton Plan as of the TMI, Oyster Creek and Clinton Merger Date. All loans made after the TMI, Oyster Creek and
Clinton Merger Date shall be governed by and in accordance with the terms of the Plan and any loan policy issued thereunder by the Administrator.

 

     Supplement XI-2

     

    

 

SUPPLEMENT XII

 

SPECIAL RULES RELATING TO THE CARES ACT

 

A.           Purpose.
This Supplement sets forth special rules of limited duration under the Plan in relation to the coronavirus disease 2019. All capitalized
terms used in this Supplement and not otherwise defined herein shall have the meanings assigned to them by the Plan.

 

B.           Definitions.

 

1.           CARES
Act. The Coronavirus Aid, Relief and Economic Security Act of 2020, as amended.

 

2.           CARES
Act Distribution. A distribution from the Plan described in Section C of this Supplement.

 

3.           CARES
Act Loan. A loan from the Plan described in Section D of this Supplement.

 

4.           COVID-19.
The coronavirus disease 2019 or virus SARS-CoV-2.

 

5.           Qualified
Individual. A Participant, Beneficiary or alternate payee who certifies in the manner required by the Administrator that one or more
of the following applies:

 

		a.	Such person is diagnosed with COVID-19 by a test approved by the Centers for Disease Control and Prevention (including a test authorized
under the Federal Food, Drug, and Cosmetic Act);

 

		b.	Such person’s Spouse or dependent (as defined in section 152 of the Code) is diagnosed with COVID-19 by a test approved by the
Centers for Disease Control and Prevention (including a test authorized under the Federal Food, Drug, and Cosmetic Act); or

 

    XII-1 

     

    

 

		c.	Such person experienced adverse financial consequences because:

 

		(i)	Such person, such person’s Spouse or a member of such person’s household was quarantined, furloughed or laid off, or had
work hours reduced, due to COVID-19;

 

		(ii)	Such person, such person’s Spouse or a member of such person’s household was unable to work due to a lack of childcare
due to COVID-19;

 

		(iii)	A business owned and operated by such person, such person’s Spouse or a member of such person’s household closed or reduced
hours due to COVID-19; or

 

		(iv)	Such person, such person’s Spouse or a member of such person’s household had a reduction in pay (or self-employment income)
due to COVID-19 or had a job offer rescinded or start date for a job delayed due to COVID-19.

 

A “member of the person’s household”
is someone who shares the person’s principal residence.

 

The Administrator may rely on certification by
a Participant, Beneficiary or alternate payee that such person satisfies one or more of the above conditions (provided that the Administrator
does not have actual knowledge to the contrary).

 

C.           CARES
Act Distributions. A Qualified Individual may request one or more distributions from his or her eligible Accounts to be made on or after
January 1, 2020 and prior to December 31, 2020 in accordance with uniform rules set forth by the Administrator; provided,
however, that the aggregate amount of such distributions received by such Qualified Individual from all plans maintained by the Employer
or an affiliate shall not exceed $100,000.

 

    XII-2 

     

    

 

To the extent permitted by the CARES Act, and in
accordance with uniform rules set forth by the Administrator, an eligible Participant may repay a CARES Act Distribution (including,
for a Participant who is a Constellation Transferred Employee and who becomes a Participant on the Effective Date, any CARES Act distribution
under the Exelon Savings Plan, the TMI and OYC Savings Plan or the Clinton Savings Plan, as applicable) to the Plan during the three-year
period beginning on the day after the date that the Participant received such CARES Act Distribution. Any such repayment shall be treated
as a rollover contribution under Section 5.2 of the Plan.

 

D.           CARES
Act Loans. A Participant who is a Qualified Individual may request a loan, other than a principal residence loan, from the Plan during
the period beginning on March 27, 2020 and ending on September 23, 2020, which loan shall be subject to each of the provisions
of the Plan and the Plan’s loan program applicable to loans available under the Plan, except that in determining the maximum principal
balance of such loan, (i) $100,000 shall be substituted for $50,000 and (ii) one hundred percent (100%) shall be substituted
for fifty percent (50%), in each case as it appears in Section 8.2(a) of the Plan and the Plan’s loan program. For the
avoidance of doubt, the number of outstanding CARES Act Loans, when aggregated with the number of outstanding loans under the Plan other
than CARES Act Loans, shall not exceed the limits set forth in Section 8.2(b)(7) of the Plan. CARES Act Loan repayments due
prior to January 1, 2021 automatically shall be suspended pursuant to Section E below.

 

E.           Loan
Repayment Suspension. Notwithstanding any provision to the contrary of the Plan, a Qualified Individual who has an outstanding loan may
elect to suspend all loan repayments due on or after March 27, 2020 and prior to January 1, 2021. The period of repayment of
any loan for which repayments were suspended under this Supplement shall be extended by one year and repayments with respect thereto shall
automatically be reamortized and recommence on the first normally occurring payment date for such loan occurring in January of 2021.
Interest shall continue to accrue during any suspension period described in this Section E.

 

    XII-3 

     

    

 

F.           2020
Required Minimum Distribution Waiver. Notwithstanding anything in the Plan to the contrary, a Participant or Beneficiary who would have
been required to receive any required minimum distribution in 2020 (or paid in 2021 for the 2020 calendar year for a participant with
a required beginning date of April 1, 2021) but for the enactment of section 401(a)(9)(l) of the Code (a “2020 RMD”)
and who would have satisfied that requirement by receiving a distribution that is either (1) equal to the 2020 RMD, or (2) one
or more payments (that include the 2020 RMDs) in a series of approximately equal periodic payments made at least annually (“Extended
2020 RMDs”), will not receive such distributions unless the Participant or Beneficiary affirmatively elects to receive such distribution.
Solely for purposes of the direct rollover provisions of Section 8.3(e) of the Plan, the 2020 RMDs and Extended 2020 RMDs will
be treated in 2020 as eligible rollover distributions.

 

G.           Interpretation.
This Supplement is intended to meet the requirements of the CARES Act and any guidance promulgated in respect thereof, and the provisions
of the Plan and this Supplement shall be construed and interpreted in accordance with such intent.

 

    XII-4 

     

    

 

APPENDIX I

 

List of Employers as of February 1, 2022

 

Constellation Home Products & Services, LLC

 

CER Generation, LLC

 

CNE Gas Holdings, LLC

 

Constellation Mystic Power, LLC

 

Constellation NewEnergy, Inc.

 

Constellation Power, Inc.

 

Constellation Power Source Generation, LLC

 

Constellation Energy Generation, LLC

 

Constellation Nuclear Security, LLC

 

Constellation PowerLabs, LLC

 

Constellation Wind, LLC

 

Constellation Texas Power Services, LLC

 

     Appendix I

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