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Constellation PECO Supplemental Pension Benefit Plan
(Effective Date: February 1, 2022)
Constellation Energy Corporation (the “Company”) hereby establishes the Constellation PECO Supplemental Pension Benefit Plan (the “Plan”).  The Plan shall be effective as of the date on which shares of common stock of the Company are distributed to the stockholders of Exelon Corporation (“Exelon,” and such date, the “Effective Date”) pursuant to the Separation Agreement between the Company and Exelon, entered into in connection with such distribution (the “Separation Agreement”).  The distribution of shares of common stock of the Company to the stockholders of Exelon pursuant to the Separation Agreement shall be referred to hereinafter as the “Spin-Off.”
1.Administration. This Plan shall be administered by the Vice President, Benefits of the Company, or such other person designated by the Company’s Chief Human Resources Officer (“CHRO”) from time to time. The Plan Administrator shall have discretionary authority to interpret the Plan; make factual determinations; establish such rules and regulations of plan administration that it deems appropriate. The Plan Administrator’s decisions with respect to the construction, administration and interpretation of the Plan shall be conclusive and binding. The cost of the plan administration shall be paid by the Company, and shall not be charged against the benefits of Plan participants. 
2.Eligibility. Eligibility under the Plan is restricted to executive, key management and other select employees of the Company and its Subsidiaries who participate in the Service Annuity Plan of Constellation PECO Energy Company (the “Service Annuity Plan”) and who exceed the maximum benefit or maximum compensation limits of the Code. “Subsidiary” shall mean a corporation in which the Company owns, directly or indirectly, at least 50% of the combined voting power of all classes of stock entitled to vote, and which is approved by the Plan Administrator to participate in the Plan. Individuals who have accrued benefits under the Service Annuity Plan, and who elect to transfer from such plan to the Constellation Cash Balance Pension Plan, shall cease to participate in this Plan and shall have their supplemental pension benefits paid from the Constellation Supplemental Management Retirement Plan, and this Plan shall have no further obligation to provide supplemental benefits following such a transfer.  Notwithstanding anything herein to the contrary, in connection with the Spin-Off and pursuant to the terms of the Employee Matters Agreement between the Company and Exelon, entered into in connection with the Spin-Off (“Employee Matters Agreement”), each Constellation Employee (as defined in the Employee Matters Agreement) who was participating in the PECO Energy Company Supplemental Pension Benefit Plan (the “Predecessor Plan”) as of immediately prior to the Spin-Off shall automatically become a participant in this Plan as of the Effective Date. 
3.Supplemental Pension Benefit. The Plan will supplement a participant’s pension or preretirement death benefit payable under the Service Annuity Plan by the amount which is the difference, if any, between such unreduced pension or pre-retirement death benefit and the unreduced monthly pension or preretirement death benefit which would have been payable under the Service Annuity Plan as if: (i) the provisions of that Plan were administered without regard to the maximum benefit limitations or the maximum compensation limitations imposed under the Code; (ii) for purposes of calculating the participant’s benefit under Section 3.1(a) of the Service Annuity Plan (the “2% accrued” formula), the participant’s salary with respect to earnings accrued prior to January 1, 2001, includes in the year payable (whether or not deferred) the amount of any award under the Management Incentive Compensation Plan of PECO Energy Company (“PECO”) or the prior Incentive Compensation Plan; (iii) for purposes of calculating the participant’s benefit under Section 3.1(b) of the Service Annuity Plan (the “minimum” formula), the participant’s annual base salary with respect to earnings accrued prior to January 1, 2001, includes the amount of any award under PECO’s Management Incentive Compensation Plan, whether paid currently or deferred, and in either case imputed ratably over the months 

worked by the participant in the year earned; and (iv) for purposes of both benefit formulas under the Service Annuity Plan, the participant’s salary had not been reduced (whether before or after the Effective Date) in connection with a deferral of cash compensation. In addition, with respect to earnings accrued prior to January 1, 2001, for any participant whose compensation was established by the Board, such supplemental benefit will also reflect the following adjustment: for purposes of calculating the participant’s benefit under Section 3.l(b) of the Service Annuity Plan (the “minimum” formula), the participant’s annual base salary shall include the amount of any award under PECO’s prior Incentive Compensation Plan, whether paid currently or deferred, and in either case imputed ratably over the months worked by the participant in the year earned. This supplemental benefit shall be adjusted in accordance with the provisions of the Service Annuity Plan with respect to age and service to reflect the benefit commencement date and, to the extent the Plan Administrator determines is appropriate, any post-retirement benefit increases with respect to benefits under the Service Annuity Plan. 
As of the Effective Date, the Company and the Plan shall assume all liabilities under the Predecessor Plan for any benefits under such plan of all Constellation Employees (as defined in the Employee Matters Agreement) who participated in the Predecessor Plan immediately prior to the Spin-Off, and such benefits shall be administered and paid under the terms of this Plan. All elections made by such participants under the Predecessor Plan prior to the Effective Date will continue to apply and shall be administered under this Plan.  As of the Effective Date, the Plan shall assume and honor the terms of all domestic relations orders in effect under the Predecessor Plan in respect of participants who participated in the Predecessor Plan immediately prior to the Spin-Off.  Notwithstanding anything herein to the contrary, a participant’s service with Exelon and its subsidiaries prior to the Spin-Off shall be taken into account for purposes of determining such participant’s service under this Plan.  
4.Time and Manner of Payment. 
(a)Time and Manner of Payment of Benefits Commencing Prior to January 1, 2009. The distribution of any Plan benefit that commenced prior to January 1, 2009 shall continue to be paid in accordance with the terms of the Plan as in effect as of the date such distribution commenced; provided, however, that in the case of benefits commencing on or after January 1, 2005, any such distribution shall be subject to administrative procedures established by the Company or the Plan Administrator for the purpose of to complying with Section 409A of the Code. 
(b)Time and Manner of Payment of Grandfathered Benefits. All Plan benefits to which a Participant is entitled that had accrued and were vested as of December 31, 2004 (“Grandfathered Benefits”) shall be paid in accordance with this Paragraph 4(b), and such benefits are intended to be exempt from Section 409A of the Code, and the Plan shall be construed and administered in accordance with such intent. The portion of a Plan benefit that is the Grandfathered Benefit shall be determined in accordance with Treasury Regulation §1.409A-6(a)(3). 
(i)Except as otherwise determined by the Plan Administrator, or as otherwise elected by the participant under this Paragraph, supplemental pension and death benefits will be in the same form and paid to the employee (or on his or her behalf, to his or her beneficiaries) in the same manner as payment of retirement and death benefits under the Service Annuity Plan. 
(ii)(1)  In any calendar year before the participant’s termination of employment, and in accordance with procedures established by the Plan Administrator, a participant may elect to receive the present value of the 
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supplemental retirement benefit payable to the participant under Paragraph 3 in a lump sum upon the participant’s termination of employment. 
(2)The present value of amounts payable in a lump sum pursuant to this Paragraph 4(b)(ii) will be actuarially determined by discounting the expected stream of annuity payments (based upon the life expectancy of the participant and, if applicable, the life expectancy of the participant’s beneficiary as provided under the Contingent Annuity Option of the Service Annuity Plan, determined as of the date of payment under the mortality table used in the most recent actuarial analysis of the Service Annuity Plan) at a rate equivalent to the Pension Benefit Guaranty Corporation (PBGC) Immediate Annuity Rate in effect on January 1 of the year of retirement. Such calculation shall reflect the Contingent Annuity Option benefit under the Service Annuity Plan if the participant otherwise satisfies the conditions for that benefit, but shall not reflect any possible post-retirement benefit increases; provided, however, that, if the participant’s Contingent Annuity Option election under the Service Annuity Plan is not irrevocable at the time the lump sum payment is made hereunder, the participant will receive an initial lump sum payment reflecting the Contingent Annuity Option resulting in the smallest lump sum payment from the Plan and, at age 65 (or at the participant’s death, if earlier), a payment will be made to the participant (or his or her beneficiary) equal to the balance due the participant (which shall be the present value of the difference between the value of the total pension payable to the participant or beneficiary at such time over the sum of the value of benefits payable to the participant or beneficiary under the Service Annuity Plan and the lump sum previously paid, taking into account the Contingent Annuity Option then in effect, the Contingent Annuity Option in effect between retirement and age 65, and increases in benefit payable under the Service Annuity Plan due to adjustment of Code limitations (which, for purposes of determining the amount of the Grandfathered Benefits, shall not take into account increases in such limitations after October 3, 2004), and reflecting the interest rate used to calculate the prior lump sum). The specific calculation methodology and manner of payment, which will be made in a manner acceptable to the Plan Administrator, will be applied in a uniform, non-discriminatory fashion. An election made pursuant to Paragraph 4(b)(ii)(1), once made, shall be irrevocable; provided, however, that a participant who made an election prior to June 1, 1993 to receive the entire supplemental retirement benefit payable to the participant hereunder in a lump sum may, while employed by the Company, make one subsequent election on or after June 1, 1993 to receive less than the full benefit in a lump sum, subject to the timing limitations described in Paragraph 4(b)(ii)(l). 
(iii)(1)  A participant may elect to have supplemental death benefits under Paragraph 3 paid to such beneficiary or beneficiaries as the participant may designate in writing, in the manner specified by the Plan Administrator. A change in beneficiary designation may be made at any time until the participant’s death, notwithstanding that the form and amount of the benefit may be fixed upon the participant’s termination of employment or other inter vivos determining event. In the absence of a written beneficiary designation, death benefits will be paid to the beneficiary or beneficiaries entitled to the participant’s survivor and death benefits under the Service Annuity Plan. 
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(2)Should a participant who has made a lump sum election as described in Paragraph 4(b)(ii)(1) prior to June 1, 1993 die between the time such election is made and the date payments are scheduled to begin, the present value of supplemental death benefits payable to the participant’s beneficiary under Paragraph 3 shall be paid in a lump sum to the participant’s beneficiary as soon as administratively practicable following the participant’s death; provided, however, that the participant has not made a contrary election pursuant to the following sentence. In accordance with procedures prescribed by the Plan Administrator, during his or her employment a participant (including a participant described in the preceding sentence), may elect, or revoke or change a prior election, to have the present value of all or a portion of the supplemental death benefits payable to the participant’s beneficiary under Paragraph 3 paid to the beneficiary in a lump sum as soon as administratively practicable following the participant’s death; provided, however, that such election, or revocation or change, will not be effective unless made in any calendar year prior to the year in which the participant dies and at least ninety (90) days prior to the date of such participant’s death. 
(3)The present value of amounts payable in a lump sum pursuant to Paragraph 4(b)(iii) will be actuarially determined by discounting the expected stream of annuity payments (based upon the beneficiary’s life expectancy determined as of the date of payment under the mortality table used in the most recent actuarial analysis of the Service Annuity Plan) at a rate equivalent to the Pension Benefit Guaranty Corporation (PBGC) Immediate Annuity Rate in effect on January 1 of the year of the participant’s death; provided, however, that a lump sum payable to the beneficiary of a participant who made a lump sum election under this Paragraph 4 prior to June 1, 1993 (even if such election was later modified, or revoked and reinstated, with respect to the participant’s beneficiary) shall be valued using the PBGC Immediate Annuity Rate in effect during the month such election was made, if the use of such rate would result in a larger lump sum payment. 
(c)Time and Manner of Payment of Non-Grandfathered Benefits. All Plan benefits other than those payable pursuant to Paragraphs 4(a) and 4(b) shall be paid in accordance with this Paragraph 4(c), and such benefits (the “Non-Grandfathered Benefits”) are intended to comply with Section 409A of the Code, and the Plan shall be construed and administered in accordance with such intent. 
(i)Elections of Time and Form of Payment. Subject to the delay in the receipt of payments pursuant to clause (iii) below, a participant’s Non-Grandfathered Benefit shall commence within ninety days after (A) the date of the participant’s separation from service, within the meaning of Section 409A of the Code, or (B) the later to occur of (I) the date of the participant’s separation from service and (II) the date on which the participant attains an age, not earlier than age 50 and not later than age 65, as elected by the participant in accordance with procedures prescribed by the Plan Administrator (such commencement date, the “Non-Grandfathered Commencement Date”). Each participant shall elect his or her Non-Grandfathered Commencement Date not later than 30 days after the first day of the calendar year immediately following the first year in which the participant accrues a Non-Grandfathered Benefit under the Plan; provided that (x) each person who is a participant in the Plan prior to December 31, 2008 shall be permitted to elect his or her Non-Grandfathered Commencement Date prior to 
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December 31, 2008 in accordance with procedures prescribed by the Company and the transition rule set forth in IRS Notice 2005-1, Q&A-19(c), and extended in the preamble to regulations proposed under Section 409A of the Code, IRS Notice 2006-79 and IRS Notice 2007-86, which permits participants in deferred compensation plans to change the date on which deferred compensation is payable, and (y) to the extent a Non-Grandfathered Benefit provided under Paragraph 3 hereof is not an “excess benefit plan,” within the meaning of Treasury Regulation §1.409A-2(a)(7)(iii), the participant shall elect his or her Non-Grandfathered Commencement Date not later than 30 days after the date on which such participant first becomes eligible to participate in the Plan or any other plan that is aggregated with the Plan under Section 409A of the Code. Non-Grandfathered Benefits shall be paid in the form of a lump sum payment or as an annuity, as elected by the participant at the time the participant elects his or her Non-Grandfathered Commencement Date. A participant who elects to receive his or her Non-Grandfathered Benefit in the form of an annuity may elect the form of such annuity prior to the Non-Grandfathered Commencement Date in accordance with procedures prescribed by the Plan Administrator, provided that the form of annuity elected by the participant (1) is an annuity option that is available under the Qualified Plan at the time such election is made and (2) is the actuarial equivalent, within the meaning of Section 409A of the Code, of the single life annuity option available under the Qualified Plan. 
(ii)Actuarial Adjustment of Non-Grandfathered Benefits. If a participant elects to receive his or her Non-Grandfathered Benefit in the form of a lump sum or an annuity other than a single life annuity for the life of the participant or if the participant’s Plan benefit is paid or commences earlier or later than the participant’s normal retirement date under the Service Annuity Plan, the participant’s Non-Grandfathered Benefit shall be actuarially adjusted to reflect such other form of pension benefit or pension starting date, or both, as the case may be, using the same actuarial factors that would be used to make comparable adjustments to the participant’s pension benefit under the Service Annuity Plan. 
(iii)Six-Month Delay for Specified Employees. Pursuant to Section 409A of the Code, if payment of a participant’s Non-Grandfathered Benefit would commence as of the participant’s separation from service pursuant to clause (i) above and such participant is a “specified employee,” within the meaning of Section 409A of the Code, then no payments with respect to such benefit shall be made prior to the month following the six-month anniversary of such separation from service, and during such month (A) if the participant has elected annuity payments, the participant shall receive an initial payment equal to seven times the amount of the monthly payment determined in accordance with clause (i) or (ii) above, and thereafter the participant shall receive the regular monthly payments determined pursuant to clauses (i) and (ii) above and (B) if the participant elected a lump sum distribution shall receive such distribution plus interest for such six-month period using the discount rate for December of the year preceding the year that includes the distribution date. If a participant dies following the participant’s separation from service but prior to the commencement of payments pursuant to this clause (iii), the amount that would have been paid to the participant prior to the date of death, without regard to the six-month delay in payment pursuant to this clause (iii), shall be paid to the participant’s beneficiary within ninety (90) days after the last day of the calendar quarter that includes the date of the participant’s death. 
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(iv)Survivors’ Benefits. Any survivors’ benefit described in Paragraph 3 that is payable with respect to a Non-Grandfathered Benefit shall be payable in accordance with the form of payment election in effect for the participant and shall commence within 90 days after the date of the participant’s death. 
5.Claims Procedure. In accordance with the regulations of the U.S. Department of Labor, the Plan Administrator shall (i) provide adequate notice in writing to any Participant or beneficiary whose claim for benefits is denied, setting forth the specific reasons for such denial and written in a manner calculated to be understood by such Participant or beneficiary and (ii) afford a reasonable opportunity to any Participant or beneficiary whose claim for benefits has been denied for a full and fair review by the CHRO of the decision denying the claim. 
6.Amendment / Discontinuance. The Compensation Committee of the Company or its designee shall have the exclusive authority to alter, amend, suspend, or terminate the Plan at any time; provided that, except as permitted by Section 409A of the Code, no such alteration, amendment, suspension, or termination shall result in the payment of benefits in any manner than is otherwise provided in this Plan. 
7.No Right to Continued Employment. The Plan shall not confer upon any person any right to be continued in the employment of the Company. 
8.Non-Assignment of Benefits. Notwithstanding anything contained in the Plan to the contrary, it shall be a condition of the payment of benefits under this Plan that neither such benefits nor any portion thereof shall be assigned, alienated or transferred to any person voluntarily or by operation of any law, including any assignment, division or awarding of property under state domestic relations law (including community property law). If any person shall endeavor or purport to make any such assignment, alienation or transfer, amounts otherwise provided hereunder shall cease to be payable to any person. 
9.Governing Law. To the extent benefits provided under the Plan restore benefits reduced by application of the limitations contained in section 415 of the Code, the Plan is intended to be an excess benefit plan within the meaning of Section 3(36) of the Employee Retirement Income Security Act of 1974, as amended (“ERISA”). The Plan is otherwise intended to constitute an unfunded plan maintained primarily for the purpose of providing deferred compensation to a select group of management or highly compensated employees within the meaning of sections 201(2), 301(a)(3) and 401(a)(1) of ERISA and Department of Labor Regulation § 2520.104-23. The Plan shall be governed by the law of the Commonwealth of Pennsylvania, to the extent such law is not preempted by ERISA or other applicable federal law. 

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Constellation
Nonqualified Deferred 
Compensation Plan
Effective 
February 1, 2022

PURPOSE AND NATURE OF THE PLAN
Constellation Energy Corporation (the “Company”) hereby establishes the Constellation Nonqualified Deferred Compensation Plan (“Plan”) and maintains the Plan as an unfunded retirement plan for a select group of management or highly compensated employees. The purpose of this Plan is to provide for payments by the Company of certain amounts accrued prior to January 31, 2022 under the Constellation Energy Group, Inc. Nonqualified Deferred Compensation Plan (the “Predecessor Plan”). The Plan is divided into two parts: the first applicable to benefits earned and vested on or after January 1, 2005, which are subject to Internal Revenue Code section 409A, and the second applicable to benefits earned and vested before January 1, 2005, which are “grandfathered” under Internal Revenue Code section 409A.  
This Plan shall be effective as of the date on which shares of common stock of the Company are distributed to the stockholders of Exelon Corporation (“Exelon,” and such date, the “Effective Date”) pursuant to the Separation Agreement between the Company and Exelon, entered into in connection with such distribution (the “Separation Agreement,” and such transactions contemplated by the Separation Agreement, the “Spin-Off”).

Part I:FOR BENEFITS EARNED AND VESTED ON OR AFTER JANUARY 1, 2005
1.Definitions. All words beginning with an initial capital letter and not otherwise defined herein shall have the meaning set forth in the Constellation Employee Savings Plan (the “Employee Savings Plan”). All singular terms defined in this Plan will include the plural and vice versa. As used herein, the following terms will have the meaning specified below:
“Code” means Internal Revenue of 1986, as amended.
“Committee” means the Compensation Committee of the Board of Directors of the Company.
“Constellation Employee” has the meaning ascribed to such term in the Employee Matters Agreement.
“Employee Matters Agreement” means the Employee Matters Agreement between the Company and Exelon, entered into in connection with the Spin-Off.
“Employee Savings Plan” means the Constellation Employee Savings Plan as may be amended from time to time, or any successor plan.
“Key Employee” means an employee listed each year by the Company on the Key Employee List as required by Treasury Regulation 1.409A-1(i), which shall generally be comprised of officers, and shall include but not be limited to: the 50 most highly paid officers having annual compensation greater than $200,000 (as adjusted from time to time); 5% owners; and 1% owners that have annual compensation from the Company greater than $150,000 (as adjusted from time to time). Key Employees shall be identified as of December 31 of each year, and the Key Employee list shall take effect on April 1 of the year following.
“Plan Accounts” means amounts of a participant’s and employer’s contributions, and earnings under the Plan.

“Plan Administrator” means, as set forth in Section 2, the Director, Benefits of the Company.
“Rabbi Trust” means any trust established by the Company for the purpose (in whole or in part) of supporting benefit obligations under this Plan.
“Severance from Service Date” means the date that the employee dies, retires, or otherwise has a termination of employment such that it is reasonably anticipated that the employee will perform no additional services, or the level of bona fide services performed would permanently decrease to no more than 20 percent of the average level of bona fide services performed in the immediately preceding 36-month period.
2.Plan Administration. The Director, Benefits of the Company is the Plan Administrator and has the sole authority (except as specified otherwise herein) to interpret the Plan, and, in general, to make all other determinations advisable for the administration of the Plan to achieve its stated objective.
Appeals of written decisions by the Plan Administrator may be made to the Vice President, Benefits of the Company (the “Appeal Officer”). Decisions by the Appeal Officer shall be final and not subject to further appeal. The Plan Administrator shall have the power to delegate all or any part of his/her duties to one or more designees, and to withdraw such authority, by written designation.
3.Eligibility and Participation.  In connection with the Spin-Off and pursuant to the terms of the Employee Matters Agreement, each Constellation Employee who was participating in the Predecessor Plan as of immediately prior to the Spin-Off (an “Eligible Participant”) shall automatically become a participant in this Plan as of the Effective Date.  No individual other than an Eligible Participant may participate in this Plan.  As of the Effective Date, the Company and the Plan shall assume all liabilities under the Predecessor Plan for any benefits under such plan of all Eligible Participants, and such benefits shall be administered and paid under the terms of this Plan. All elections made by such participants under the Predecessor Plan with respect to any plan year prior to the Effective Date and the plan year in which the Effective Date occurs will continue to apply and shall be administered under this Plan.  As of the Effective Date, the Plan shall assume and honor the terms of all domestic relations orders in effect under the Predecessor Plan in respect of all Eligible Participants.
4.[Reserved.]
5.[Reserved.]
6.[Reserved.]
7.[Reserved.]
8.Plan Accounts. As of the Effective Date, a Plan Account shall be established for the benefit of each Eligible Participant and be credited with an amount equal to the amount credited to such participant’s Plan Account under the Predecessor Plan.  Each participant’s Plan Account shall be (i) to the extent designated by the Plan Administrator, held for the benefit of the participant in the Rabbi Trust; and (ii) credited with earnings at the T. Rowe Price Summitt Cash Reserves Fund rate, or such other fund as shall replace this fund in the Employee Savings Plan. However, a participant may elect (by notification in the form and manner established by the Plan Administrator from time to time) to have all or a portion of his/her Plan Accounts credited with earnings at a rate equal to the T. Rowe Price Summitt Cash Reserves Fund rate, the T. Rowe Price New Income Fund rate, or one or more of the rates earned by investment options available 
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under the Employee Savings Plan, except the Common Stock Fund and the Interest Income Fund (or such other fund as may be designated by the Plan Administrator). Plan Accounts will be valued daily in the same manner as for Investment Funds under the Employee Savings Plan.
A participant may elect to reallocate to other investment options current Plan Accounts, which election shall be effective at the same time as, and valued in accordance with, the interfund transfer provisions under the Employee Savings Plan. Such elections shall be made by notification in the form and manner established by the Plan Administrator from time to time.
Earnings are credited to Plan Accounts through the date of distribution, and amounts held for installment payments shall continue to be credited with earnings, as specified in this Section 8.
9.Distributions of Plan Accounts. Distributions of Plan Accounts shall be made in cash only, and to the extent designated by the Plan Administrator, from the Rabbi Trust. Subject to Section 9(c), distribution elections shall be effective as of the date received by the Plan Administrator.
(a)Elections as to timing.
(i)Timing of distribution. At the time of the participant’s initial deferral election under the Predecessor Plan, the participant shall have elected (in the form and manner established by the Plan Administrator at such time) to begin distributions (A) in the calendar year following the calendar year of the participant’s Severance from Service Date; (B) in the year following the year in which a participant attains age 70-1/2, if later, or (C) any calendar year between (A) and (B). The single payment or the first installment payment, whichever is applicable, shall be made within the first sixty (60) days of the calendar year elected for distribution. Subsequent installments, if any, shall be made within the first sixty (60) days of each succeeding calendar year until the participant’s Plan Accounts are distributed. In the event no timely election is made, a participant shall receive the distribution within the first sixty (60) days of the year following the participant’s Severance from Service Date.
(ii)Six-month delay for Key Employees. Notwithstanding the foregoing, a participant who is also a Key Employee shall receive no benefit payments before the date that is six months after the participant’s Severance From Service Date.
(b)Elections as to form. At the time of the participant’s initial deferral election under the Predecessor Plan, the participant shall have elected (in the form and manner established by the Plan Administrator at such time) to receive distributions in a single payment or in annual installments during a period not to exceed ten (10) years. Such annual installments shall be made on a ratable basis, except the participant may elect a different initial installment payment (expressed as a percentage of the participant’s Plan Account balance). In the event no timely election is made, a participant shall receive a distribution in a single payment.
(c)Change of election. A participant can make a subsequent distribution election as to timing or form. However, such election shall take effect no earlier than 12 months from the date the subsequent election is received by the Plan Administrator, and will delay the benefit commencement date five years from the date such payment would otherwise have been paid. If the participant elects a distribution pursuant to Section 9(a)(i) or (b), a participant may revoke the election no later than 12 months before the scheduled payment date.
(d)Benefits payable upon death: If the participant dies without designating a beneficiary in accordance with Section 10, or if the designated beneficiaries predeceases the 
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participant, the entire unpaid balance of his/her Plan Accounts shall be paid to the participant’s estate within 60 days after notification to the Plan Administrator of the participant’s death.
If the participant dies, the entire unpaid balance of the participant’s Plan Accounts shall be paid to the beneficiary(ies) designated by the participant. Payment shall be in the form of a lump sum, and shall be made within sixty (60) days after notice of death is received by the Plan Administrator.
In the event that a participant’s beneficiary dies prior to the distribution of the participant’s Plan Account, the entire unpaid balance of the participant’s Plan Accounts shall be paid in a lump sum to the beneficiary(ies) designated by the participant’s beneficiary by notification in the form and manner established by the Plan Administrator from time to time or, if no designation was made, to the estate of the participant’s beneficiary. Payment shall be made within sixty (60) days after notice of death is received by the Plan Administrator.
10.Beneficiaries.    A participant shall have the right to designate a beneficiary(ies) who is to receive a distribution pursuant to Section 9 in the event of the death of the participant.
Any designation, change or rescission of the designation of beneficiary shall be made by notification in the form and manner established by the Plan Administrator from time to time. The last designation of beneficiary received by the Plan Administrator shall be controlling over any testamentary or purported disposition by the participant (or, if applicable, the participant’s beneficiary(ies)), provided that no designation, rescission or change thereof shall be effective unless received by the Plan Administrator prior to the death of the participant (or, if applicable, the participant’s beneficiary(ies)).
If the designated beneficiary is the estate, or the executor or administrator of the estate, of the participant (or, if applicable, the participant’s beneficiary(ies)), a distribution pursuant to Section 9 may be made to the person(s) or entity (including a trust) entitled thereto under the will of the participant (or, if applicable, the participant’s beneficiary(ies)), or, in the case of intestacy, under the laws relating to intestacy.
11.Valuation of Interest. The Plan Administrator shall cause the value of a participant’s Plan Accounts, at least once per year as of December 31, to be determined separately and be reported to the Company and the participant. Valuation of a participant’s Plan Accounts shall be determined in accordance with the procedures contained in the Employee Savings Plan.
12.Withdrawals.
No withdrawals of Plan Accounts may be made, except a participant may at any time request a hardship withdrawal from his/her Plan Accounts if he/she has incurred an unforeseeable financial emergency. An unforeseeable financial emergency is defined as severe financial hardship to the participant resulting from a sudden and unexpected illness or accident of the participant (or of his/her spouse or dependents), loss of the participant’s property due to casualty, or other similar extraordinary and unforeseeable circumstances arising as a result of events beyond the control of the participant. The need to send a child to college or the desire to purchase a home are not considered to be unforeseeable emergencies. The circumstance that will constitute an unforeseeable emergency will depend upon the facts of each case.
The amount of a hardship withdrawal will be limited to the amount reasonably necessary to satisfy the financial need, which may include any amounts necessary to pay Federal, state, local, or foreign taxes that are reasonably anticipated to arise from the distribution. Payment may not be made to the extent that such hardship is or may be relieved (i) through reimbursement or 
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compensation by insurance or otherwise, (ii) by liquidation of the participant’s assets, to the extent the liquidation of such assets would not itself cause severe financial hardship, or (iii) by cessation of deferrals under the Plan.
The request for hardship withdrawal shall be made by notification in the form and manner established by the Plan Administrator from time to time. Such hardship withdrawal will be permitted only with approval of the Plan Administrator. The participant will receive a lump sum payment after the Plan Administrator has had reasonable time to consider and then approve the request.
13.Compliance with Code section 409A. This Plan is intended to comply and shall be administered in a manner that is intended to comply with section 409A of the Code and shall be construed and interpreted in accordance with such intent. To the extent that an Award and/or payment is subject to section 409A of the Code, it shall be awarded and/or paid in a manner that will comply with section 409A of the Code, including proposed, temporary or final regulations or any other guidance issued by the Secretary of the Treasury and the Internal Revenue Service with respect thereto. Any provision of this Plan that would cause an Award and/or payment to fail to satisfy section 409A of the Code shall have no force and effect until amended to comply with Code section 409A (which amendment may be retroactive to the extent permitted by applicable law).
14.Miscellaneous. A participant’s Plan Accounts shall not be subject to alienation or assignment by any participant or beneficiary nor shall any of them be subject to attachment or garnishment or other legal process except (a) to the extent specially mandated and directed by applicable state or federal statute; and (b) as requested by the participant or beneficiary to satisfy income tax withholding or liability.
This Plan may be amended from time to time or suspended or terminated at any time at the written direction of the Committee.
No amendment to or termination of this Plan shall impair the rights of any participant or beneficiary with respect to amounts in his/her Plan Accounts before the date of such amendment or termination.
Participation in this Plan shall not constitute a contract of employment between the Company and any person and shall not be deemed to be consideration for, or a condition of, continued employment of any person.
The Plan, notwithstanding the creation of the Rabbi Trust, is intended to be unfunded for purposes of Title I of the Employee Retirement Income Security Act of 1974. The Company shall make contributions to the Rabbi Trust in accordance with the terms of the Rabbi Trust. Any funds which may be invested and any assets which may be held to provide benefits under this Plan shall continue for all purposes to be a part of the general funds and assets of the Company and no person other than the Company shall by virtue of the provisions of this Plan have any interest in such funds and assets. To the extent that any person acquires a right to receive payments from the Company under this Plan, such rights shall be no greater than the right of any unsecured general creditor of the Company.
In the event the Company becomes a party to a merger, consolidation, sale of substantially all of its assets or any other corporate reorganization in which the Company will not be the surviving corporation or in which the holders of the common stock of the Company will receive securities of another corporation (in any such case, the “New Company”), then the New Company shall assume the rights and obligations of the Company under this Plan.
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This Plan shall be governed in all respects by Pennsylvania law, without respect to any conflicts of law principles.

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Part II:FOR BENEFITS EARNED AND VESTED BEFORE JANUARY 1,  2005
1.Definitions. All words beginning with an initial capital letter and not otherwise defined herein shall have the meaning set forth in the Employee Savings Plan. All singular terms defined in this Plan will include the plural and vice versa. As used herein, the following terms will have the meaning specified below:
“Committee” means the Compensation Committee of the Board of Directors of the Company.
“Constellation Employee” has the meaning ascribed to such term in the Employee Matters Agreement.
“Employee Matters Agreement” means the Employee Matters Agreement between the Company and Exelon, entered into in connection with the Spin-Off.
“Employee Savings Plan” means the Constellation Employee Savings Plan as may be amended from time to time, or any successor plan.
“Plan Accounts” means amounts of a participant’s and employer’s contributions, and earnings under the Plan.
“Plan Administrator” means, as set forth in Section 2, the Director, Benefits of the Company.
“Rabbi Trust” means any trust established by the Company for the purpose (in whole or in part) of supporting benefit obligations under this Plan.
“Termination From Employment” means a participant’s separation from service with the Company or a subsidiary thereof; however, a participant’s transfer of employment to or from a subsidiary of the Company shall not constitute a Termination From Employment.
2.Plan Administration. The Director, Benefits of the Company is the Plan Administrator and has the sole authority (except as specified otherwise herein) to interpret the Plan, and, in general, to make all other determinations advisable for the administration of the Plan to achieve its stated objective.
Appeals of written decisions by the Plan Administrator may be made to the Vice President, Benefits of the Company (the “Appeal Officer”). Decisions by the Appeal Officer shall be final and not subject to further appeal. The Plan Administrator shall have the power to delegate all or any part of his/her duties to one or more designees, and to withdraw such authority, by written designation.
3.Eligibility and Participation. In connection with the Spin-Off and pursuant to the terms of the Employee Matters Agreement, each Constellation Employee who was participating in the Predecessor Plan as of immediately prior to the Spin-Off (an “Eligible Participant”) shall automatically become a participant in this Plan as of the Effective Date.  No individual other than an Eligible Participant may participate in this Plan.  As of the Effective Date, the Company and the Plan shall assume all liabilities under the Predecessor Plan for any benefits under such plan of all Eligible Participants, and such benefits shall be administered and paid under the terms of this Plan. All elections made by such participants under the Predecessor Plan with respect to any plan year prior to the Effective Date and the plan year in which the Effective Date occurs will continue to apply and shall be administered under this Plan.  As of the 
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Effective Date, the Plan shall assume and honor the terms of all domestic relations orders in effect under the Predecessor Plan in respect of all Eligible Participants.
4.[Reserved.]
5.[Reserved.]
6.[Reserved.]
7.[Reserved.]
8.[Reserved.]
9.[Reserved.]
10.Plan Accounts. As of the Effective Date, a Plan Account shall be established for the benefit of each Eligible Participant and be credited with an amount equal to the amount credited to such participant’s Plan Account under the Predecessor Plan. Each participant’s Plan Account shall be (i) to the extent designated by the Plan Administrator, held for the benefit of the participant in the Rabbi Trust; and (ii) credited with earnings at the T. Rowe Price Summitt Cash Reserves Fund rate, or such other fund as shall replace this fund in the Employee Savings Plan. However, a participant may elect (by notification in the form and manner established by the Plan Administrator from time to time) to have all or a portion of his/her Plan Accounts credited with earnings at a rate equal to the T. Rowe Price Summitt Cash Reserves Fund rate, the T. Rowe Price New Income Fund rate, or one or more of the rates earned by investment options available under the Employee Savings Plan, except the Common Stock Fund and the Stable Value Fund (or such other fund as may be designated by the Plan Administrator). Plan Accounts will be valued daily in the same manner as for Investment Funds under the Employee Savings Plan.
A participant may elect to reallocate to other investment options current Plan Accounts, which election shall be effective at the same time as, and valued in accordance with, the interfund transfer provisions under the Employee Savings Plan. Such elections shall be made by notification in the form and manner established by the Plan Administrator from time to time.
11.Distributions of Plan Accounts. Distributions of Plan Accounts shall be made in cash only, and to the extent designated by the Plan Administrator, from the Rabbi Trust.
(a)Elections as to timing. Prior to the end of the thirtieth (30th) calendar day after the date of a participant’s Termination From Employment such participant must elect the timing of distributions of his/her Plan Accounts. The participant may elect (by notification in the form and manner established by the Plan Administrator from time to time) to begin distributions (i) in the calendar year following the calendar year of the participant’s Termination From Employment, (ii) in the year following the year in which a participant attains age 70-1/2, if later, or (iii) any calendar year between (i) and (ii).
(b)Elections as to form. A participant may elect (by notification in the form and manner established by the Plan Administrator from time to time) to receive distributions in a single payment or in annual installments during a period not to exceed twenty-five (25) years. Such annual installments shall be made on a ratable basis, except the participant may elect a different initial installment payment (expressed as a percentage of the participant’s Plan Account balance). The single payment or the first installment payment, whichever is applicable, shall be made within the first sixty (60) days of the calendar year elected for distribution. Subsequent installments, if any, shall be made within the first sixty (60) days of each succeeding calendar year until the participant’s Plan Accounts are distributed. In the event no election is made prior to 
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the end of the thirtieth (30th) calendar day after the date of a participant’s Termination From Employment, a participant shall receive a distribution in a single payment within the first sixty (60) days of the following year.
Earnings are credited to Plan Accounts through the date of distribution, and amounts held for installment payments shall continue to be credited with earnings, as specified in Section 11.
(c)Revocation of elections. A participant’s distribution election is irrevocable on the thirtieth (30th) calendar day after the date of a participant’s Termination From Employment; provided, however a participant may subsequently make a onetime post-employment termination distribution election to receive a lump-sum payout of the participant’s remaining balance, provided such election is made no later than December 31 of the year that is at least one full calendar year prior to the distribution date, and is in the form and manner established by the Plan Administrator.
(d)Benefits payable upon death. If the participant dies without designating a beneficiary in accordance with Section 12, or if none of the designated beneficiaries are alive, the entire unpaid balance of his/her Plan Accounts shall be paid to the participant’s estate within 60 days after notification to the Plan Administrator of the participant’s death.
If the participant who has designated a beneficiary(ies) in accordance with Section 12 dies, the entire unpaid balance of the participant’s Plan Accounts shall be paid to the beneficiary(ies) designated by the participant. Payment shall be in the form of a lump sum, and shall be made within sixty (60) days after notice of death is received by the Plan Administrator.
In the event that a participant’s beneficiary does prior to the distribution of the participant’s Plan Accounts, the entire unpaid balance of the participant’s Plan Accounts shall be paid to the beneficiary(ies) designated by the participant’s beneficiary by notification in the form and manner established by the Plan Administrator from time to time or, if no designation was made, to the estate of the participant’s beneficiary(ies). Payment shall be made within sixty (60) days after notice of death is received by the Plan Administrator.
12.Beneficiaries.    A participant shall have the right to designate a beneficiary(ies) who is to receive a distribution(s) pursuant to Section 11 in the event of the death of the participant.
Any designation, change or rescission of the designation of beneficiary shall be made by notification in the form and manner established by the Plan Administrator from time to time. The last designation of beneficiary received by the Plan Administrator shall be controlling over any testamentary or purported disposition by the participant (or, if applicable, the participant’s beneficiary(ies)), provided that no designation, rescission or change thereof shall be effective unless received by the Plan Administrator prior to the death of the participant (or, if applicable, the participant’s beneficiary(ies)).
If the designated beneficiary is the estate, or the executor or administrator of the estate, of the participant (or, if applicable, the participant’s beneficiary(ies)), a distribution pursuant to Section 11 may be made to the person(s) or entity (including a trust) entitled thereto under the will of the participant (or, if applicable, the participant’s beneficiary(ies)), or, in the case of intestacy, under the laws relating to intestacy.
13.Valuation of Interest. The Plan Administrator shall cause the value of a participant’s Plan Accounts, at least once per year as of December 31, to be determined separately and be reported to the Company and the participant (or, if applicable, the participant’s 
9

beneficiary(ies)). Valuation of a participant’s Plan Accounts shall be determined in accordance with the procedures contained in the Employee Savings Plan.
14.Withdrawals. No withdrawals of Plan Accounts may be made, except a participant may at any time request a hardship withdrawal from his/her Plan Accounts if he/she has incurred an unforeseeable financial emergency. An unforeseeable financial emergency is defined as severe financial hardship to the participant resulting from a sudden and unexpected illness or accident of the participant (or of his/her dependents), loss of the participant’s property due to casualty, or other similar extraordinary and unforeseeable circumstances arising as a result of events beyond the control of the participant. The need to send a child to college or the desire to purchase a home are not considered to be unforeseeable emergencies. The circumstance that will constitute an unforeseeable emergency will depend upon the facts of each case.
A hardship withdrawal will be permitted by the Plan Administrator only as necessary to satisfy an immediate and heavy financial need. A hardship withdrawal may be permitted only to the extent reasonably necessary to satisfy the financial need and any anticipated taxes that arise from the distribution. Payment may not be made to the extent that such hardship is or may be relieved (i) through reimbursement or compensation by insurance or otherwise, (ii) by liquidation of the participant’s assets, to the extent the liquidation of such assets would not itself cause severe financial hardship, or (iii) by cessation of deferrals under the Plan.
The request for hardship withdrawal shall be made by notification in the form and manner established by the Plan Administrator from time to time.    Such hardship withdrawal will be permitted only with approval of the Plan Administrator. The participant will receive a lump sum payment after the Plan Administrator has had reasonable time to consider and then approve the request.
15.Miscellaneous. A participant’s Plan Accounts shall not be subject to alienation or assignment by any participant or beneficiary nor shall any of them be subject to attachment or garnishment or other legal process except (i) to the extent specially mandated and directed by applicable State or Federal statute; and (ii) as requested by the participant or beneficiary to satisfy income tax withholding or liability.
This Plan may be amended from time to time or suspended or terminated at any time at the written direction of the Committee. No amendment to or termination of this Plan shall impair the rights of any participant or beneficiary with respect to amounts in his/her Plan Accounts before the date of such amendment or termination.
Participation in this Plan shall not constitute a contract of employment between the Company and any person and shall not be deemed to be consideration for, or a condition of, continued employment of any person.
The Plan, notwithstanding the creation of the Rabbi Trust, is intended to be unfunded for purposes of Title I of the Employee Retirement Income Security Act of 1974. The Company shall make contributions to the Rabbi Trust in accordance with the terms of the Rabbi Trust. Any funds which may be invested and any assets which may be held to provide benefits under this Plan shall continue for all purposes to be a part of the general funds and assets of the Company and no person other than the Company shall by virtue of the provisions of this Plan have any interest in such funds and assets. To the extent that any person acquires a right to receive payments from the Company under this Plan, such rights shall be no greater than the right of any unsecured general creditor of the Company.
In the event the Company becomes a party to a merger, consolidation, sale of substantially all of its assets or any other corporate reorganization in which the Company will not 
10

be the surviving corporation or in which the holders of the common stock of the Company will receive securities of another corporation (in any such case, the “New Company”), then the New Company shall assume the rights and obligations of the Company under this Plan.
This Plan shall be governed in all respects by Pennsylvania law, without respect to any conflict of laws principles.

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