Document:

M&A West, Inc.

                         EXECUTIVE EMPLOYMENT AGREEMENT

         THIS EXECUTIVE  EMPLOYMENT AGREEMENT (this "Agreement") is made between
M&A West, Inc., a Colorado  corporation  ("the Company"),  and Patrick R. Greene
("Greene").  Unless  otherwise  indicated,  all  references  to Sections  are to
Sections in this  Agreement.  This  Agreement is effective as of the  "Effective
Date" set forth in Section 12 below.

                              W I T N E S S E T H:

         WHEREAS,  the Company  desires to obtain the  services  of Greene,  and
Greene  desires to be  employed  by the  Company  upon the terms and  conditions
hereinafter set forth;

         NOW, THEREFORE, in consideration of the premises, the agreements herein
contained and other good and valuable consideration,  receipt of which is hereby
acknowledged, the parties hereto agree as of the date hereof as follows:

          1. Employment.  The Company hereby agrees to employ Greene, and Greene
     hereby  agrees  to  serve  the  Company,  as its  Chief  Executive  Officer
     ("Employment").

          2. Scope of Employment.

               (a) During the  Employment,  Greene will serve as Chief Executive
          Officer and,  subject to his election in accordance with the Company's
          by-laws and with applicable law, as a member of the Board.

               (b) Section 2(a) shall not be construed as preventing Greene from
          (i) serving on corporate, civic or charitable boards or committees, or
          (ii) making investments in other businesses or enterprises.

          3. Compensation and Benefits During Employment. During the Employment,
     the Company shall provide compensation to Greene as follows.

               (a) The  Company  shall  pay  Greene  $7,500  per  month in equal
          semi-monthly installments,  less withholding required by law or agreed
          to by Greene.

               (b) The Company shall pay Greene $1,500 per month for rent of the
          office and the equipment (including computers and phone lines) located
          at 1519 Edgewood, Liberty, Texas 77575.

               (c) The Company will  reimburse  Greene for  reasonable  business
          expenses  incurred  by Greene in  connection  with the  Employment  in
          accordance   with  the   Company's   then-current   policies  and  IRS
          guidelines.

               (d) Greene  will be  entitled  to  participate  in any  incentive
          program or bonus  program of the Company which may be  implemented  in
          the future.
<PAGE>

               (e) The Company  shall  reimburse  Greene and  Greene's  wife for
          major medical coverage throughout the term of this Agreement.

               (f) The Company  shall place  $10,000 in an escrow  account  with
          Vanderkam  &  Sanders  for the sole  purpose  of  indemnifying  Greene
          against any action  arising  from his  involvement  with the  Company.
          These funds may be removed  upon written  consent of Greene,  or after
          Greene no longer serves as the Company's chief executive officer.

               (g) Greene's  wife  occasionally  serves as his  assistant.  When
          Greene  travels  with  his  wife on  Company  business,  all  expenses
          incurred by Greene and his wife shall be reimbursed to Greene.

                  Any  act,  or  failure  to act,  based  upon  authority  given
                  pursuant to a  resolution  duly  adopted by the Board or based
                  upon  the  advice  of  counsel  for  the   Company   shall  be
                  conclusively  presumed to be done,  or omitted to be done,  by
                  Greene in good faith and in the best  interests of the Company
                  and thus  shall  not be deemed  grounds  for  termination  for
                  Cause.

          4. Confidential Information.

               (a) Greene  acknowledges  that the law  provides the Company with
          protection for its trade secrets and confidential information.  Greene
          will  not  disclose,  directly  or  indirectly,  any of the  Company's
          confidential   business   information   or   confidential    technical
          information  to  anyone  without   authorization  from  the  Company's
          management.  Greene  will  not use any of the  Company's  confidential
          business information or confidential technical information in any way,
          either  during or after the  Employment  with the  Company,  except as
          required in the course of the Employment.

               (b) Greene will strictly  adhere to any  obligations  that may be
          owed to former  employers  insofar as Greene's  use or  disclosure  of
          their confidential information is concerned.

               (c)  Information  will  not be  deemed  part of the  confidential
          information  restricted by this Section 4 if Greene can show that: (i)
          the  information  was  in  Greene's   possession  or  within  Greene's
          knowledge  before the  Company  disclosed  it to  Greene;  or (ii) the
          information  was or became  generally  known to those  who could  take
          economic  advantage  of it; or (iii) Greene  obtained the  information
          from a party  having  the  right  to  disclose  it to  Greene  without
          violation of any obligation to the Company, or (iv) Greene is required
          to  disclose  the  information  pursuant  to legal  process  (e.g.,  a
          subpoena),  provided that Greene notifies the Company immediately upon
          receiving  or  becoming  aware of the legal  process in  question.  No
          combination of information will be deemed to be within any of the four
          exceptions  in the  previous  sentence,  however,  whether  or not the
          component parts of the combination are within one or more  exceptions,
          unless the combination itself and its economic value and principles of
          operation are themselves within such an exception.

               (d) All  originals  and all copies of any  drawings,  blueprints,
          manuals,  reports,  computer  programs  or  data,  notebooks,   notes,
          photographs,  and all  other  recorded,  written,  or  printed  matter
          relating to  research,  manufacturing  operations,  or business of the
          Company  made or  received  by Greene  during the  Employment  are the
          property of the Company. Upon

<PAGE>

termination of the Employment, whether or not for Cause, Greene will immediately
deliver  to the  Company  all  property  of the  Company  which  may still be in
Greene's possession.  Greene will not remove or assist in removing such property
from  the  Company's  premises  under  any  circumstances,   either  during  the
Employment  or after  termination  thereof,  except as authorized by the Company
management.

         5. Legal Fees and Expenses. In the event of a lawsuit,  arbitration, or
other  dispute-resolution  proceeding between the Company and Greene arising out
of or relating to this Agreement,  the prevailing  party, in the proceeding as a
whole and/or in any interim or ancillary  proceedings  (e.g.,  opposed  motions,
including  without  limitation  motions for preliminary or temporary  injunctive
relief) will be entitled to recover its reasonable  attorneys' fees and expenses
unless the court or other forum  determines that such a recovery would not serve
the interests of justice.

         6.  Successors.

               (a) This  Agreement  shall inure to the benefit of and be binding
          upon (i) the  Company and its  successors  and assigns and (ii) Greene
          and Greene's  heirs and legal  representatives,  except that  Greene's
          duties and  responsibilities  under this  Agreement  are of a personal
          nature and will not be assignable or delegable in whole or in part.

               (b) the Company will  require any  successor  (whether  direct or
          indirect, by purchase,  merger,  consolidation or otherwise) to all or
          substantially  all of the  business  and/or  assets of the  Company to
          assume  expressly  and agree to  perform  this  Agreement  in the same
          manner and to the same extent  that the  Company  would be required to
          perform  it if no such  succession  had taken  place.  As used in this
          Agreement,  "the  Company"  shall  mean the  Company  as  hereinbefore
          defined and any  successor to its business  and/or assets as aforesaid
          which  assumes and agrees to perform  this  Agreement  by operation of
          law, or otherwise.

         7.  Arbitration.

               (a) Except as set forth in paragraph  (b) of this Section 7 or to
          the extent  prohibited by applicable law, any dispute,  controversy or
          claim arising out of or relating to this  Agreement  will be submitted
          to binding  arbitration  before a single arbitrator in accordance with
          the National  Rules for the  Resolution of Employment  Disputes of the
          American  Arbitration  Association in effect on the date of the demand
          for  arbitration.  The  arbitration  shall take place  before a single
          arbitrator,  who will  preferably but not  necessarily be a lawyer but
          who shall have at least five years'  experience  in working in or with
          computer software  companies.  Unless otherwise agreed by the parties,
          the  arbitration  shall  take  place  in the  city in  which  Greene's
          principal  office  space is located at the time of the  dispute or was
          located at the time of termination of the Employment (if  applicable).
          The arbitrator is hereby directed to take all reasonable  measures not
          inconsistent  with the interests of justice to expedite,  and minimize
          the cost of, the arbitration proceedings.

               (b) At the request of either party,  the  arbitrator may take any
          interim  measures  s/he deems  necessary  with  respect to the subject
          matter of the  dispute,  including  measures for the  preservation  of
          confidentiality set forth in this Agreement.

<PAGE>
               (c) Judgment  upon the award  rendered by the  arbitrator  may be
          entered in any court having jurisdiction.

         8.  Other Provisions.

               (a) All notices and  statements  with  respect to this  Agreement
          must be in writing.  Notices to the Company  shall be delivered to the
          Chairman of the Board or any vice president of the Company. Notices to
          Greene  may be  delivered  to Greene  in  person  or sent to  Greene's
          then-current home address as indicated in the Company's records.

               (b) This Agreement sets forth the entire agreement of the parties
          concerning  the  subjects  covered  herein;  there  are  no  promises,
          understandings,  representations, or warranties of any kind concerning
          those subjects except as expressly set forth in this Agreement.

               (c) Any  modification  of this  Agreement  must be in writing and
          signed by all parties; any attempt to modify this Agreement, orally or
          in writing, not executed by all parties will be void.

               (d) If any provision of this  Agreement,  or its  application  to
          anyone or under any  circumstances,  is  adjudicated  to be invalid or
          unenforceable in any jurisdiction, such invalidity or unenforceability
          will not affect any other  provision or  application of this Agreement
          which  can be  given  effect  without  the  invalid  or  unenforceable
          provision  or   application   and  will  not   invalidate   or  render
          unenforceable such provision or application in any other jurisdiction.

               (e) This  Agreement  will be governed and  interpreted  under the
          laws of the United  States of America and of the State of Texas law as
          applied to  contracts  made and carried out in Texas by  residents  of
          Texas.

               (f) No failure on the part of any party to enforce any provisions
          of this  Agreement  will act as a waiver of the right to enforce  that
          provision.

               (g)  Termination of the Employment,  with or without cause,  will
          not affect the continued enforceability of this Agreement.

               (h)  Section  headings  are for  convenience  only and  shall not
          define or limit the provisions of this Agreement.

               (i) This Agreement may be executed in several counterparts,  each
          of which is an original.  It shall not be necessary in making proof of
          this Agreement or any counterpart hereof to produce or account for any
          of the  other  counterparts.  A copy of this  Agreement  signed by one
          party and Faxed to another party shall be deemed to have been executed
          and delivered by the signing party as though an original.  A photocopy
          of this Agreement shall be effective as an original for all purposes.

<PAGE>

 Effective Date                                       February 1, 2001

 Term                                                 Three Years

 Office / Position                                    Chief Executive Officer

 Initial Salary                                       $7,500 per month

         This Agreement  contains  provisions  requiring binding  arbitration of
disputes. By signing this Agreement,  Greene acknowledges that he or she (i) has
read and understood the entire  Agreement;  (ii) has received a copy of it (iii)
has had the  opportunity to ask questions and consult  counsel or other advisors
about its terms; and (iv) agrees to be bound by it.

         Executed to be effective as of the Effective Date.

M&A West, Inc., by:                              Employee:

 /s/ Patrick Greene                              /s/ Patrick Greene
-----------------------------                    -------------------------------
     Signature                                       Signature

     Patrick Greene
-----------------------------
     Printed name

     Chief Executive Officer
-----------------------------
     Title<PAGE>

                                 EXHIBIT 10-C

   Conectiv Change-in-Control Severance Plan For Certain Executive Officers
<PAGE>

                                    FORM OF
                               CHANGE-IN-CONTROL
                              SEVERANCE AGREEMENT

          This Agreement, dated as of _______, 19__, by and between Conectiv,
with its principal place of business at 800 King Street, P.O. Box 231,
Wilmington, Delaware, 19899 (the "Company"), and ________ (the "Executive").

          WHEREAS, the Company considers it essential to the best interests of
its stockholders to foster the continuous employment of key management
personnel, and recognizes that, as is the case with many publicly held
corporations, the possibility of a change in control may exist and that such
possibility, and the uncertainty and questions which it may raise among
management, may result in the distraction or departure of management personnel
to the detriment of the Company and its stockholders; and

          WHEREAS, the Board of Directors of the Company has determined that
appropriate steps should be taken to reinforce and encourage the Executive's
continued attention and dedication to the Executive's assigned duties without
distraction in the face of potentially disturbing circumstances arising from the
possibility of a change in control of the Company, although no such change is
presently known to be contemplated.

          NOW THEREFORE, in consideration of the mutual covenants and agreements
hereinafter contained and other good and valuable consideration, the receipt and
sufficiency of which are hereby acknowledged, the parties hereto agree as
follows:

                                   Section 1
                                  DEFINITIONS

          Except as may otherwise be specified or as the context may otherwise
require, the following terms shall have the respective meanings set forth below
whenever used herein:

          "Base Salary" shall mean the annual base rate of regular compensation
of the Executive immediately before a Change in Control, or if greater, the
highest annual such rate at any time during the 12-month period immediately
preceding the Change in Control.

          "Board" shall mean the Board of Directors of the Company.

          "Cause" shall mean (i) the willful and continued failure by the
Executive substantially to perform [his] [her] duties with the Employer (other
than any such failure resulting from incapacity due to physical or mental
illness of the Executive, or any such actual or anticipated failure after the
issuance of a Notice of Termination for Good Reason) or (ii) the willful
engaging by the Executive in conduct which is demonstrably and materially
injurious to the Employer, monetarily or otherwise. For purposes hereof, no act,
or failure to act, on the Executive's part, shall be deemed "willful" unless
done, or omitted to be done, by the Executive not in good faith and without
reasonable belief that any act or omission was in the best interest of the
Employer.

          "Change in Control" shall mean the first to occur, after the date
hereof, of any of the following:

                                       2
<PAGE>

          (i) if any Person is or becomes the "beneficial owner" (as defined in
          Rule 13d-3 under the Securities Exchange Act), 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 Subsidiaries) representing 25% or more of
          either the then outstanding shares of Stock of the Company or the
          combined voting power of the Company's then outstanding securities;

          (ii) if during any period of 24 consecutive months during the
          existence of this Agreement commencing on or after the date hereof,
          the individuals who, at the beginning of such period, constitute the
          Board (the "Incumbent Directors") cease for any reason other than
          death to constitute at least a majority thereof; provided that a
          director who was not a director at the beginning of such 24-month
          period shall be deemed to have satisfied such 24-month requirement
          (and be an Incumbent Director) if such director was elected by, or on
          the recommendation of or with the approval of, at least two-thirds of
          the directors who then qualified as Incumbent Directors either
          actually (because they were directors at the beginning of such
          24-month period) or by prior operation of this clause (ii);

          (iii) the consummation of a merger or consolidation of the Company
          with any other corporation other than (A) 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) at
          least 60% of the combined voting power of the voting securities of the
          Company or such surviving entity or any parent thereof outstanding
          immediately after such merger or consolidation, or (B) 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, as defined in clause (i), 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 Subsidiaries) representing 40% or more of
          either the then outstanding shares of Stock of the Company or 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 60% of the combined voting
          power of the voting securities of which are owned by Persons in
          substantially the same proportion as their ownership of the Company
          immediately prior to such sale.

Upon the occurrence of a Change in Control as provided above, no subsequent
event or condition shall constitute a Change in Control for purposes of this
Agreement, with the result that there can be no more than one Change in Control
hereunder.

          "Code" shall mean the Internal Revenue Code of 1986, as amended.

                                       3
<PAGE>

          "Company" shall mean, subject to Section 4.1(a), Conectiv, a Delaware
corporation.

          "Covered Termination" shall mean if, within the one-year period
immediately following a Change in Control, the Executive (i) is terminated by
the Employer without Cause (other than on account of death or Disability), or
(ii) terminates [his] [her] employment with the Employer for Good Reason. The
Executive shall not be deemed to have terminated for purposes of this Agreement
merely because he or she ceases to be employed by the Employer and becomes
employed by a new employer involved in the Change in Control; provided that such
new employer shall be bound by this Agreement as if it were the Employer
hereunder with respect to the Executive. It is expressly understood that no
Covered Termination shall be deemed to have occurred merely because, upon the
occurrence of a Change in Control, the Executive ceases to be employed by the
Employer and does not become employed by a successor to the Employer after the
Change in Control if the successor makes an offer to employ the Executive on
terms and conditions which, if imposed by the Employer, would not give the
Executive a basis on which to terminate employment for Good Reason.

          "Date of Termination" shall mean the date on which a Covered
Termination occurs.

          "Disability" shall mean the occurrence after a Change in Control of
the incapacity of the Executive due to physical or mental illness, whereby the
Executive shall have been absent from the full-time performance of [his] [her]
duties with the Employer for six consecutive months.

          "Employer" shall mean the Company (if and for so long as the Executive
is employed thereby) and each Subsidiary which may now or hereafter employ the
Executive or, where the context so requires, the Company and such Subsidiaries
collectively. A subsidiary which ceases to be, directly or indirectly, through
one or more intermediaries, controlling, controlled by or under common control
with the Company prior to a Change in Control (other than in connection with and
as an integral part of a series of transactions resulting in a Change in
Control) shall, automatically and without any further action, cease to be (or be
part of) the Employer for purposes hereof.

          "Good Reason" shall mean, without the express written consent of the
Executive, the occurrence after a Change in Control of any of the following
circumstances, unless such circumstances are fully corrected prior to the Date
of Termination specified in the Notice of Termination given in respect thereof:

          (i) assignment to the Executive of any duties inconsistent in any
          materially adverse respect with [his] [her] position, authority,
          duties or responsibilities from those in effect immediately prior to
          the Change in Control;

          (ii) a reduction in the Executive's Base Salary as in effect
          immediately before the Change in Control;

          (iii) a material reduction in the Executive's aggregate compensation
          opportunity, comprised only of (A) the Executive's Base Salary, (B)
          bonus opportunity, if any, and (C) long-term or other incentive
          compensation opportunity, if any (taking into account, in the case of
          such bonus and incentive opportunities, without limitation,

                                       4
<PAGE>

          any target, minimum and maximum amounts payable and the attainability
          and otherwise the reasonability of any performance hurdles, goals and
          other measures);

          (iv) the Company's requiring the Executive to be based at any office
          or location more than 50 miles from that location at which the
          Executive performed [his] [her] services immediately prior to the
          occurrence of a Change in Control, except for travel reasonably
          required in the performance of the Executive's responsibilities; or

          (v) the failure of the Employer to obtain a reasonable agreement from
          any successor to assume and agree to perform this Agreement, as
          contemplated in Section 4.1(a).

          "Notice of Termination" shall mean a notice given by the Employer or
Executive, as applicable, which shall indicate the specific termination
provision in this Agreement relied upon and shall set forth in reasonable detail
the facts and circumstances claimed to provide a basis for termination of the
Executive's employment under the provisions so indicated.

          "Person" shall have the meaning ascribed thereto by Section 3(a)(9) of
the Securities Exchange Act, as modified and used in Sections 13(d) and 14(d)
thereof (except that such term shall not include (i) the Company or any of its
Subsidiaries, (ii) a trustee or other fiduciary holding securities under an
employee benefit plan of the Company or any of its Subsidiaries, (iii) an
underwriter temporarily holding securities pursuant to an offering of such
securities, (iv) a corporation owned, directly or indirectly, by the
stockholders of the Company in substantially the same proportion as their
ownership of stock of the Company, or (v) such Executive or any "group" (as such
term is used in Sections 13(d) and 14(d) of the Securities Exchange Act) which
includes the Executive).

          "Potential Change in Control" shall mean the occurrence, before a
Change in Control, of any of the following:

          (i) if the Company enters into an agreement, the consummation of which
          would result in the occurrence of a Change in Control;

          (ii) if the Company or any Person publicly announces an intention to
          take or to consider taking actions which, if consummated, would
          constitute a Change in Control;

          (iii) if any Person becomes the "beneficial owner" (as defined in Rule
          13d-3 under the Securities Exchange Act), directly or indirectly, of
          securities of the Company (not including in the securities
          beneficially owned by such Persons any securities acquired directly
          from the Company or its Subsidiaries) representing 15% or more of
          either the then outstanding shares of Stock of the Company or the
          combined voting power of the Company's then outstanding securities; or

          (iv) if the Board adopts a resolution to the effect that, for purposes
          of this Agreement, a Potential Change in Control has occurred.

          "Securities Exchange Act" shall mean the Securities Exchange Act of
1934, as amended.

                                       5
<PAGE>

          "Stock" shall mean the common stock, $.01 par value, of the Company.

          "Subsidiary" shall mean any entity, directly or indirectly, through
one or more intermediaries, controlled by the Company.

          "Target Annual Bonus" shall mean the Executive's annual bonus for the
Employer's fiscal year in which the Date of Termination occurs, which bonus
would be paid or payable if the Executive and the Employer were to satisfy all
conditions to the Executive's receiving the annual bonus at target (although not
necessarily the maximum annual bonus); provided that such amount shall be
annualized for any fiscal year consisting of less than 12 full months; and
provided, further, that, if at the time of a Change in Control it is
substantially certain that a bonus at a level beyond target will be paid or
payable for the fiscal year, then the bonus which is substantially certain to be
paid or payable, rather than the target bonus, shall be used for these purposes.

                                   Section 2
                                   BENEFITS

          2.1    If a Covered Termination occurs, then the Executive shall be
entitled hereunder to the following:

          (a)    the product of (i) the Executive's Target Annual Bonus for the
year in which the Date of Termination occurs (or, if higher, as in effect at the
time of the Change in Control) and (ii) a fraction, the numerator of which is
the number of days in the current fiscal year through the Date of Termination,
and the denominator of which is 365;

          (b)    an amount equal to three times the sum of (i) the Executive's
annual Base Salary for the year in which the Date of Termination occurs (or, if
higher, as in effect at the time of the Change in Control) and (ii) the
Executive's Target Annual Bonus for the year in which the Date of Termination
occurs (or, if higher, as in effect at the time of the Change in Control);

          (c)    for a period of three years after such termination, the
Employer shall arrange to make available to the Executive medical, dental,
vision, group life and disability benefits that are at least at a level (and
cost to the Executive) that is substantially similar in the aggregate to the
level of such benefits which was available to the Executive immediately prior to
the Change in Control; provided that (i) the Employer shall be required to
provide group life and disability benefits only to the extent it is able to do
so on reasonable terms and at a reasonable cost, (ii) the Employer shall not be
required to provide benefits under this Section 2.1(c) upon and after the Change
in Control which are in excess of those provided to a significant number of
executives of similar status who are employed by the Employer from time to time
upon and after the Change in Control, and (iii) no type of benefit otherwise to
be made available to the Executive pursuant to this Section 2.1(c) shall be
required to be made available to the extent that such type of benefit is made
available to the Executive by any subsequent employer of the Executive; and

          (d)    in addition to the benefits to which the Executive is entitled
under the Company's tax-qualified defined benefit retirement plan (the
"Retirement Plan") and defined benefit supplemental executive retirement plan
(the "SERP"), including any successor plans thereto, the Employer shall pay to
the Executive in cash at the time and in the manner provided in Section 2.2:

                                       6
<PAGE>

          (i)    the present value of the retirement benefits (or, if available,
          the lump-sum retirement benefits) which would have accrued under the
          terms of the Retirement Plan and the SERP (without regard to any
          amendment to the Retirement Plan or the SERP made subsequent to a
          Change in Control and prior to the Date of Termination, which
          amendment adversely affects in any manner the computation of
          retirement benefits thereunder), determined as if the Executive was 36
          months older than their actual age at the Date of Termination and had
          accumulated (after the Date of Termination) 36 additional months of
          service credit for vesting, benefit accrual and eligibility purposes
          thereunder at their highest annual rate of compensation during the 12
          months immediately preceding the Date of Termination (or, if higher,
          as in effect at the time of the Change in Control) and as if any
          benefit indexing factors continued at the rate applicable at the Date
          of Termination, minus

          (ii)   the present value of the vested retirement benefits (or, if
          available, the lump-sum retirement benefits) which had then accrued
          pursuant to the provisions of the Retirement Plan and the SERP;
          provided, however, that any payment otherwise provided for under this
          Section 2.1(d) shall be reduced by the present value of any retirement
          (including early retirement) incentives offered for a limited time to,
          and accepted by, the Executive (whether or not under a tax-qualified
          plan).

          2.2    (a)   The payments provided for in Section 2.1 shall (except as
otherwise expressly provided therein or as provided in Section 2.2(b) or as
otherwise expressly provided hereunder) be made as soon as practicable, but in
no event later than 30 days, following the Date of Termination.

          (b)    Notwithstanding any other provision of this Agreement to the
contrary, no payment or benefit otherwise provided for under or by virtue of the
foregoing provisions of this Agreement shall be paid or otherwise made available
unless and until the Employer shall have first received from the Executive (no
later than 60 days after the Employer has provided to the Executive estimates
relating to the payments to be made under this Agreement) a valid, binding and
irrevocable general release, in form and substance acceptable to the Employer in
its discretion; provided that the Employer shall be permitted to defer any
payment or benefit otherwise provided for in this Agreement to the 15th day
after its receipt of such release and time at which it has become valid, binding
and irrevocable. The Employer may require that any such release contain an
agreement of the Executive to notify the Employer of any benefit made available
by a subsequent employer as contemplated by clause (iii) of the proviso to
Section 2.1(c).

          2.3    Notwithstanding any other provision of this Agreement to the
contrary, to the extent permitted by the Worker Adjustment and Retraining
Notification Act ("WARN"), any benefit payable hereunder to the Executive as a
consequence of the Executive's Covered Termination shall be reduced by any
amounts required to be paid under Section 2104 of WARN to the Executive in
connection with such Covered Termination.

                                       7
<PAGE>

                                   Section 3
                           PARACHUTE TAX PROVISIONS

          3.1    If all, or any portion, of the payments and benefits provided
under this Agreement, if any, either alone or together with other payments and
benefits which the Executive receives or is entitled to receive from the Company
or its affiliates, would constitute an excess "parachute payment" within the
meaning of Section 280G of the Code (whether or not under an existing plan,
arrangement or other agreement) (each such parachute payment, a "Parachute
Payment"), and would result in the imposition on the Executive of an excise tax
under Section 4999 of the Code, then, in addition to any other benefits to which
the Executive is entitled under this Agreement or otherwise, the Executive shall
be paid an amount in cash equal to the sum of the excise taxes payable by the
Executive by reason of receiving Parachute Payments plus the amount necessary to
place the Executive in the same after-tax position (taking into account any and
all applicable federal, state and local excise, income or other taxes at the
highest possible applicable rates on such Parachute Payments (including, without
limitation, any payments under this Section 3.1)) as if no excise taxes had been
imposed with respect to Parachute Payments (the "Parachute Gross-up"). Any
Parachute Gross-up otherwise required by this Section 3.1 shall not be made
later than the time of the corresponding payment or benefit hereunder giving
rise to the underlying Section 4999 excise tax, even if the payment of the
excise tax is not required under the Code until a later time. Any Parachute
Gross-up otherwise required under this Section 3.1 shall be made whether or not
there is a Change in Control, whether or not payments or benefits are payable
under this Agreement, whether or not the payments or benefits giving rise to the
Parachute Gross-up are made in respect of a Change in Control and whether or not
the Executive's employment with the Employer shall have been terminated.

          3.2    Except as may otherwise be agreed to by the Company and the
Executive, the amount or amounts (if any) payable under this Section 3 shall be
as conclusively determined by the Company's independent auditors (who served in
such capacity immediately prior to the Change in Control), whose determination
or determinations shall be final and binding on all parties. The Executive
hereby agrees to utilize such determination or determinations, as applicable, in
filing all of the Executive's tax returns with respect to the excise tax imposed
by Section 4999 of the Code. If such independent auditors refuse to make the
required determinations, then such determinations shall be made by a comparable
independent accounting firm of national reputation reasonably selected by the
Company. Notwithstanding any other provision of this Agreement to the contrary,
as a condition to receiving any Parachute Gross-up payment, the Executive hereby
agrees to be bound by and comply with the provisions of this Section 3.2.

                                   Section 4
                                 MISCELLANEOUS

          4.1    (a)  The Company shall require any successor (whether direct or
indirect, by purchase, merger, consolidation or otherwise) to all or
substantially all of the business or assets of the Company expressly to assume
and agree to perform under the terms of this Agreement in the same manner and to
the same extent that the Company and its affiliates would be required to perform
it if no such succession had taken place (provided that such a requirement to
perform which arises by operation of law shall be deemed to satisfy the
requirements for such an express assumption and agreement), and in such event
the Company (as

                                       8
<PAGE>

constituted prior to such succession) shall have no further obligation under or
with respect to this Agreement. Failure of the Company to obtain such assumption
and agreement with respect to the Executive prior to the effectiveness of any
such succession shall be a breach of the terms of this Agreement with respect to
the Executive and shall entitle the Executive to compensation from the Employer
(as constituted prior to such succession) in the same amount and on the same
terms as the Executive would be entitled to hereunder were the Executive's
employment terminated for Good Reason following a Change in Control, except that
for purposes of implementing the foregoing, the date on which any such
succession becomes effective shall be deemed the Date of Termination. As used in
this Agreement, "Company" shall mean the Company as hereinbefore defined and any
successor to its business or assets as aforesaid which assumes and agrees (or is
otherwise required) to perform this Agreement. Nothing in this Section 4.1(a)
shall be deemed to cause any event or condition which would otherwise constitute
a Change in Control not to constitute a Change in Control.

          (b)    Notwithstanding Section 4.1(a), the Company shall remain liable
to the Executive upon a Covered Termination after a Change in Control if (i) the
Executive is not offered continuing employment by a successor to the Employer or
(ii) the Executive declines such an offer and the Executive's resulting
termination of employment otherwise constitutes a Covered Termination hereunder.

          (c)    This Agreement, and the Executive's and the Company's rights
and obligations hereunder, may not be assigned by the Executive or, except as
provided in Section 4.1(a), the Company, respectively; any purported assignment
by the Executive or the Company in violation hereof shall be null and void.

          (d)    The terms of this Agreement shall inure to the benefit of and
be enforceable by the personal or legal representatives, executors,
administrators, successors, heirs, distributees, devisees and legatees of the
Executive. If the Executive shall die while an amount would still be payable to
the Executive hereunder if they had continued to live, all such amounts, unless
otherwise provided herein, shall be paid in accordance with the terms of this
Agreement to the Executive's devisee, legatee or other designee or, if there is
no such designee, the Executive's estate.

          4.2    Except as expressly provided in Section 2.1, the Executive
shall not be required to mitigate damages or the amount of any payment provided
for under this Agreement by seeking other employment or otherwise, nor will any
payments or benefits hereunder be subject to offset in the event the Executive
does mitigate.

          4.3    The Employer shall pay all legal fees and expenses incurred in
a legal proceeding by the Executive in seeking to obtain or enforce any right or
benefit provided by this Agreement. Such payments are to be made within five
days after the Executive's request for payment accompanied with such evidence of
fees and expenses incurred as the Employer reasonably may require; provided that
if the Executive institutes a proceeding and the judge or other decision-maker
presiding over the proceeding affirmatively finds that the Executive has failed
to prevail substantially, the Executive shall pay [his] [her] own costs and
expenses (and, if applicable, return any amounts theretofore paid on the
Executive's behalf under this Section 4.3).

          4.4    (a)   The Executive may file a claim for benefits under this
Agreement by written communication to the Board. A claim is not considered filed
until such

                                       9
<PAGE>

communication is actually received by the Board. Within 90 days (or, if special
circumstances require an extension of time for processing, 180 days, in which
case notice of such special circumstances shall be provided within the initial
90-day period) after the filing of the claim, the Board shall:

          (i)    approve the claim and take appropriate steps for satisfaction
          of the claim; or

          (ii)   if the claim is wholly or partially denied, advise the
          Executive of such denial by furnishing to him or her a written notice
          of such denial setting forth (A) the specific reason or reasons for
          the denial; (B) specific reference to pertinent provisions of this
          Agreement on which the denial is based and, if the denial is based in
          whole or in part on any rule of construction or interpretation adopted
          by the Board, a reference to such rule, a copy of which shall be
          provided to the Executive; (C) a description of any additional
          material or information necessary for the Executive to perfect the
          claim and an explanation of the reasons why such material or
          information is necessary; and (D) a reference to this Section 4.4.

          4.5    For the purposes of this Agreement, notice and all other
communications provided for in this Agreement shall be in writing and shall be
deemed to have been duly given when hand delivered or mailed by United States
certified or registered express mail, return receipt requested, postage prepaid,
if to the Executive, addressed to the Executive at his or her respective address
on file with the Secretary of the Company; if to the Company, addressed to
Conectiv, 800 King Street, P.O. Box 231, Wilmington, Delaware 19899-0231, and
directed to the attention of its General Counsel; if to the Board, addressed to
the Board of Directors, c/o Conectiv, 800 King Street, P.O. Box 231, Wilmington,
Delaware, 19899-0231, and directed to the Company's General Counsel; or to such
other address as any party may have furnished to the others in writing in
accordance herewith, except that notice of change of address shall be effective
only upon receipt.

          4.6    Unless otherwise determined by the Employer in an applicable
plan or arrangement, no amounts payable hereunder upon a Covered Termination
shall be deemed salary or compensation for the purpose of computing benefits
under any employee benefit plan or other arrangement of the Employer for the
benefit of its employees unless the Employer shall determine otherwise.

          4.7    This Agreement is the exclusive arrangement with the Executive
applicable to payments and benefits in connection with a change in control of
the Company (whether or not a Change in Control), and supersedes any prior
arrangements involving the Company or its predecessors or affiliates (including,
without limitation, Delmarva Power & Light Company and Atlantic Energy, Inc.)
relating to changes in control (whether or not Changes in Control). This
Agreement shall not limit any right of the Executive to receive any payments or
benefits under an employee benefit or executive compensation plan of the
Employer, initially adopted as of or after the date hereof, or otherwise listed
in Exhibit A hereto, which are expressly contingent thereunder upon the
occurrence of a change in control (including, but not limited to, the
acceleration of any rights or benefits thereunder); provided that in no event
shall the Executive be entitled to any payment or benefit under this Agreement
which duplicates a

                                       10
<PAGE>

payment or benefit received or receivable by the Executive under any severance
or similar plan or policy of the Employer.

          4.8    Any payments hereunder shall be made out of the general assets
of the Employer. The Executive shall have the status of general unsecured
creditor of the Employer, and this Agreement constitutes a mere promise by the
Employer to make payments under this Agreement in the future as and to the
extent provided herein.

          4.9    Nothing in this Agreement shall confer on the Executive any
right to continue in the employ of the Employer or interfere in any way (other
than by virtue of requiring payments or benefits as may expressly be provided
herein) with the right of the Employer to terminate the Executive's employment
at any time.

          4.10   The Employer shall be entitled to withhold from any payments or
deemed payments any amount of tax withholding required by law.

          4.11   Any controversy or claim arising out of or relating to this
Agreement or the breach of this Agreement that is not resolved by the Employer
and the Executive shall be submitted to arbitration in Wilmington, Delaware, in
accordance with Delaware law and the procedures of the American Arbitration
Association. The determination of the arbitrator(s) shall be conclusive and
binding on the Employer and Executive and judgment may be entered on the
arbitrator(s)' award in any court having jurisdiction.

          4.12   (a)   This Agreement may be amended, superseded, canceled,
renewed or extended, and the terms hereof may be waived, only by a written
instrument signed by the parties or, in the case of a waiver, by the party
waiving compliance. No delay on the part of any party in exercising any right,
power or privilege hereunder shall operate as a waiver thereof, nor shall any
waiver on the part of any party of any such right, power or privilege nor any
single or partial exercise of any such right, power or privilege, preclude any
other or further exercise thereof or the exercise of any other such right, power
or privilege.

          (b)    Without limiting the generality of Section 4.12(a), the Board,
on written notice to the Executive, may unilaterally terminate this Agreement
with respect to Changes in Control occurring after the later of (i) December 31,
2000 or (ii) the first anniversary of the date of such notice. Notwithstanding
the foregoing, in the event of a Potential Change of Control, until such time as
the transaction or transactions contemplated in connection with such Potential
Change in Control, and all related negotiations, are abandoned in their entirety
[as determined in good faith and reflected in writing (before a Change in
Control) by the Board], this Agreement may not be terminated under this Section
4.12(b) with respect to any Change of Control which ultimately results directly
from facts and circumstances constituting such Potential Change in Control if
such Potential Change in Control occurs on or before the later of (i) December
31, 2000 or (ii) one year after the first anniversary of the date of the notice
referred to in the foregoing sentence.

          (c)    Without limiting the generality of Section 4.12(a), if material
negotiations involving the Board or the Chief Executive Officer of the Company
have commenced regarding a transaction which, if consummated, would constitute a
Change in Control, and this Agreement is terminated while such negotiations are
continuing and actively being pursued by the Board or the Chief Executive
Officer, then such termination of this Agreement shall be null and void as

                                       11
<PAGE>

applied with respect to the Change in Control (if any) which ultimately results
directly from such negotiations; it being expressly understood that this Section
4.12(c) shall not apply with respect to any negotiations which at any time prior
to a Change in Control have ceased [as determined in good faith and reflected in
writing (prior to a Change in Control) by the Board or Chief Executive Officer
(or which otherwise have ceased at a time prior to a Change in Control)].

          4.13   The invalidity or unenforceability of any provision of this
Agreement shall not affect the validity or enforceability of any other provision
of this Agreement which shall remain in full force and effect.

          4.14   The use of captions in this Agreement is for convenience. The
captions are not intended to and do not provide substantive rights.

          4.15   THIS AGREEMENT SHALL BE CONSTRUED, ADMINISTERED AND ENFORCED
ACCORDING TO THE LAWS OF THE STATE OF DELAWARE, WITHOUT REGARD TO PRINCIPLES OF
CONFLICTS OF LAW, EXCEPT TO THE EXTENT PREEMPTED BY FEDERAL LAW.

          IN WITNESS WHEREOF, the parties hereto have signed their names,
effective as of the date first above written.

                                        CONECTIV

                                        By:
                                           --------------
                                        Name:
                                             ------------
                                        Title:
                                              -----------

                                        -----------------
                                        [Executive's Name]

                                       12

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