Document:

Exhibit

EXHIBIT 10a(4)

PUBLIC SERVICE ENTERPRISE GROUP INCORPORATED

DEFERRED COMPENSATION PLAN FOR DIRECTORS

Amended Effective January 1, 2019

PUBLIC SERVICE ENTERPRISE GROUP INCORPORATED
DEFERRED COMPENSATION PLAN FOR DIRECTORS
Amended Effective January 1, 2019

1    PURPOSE. The Plan is designed to provide a method of deferring payment to non‐employee Directors of their fees and annual retainers, as fixed from time to time by the             Board of Directors, until termination of their services on the Board. 
 
2.    PLAN PERIODS. The first Plan Period shall commence upon the election of Directors at the 1987 Annual Stockholders' Meeting and terminate upon the election of Directors at the 1988 Annual Stockholders' Meeting. Subsequent Plan Periods shall relate to successive       similar periods between Annual Stockholders Meetings. Effective January 1, 2002, Plan Periods shall be calendar year periods.
 
3.    ADMINISTRATION. The Plan shall be administered by a Committee consisting     of the Chief Executive Officer of the Company and two other officers appointed by the Chief Executive Officer. The Committee shall have the power to interpret the Plan and, subject to its provisions, to make all determinations necessary or desirable for the Plan's administration,      including acceptable forms of notices under the Plan. 
 
4.    PARTICIPATION.
 
		
	(a)
	An individual who serves as a Director and is not otherwise employed by the Company or any of its subsidiaries shall be eligible to participate in the Plan if he or she elects to have payment of his or her annual retainer, his or her fees or his or her annual retainer and fees in respect of a Plan Period deferred as provided             herein.

 
		
	(b)
	All elections to defer must be made in the calendar year prior to the year that the services giving rise to the compensation are performed. The election shall be              made by notice, in the manner prescribed by the Committee, prior to the first day   of such Plan Period or, in the case of a Director who first becomes eligible during   a Plan Period, not later than 30 days after they first becomes eligible.  Except as otherwise provided herein, each such election shall be irrevocable.

		
	(c)
	Special One-Time Election to Rescind 2005 Deferrals - Not later than December   30, 2005, Participants who had elected to defer compensation during 2005 may,          by notice, in the manner prescribed by the Committee, rescind their election to          defer 2005 compensation and such amounts shall be currently paid to the      Participant.

		
	(d)
	Special One-Time Election to Change Distribution Elections with respect to 2005, 2006, 2007 or 2008 Deferrals - Not later than December 31, 2008, Participants           who had elected to defer compensation during 2005, 2006, 2007 or 2008 may, by 

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notice, in the manner prescribed by the Committee, elect to change the             distribution elections with respect to any such deferrals.
 
5.    DEFERRED COMPENSATION ACCOUNTS.
 
		
	(a)
	An account shall be established for each eligible electing Director (a            "Participant") which shall be designated as their Deferred Compensation Account. If a Participant elects to have payment deferred of their annual retainer, the              amount of the annual retainer payable to them with respect to a Plan Period shall     be credited, in four equal installments on or about the last day of March, June, September and December in the Plan Period to which such retainer relates, to his   or her Deferred Compensation Account, subject to the provisions of Section 5(c).   If a Participant elects to have payment deferred of his or her fees, the amount of   each fee payable to him or her for attendance at a meeting during a Plan Period       shall be credited to his or her Deferred Compensation Account on or about the              first business day following such meeting. The Company shall not be required to segregate any amounts credited to the Deferred Compensation Accounts, which     shall be established merely as an accounting convenience. Amounts credited to            the Deferred Compensation Accounts shall at all times remain solely the property of the Company subject to the claims of its general creditors.

 
		
	(b)
	A Director, except a Director not actively serving on the Board on April 1, 2000, may direct investment of his or her Account among the Investment Funds    (hereinafter defined) (in the manner established by the Committee) in multiples of one percent; provided, however, that the Committee shall not be obligated to effectuate any such investment direction. The amounts credited to a Deferred Compensation Account shall accrue earnings credits as determined by the   Investment Fund(s) selected by the Director. In the case of (i) Director not  actively serving on the Board on April 1, 2000 and (ii) a Director who fails to provide                                a designation of Investment Funds, each such Director shall be deemed to have designated 100 percent of his or her Account to be invested in the Investment               Fund that determines income accrual with reference to the prime commercial      lending rate of JPMorgan Chase Bank (formerly, the Chase Manhattan Bank).     Except with respect to an investment election related to (a) an election made             within 30 days of April 1, 2000 and (b) any Investment Fund which is              discontinued during a Plan Year, each of which shall be effective immediately.  Effective July 1, 2011, the prime commercial lending rate of JPMorgan Chase          Bank shall be capped at 120% applicable federal long-term rate.

 
A Director's investment election may be changed daily.
 
Each Director's Account shall be valued daily.

		
	(c)
	Investment Fund ‐ the fund or funds selected by the Committee, or its delegate,     from time to time, which shall serve as a means of measuring the increase or       decrease of each Director's Account.  The Committee may, in its discretion, add or 

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discontinue any Investment Fund available under the Plan. The Committee shall provide each affected Director with the opportunity, without limiting or otherwise impairing any other right of such Director regarding changes in investment directions, to redirect the allocation of his or her Account invested in any   discontinued Investment Fund among the other Investment Funds available under the Plan, including any replacement investment vehicle.
 
		
	(d)
	If, prior to the end of a Plan Period, a Participant becomes an employee of the Company or one of its subsidiaries or dies or ceases for any reason to be a                 Director, or if the effective date of participation by a Participant for any Plan            Period shall be other than the first day thereof, he or she will be entitled to be         credited with that proportion of the annual retainer for the full Plan Period which the number of days of his or her participation in the Plan during such Plan Period bears to the total number of days in such Plan Period.

 
6.    PAYMENT.
 
		
	(a)
	Following termination of a Participant's service on the Board, the Company shall distribute his or her Deferred Compensation Account.

 
		
	(b)
	For 2011 and Prior Years Deferrals. 

 
		
	(i)
	By written notice to the Plan filed with the Company's Secretary, a      Participant may elect to have distribution of his or her Deferred Compensation Account commence either (1) on the 30th day following the date of termination of the Participant's service on the Board, (2) on the 15th day of January next following the date of termination of the Participant's service on the Board or (3) on the 15th day of January of any calendar year following termination of the Participant's service on the Board, but not          later than the January following the Participant's 71st birthday, unless the Participant is still a Director at such time, in which case distribution shall commence on the 30th day following the date the Participant ceases to be a Director. Any such election, or any change in such election (by such subsequent written notice to the Secretary of the Company), shall apply       only to future deferrals. In the event no election is made as to the commencement of distribution, such distribution shall commence on the    30th day following the date the Participant ceases to be a Director of the Company. 

  
		
	(ii)
	By written notice to the Plan filed with the Company's Secretary, a      Participant may elect to receive the distribution of his or her Deferred Compensation Account in the form of (1) one lump‐sum payment, or (2) annual distributions over a period selected by the Participant of up to ten years. In the event a lump‐sum payment is made under the Plan, the           amount then standing to the Participant's credit in his or her Deferred Compensation Account, including earnings credits provided in Section         

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5(b) to the date of distribution, shall be paid to the Participant on the date determined under Section 6(b)(i). In the case of a distribution over a period of years, the Company shall pay to the Participant, commencing on the              date determined under Section 6(b)(i), annual installments from the           amount then standing to his or her credit in his or her Deferred        Compensation Account, including earnings credits on the unpaid balance        at the rate provided in Section 5(b) to the date of distribution. The amount of each installment shall be determined by dividing the then unpaid         balance, plus earnings credits, in the Participant's Deferred Compensation Account by the number of installments remaining to be paid. If a          Participant does not make an election as to the manner of distribution of        his or her Deferred Compensation Account, such distribution shall be           made in the form of annual installments paid over a five‐year period.
 
		
	(c)
	For 2012 and Beyond Deferrals.  By written notice to the Plan filed with the Company's Secretary, a Participant may elect to have distribution of each year’s deferrals and associated earnings occur on the date or event specified in          subsections (i) or (ii).  With respect to compensation for years prior to 2019, a Participant’s distribution election shall apply to future years unless the Participant makes a subsequent election.  With respect to compensation for 2019 and future years, a Participant’s distribution election for a given year shall not apply to future years.   

 
		
	(i)
	For each year, a Participant, may elect to have distribution of that year’s deferrals, and associated earnings, made or commence within the 30-day period following the Participant’s termination of service on the Board.  A Participant may elect to receive such distribution in the form of (A) one     lump-sum payment, or (B) annual installments over a three to fifteen year period. In the case of a distribution over a period of years, the Company      shall pay to the Participant on the date determined under this Section                    6(c)(i) and on the yearly anniversaries of such date, annual installments of the unpaid balance of that year’s deferrals, including earnings on the           unpaid balance at the rate provided in Section 5(b) of this Plan to the date    of distribution. The amount of each installment shall be determined by multiplying the then unpaid balance of that year’s deferrals, plus accrued earnings, the numerator of which is one and the denominator of which is      the number of annual installments remaining to be paid. 

  
		
	(ii)
	For each year, a Participant, may elect to have distribution of that year’s deferrals and associated earnings be paid or commence on a date that is indicated by the Participant as a specified number of years and/or months following termination of service on the Board.  Distribution shall be made or commence within the 30 day period following the date that the        Participant elects. A Participant may elect to receive such distribution in           the form of (A) one lump-sum payment, or (B) annual installments over a three to fifteen year period. In the case of a distribution over a period of    

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years, the Company shall pay to the Participant on the date determined       under this Section 6(c)(ii) and on the yearly anniversaries of such date,     annual installments of the unpaid balance of that year’s deferrals,            including earnings on the unpaid balance at the rate provided in Section         5(b) of this Plan to the date of distribution. The amount of each installment shall be determined by multiplying the then unpaid balance of that year’s deferrals, plus accrued earnings, the numerator of which is one and the denominator of which is the number of annual installments remaining to          be paid.  

		
	(iii)
	If, with respect to any election to defer compensation for 2012 or any subsequent year up to 2018, a Participant fails to make a proper election     with respect to the distribution of such deferred compensation, such          amount will be distributed in accordance with the prior year’s election (but not any election in place for a year prior to 2012).  In the event that no               valid election is on file, such amount will be distributed in a lump sum on the date specified in Section 6(c)(i).  With respect to any election to defer compensation for 2019 or any subsequent year, in the event a Participant fails to make a proper election regarding distribution of such deferred compensation, such amount will be distributed in a lump sum on the date specified in Section 6(c)(i).

		
	(d)
	The payment of all distributions shall be made cash. 

		
	(e)
	Distribution upon Death. 

		
	(i)
	For 2011 and Prior Years Deferrals.  In the event of a Participant's death,      the balance of the Participant's Deferred Compensation Account shall be distributed to the Participant's Beneficiary(ies) in annual installments over   a period of not more than five years, in accordance with the Participant’s election on file. Any change in the period over which such payments are made shall only apply to future deferrals. Such distribution shall be made     in a manner consistent with Section 6(c) of the Plan and shall commence     on the 30th day following the Participant's death. Additional annual     payments for distributions made over a period of more than one year shall be made on the yearly anniversaries of such date. In the event of a    Participant's death after distribution of this Deferred Compensation       Account has commenced, any election under this Section 6(d) shall not extend the time of payment of his or her Deferred Compensation Account beyond the time when distribution would have been completed if the Participant had lived. A Participant may change Beneficiary designations . If a Participant does not make an election as to the manner of distribution    of his or her Deferred Compensation Account in the event of his or her         death, any such distribution shall be made as a lump‐sum payment to his               or her estate on the 30th day following the Participant's death.

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	(ii)
	For 2012 and Beyond Deferrals.  In the event of a Participant’s          death prior to the date that the Participant commences payment of a year’s deferrals and associated earnings, such amount shall be distributed to the Participant’s Beneficiary(ies) in a lump sum        within 90 days following the Participant’s death. 

In the event of the Participant’s death after he/she commenced distribution of a year’s deferrals and associated earnings in the           form of installments, the balance of such year’s deferrals and associated earnings shall be distributed to the Participant’s Beneficiary(ies) in a lump sum within 90 days following the Participant’s death.
 A Participant’s Beneficiary designation shall apply to all 2012 and beyond deferrals.  A Participant cannot designate a different Beneficiary for each year’s deferrals.  A Participant may change Beneficiary designations by filing a subsequent designation with the Plan.
 
		
	(f)
	Participants may:

 
		
	(i) 
	By notice made prior to December 31st of any year, make changes of distribution elections on a prospective basis; 

 
		
	(ii) 
	By notice, make changes of distribution elections with respect to prior deferred compensation as long (A) any such new distribution election is     made at least one year prior to the date that the commencement of the distribution would otherwise have occurred and (B) the revised commencement date is at least five years later than the date that the commencement of the distribution would otherwise have occurred (with respect to 2012 and beyond deferrals, installment payments shall be treated as one payment);

 
		
	(iii) 
	Special One-Time Election - by notice made prior to December 31, 2005, make a one-time election to change any distribution election previously    made with respect to compensation deferred on or before December 31,     2005; or 

 
		
	(iv) 
	Special One-Time Election - Participants may, by noticemade prior to December 31, 2008, make a one-time election to change any distribution election previously made with respect to compensation deferred during    2005, 2006, 2007 or 2008.

 
		
	(g)
	Notwithstanding any other provision of the Plan, if the Committee shall determine in its sole discretion that the time of payment of a Participant's Deferred Compensation Account should be advanced because of protracted illness or other 

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undue hardship, then the Committee may advance the time or times of payment (whether before or after the Retirement Date) only if the Committee determines        that an emergency beyond the control of the Participant exists and which would cause such Participant severe financial hardship if the payment of such benefits     were not approved. Any such distribution for hardship shall be limited to the            amount needed to meet such emergency (plus the amount of any tax liability      resulting from the distribution). A Participant who receives a hardship distribution may not reenter the Plan for twelve months after the date of such distribution. Any distribution for hardship under this Section 6(f) shall commence on the 15th day following the date the Committee determines to make such hardship distribution.
 
		
	(h)
	Distribution in Case of Certain Tax Events - If, with respect to any Participant,                the Plan fails to meet the requirements of the Internal Revenue Code with respect to the deferral of tax liability, the Company may accelerate distribution from a Participant’s Account amounts sufficient to meet such Participant’s resulting   Federal, State, Local and/or Foreign tax liability (including any interest and penalties).

 
7.    ASSIGNMENT.  No benefit under the Plan shall in any manner or to any extent        be assigned, alienated, or transferred by any Participant or Beneficiary or subject to attachment, garnishment or other legal process.
 
8.    TERMINATION AND AMENDMENT.
 
		
	(a)
	The Board may terminate the Plan at any time so that no further amounts shall be credited to Deferred Compensation Accounts or may, from time to time, amend            the Plan, without the consent of Participants or Beneficiaries; provided, however,              that no such amendment or termination shall impair any rights, including rights to income credits pursuant to Section 5(b) hereof, which have accrued under the Plan without the consent of the Participant or Beneficiary, or the legal representative of such person, so affected.

 
		
	(b)
	Notwithstanding any other provision of this Plan, upon the occurrence of a             Change in Control (as defined below), the income credit calculated pursuant to Section 5(b) hereof may not be reduced below the prime commercial lending rate described therein.

 
For purposes of this Plan, "Change in Control" shall mean the occurrence of any      of the following events:
 
		
	(i)
	any "person" (within the meaning of Section 13(d) of the Securities     Exchange Act of 1934, as amended from time to time (the "Act")) is or becomes the beneficial owner within the meaning of Rule l3d‐3 under the Act (a "Beneficial Owner"), directly or indirectly, of securities of the Corporation (not including in the securities beneficially owned by such person any securities acquired directly from the Corporation or its         

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affiliates) representing 25% or more of the combined voting power of the Corporation's then outstanding securities, excluding any person who becomes such a Beneficial Owner in connection with a transaction      described in clause (1) of paragraph (iii) below; or
 
		
	(ii)
	the following individuals cease for any reason to constitute a majority of      the number of directors then serving: individuals who, on December 15, 1998, constitute the Board of Directors and any new director (other than a director whose initial assumption of office is in connection with an actual   or threatened election contest, including but not limited to a consent solicitation, relating to the election of directors of the Corporation) whose appointment or election by the Board of Directors or nomination for        election by the Corporation's stockholders was approved or recommended by a vote of at least two‐thirds (2/3) of the directors then still in office who either were directors on December 15, 1998 or whose appointment,         election or nomination for election was previously so approved or recommended; or

 
		
	(iii)
	there is consummated a merger or consolidation of the Corporation or any direct or indirect wholly owned subsidiary of the Corporation with any         other corporation, other than (1) a merger or consolidation which would  result in the voting securities of the Corporation outstanding immediately prior to such merger or consolidation continuing to represent (either by remaining outstanding or by being converted into voting securities of the surviving entity or any parent thereof), in combination with the ownership of any trustee or other fiduciary holding securities under an employee      benefit plan of the Corporation or any subsidiary of the Corporation, at          least 75% of the combined voting power of the securities of the           Corporation or such surviving entity or any parent thereof outstanding immediately after such merger or consolidation, or (2) a merger or consolidation effected to implement a recapitalization of the Corporation     (or similar transaction) in which no person is or becomes the Beneficial Owner, directly or indirectly, of securities of the Corporation representing 25% or more of the combined voting power of the Corporation's then outstanding securities; or

 
		
	(iv)
	the stockholders of the Corporation approve a plan of complete liquidation or dissolution of the Corporation or there is consummated an agreement           for the sale or disposition by the Corporation of all or substantially all of      the Corporation's assets, other than a sale or disposition by the Corporation of all or substantially all of the Corporation's assets to an entity, at least          75% of the combined voting power of the voting securities of which are owned by stockholders of the Corporation in substantially the same proportions as their ownership of the Corporation immediately prior to         such sale.

 

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Notwithstanding the foregoing subparagraphs (i), (ii), (iii) and (iv), a "Change in Control" shall not be deemed to have occurred by virtue of the consummation of any transaction or series of integrated transactions immediately following which     the record holders of the common stock of the Corporation immediately prior to    such transaction or series of transactions continue to have substantially the same proportionate ownership in an entity which owns all or substantially all of the         assets of the Corporation immediately following such transaction or series of transactions.

9.    WHAT CONSTITUTES NOTICE.  Any notice to an Participant, Beneficiary or   legal representative hereunder shall be given either by delivering it or by depositing it in the            United States mail, postage prepaid, addressed to his/her last known address. Any notice to the Company or the Committee hereunder (including the filing of election and designation forms)       shall be given either by delivering it, or depositing it in the United States mail, postage prepaid,      to the  Company’s Corporate Secretary, Public Service Enterprise Group Incorporated, 80 Park Plaza, P. 0. Box 1171, Newark, New Jersey 07102.

10.    ADVANCE DISCLAIMER OF ANY WAIVER ON THE PART OF THE COMPANY.  Failure by the Company to insist upon strict compliance with any of the terms, covenants or conditions hereof shall not be deemed a waiver of any such term, covenant or      condition, nor shall any waiver or relinquishment of any right or power hereunder at any one or more times be deemed a waiver or relinquishment of any such right or power at any other time or times.

11.    EFFECT ON INVALIDITY OF ANY PART OF THE PLAN. The invalidity or unenforceability of any provision hereof shall in no way affect the validity or enforceability of        any other provision.

12.    PLAN BINDING ON ANY SUCCESSOR OWNER. Except as otherwise         provided herein, this Plan shall inure to the benefit of and be binding upon the Company, its successors and assigns, including but not limited to any corporation which may acquire all or substantially all of the Company's assets and business or with or into which the Company may be consolidated or merged.

13.    LAWS GOVERNING THIS PLAN. Except to the extent federal law applies, this Plan shall be governed by the laws of the State of New Jersey. This Plan is specifically intended    to comply with the provisions of the American Jobs Creation Act of 2004 (the “AJCA”) and          Section 409A of the Code and it shall automatically incorporate all applicable restrictions of the AJCA, the Code and its related regulations, and the Company will amend the Plan to the extent necessary to comply with those requirements.  The timing under which a Participant will have a right to receive any payment under this Plan will be deemed to be automatically modified, and a Participant’s rights under the Plan limited to conform to any requirements under, the AJCA, the Code and its related regulations.

14.    MISCELLANEOUS.  The masculine pronoun shall mean the feminine wherever appropriate.

10Exhibit

EXHIBIT 10a(5)

DEFERRED COMPENSATION PLAN FOR CERTAIN EMPLOYEES 
OF PUBLIC SERVICE ENTERPRISE GROUP INCORPORATED 
AND ITS AFFILIATES 

AMENDED AND RESTATED EFFECTIVE JANUARY 1, 2019 

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DEFERRED COMPENSATION PLAN FOR CERTAIN EMPLOYEES OF
PUBLIC SERVICE ENTERPRISE GROUP INCORPORATEDAND ITS AFFILIATES
AMENDED EFFECTIVE NOVEMBER 1, 2011

1.    PURPOSE.  The purpose of this Plan is to provide a method to certain select and key employees of the Company and its Affiliates to defer compensation as provided herein. This Plan was formerly known as the Deferred Compensation Plan for Certain Employees of Public Service Electric and Gas Company.

2.    AMENDMENT. This Plan is being amended and restated effective January 1,         2019. 

This Plan was last amended and restated effective as of November 1, 2011 (with certain provisions effective January 1, 2012) to provide for in-service distributions and a lump sum       payment upon the death of a Participant, to allow Participants to elect distribution of their           Accounts on a specified date or a specified event, and certain other administrative changes.  

This Plan was amended and restated, effective December 1, 2008, to allow a special one-time election to change certain prior deferral elections and make certain definitional changes       related to Section 409A of the Code.

3.    DEFINITIONS OF TERMS USED IN THIS PLAN. As used in this Plan, the following words and phrases shall have the meanings indicated:

		
	(a)
	“Account” - the Deferred Compensation Account described in Paragraph 4 of this Plan.

 
		
	(b)
	“Affiliate” - any organization which is a member of a controlled group of corporations (as defined in Code section 414(b), as modified by Code      section 415(h)) which includes the Company; or any trades or businesses (whether or not incorporated) which are under common control (as defined in Code section 414(c), as modified by Code section 415(h)) with the Company; or a member of an affiliated service group  (as defined in Code section 414(m)) which includes the Company or any other entity required to be aggregated with the Company pursuant to regulations under Code       section 414(o). The term affiliate shall also include such entities which                shall be specifically designated by the Committee.

		
	(c) 
	“Assets” - all Compensation and interest that have been credited to a Participant’s Account in accordance with Paragraph 5 of this Plan.

		
	(d)  
	“Beneficiary” - the individual(s) and/or entity(ies) designated and defined by the Plan.

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	(e)   
	“Change in Control” - the occurrence of any of the following events:

 
		
	(i)  
	any “person” (within the meaning of Section 13(d) of the Securities Exchange Act of 1934, as amended from time to time (the “Act”)) is or becomes the beneficial owner within the meaning of Rule 13d-3 under the Act (a “Beneficial Owner”), directly or indirectly, of securities of   the   Company (not including in the securities beneficially owned by such person any securities acquired directly from the Company or its affiliates) representing 25% or more of the combined voting power of the Company’s then outstanding securities, excluding any person who becomes such a Beneficial Owner in connection with a transaction described in clause (A) of subparagraph (iii) below; or

 
		
	(ii)
	the following individuals cease for any reason to constitute a majority of the number of directors then serving:        individuals who, on December 15, 1998, constitute the      board of directors of the Company (“Board”) and any new director (other than a director whose initial assumption of office is in connection with an actual or threatened election contest, including but not limited to a consent solicitation, relating to the election of directors of the Company) whose appointment or election by the Board or nomination for election by the Company’s stockholders was approved or recommended by a vote of at least two-thirds (2/3) of the directors then still in office who either were directors on December 15, 1998 or whose appointment, election or nomination for election was previously so approved or  recommended; or

 
		
	(iii) 
	there is consummated a merger or consolidation of the Company or any direct or indirect wholly owned subsidiary of the Company with any other corporation, other than (1) a merger or consolidation which would result in the voting securities of the Company outstanding immediately prior to such merger or consolidation continuing to represent (either by remaining outstanding or by being converted into voting securities of the surviving entity or any parent thereof), in combination with the ownership of any trustee or other fiduciary holding securities under an employee benefit plan of the Company or any subsidiary of the Company, at least 75% of the combined voting power of the securities of the Company or such surviving entity or any parent thereof outstanding immediately after such merger or       

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consolidation, or (2) a merger or consolidation effected to implement a recapitalization of the Company (or similar transaction) in which no person is or becomes the          Beneficial Owner, directly or indirectly, of securities of the Company representing 25% or more of the combined         voting power of the Company’s then outstanding securities; or

		
	(iv)  
	the stockholders of the Company approve a plan of        complete liquidation or dissolution of the Company or there is consummated an agreement for the sale or disposition by the Company of all or substantially all of the Company’s assets, other than a sale or disposition by the Company of        all or substantially all of the Company’s assets to an entity,   at least 75% of the combined voting power of the voting securities of which are owned by stockholders of the Company in substantially the same proportions as their       ownership of the Company immediately prior to such sale.

		
	(v)
	Notwithstanding the foregoing subparagraphs (i), (ii), (iii) and (iv), a “Change in Control” shall not be deemed to have occurred by virtue of the consummation of any transaction   or series of integrated transactions immediately following which the record holders of the common stock of the Company immediately prior to such transaction or series of transactions continue to have substantially the same proportionate ownership in an entity which owns all or substantially all of the assets of the Company immediately following such transaction or series of transactions.

		
	(f)
	“Code” - the Internal Revenue Code of 1986, as amended. A reference to        a section of the Code shall also refer to any regulations and other guidance issued under that section.

		
	(g)
	“Committee” - the Employee Benefits Policy Committee of the Company.

		
	(h)
	“Company” - Public Service Enterprise Group Incorporated.

		
	(i)
	“Compensation” - the total remuneration paid to a Participant for services rendered to the Company or a Participating Affiliate, excluding the Company’s or Participating Affiliate’s cost for any public or private      employee benefit plan, including this Plan, but including all elective contributions that are made by the Company or Participating Affiliate          under Internal Revenue Code Sections 125 or 401(k). Compensation         deferrable under this Plan shall specifically include any and all amounts

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       transferred from the deferred compensation accounts of the Company’s Management Incentive Compensation Plan, the Management Incentive Compensation Plan of Public Service Electric and Gas Company and any prior deferred compensation plan of an Affiliate.

		
	(j)
	“Deferred Compensation” - the amount of Compensation deferred         pursuant to Paragraph 4 of this Plan.

		
	(k)
	“Disability” - a Participant will be considered disabled if they meet one of the following requirements: (i) they are  unable to engage in any           substantial gainful activity by reason of any medically determinable       physical or mental impairment that can be expected to result in death or to last for a continuous period of not less than 12 months; or (ii) they are, by reason of any medically determinable physical or mental impairment that can be expected to result in death or to last for a continuous period of not less than 12 months, receiving income replacement benefits for a period of not less than 3 months under a Company or Affiliate sponsored plan.

		
	(l)
	“Employer” - the Company and any Participating Affiliate.

		
	(m)
	“ERISA” - The Employee Retirement Income Security Act of 1974, as amended. A reference to a section of ERISA shall also refer to any       regulations and other guidance issued under that section.

		
	 (n)    
	“ERISA Affiliate” - (a) any organization while it is a member of a          controlled group of corporations (as defined in Code Section 414(b))           which includes the Company; or (b) any trades or businesses (whether or     not incorporated) while they are under common control (as defined in             Code Section 414(c)) with the Company.

		
	 (o)
	“Investment Fund” - the fund or funds selected by the Company’s Thrift        and Pension Investment Committee (“TPIC”) from time to time which          shall serve as a means of measuring the increase or decrease of each Participant’s Account. The TPIC may, in its discretion, add or discontinue any Investment Fund available under the Plan. The TPIC shall cause to provide each affected Participant with the opportunity, without limiting or otherwise impairing any other right of such Participant regarding changes   in investment directions, to redirect the allocation of their Account           invested in any discontinued Investment Fund among the other Investment Funds available under the Plan, including any replacement investment vehicle. 

		
	(p)
	“Participant” - each employee of the Company or any Participating        Affiliate as may be designated by the Chief Executive Officer of the Company.

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	(q)
	“Participating Affiliate” - any Affiliate of the Company which (a) adopts      this Plan with the approval of the Company; (b) authorizes the Board of Directors and the Committee to act for it in all matters arising under or              with respect to this Plan; and (c) complies with such other terms and conditions relating to this Plan as may be imposed by the Company.

		
	(r)
	“Plan” - the Deferred Compensation Plan for Certain Employees of Public Service Enterprise Group Incorporated and its Affiliates (formerly known    as the Deferred Compensation Plan for Certain Employees of Public        Service Electric and Gas Company).

		
	(s)
	“Separation from Service” - Subject to paragraphs (i) and (ii), a       Participant’s termination from employment with the Company and all     ERISA Affiliates, whether by retirement or resignation from or discharge      by the Company or an ERISA Affiliate.

		
	(i)
	A Separation from Service shall be deemed to have occurred if a Participant and the Company or any ERISA Affiliate reasonably anticipate, based on the facts and circumstances, that either:

		
	(A)
	the Participant will not provide any additional services for    the Company or an ERISA Affiliate after a certain date; or

		
	(B)
	the level of bona fide services performed by the Participant after a certain date will permanently decrease to no more       than 50% of the average level of bona fide services     performed by the Participant over the immediately      preceding 36 months.

		
	(ii)
	If a Participant is absent from employment due to military leave,      sick leave, or any other bona fide leave of absence authorized by       the Company or an Affiliate and there is a reasonable expectation    that the Participant will return to perform services for the Company or an ERISA Affiliate, a Separation from Service will not occur         until the latter of:

		
	(A)
	the first date immediately following the date that is six     months after the date that the Participant was first absent     from employment; or

		
	(B)
	the date the Participant no longer retains a right to reemployment, to the extent the Participant retains a right to reemployment with the Company or any ERISA               Affiliates under applicable law or by contract.

6

If a Participant fails to return to work upon the expiration of any military leave, sick leave, or other bona fide leave of absence where such leave is     for less than six months, the Separation from Service shall occur as of the date of the expiration of such leave.

		
	(t)
	“Specified Employee” - An individual who is a key employee (as defined    in Code Section 416(i) without regard to Code Section 416(i)(5)) of the Company at any time during the 12-month period ending on each         December 31 (the “identification date”). If an individual is a key employee as of an identification date, the individual shall be treated as a Specified Employee for the 12-month period beginning on the April 1 following the identification date. Notwithstanding the foregoing, an individual shall not be treated as a Specified Employee unless any stock of the Company or an ERISA Affiliate is publicly traded on an established securities market or otherwise.

4.    ELECTION AS TO THE AMOUNT OF COMPENSATION THAT IS TO BE DEFERRED. A Participant may elect to defer any portion of their Compensation otherwise          payable for services rendered for their Employer.

		
	(a)
	Timing of Elections - Any election to defer must be made in the manner prescribed by the Committee or its designee.  All elections to defer must         be made in the calendar year prior to the year that the services giving rise     to the compensation are performed. Provided, however, that elections to    defer performance-based compensation may be made up to the date that is six-months before the end of the related performance period, as long as a) the performance period is at least 12 months in length, b) the Participant performed services continuously from the date the performance criteria      were established through the date the deferral election is made and c) at           the time the deferral election is made, the performance-based         compensation is not both i) substantially certain to be paid and ii) readily ascertainable. A Participant may change (in the manner prescribed by the Committee), not later than the date than the last date that an election to           defer may be made, the amount of Compensation to be deferred by them    with respect to the next succeeding calendar year or performance period.

A Participant may make separate elections as to the deferral of base salary and bonus. 

In the calendar year that a Participant first becomes eligible to participate     in this Plan, such Participant may elect to defer Compensation for part of that calendar year but only if such election is made within thirty (30) days after the Participant first becomes eligible to participate in this Plan or any other plan required under Section 409A of the Code to be aggregated with 

7

this Plan. Except as otherwise specifically provided for herein,    Compensation may be deferred prospectively only, and the amount of Compensation to be deferred may be changed only with respect to future calendar years.

		
	(b)
	Special One-Time Election to Rescind 2005 Deferrals - Not later than December 14, 2005, Participants who had elected to defer compensation during 2005 may, by written notice, the form of which shall be designated and published by the Committee, rescind their election to defer 2005 compensation and such amounts shall be currently paid to the Participant.

		
	(c)
	Special One-Time Election to Change Distribution Elections with respect    to 2005, 2006, 2007 or 2008 Deferrals - Not later than December 31,              2008, Participants who had elected to defer compensation during 2005,     2006, 2007 or 2008 may, by written notice in a form approved by the Committee, elect to change the distribution elections with respect to any    such deferrals.

		
	(d)
	Deferral Elections with Respect to 2012 - 2018 Deferrals - A                Participant’s 2011 deferral election shall not carryover to 2012.  A      Participant who wishes to defer for 2012 must make a deferral election.  If no election is made, the Participant shall be deemed to have elected not to defer for 2012. A Participant’s election to defer for 2012 or a later year            shall carryover to future years unless the Participant makes a change for            the next succeeding year. 

		
	(e)
	Deferral Elections with Respect to 2019 and Future Years - A               Participant’s 2018 deferral election shall not carryover to 2019.  A      Participant who wishes to defer for 2019 or a later year must make an affirmative deferral election.  If no election is made, the Participant shall be deemed to have elected not to defer for that particular year. A                Participant’s election to defer for one year shall not carryover to the subsequent year. 

		
	5.
	HOW THE ACCOUNT IS TO BE MAINTAINED.

		
	(a)
	Establishment of Account - The Committee shall cause to be established          an Account for each Participant who elects to participate in the Plan. Each Participant’s Account shall be credited with an amount equal to the         Deferred Compensation which would have otherwise been payable to        them. 

		
	(b)
	Earnings Credits on Assets in the Account - Each Participant, except Participants whose active employment with an Employer terminated prior to January 1, 2000, may direct investment of their Account among the 

8

Investment Funds (in the manner established by the Committee) in       multiples of one percent; provided, however, that the Committee shall not be obligated to effectuate any such investment direction. In the case of (i) Participants whose active employment by an Employer terminated prior to January 1, 2000 and (ii) a Participant who fails to provide a designation of Investment Funds, such Participants shall be deemed to have designated        100 percent of their Accounts to be invested in the Investment Fund that determines income accrual with reference to the prime commercial          lending rate of JPMorgan Chase Bank (formerly, the Chase Manhattan     Bank).  Effective July 1, 2011, the prime commercial lending rate of JPMorgan Chase Bank shall be capped at 120% applicable federal long-      term rate.  For the avoidance of any doubt, a Participant may not invest           their Account in the Company Stock fund. 

A Participant may change their investment election daily.  Each        Participant’s Account shall be valued daily equal. 

		
	(c)
	Title to and Beneficial Ownership of Assets - The Plan shall be unfunded. The Company shall not be required to segregate any amounts credited to     any Participant’s Account, which shall be established merely as an    accounting convenience. Title to and beneficial ownership of any Assets, whether Deferred Compensation or earnings credited to a Participant’s Account pursuant to Subparagraphs 5(a) and (b) hereof, shall at all times remain in the Company, and no Participant nor Beneficiary shall have any interest whatsoever in any specific assets of the Company. All Assets shall at all times remain solely the property of the Company subject to the              claims of its general creditors.

6.    DISTRIBUTION FROM THE ACCOUNT

		
	(a)
	Election as to the Commencement and Timing of the Distribution of 2011 and Prior Year Deferrals. 

		
	(i)
	Commencement - By election on the form designated by and filed with the Committee at the same time they elect to defer      compensation under Paragraph 4, a Participant, may elect to have distribution from their account commence (i) on the thirtieth day      after the date they cease to be employed by an Employer or, in the alternative, (ii) on January 15th of any calendar year following Separation from Service elected by the Participant, but in any            event no later than the latter of (A) the January of the year            following the year of the Participant’s 70th birthday or (B) the    January following Separation from Service or (iii) pursuant to the terms of any written employment  agreement applicable to the Participant. Notwithstanding the forgoing, however, for any 

9

Participant who is a Specified Employee, distribution of their    account may not occur earlier than six months following their Separation from Service.  

		
	(ii)
	Timing - By election on the form designated by and filed with the Committee at the same time they elect to defer compensation under Paragraph 4, a Participant may elect to receive the distribution of their Account in the form of (A) one lump-sum payment, (B)           annual distributions over a five-year period or (C) annual distributions over a 10-year period. A Participant may change such election by filing a subsequent election form, but any such change shall apply only to future deferrals. In the event a lump-sum        payment is made under this Plan, the Assets credited to a     Participant’s Account, including earnings at the rate provided in Subparagraph 5(b) of this Plan to the date of distribution, shall be paid to the Participant on the date determined under Subparagraph 6(a) of this Plan. In the case of a distribution over a period of                years, the Company shall pay to the Participant on the date    determined under Subparagraph 6(a) of this Plan and on the yearly anniversaries of such date, annual installments of the unpaid        balance of the Assets in the Participant’s Account, including      earnings on the unpaid balance at the rate provided in           Subparagraph 5(b) of this Plan to the date of distribution. The      amount of each installment shall be determined by multiplying the then unpaid balance, plus accrued earnings, in the Participant’s Account by a fraction, the numerator of which is one and the denominator of which is the number of annual installments     remaining to be paid. 

		
	(b)
	Election as to the Commencement and Timing of the Distribution of 2012 and Beyond Deferrals. By election in the manner prescribed by the Committee, at the same time they elect to defer compensation under Paragraph 4, a Participant, may elect to have distribution of each year’s deferrals and associated earnings occur on the date or event specified in Subparagraphs (i), (ii) or (iii).  For the avoidance of any doubt, a        Participant’s distribution election shall apply to future years unless the Participant makes a subsequent election.  

Distribution Elections with Respect to 2012 through 2018. A     Participant’s 2011 distribution election shall not carryover to 2012.  A Participant who defers 2012 base salary and/or bonus must make a distribution election.  If no election is made, the Participant’s deferrals          shall be distributed in the form of a lump sum six months following    Separation from Service. A Participant’s distribution election for 2012 or      for a later year through 2018 shall carryover to future years unless the 

10

Participant makes a change for the next succeeding year; provided          however, that no distribution election shall carryover for future years after 2018. Notwithstanding the carryover of a distribution election that would otherwise apply during the period 2012 through 2018, a Participant’s     election to have deferrals distributed under Section 6(b) (iii) shall not             carry over to a subsequent year.  If the Participant elects to have deferrals distributed under Section 6(b) (iii) for a given year and then fails to make   an election for the subsequent year, the Participant’s deferrals shall be paid in a lump sum six months following Separation from Service. 

Distribution Elections with Respect to 2019 and Future Years. A Participant’s 2018 distribution election shall not carryover to 2019.  A Participant who defers 2019 base salary and/or bonus must make an affirmative distribution election for 2019.  If no election is made, the Participant shall be deemed to have elected distribution for 2019 in the           form of a lump sum six months following Separation from Service. A distribution election must be affirmatively submitted by the Participant for each future year beginning with 2019 in accordance with Subparagraphs     6(b) (i), (ii) or (iii) below. If no distribution election is timely made for a particular year, the Participant shall be deemed to have elected distribution in the form of a lump sum six months following Separation from Service. 

		
	(i)
	For each year, a Participant may elect to have distribution of that year’s deferrals and associated earnings under Subparagraph 5(b), commence six months following Separation from Service.  Distribution shall be made or commence within the 60 day period following the date that is the date six months following Separation from Service. A Participant may elect to receive such distribution        in the form of (A) one lump-sum payment, or (B) annual       installments over a three to fifteen year period. In the case of a distribution over a period of years, the Company shall pay to the Participant on the date determined under this Subparagraph 6(b) (i) and on the yearly anniversaries of such date, annual installments of the unpaid balance of that year’s deferrals, including earnings on         the unpaid balance at the rate provided in Subparagraph 5(b) of             this Plan to the date of distribution. The amount of each installment shall be determined by multiplying the then unpaid balance of that year’s deferrals, plus accrued earnings, the numerator of which is     one and the denominator of which is the number of annual installments remaining to be paid. 

		
	(ii)
	For each year, a Participant may elect to have distribution of that year’s deferrals, and associated earnings under Subparagraph 5(b), paid or commence on a date that is indicated by the Participant as a number of years following Separation from Service, provided that 

11

such specified number of years is at least six months following Separation from Service.  Distribution shall be made or commence within the 60 day period following the date that the Participant       elects. A Participant may elect to receive such distribution in the      form of (A) one lump-sum payment, or (B) annual installments         over a three to fifteen year period. In the case of a distribution over a period of years, the Company shall pay to the Participant on the date determined under this Subparagraph 6(b) (ii) and on the yearly anniversaries of such date, annual installments of the unpaid         balance of that year’s deferrals, including earnings on the unpaid balance, at the rate provided in Subparagraph 5(b) of this Plan to         the date of distribution. The amount of each installment shall be determined by multiplying the then unpaid balance of that year’s deferrals, plus accrued earnings, the numerator of which is one and the denominator of which is the number of annual installments remaining to be paid.
 
		
	(iii)
	For each year’s deferrals and associated earnings, a Participant            may elect to receive distribution of that year’s deferrals on a      specified date that is no earlier than three years following the beginning of the year giving rise to the deferrals.  The Participant does not have to incur a Separation from Service to receive distribution under this Subparagraph (6) (b) (iii).  Distribution shall be made in a lump sum within 90 days following the date elected        by the Participant.

In the event that the Participant incurs a Separation from Service     prior to the date the elected under this subsection (iii), distribution   of those deferrals and associated earnings shall not be made upon Separation from Service, but rather shall be within 90 days       following the date elected by the Participant under this subsection (iii).

		
	(c)
	Changes in Distribution Elections. 

		
	(i) 
	Participants may, by notice filed with the Company prior to    December 31st of any year, make changes of distribution elections   on a prospective basis. However, beginning in 2019, a distribution election must be affirmatively submitted by the Participant for           each year. If no distribution election is timely made for a particular year beginning with 2019, the Participant shall be deemed to have elected distribution in the form of a lump sum six months            following Separation from Service. 

12

		
	(ii) 
	Participants may, by notice filed with the Company, make changes of distribution elections with respect to prior deferred          compensation as long (A) any such new distribution election is        made at least one year prior to the date that the commencement of the distribution would otherwise have occurred and (B) the revised commencement date is at least five years later than the date that the commencement of the distribution would otherwise have occurred.  With respect to 2012 and beyond deferrals, installment payments    shall be treated as one payment. 

		
	(iii)
	Special One-Time Election - Participants may, by notice filed with the Company prior to December 31, 2005, make a one-time          election to change any distribution election previously made with respect to compensation deferred on or before December 31, 2005.

		
	(iv) 
	Special One-Time Election - Participants may, by notice filed with the Company prior to December 31, 2008, make a one-time          election to change any distribution election previously made with respect to compensation deferred during 2005, 2006, 2007 or 2008.

		
	(d)
	Distribution in Case of Certain Disability - In the event of a Participant’s Disability prior to a calendar year elected by the Participant under Subparagraph 6(a) or Subparagraph (b) of this Plan for distribution to commence, distribution of the Participant’s Account shall commence in           the month following the month in which the Participant terminates employment for Disability, in accordance with the Participant’s election under Subparagraph 6(a) or Subparagraph (b) of this Plan as to the form of distribution.

		
	 (e)
	Distribution in Case of Death. 

		
	(i)
	Distribution of 2011 and Prior Years Deferrals.  In the event of a Participant’s death, the balance of the Participant’s Account shall          be distributed to the Participant’s Beneficiary(ies) over a period of not more than five (5) years, in accordance with the Participant’s election (in the manner prescribed by the Committee) for       distribution in case of death. Any change in the period over which such payments are made shall only apply to future deferrals. Such distribution shall be made in a manner consistent with       Subparagraph 6(a) of this Plan and shall commence in the month          of January of the year after the year of the Participant’s death, on a date within said month to be determined by the Committee in its        sole discretion. Additional annual payments for distributions made over a period of more than one year shall be made on the yearly anniversaries of such date. In the event of a Participant’s death             

13

after distribution of their Account has commenced, any election   under this Subparagraph 6(e) (i) shall not extend the time of         payment of their Account beyond the time when distribution would have been completed if they had lived. A Participant may change Beneficiary designations by filing a subsequent designation in the manner prescribed by the Committee.

		
	(ii)
	Distribution of 2012 and Beyond Deferrals.  In the event of a Participant’s death prior to the date that the Participant commenced receiving of a specific year’s deferrals and associated earnings,         such amount shall be distributed to the Participant’s Beneficiary     (ies) in a lump sum within 90 days following the Participant’s          death. 

In the event of the Participant’s death after they commenced distribution of a year’s deferrals and associated earnings in the           form of installments, the balance of such year’s deferrals and associated earnings shall be distributed to the Participant’s Beneficiary(ies) in a lump sum within 90 days following the Participant’s death.

A Participant may change Beneficiary designations by filing a subsequent designation in the manner prescribed by the         Committee. The Participant’s Beneficiary designation shall apply        to their entire Account. 

		
	(f)
	Request for Change in Distribution on Account of an Unforeseeable Emergency - A Participant, Beneficiary or a legal representative may        request an acceleration of any payments from a Participant’s Account by making such request in the manner prescribed by the Committee. The Committee, or its delegate, may, in its sole discretion, grant such request    only if the Committee, or its delegate, determines that an emergency         beyond the control of the Participant, Beneficiary or legal representative exists and which would cause such Participant, beneficiary or legal representative severe financial hardship if the payment of such benefits       were not approved. Any such distribution for hardship shall be limited to     the amount needed to meet such emergency plus the amount of any tax liability resulting from the distribution. A Participant who makes a          hardship withdrawal may not reenter this Plan for 12 months after the date of withdrawal. Any distribution under this Subparagraph 6(f) shall be           made on the 15th day after the Committee, or its delegate, grants such      request for hardship withdrawal.

		
	(g)
	Employment not Terminated if Transferred to an Affiliate - For the         purposes of this Paragraph 6, a Participant shall not be deemed to have 

14

experienced a Separation from Service if they are transferred to the            employ of an employer that is an Affiliate of the Company.

		
	(h)
	Company may Distribute in Lump-Sum if Distributable Amount Less          Than $5,000 - The Company reserves the right to make a lump-sum distribution, notwithstanding any other provision of this Plan, if the total Assets in the Participant’s Account in this Plan and in the Participant’s accounts in all other plans required under the Section 409A of the Code to be aggregated with this Plan, are $5,000 or less at any time after the    Participant ceases to be employed by the Company.

		
	(i)
	Failure to make a Distribution Election.

		
	(i)
	2011 and Prior Years Deferrals. If, with respect to any election to defer compensation for 2011 or any prior year, a Participant fails to make a proper election with respect to the distribution of such   deferred compensation, such amount will be distributed in a lump sum on the thirtieth day following the Participant’s Separation           from Service.

		
	(ii)
	Deferrals for 2012 through 2018.  If, with respect to any election to defer compensation for 2012 or any subsequent year through 2018, a Participant fails to make a proper election with respect to the distribution of such deferred  compensation, such amount will be distributed in accordance with the prior year’s election (but not any election in place for a year prior to 2012).  In the event that no               valid election is on file, such amount will be distributed in a lump sum on the date specified in Subparagraph 6(b) (i).

		
	(iii)
	2019 and Beyond Deferrals. If, with respect to any election to             defer compensation for 2019 or any subsequent year, a Participant fails to make a proper election with respect to the distribution of        such deferred  compensation, such amount will be distributed in a lump sum six months following Separation from Service.

		
	(j)
	Distribution in Case of Certain Tax Events - If, with respect to any     Participant, the Plan fails to meet the requirements of the Code with            respect to the deferral of tax liability, the Company may accelerate distribution from a Participant’s Account amounts sufficient to meet such Participant’s resulting Federal, State, Local and/or Foreign tax liability (including any interest and penalties).

7.    ASSIGNMENT.  No benefit under the Plan shall in any manner or to any extent       be assigned, alienated, or transferred by any Participant or Beneficiary under the Plan or subject    to attachment, garnishment or other legal process.

15

8    PLAN DOES NOT CONSTITUTE AN EMPLOYMENT AGREEMENT.  This    Plan shall not constitute a contract for the continued employment of any Participant by the      Company.  The Company reserves the right to modify a Participant’s compensation at any time     and from time to time as it considers appropriate and to terminate their employment for any               reason at any time notwithstanding this Plan.

9.    AMENDMENT OR TERMINATION OF THE PLAN BY THE COMPANY.             The Company may, in its sole discretion and by action of its Board of Directors or the                 Committee, amend, modify or terminate this Plan at any time, provided, however, that no such amendment, modification or termination shall adversely affect the right of a Participant in               respect of Deferred Compensation previously earned by them which has not been paid, unless         such Participant or their legal representative shall consent to such change; and no such          amendment, modification or termination shall entitle any Participant to an acceleration of any distributions from this Plan. Provided, further, that notwithstanding any other provision of this     Plan, upon the occurrence of a Change in Control, the earnings credit calculated pursuant to Paragraph 5 may not be reduced below the prime commercial lending rate described in     Subparagraph 5(b).

10.    WHAT CONSTITUTES NOTICE.  Any notice to a Participant, Beneficiary or        legal representative hereunder shall be given either by delivering it or by depositing it in the            United States mail, postage prepaid, addressed to their last known address. Any notice to the Company or the Committee hereunder (including the filing of election and designation forms)       shall be given either by delivering it, or depositing it in the United States mail, postage prepaid,       to the Company‘s Corporate Secretary, Public Service Enterprise Group Incorporated, 80 Park Plaza, P.O. Box 1170, Newark, New Jersey 07102.

11.    ADVANCE DISCLAIMER OF ANY WAIVER ON THE PART OF THE COMPANY.  Failure by the Company to insist upon strict compliance with any of the terms, covenants or conditions hereof shall not be deemed a waiver of any such term, covenant or      condition, nor shall any waiver or relinquishment of any right or power hereunder at any one or more times be deemed a waiver or relinquishment of any such right or power at any other time or times.

12.    EFFECT ON INVALIDITY OF ANY PART OF THE PLAN. The invalidity or unenforceability of any provision hereof shall in no way affect the validity or enforceability of        any other provision.

13.    PLAN BINDING ON ANY SUCCESSOR OWNER. Except as otherwise         provided herein, this Plan shall inure to the benefit of and be binding upon the Company, its successors and assigns, including but not limited to any corporation which may acquire all or substantially all of the Company’s assets and business or with or into which the Company may         be consolidated or merged.

16

14.    LAWS GOVERNING THIS PLAN. Except to the extent federal law applies, this Plan shall be governed by the laws of the State of New Jersey. This Plan is specifically intended    to comply with the provisions of The American Jobs Creation Act of 2004 (the “AJCA”) and       Section 409A of the Code and it shall automatically incorporate all applicable restrictions of the AJCA, the Code and its related regulations, and the Company will amend the Plan to the extent necessary to comply with those requirements.  The timing under which a Participant will have a right to receive any payment under this Plan will be deemed to be automatically modified, and a Participant’s rights under the Plan limited to conform to any requirements under, the AJCA, the Code and its related regulations.
15.    MISCELLANEOUS.  The masculine pronoun shall mean the feminine wherever appropriate.

17

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