Document:

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                                                                   EXHIBIT 10-29

                               FIRST AMENDMENT TO
                    EXELON CORPORATION EMPLOYEE SAVINGS PLAN

            WHEREAS, Exelon corporation, a Pennsylvania corporation (the
"Company"), has adopted and maintains a profit sharing plan with a qualified
cash or deferred arrangement for the benefit of employees of the Company and
certain of its subsidiaries titled "Exelon Corporation Employee Savings Plan"
(the "Plan") which has been amended and restated effective as of March 30, 2001;
and

            WHEREAS, the Company desires to amend the Plan in certain respects.

            NOW, THEREFORE, RESOLVED, that pursuant to the power of amendment
contained in Section 16.1 of the Plan, the Plan is hereby amended as follows:
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1. Effective as of the date hereof, the Plan shall be amended as follows:

      a. Section 3.2(b) of the Plan is amended by deleting the first sentence
thereof in its entirety and inserting in lieu thereof the following:

            With respect to quarterly incentive awards earned prior to January
            1, 2002, each Eligible Employee may request, in the manner
            prescribed by the Committee, to reduce his or her compensation by an
            amount equal to 100 percent of any such quarterly incentive awards
            that would otherwise be paid to such Participant; provided, however,
            that for the Plan Year which includes the Effective Date, such
            reduction shall be available solely with respect to quarterly
            incentive awards payable on or after the later of (i) the Effective
            Date and (ii) the first date thereafter which the Committee
            determines is administratively practicable with respect to Employees
            of such Participant's Employer.

      b. Section 4.1(c) of the Plan is amended by deleting the first sentence
thereof in its entirety and inserting in lieu thereof the following:

            With respect to quarterly incentive awards earned prior to January
            1, 2002, and subject to the limitations set forth in subdivision
            (11) of Article 2 (relating to the $170,000 limitation on
            compensation) and Sections 4.2 (relating to the $10,500 limit on
            Before-Tax Contributions), 4.4 (relating to limitations on
            contributions for highly compensated Eligible Employees), 4.5
            (relating to the limitation on Employer Contributions) and 7.4
            (relating to limitations on allocations imposed by section 415 of
            the Code), each Employer shall contribute on behalf of each
            Participant who has filed a request in accordance with Section
            3.2(b) an amount equal to 100 percent of the amount of any such
            quarterly incentive awards payable to such Participant on or after
            the effective date of such request.

2. Effective January 1, 2002, the Plan shall be amended as follows:

      a. Section 4.1(a) of the Plan is amended by deleting the number "12"
contained in clause (2) of the second paragraph thereof and inserting in lieu
thereof the word "six".

      b. Section 5.2(a) of the Plan is amended in its entirety to read as
follows:

            (a) The Trustee shall be authorized to receive, hold and distribute
            in accordance with the Plan, a direct rollover contribution
            consisting of cash, transferred to the Plan by (i) a

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            qualified plan described in section 401(a) or 403(a) of the Code,
            including after-tax employee contributions to such plan, (ii) an
            annuity contract described in section 403(b) of the Code, excluding
            after-tax employee contributions or (iii) an eligible plan under
            section 457(b) of the Code which is maintained by a state, political
            subdivision of a state, or any agency or instrumentality of a state
            or political subdivision of a state. The Trustee shall also be
            authorized to receive, hold and distribute in accordance with the
            Plan, a Participant contribution of an eligible rollover
            distribution from (A) a qualified plan described in section 401(a)
            or 403(a) of the Code, (B) an annuity contract described in section
            403(b) of the Code, (C) an eligible plan under section 457(b) of the
            Code which is maintained by a state, political subdivision of a
            state, or any agency or instrumentality of a state or political
            subdivision of a state or (D) an individual retirement account or
            annuity described in section 408(a) or 408(b) of the Code that is
            eligible to be rolled over and would otherwise be includible in
            gross income. The amounts transferred must be eligible rollover
            distributions, as defined in section 402(c) of the Code. An eligible
            rollover distribution to a "Separation Eligible Participant" from
            the PECO Energy Company Service Annuity System may also be
            contributed to this Plan in accordance herewith no later than
            December 31, 2002.

      c. Section 5.2(b) of the Plan is amended by deleting the first sentence
thereof in its entirety and inserting in lieu thereof the following:

            Except as otherwise provided in paragraph (a) of this Section, if an
            individual desires to make a rollover contribution pursuant to such
            paragraph (a), such contribution either (i) shall be delivered by
            the individual to the Committee and by the Committee to the Trustee
            on or before the 60th day after the day on which the Employee
            receives the distribution or on or before such later date as may be
            prescribed by law, or (ii) shall be transferred on behalf of the
            individual directly from the trust from which the eligible rollover
            distribution is made.

      d. Section 8.1(a) of the Plan is amended by deleting the number "12" from
the last sentence thereof and inserting in lieu thereof the word "six".

      e. Section 8.3(e) of the Plan is amended in its entirety to read as
follows:

            (e) Direct Rollover Option. In the case of a distribution from the
            Plan (excluding any amount offset against the Participant's account
            balance to repay the outstanding balance of any unpaid

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            loan) which is an "eligible rollover distribution" within the
            meaning of section 402(c)(4) of the Code, a Participant (or
            surviving spouse of a Participant) may elect that all or any portion
            of such distribution shall be directly transferred as a rollover
            contribution from this Plan to (i) an individual retirement account
            described in section 408(a) of the Code, (ii) an individual
            retirement annuity described in section 408(b) of the Code, (iii) an
            annuity plan described in section 403(a) of the Code or (iv) another
            plan qualified under section 401(a) of the Code (the terms of which
            permit the acceptance of rollover contributions); provided, however,
            that the portion of any such distribution consisting of after-tax
            contributions may only be so transferred as part of a distribution
            made on or after January 1, 2002 and may only be transferred to such
            an account or annuity described in section 408 of the Code, or to
            such a retirement or annuity plan described in Section 401(a) or
            403(a) of the Code that is a defined contribution plan that agrees
            to separately account for amounts so transferred, including
            separately accounting for the portion of such amount which is
            includible of gross income and the portion of such distribution
            which is not so includible.

      f.    Section 11.2 of the Plan is amended in its entirety to read as
            follows:

            Section 11.2. Claims Procedure. Any Participant or distributee who
            believes he or she is entitled to benefits in an amount greater than
            those which he or she is receiving or has received may file a claim
            with the Committee. Such a claim shall be in writing and state the
            nature of the claim, the facts supporting the claim, the amount
            claimed, and the address of the claimant. The Committee shall review
            the claim and, unless special circumstances require an extension of
            time, within 90 days after receipt of the claim, give notice to the
            claimant, either in writing by registered or certified mail or in an
            electronic notification, of the Secretary's decision with respect to
            the claim. Any electronic notice delivered to the claimant shall
            comply with the standards imposed by applicable Regulations. If the
            Committee determines that special circumstances require an extension
            of time for processing the claim, the claimant shall be so advised
            in writing within the initial 90-day period and in no event shall
            such an extension exceed 90 days. The extension notice shall
            indicate the special circumstances requiring an extension of time
            and the date by which the Committee expects to render the benefit
            determination. The notice of the decision of the Committee with
            respect to the claim shall be written in a manner calculated to be
            understood by the claimant and, if the claim is wholly or partially
            denied, the Committee shall notify the claimant of the adverse
            benefit determination and shall set forth the specific reasons for
            the adverse determination, the

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            references to the specific Plan provisions on which the
            determination is based, a description of any additional material or
            information necessary for the claimant to perfect the claim, an
            explanation of why such material or information is necessary, and a
            description of the claim review procedure under the Plan and the
            time limits applicable to such procedures, including a statement of
            the claimant's right to bring a civil action under Section 502 of
            ERISA following an adverse benefit determination on review. The
            Committee shall also advise the claimant that the claimant or the
            claimant's duly authorized representative may request a review by
            the Chairman of the Committee of the adverse benefit determination
            by filing with the Chairman of the Committee, within 60 days after
            receipt of a notification of an adverse benefit determination, a
            written request for such review. The claimant shall be informed
            that, within the same 60-day period, he or she (a) may be provided,
            upon request and free of charge, reasonable access to, and copies
            of, all documents, records and other information relevant to the
            claimant's claim for benefits and (b) may submit to the Chairman
            written comments, documents, records and other information relating
            to the claim for benefits. If a request is so filed, review of the
            adverse benefit determination shall be made by the Chairman within,
            unless special circumstances require an extension of time, 60 days
            after receipt of such request, and the claimant shall be given
            written notice of the Chairman's final decision. If the Chairman
            determines that special circumstances require an extension of time
            for processing the claim, the claimant shall be so advised in
            writing within the initial 60-day period and in no event shall such
            an extension exceed 60 days. The extension notice shall indicate the
            special circumstances requiring an extension of time and the date by
            which the Chairman expects to render the determination on review.
            The review of the Chairman shall take into account all comments,
            documents, records and other information submitted by the claimant
            relating to the claim, without regard to whether such information
            was submitted or considered in the initial benefit determination.
            The notice of the final decision shall include specific reasons for
            the determination and references to the specific Plan provisions on
            which the determination is based and shall be written in a manner
            calculated to be understood by the claimant.

      4. Effective as of the date on which the first cash dividend is declared
by the Company on or after January 1, 2002, the Plan shall be amended as
follows:

      a. Section 3.2(a) of the Plan is amended by deleting in its entirety the
fourth sentence thereof.

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      b. Section 3.2(b) of the Plan is amended by deleting the words "and the
rules governing dividend distributions specified in paragraph (a) of this
Section" contained in the last sentence thereof.

      c. Section 8.1(f) of the Plan is amended in its entirety to read as
follows:

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

      5. Effective as of the first payroll period following the ratification of
the Collective Bargaining Agreement, dated April 18, 2001, entered into by and
between the Company and IBEW Local Union 15, (a) clause (i) of the first
paragraph of Section 4.1(a) shall be amended by deleting the number "10" and
inserting in lieu thereof the number "15" and (b) Section 4.3(a) of the Plan
shall be amended by deleting the number "70" contained in clause (i) thereof and
inserting in lieu thereof the number "82 1/3".

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IN WITNESS WHEREOF, the Company has caused its corporate seal to be hereunto
affixed by its officers thereunto duly authorized this ___ day of December,
2001.

                                               EXELON CORPORATION

                                               By:_____________________________
                                                     S. Gary Snodgrass
                                                     Senior Vice President

                                       7<PAGE>
                                                                   EXHIBIT 10-30

                           SECOND AMENDED AND RESTATED
                               EXELON CORPORATION
                                 KEY MANAGEMENT
                                 SEVERANCE PLAN
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                           SECOND AMENDED AND RESTATED
                               EXELON CORPORATION
                          KEY MANAGEMENT SEVERANCE PLAN

1. AMENDMENT AND RESTATEMENT; PURPOSE OF THE PLAN

         The Unicom Corporation Key Management Severance Plan (as amended and
restated, the "Plan") was established, effective June 15, 1998, by Unicom
Corporation ("Unicom") to provide certain key employees of Commonwealth Edison
Company ("ComEd") and other subsidiaries of Unicom (jointly and severally
referred to herein as the "Company" prior to October 20, 2000) certain severance
benefits in the event the employment of such employees terminates under the
circumstances described herein. The Plan was amended and restated, effective
March 8, 1999, to reflect a policy approved by the Board of Directors of the
Company which provides benefits in the event a key employee's employment is
terminated by the Company other than for Cause or the employee resigns for Good
Reason within 24 months following a Change in Control of the Company.

         The Plan was further amended, effective October 20, 2000 (the "Merger
Effective Date"), to reflect the merger of Unicom Corporation with PECO Energy
Company. From and after the Merger Effective Date, Exelon Corporation ("Exelon")
and any subsidiary thereof of which Exelon owns at least 50% of all of the
outstanding voting power are jointly and severally referred to herein as the
"Company".

         The Plan was further amended and restated effective June 1, 2001
("Restatement Date"), to reflect a policy approved by the Board of Directors of
Exelon which provides additional protection in the event of a new Change in
Control of Exelon or an Imminent Control Change of Exelon. The Plan, as so
amended and restated, shall apply solely to persons who satisfy the applicable
eligibility criteria in Section 2 and all the criteria for participation in
Section 3.

         This document serves as both the Plan document and the summary plan
description which is required to be provided to participants under the Employee
Retirement Income Security Act of 1974, as amended ("ERISA").

2. ELIGIBILITY

         1.1 Eligibility in General. In order to be eligible to become a
         Participant, each individual whose position is in Salary Band VII or
         above (an "Executive") must execute non-competition, non-solicitation,
         confidential information and intellectual property covenants
         ("Restrictive Covenants") which are substantially in the form attached
         hereto and made a part hereof as Exhibit I.

         1.2 Benefits Provided Under Section 4. Each Executive shall be eligible
         for the benefits provided under Section 4 hereof in the event such
         Executive has a Termination of Employment; provided, however, that any
         Executive whose Termination of Employment is covered under Section 5
         hereof or who is entitled to benefits under a change in control
         agreement entered into after October 20, 2000 between such Executive
         and the Company ("Individual Change in Control Agreement") shall not be
         entitled to benefits under
<PAGE>
         Section 4, except as expressly provided in Section 5 or such Individual
         Change in Control Agreement (which expressly refers to the benefits
         under Section 4 of this Plan), until such Executive is no longer
         eligible for benefits under Section 5 or under such Individual Change
         in Control Agreement, as applicable.

         1.3 Benefits Provided Under Section 5. Eligibility for the benefits
         provided under Section 5 hereof due to a Termination of Employment
         during the Current Post-Merger Period shall be limited to Executives
         who, (i) on the day prior to the Merger Effective Date, were on the
         payroll of a Unicom subsidiary or PECO Energy Company, and (ii) execute
         an acceptance of substitution of the benefits under the Plan as it
         existed on the day prior to the Restatement Date or of the benefits
         under an individual Change in Control Agreement between the Executive
         and PECO Energy Company entered into prior to the Merger Effective Date
         (a "PECO Agreement"), as applicable, for the benefits under the Plan as
         it exists on and after the Restatement Date (the "Acceptance of
         Substitution") in a form satisfactory to the Company. Any otherwise
         eligible Executive who is required, but declines, to execute an
         Acceptance of Substitution under Section 3 shall be covered with
         respect to a Termination of Employment occurring during the Current
         Post-Merger Period solely under the terms of Section 5 of the Plan as
         in effect immediately prior to the Restatement Date or under the terms
         of such Executive's PECO Agreement, as applicable, and shall not
         thereafter be eligible for benefits under Section 5 of the Plan in the
         event of a Change in Control or Imminent Control Change. In all events,
         benefits provided under Section 5 hereof shall be subject to the
         provisions of any agreement between an Executive and the Company that
         provided that such Executive would be ineligible for the benefits under
         Section 5 or "change in control benefits" in the event of a termination
         of employment, or under which the Executive had agreed, prior to the
         Merger Effective Date or Restatement Date, to terminate his or her
         employment.

3. PARTICIPATION

         Each eligible Executive shall become a participant in the Plan
("Participant") upon his or her execution of an agreement with the Company in
such form as the Company, in its sole discretion, shall require or permit (the
"Severance Agreement"). Each Executive shall also be required to execute, no
later than the date of the Participant's Termination of Employment or, if later,
such date indicated by the Plan Administrator which shall be no less than 45
days after the date the Executive is provided with a copy of a Severance
Agreement, a waiver and release of claims against the Company ("Waiver and
Release") which is substantially in the form attached hereto and made a part
hereof as Exhibit II. The Company shall have no obligation to Executive under
this Plan unless and until Executive executes the Restrictive Covenants, a
Severance Agreement, Acceptance of Substitution (if applicable) and a Waiver and
Release. If a court determines that Executive has breached any Restrictive
Covenant, the Company shall not be obligated to pay or provide any severance pay
or other benefits under Section 4 or 5 of this Plan, all unexercised Stock
Options shall terminate as of the date of such breach, and all Restricted Stock
shall be forfeited as of the date of such breach.

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<PAGE>
4. BENEFITS

         If a Participant is entitled to benefits under Section 5, then such
Participant shall not be eligible for benefits under this Section 4 unless so
expressly provided in Section 5. Subject to the preceding sentence, benefits
under the Plan shall be those described in this Section 4; provided, however,
that if, under the terms of an offer of employment or employment agreement with
the Company, a Participant would be entitled to additional benefits (e.g., years
of credited service and/or age under a SERP, or other special termination
provisions), the terms of such offer of employment or other agreement shall be
incorporated into any Severance Agreement hereunder, provided further, however,
that if, under the terms of any such offer of employment or employment agreement
with the Company, a Participant would be entitled to benefits which, in
aggregate, exceed the value of benefits under the Plan, the terms of such offer
of employment or other agreement shall control and no payments or benefits shall
be provided under this Plan.

         1.4 Severance Pay. Each Participant shall receive severance pay at a
         monthly rate equal to 1/12 of the sum of (a) the Participant's annual
         base salary in effect as of the date of Termination of Employment ,
         plus (b) the Severance Incentive. Payment shall be made biweekly for
         the duration of the applicable Salary Continuation Period, as indicated
         below, commencing no later than the second paydate which occurs after
         the date of the Participant's Termination of Employment, but in no
         event earlier than the date which is eight days after the date the
         Participant returns an executed Waiver and Release to the Plan
         Administrator. Payment will be made in accordance with the Company's
         normal payroll practices, net of applicable taxes and other deductions.

<TABLE>
<CAPTION>
         Participant Title                                    Salary Continuation Period
<S>                                                           <C>
         Senior Vice President and above                                 24 months
         Other Officers and Executives                                   15 months
</TABLE>

         1.5 Annual Incentive Awards. Each Participant shall receive a Target
         Incentive which shall be prorated by multiplying the amount of such
         Target Incentive by a fraction the numerator of which is the number of
         days elapsed during such calendar year as of the date of such
         Termination of Employment and the denominator of which is 365. Payment
         of Target Incentives under this Section 4.2 shall be made in a lump sum
         net of applicable taxes and other deductions no earlier than the date
         which is eight days after the date the Participant returns an executed
         Waiver and Release to the Plan Administrator.

         1.6 Stock Options. No Participant shall be entitled to participate in
         any grants of Stock Options (as defined in Section 5.1(b)) made after
         such Participant's Termination of Employment. Except as provided below,
         any Stock Options granted to a Participant prior to such Participant's
         Termination of Employment shall be exercisable only to the extent such
         Stock Options are exercisable as of the date of such Termination of
         Employment and shall thereafter be exercised in accordance with the
         provisions of the LTIP. Stock Options which remain unexercisable as of
         the date of a Participant's Termination of Employment shall be
         forfeited. Notwithstanding the preceding, if, as of the date of a
         Participant's Termination of Employment (or, if later, the last day of
         such Participant's

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         Salary Continuation Period), such Participant has attained at least age
         50 (but not age 55) and completed at least 10 years of service as
         defined under any defined benefit plan maintained by an Employer (a
         "Pension Plan") (or who, pursuant to the terms of an offer of
         employment or employment agreement or under any provision of a Pension
         Plan or SERP, is credited with a number of additional years of age
         and/or service that would enable such Participant to satisfy the above
         eligibility requirements), then any Stock Options granted to such
         Participant which have not become exercisable prior to the date of the
         Termination of Employment shall (i) become fully vested, and (ii)
         remain exercisable until (1) the option expiration date for any such
         Stock Options granted prior to January 1, 2002 or (2) the fifth
         anniversary of the Termination Date or, if earlier, the option
         expiration date for any such Stock Options granted on or after January
         1, 2002.

         1.7 Other LTIP Awards. Awards of Performance Shares and/or Restricted
         Stock (as defined in Sections 5.1(c) and 5.1(d), respectively) shall be
         payable to a Participant to the extent provided under the terms of such
         Awards.

         1.8 Health Care Coverage. During the Salary Continuation Period, a
         Participant shall continue to participate in the health care plans
         under which he or she was covered immediately prior to his or her
         Termination of Employment. The Participant's out of pocket costs
         (including premiums, deductibles and co-payments) for such coverage
         shall be the same as that in effect from time to time for active peer
         employees during such period. Coverage under this Paragraph 4.4 shall
         be provided for the duration of the Salary Continuation Period in lieu
         of continuation coverage under Section 4980B of the Code and Section
         601 to 609 of ERISA ("COBRA") for the same period. At the end of the
         Salary Continuation Period, COBRA continuation coverage may be elected
         for the remaining balance of the statutory coverage period, if any;
         provided, however that a Participant who, as of the last day of the
         Salary Continuation Period has attained at least age 50 (but not age
         55) and completed at least 10 years of service under the terms of any
         Pension Plan (or who, pursuant to the terms of an offer of employment
         or employment agreement or under any provision of a Pension Plan or
         SERP, is credited with a number of additional years of age and/or
         service that would enable such Participant to satisfy the above
         eligibility requirements) shall be entitled to elect retiree health
         coverage under the Company's health care plans on the same terms and
         subject to the same conditions as active peer employees who have
         attained age 55 and are eligible to begin receiving early retirement
         benefits under the Pension Plan.

         1.9 Retirement Plans. During the Salary Continuation Period, a
         Participant shall accrue credited service under the SERP. The amount of
         any payment made under Section 4.1 to the Participant during such
         period shall be taken into account as compensation for purposes of the
         SERP, and each Participant may also elect to participate in the Exelon
         Corporation Deferred Compensation Plan during the Salary Continuation
         Period with respect to the portion of any such payment which is
         attributable to base salary. A Participant in the Plan shall not accrue
         service or otherwise actively participate in any tax-qualified
         retirement or savings plan sponsored by the Company during the Salary
         Continuation Period, and shall not be entitled to commence to receive
         benefits under any such plan until after the expiration of the Salary
         Continuation Period.

                                     - 4 -
<PAGE>
         1.10 Life Insurance and Disability Coverage. Continued coverage under
         the life insurance and long term disability plans sponsored by the
         Company shall be extended to each Participant through the last day of
         the Salary Continuation Period applicable to such Participant on the
         same terms and subject to the same conditions as are applicable to
         active peer employees.

         1.11 Deferred Compensation Plans. The elections, if any, made by an
         Executive under any non-qualified deferred compensation plan sponsored
         by the Company shall remain in effect through the last day of such
         participant's Salary Continuation Period, but such individual shall not
         be entitled to make any deferral additional elections with respect to
         such plans after December 31 of the year in which occurs the
         Participant's Termination of Employment.

         1.12 Executive Perquisites. Executive perquisites shall terminate
         effective as of the date of a Participant's Termination of Employment,
         and any Company-owned property shall be required to be returned to the
         Company no later than such date; provided, however, that each
         Participant who is an officer of the Company and who is retiring at the
         end of the Salary Continuation Period shall be entitled to financial
         counseling services for a period of 24 months following the date of
         such Participant's Termination of Employment.

                  (a) Outplacement Services. Each Participant shall be entitled
                  to outplacement services at the expense of the Company for
                  such period (which shall not be less than six months) and
                  subject to such terms and conditions as the Plan
                  Administrator, in its sole discretion, determines are
                  appropriate. No cash shall be paid in lieu of such fees and
                  costs.

5. CHANGE IN CONTROL BENEFITS

         A Participant described in Section 2.2 who is not subject to an
Individual Change in Control Agreement shall be entitled to benefits pursuant to
this Section 5 if such a Participant has a Termination of Employment during the
Current Post-Merger Period (subject to Section 2.3), Post-Change Period or
Imminent Control Change Period, and such Participant shall not be eligible for
benefits under Section 4 unless so expressly provided in this Section 5;
provided, however, that if, under the terms of an offer of employment or
employment agreement with the Company, a Participant would be entitled to
benefits which exceed the level of benefits under the Plan, the terms of such
offer of employment or other agreement shall control and no payments or benefits
shall be provided under this Plan to the extent that such payment or benefits
would reasonably be considered, by the Plan Administrator, duplicative.

                                     - 5 -
<PAGE>
         1.13 Termination During the Current Post-Merger Period or Post-Change
         Period. If, during the Current Post-Merger Period or Post-Change
         Period, an eligible Executive has a Termination of Employment and
         becomes a Participant, the Company's sole obligations under Section 4
         and Sections 5.1 and 5.2 shall be as set forth in this Section 5.1
         (subject to Section 5.3, 5.5, 5.6, 5.7 and 5.8).

                  (a) Severance Payments. The Company shall pay or provide (or
                  cause to be provided) such Participant, according to the
                  payment terms set forth in Section 5.3 below, the following:

                           (i) Accrued Obligations. All Accrued Obligations;

                           (ii) Annual Incentive for Year of Termination. An
                           amount equal to the Target Incentive applicable to
                           such Participant under the Incentive Plan for the
                           performance period in which the Termination Date
                           occurs;

                           (iii) Deferred Compensation and Non-Qualified Defined
                           Contribution Plans. All amounts previously deferred
                           by, or accrued to the benefit of, such Participant
                           under the Exelon Corporation Deferred Compensation
                           Plan, the Exelon Corporation Deferred Stock Plan, any
                           successor of either of them, or under any other
                           non-qualified defined contribution or deferred
                           compensation plan of the Company (unless such
                           Participant has made an irrevocable election in
                           writing, filed with the Company no more than 60 days
                           after the Applicable Trigger Date (or such earlier
                           date as counsel to the Company may deem to be
                           required to avoid constructive receipt of such
                           amounts), and in any event at least 90 days prior to
                           the Termination Date to have such amounts paid under
                           the terms of the Exelon Corporation Deferred
                           Compensation Plan or the Exelon Corporation Deferred
                           Stock Plan, as applicable, any successor of either or
                           under any other non-qualified defined contribution or
                           deferred compensation plan of the Company (including
                           any elections in effect thereunder)) whether vested
                           or unvested, together with any accrued earnings
                           thereon, to the extent that such amounts and earnings
                           have not been previously paid by the Company and are
                           not provided under the terms of any such
                           non-qualified plan;

                           (iv) Pension Enhancements. An amount equal to the
                           positive difference, if any, between

                                    (1) the lump sum value of such Participant's
                                    benefit under the SERP, calculated as if
                                    such Participant had

                                             (a) become fully vested in all
                                             benefits,

                                             (b) attained as of the Termination
                                             Date an age that is two years
                                             greater than such Participant's
                                             actual age and that includes the
                                             number of years of age credited to
                                             such Participant pursuant to any
                                             other agreement between the Company
                                             and such Participant,

                                     - 6 -
<PAGE>
                                             (c) accrued a number of years of
                                             service (for purposes of
                                             determining the amount of such
                                             benefits, entitlement to - but not
                                             commencement of - early retirement
                                             benefits, and all other purposes of
                                             such defined benefit plans) that is
                                             two years greater than the number
                                             of years of service actually
                                             accrued by such Participant as of
                                             the Termination Date and that
                                             includes the number of years of
                                             service credited to such
                                             Participant pursuant to any other
                                             agreement between the Company and
                                             such Participant, and

                                             (d) received the severance benefits
                                             specified in Sections 5.1(a)(ii)
                                             and 5.1(a)(vi) as covered
                                             compensation in equal monthly
                                             installments during the Severance
                                             Period, minus

                                    (2) the aggregate amounts paid or payable to
                                    such Participant under the SERP;

                           (v) Unvested Benefits Under Defined Benefit Plan. To
                           the extent not paid pursuant to clause (iii) or (iv)
                           of this Section 5.1(a), an amount equal to the
                           actuarial equivalent present value of the unvested
                           portion of such Participant's accounts or accrued
                           benefits under any tax-qualified (under Section
                           401(a) of the Code) defined benefit retirement plan
                           maintained by the Company as of the Termination Date
                           and forfeited by such Participant by reason of the
                           Termination of Employment; and

                           (vi) Multiple of Salary and Severance Incentive. An
                           amount equal to two (2) times the sum of (x) Base
                           Salary plus (y) the Severance Incentive.

                  (b) Stock Options. Each of such Participant's stock options,
                  stock appreciation rights or similar incentive awards granted
                  under the LTIP ("Stock Options") shall (i) become fully
                  vested, and (ii) remain exercisable until (1) the option
                  expiration date for any such Stock Options granted prior to
                  January 1, 2002 or (2) the fifth anniversary of the
                  Termination Date or, if earlier, the option expiration date
                  for any such Stock Options granted on or after January 1,
                  2002.

                  (c) LTIP Vesting. On the Termination Date, all of the
                  performance shares, performance units or similar stock
                  incentive awards granted to such Participant under the Exelon
                  Performance Share Program under the LTIP ("Performance
                  Shares") to the extent earned by and awarded to such
                  Participant (i.e. as to which the first year of the
                  performance cycle has elapsed) as of the Termination Date,
                  shall become fully vested at the actual level earned and
                  awarded, and, to the extent not yet earned by and awarded to
                  such Participant (i.e. as to which the first year of the
                  performance cycle has not elapsed) as of the Termination Date,
                  shall become fully vested at the LTIP Target Level.

                                     - 7 -
<PAGE>
                  (d) Other Restricted Stock. All forfeiture conditions that as
                  of the Termination Date are applicable to any deferred stock
                  unit, restricted stock or restricted share units awarded to
                  such Participant by Exelon other than under the Exelon
                  Performance Share Program under the LTIP ("Restricted Stock")
                  shall lapse immediately and all such awards will become fully
                  vested, and within ten business days after the Termination
                  Date, Exelon shall deliver or cause to be delivered to such
                  Participant all of such shares theretofore held by or on
                  behalf of Exelon.

                  (e) Continuation of Welfare Benefits. During the Severance
                  Period and continuing through such later date as may be
                  specified in any welfare plan of the Company (including
                  medical, prescription, dental, disability, employee life,
                  group life, accidental death, and travel accident insurance
                  benefits but excluding any severance pay) ("Welfare Plan")
                  that covered the Participant or such Participant's family
                  prior to such Participant's Termination of Employment, the
                  Company shall continue to provide (or shall cause the
                  continued provision) to such Participant and such
                  Participant's family welfare benefits under the Welfare Plans
                  to the same extent as if such Participant had remained
                  employed during the Severance Period. Such provision of
                  welfare benefits shall be subject to the following:

                           (i) In determining benefits applicable under such
                           Welfare Plans, such Participant's annual compensation
                           attributable to base salary and incentives for any
                           plan year or calendar year, as applicable, shall be
                           deemed to be not less than such Participant's Base
                           Salary and annual incentive.

                           (ii) The cost of such welfare benefits to such
                           Participant and family under this Section 5.1(e)
                           shall not exceed the cost of such benefits to peer
                           executives who are actively employed after the
                           Termination Date.

                           (iii) Such Participant's rights under this Section
                           5.1(e) shall be in addition to and not in lieu of any
                           post-termination continuation coverage or conversion
                           rights such Participant may have pursuant to
                           applicable law, including, without limitation,
                           continuation coverage required by COBRA.

                           (iv) If such Participant has, as of the last day of
                           the Severance Period, attained age 50 and completed
                           at least 10 years of service with the Company (five
                           years with respect to any Termination of Employment
                           occurring during the Current Post-Merger Period),
                           such Participant shall be entitled to the retiree
                           benefits provided under any Welfare Plan of the
                           Company; provided, however, that for purposes hereof,
                           any years of age and/or credited service granted to
                           such Participant in any other plan or agreement
                           between such Participant and the Company shall be
                           taken into account. For purposes of determining
                           eligibility for (but not the time of commencement of)
                           such retiree benefits, such Participant shall also be
                           considered (1) to have remained employed until the
                           last day of the Severance Period and to have retired
                           on the last day of such period, and

                                     - 8 -
<PAGE>
                           (2) to have attained at least the age such
                           Participant would have attained on the last day of
                           the Severance Period.

                  Notwithstanding the foregoing, if such Participant obtains a
                  specific type of coverage under welfare plan(s) sponsored by
                  another employer of such Participant (e.g. medical,
                  prescription, vision, dental, disability, individual life
                  insurance benefits, group life insurance benefits, but
                  excluding for the purposes of this sentence retiree benefits
                  if such Participant is so eligible), then the Company shall
                  not be obligated to provide any such specific type of
                  coverage.

                  (f) Outplacement. To the extent actually incurred by such
                  Participant, the Company shall pay or cause to be paid on
                  behalf of such Participant, as incurred, all reasonable fees
                  and costs charged by a nationally recognized outplacement firm
                  selected by such Participant for outplacement services
                  provided for up to 12 months after the Termination Date. No
                  cash shall be paid in lieu of such fees and costs.

                  (g) Indemnification. Such Participant shall be indemnified and
                  held harmless by the Company to the greatest extent permitted
                  under applicable law as the same now exists or may hereafter
                  be amended (but, in the case of any such amendment, only to
                  the extent that such amendment permits the Company to provide
                  broader indemnification than was permitted prior to such
                  amendment) and the Company's by-laws as such exist on the
                  Restatement Date if such Participant was, is, or is threatened
                  to be, made a party to any pending, completed or threatened
                  action, suit, arbitration, alternate dispute resolution
                  mechanism, investigation, administrative hearing or any other
                  proceeding whether civil, criminal, administrative or
                  investigative, and whether formal or informal, by reason of
                  the fact that such Participant is or was, or had agreed to
                  become, a director, officer, employee, agent, or fiduciary of
                  the Company any other entity which such Participant is or was
                  serving at the request of the Company ("Proceeding"), against
                  all expenses (including all reasonable attorneys' fees) and
                  all claims, damages, liabilities and losses incurred or
                  suffered by such Participant or to which such Participant may
                  become subject for any reason. Upon receipt from such
                  Participant of (i) a written request for an advancement of
                  expenses, which such Participant reasonably believes will be
                  subject to indemnification hereunder and (ii) a written
                  undertaking by such Participant to repay any such amounts if
                  it shall ultimately be determined that such Participant is not
                  entitled to indemnification under this Plan or otherwise, the
                  Company shall advance such expenses to such Participant or pay
                  such expenses for such Participant, all in advance of the
                  final disposition of any such matter.

                  (h) Directors' and Officers' Liability Insurance. For a period
                  of six years after the Termination Date (or for any known
                  longer applicable statute of limitations period), the Company
                  shall provide such Participant with coverage under a
                  directors' and officers' liability insurance policy in an
                  amount no less than, and on terms no less favorable than,
                  those provided to senior executive officers and directors of
                  the Company on the Applicable Trigger Date.

                                     - 9 -
<PAGE>
         1.14 Termination During an Imminent Control Change Period. If, during
         an Imminent Control Change Period, a Participant has a Termination of
         Employment, then, unless such Termination of Employment occurred during
         the Current Post-Merger Period, such Participant shall receive benefits
         as provided in Section 4 and the Company's sole obligations to such
         Participant under Sections 5.1 and 5.2 shall be as set forth in this
         Section 5.2 (and subject to Sections 5.3, 5.5, 5.6, 5.7 and 5.8). The
         Company's obligations to such Participant under this Section 5.2 shall
         be reduced by any amounts or benefits paid or provided pursuant to
         Section 4. If such Participant's Termination of Employment occurred
         during any portion of an Imminent Control Change Period that is also
         the Current Post-Merger Period, the Company's obligations to such
         Participant, if any, shall be determined under Section 5.1.

                  (a) Cash Severance Payments. If the Imminent Control Change
                  Period culminates in a Change Date, the Company shall pay (or
                  cause to be paid) to such Participant, a lump-sum cash amount,
                  within thirty business days after the later of the Termination
                  Date or the Change Date, equal to the sum of all amounts
                  described in Section 5.1(a)(i) through (v). The amount
                  described in Section 5.1(a)(vi) shall be paid to such
                  Participant as described in Section 5.3, provided that amounts
                  that would have been paid prior to the Change Date shall be
                  paid in a lump sum (without interest) within 30 business days
                  after the Change Date.

                  (b) Vested Stock Options. Such Participant's Stock Options, to
                  the extent vested on the Termination Date,

                           (i) will not expire (unless such Stock Options would
                           have expired had such Participant remained an
                           employee of the Company) during the Imminent Control
                           Change Period; and

                           (ii) will continue to be exercisable after the
                           Termination Date to the extent provided in the
                           applicable grant agreement or the LTIP, and
                           thereafter, such Stock Options shall not be
                           exercisable during the Imminent Control Change
                           Period.

                  If the Imminent Control Change Period lapses without a Change
                  Date, then such Participant's Stock Options, to the extent
                  vested on the Termination Date, may be exercised, in whole or
                  in part, during the 30-day period following the lapse of the
                  Imminent Control Change, or, if larger, the period during
                  which such Participant's vested Stock Options could otherwise
                  be exercised under the terms of the applicable grant agreement
                  or the LTIP (but in no case shall any Stock Options remain
                  exercisable after the date on which such Stock Options would
                  have expired if such Participant had remained an employee of
                  the Company).

                  If the Imminent Control Change Period culminates in a Change
                  Date, then effective upon the Change Date, such Participant's
                  Stock Options, to the extent vested on the Termination Date,
                  may be exercised in whole or in part by such Participant at
                  any time until (1) the option expiration date for such Stock
                  Options granted prior to January 1, 2002 or (2) the earlier of
                  the fifth anniversary of the

                                     - 10 -
<PAGE>
                  Change Date or the option expiration date for such Stock
                  Options granted on or after January 1, 2002.

                  (c) Unvested Stock Options. Such Participant's Stock Options
                  that are not vested on the Termination Date

                           (i) will not expire (unless such Stock Options would
                           have expired had such Participant remained an
                           employee of the Company) during the Imminent Control
                           Change Period; and

                           (ii) will not continue to vest and will not be
                           exercisable during the Imminent Control Change Period
                           after the expiration of the period for
                           post-termination exercise under the terms of the
                           applicable Stock Option agreement.

                  If the Imminent Control Change lapses without a Change Date,
                  such unvested Stock Options will thereupon expire.

                  If the Imminent Control Change culminates in a Change Date,
                  then immediately prior to the Change Date, such unvested Stock
                  Options shall become fully vested, and may thereupon be
                  exercised in whole or in part by such Participant at any time
                  until (1) the option expiration date for such Stock Options
                  granted prior to January 1, 2002 or (2) the earlier of the
                  fifth anniversary of the Change Date, or the option expiration
                  date for such Stock Options granted on or after January 1,
                  2002.

                  (d) Performance Shares. Such Participant's Performance Shares
                  granted under the Exelon Performance Share Program under the
                  LTIP will not be forfeited during the Imminent Control Change
                  Period, and will not continue to vest during the Imminent
                  Control Change Period. If the Imminent Control Change lapses
                  without a Change Date, such Performance Shares shall be
                  governed according to the terms of Section 4. If the Imminent
                  Control Change Period culminates in a Change Date:

                                    (1) All Performance Shares granted to such
                                    Participant under the Exelon Performance
                                    Share Program under the LTIP, which, as of
                                    the Termination Date, have been earned by
                                    and awarded to such Participant, shall
                                    become fully vested at the actual earned
                                    level on the Change Date, and

                                    (2) All of the Performance Shares granted to
                                    such Participant under the Exelon
                                    Performance Share Program under the LTIP
                                    which, as of the Termination Date, have not
                                    been earned by and awarded to such
                                    Participant shall become fully vested on the
                                    Change Date at the LTIP Target Level.

                  (e) Restricted Stock. Such Participant's unvested Restricted
                  Stock will:

                                     - 11 -
<PAGE>
                           (i) not be forfeited during the Imminent Control
                           Change Period; and

                           (ii) not continue to vest during the Imminent Control
                           Change Period.

                  If the Imminent Control Change Period lapses without a Change
                  Date, such unvested Restricted Stock shall thereupon be
                  forfeited.

                  If the Imminent Control Change Period culminates in a Change
                  Date, then immediately prior to the Change Date, such
                  Participant's Restricted Stock shall become fully vested, and
                  within ten business days after the Change Date, the Company
                  shall deliver to such Participant all of such shares
                  theretofore held by or on behalf of the Company, which will be
                  subject to the same terms which other stockholders of the
                  Company receive in the transaction.

                  (f) Continuation of Welfare Benefits. The Company shall
                  continue to provide (or cause to be provided) to such
                  Participant and such Participant's family welfare benefits
                  (other than any severance pay that may be considered a welfare
                  benefit) that covered the Participant or such Participant's
                  family prior to such Participant's Termination of Employment,
                  during the Imminent Change Period which are at least as
                  favorable as welfare benefits under the most favorable Welfare
                  Plans of the Company applicable with respect to peer
                  executives who are actively employed by the Company after the
                  Termination Date and their families; subject to the following:

                           (i) in determining benefits applicable under such
                           Welfare Plans, such Participant's annual compensation
                           attributable to base salary and incentives for any
                           plan year or calendar year, as applicable, shall be
                           deemed to be not less than such Participant's Base
                           Salary and annual incentive;

                           (ii) the cost of such welfare benefits to such
                           Participant and family under this Section 5.2(f)
                           shall not exceed the cost of such benefits to peer
                           executives who are actively employed by the Company
                           after the Termination Date; and

                           (iii) such Participant's rights under this Section
                           5.2(f) shall be in addition to and not in lieu of any
                           post-termination continuation coverage or conversion
                           rights such Participant may have pursuant to
                           applicable law, including, without limitation,
                           continuation coverage required by COBRA.

                  If the Imminent Control Change Period lapses without a Change
                  Date, welfare benefit plan coverage under this Section 5.2(f)
                  shall thereupon cease, subject to such Participant's rights,
                  if any, to continued coverage under a Welfare Plan, Section 4,
                  or applicable law. If the Imminent Control Change Period
                  culminates in a Change Date, then for the remainder of the
                  Severance Period (and continuing through such later date as
                  any Welfare Plan may specify), the Company shall continue to
                  provide such Participant and such Participant's family welfare
                  benefits as described in, and subject to the limitations of
                  Section 5.1(e).

                                     - 12 -
<PAGE>
                  Notwithstanding the foregoing, if such Participant obtains a
                  specific type of coverage under welfare plan(s) sponsored by
                  another employer of such Participant (e.g. medical,
                  prescription, vision, dental, disability, individual life
                  insurance benefits, group life insurance benefits, but
                  excluding for the purposes of this sentence retiree benefits
                  if such Participant is so eligible), then the Company shall
                  not be obligated to provide such any specific type of
                  coverage.

                  (g) Outplacement. To the extent actually incurred by such
                  Participant, the Company shall pay or cause to be paid on
                  behalf of such Participant, as incurred, all reasonable fees
                  and costs charged by a nationally recognized outplacement firm
                  selected by such Participant for outplacement services
                  provided for up to 12 months after the Termination Date. No
                  cash shall be paid in lieu of such fees and costs.

                  (h) Indemnification. Such Participant shall be indemnified and
                  held harmless by the Company to the same extent as provided in
                  Section 5.1(g), but only during the Imminent Control Change
                  Period (or greater period provided under the Company's
                  by-laws) if the Imminent Control Change Period lapses without
                  a Change Date.

                  (i) Termination During an Imminent Control Change Period:
                  Directors' and Officers' Liability Insurance. The Company
                  shall provide the same level of directors' and officers'
                  liability insurance for such Participant as provided in
                  Section 5.1(h), but only during the Imminent Control Change
                  Period (or greater period provided under the Company's
                  by-laws) if the Imminent Control Change Period lapses without
                  a Change Date.

         5.3 Timing of Severance Payments. Unless otherwise specified herein,
         the amounts described in Sections 5.1(a)(i), (ii), (iii), (iv) and (v)
         shall be paid within 30 business days of the Termination Date. The
         severance payments described in Section 5.1(a)(vi) shall be paid
         beginning no later than the second paydate which occurs after the
         Termination Date, in periodic payments to a Participant according to
         the Company's normal payroll practices at a monthly rate equal to 1/12
         of the sum of (i) such Participant's Base Salary in effect as of the
         Termination Date plus (ii) the Severance Incentive.

         5.4 Other Terminations of Employment by the Company or a Participant.

                  (a) Obligations. If, during the Current Post-Merger Period,
                  the Post-Change Period, or the Imminent Control Change Period,
                  (i) the Company terminates an eligible Executive's employment
                  for Cause (or causes a Participant to be terminated for Cause)
                  ("Cause Termination") or disability (as determined by the Plan
                  Administrator in good faith), (ii) an Executive elects to
                  retire or otherwise terminate employment other than for Good
                  Reason, disability or death, or (iii) an eligible Executive's
                  employment terminates on account of death or disability, the
                  Company shall have no obligations to such Executive under
                  Section 5 (subject to Section 5.7). The remaining applicable
                  provisions of this Plan (including the Restrictive Covenants)
                  shall continue to apply.

                                     - 13 -
<PAGE>
                  (b) Procedural Requirements. The Company shall strictly
                  observe or cause to be strictly observed each of the following
                  procedures in connection with any Cause Termination during the
                  Current Post-Merger Period, the Post-Change Period or the
                  Imminent Control Change Period: an eligible Executive's
                  termination of employment shall not be deemed to be for Cause
                  under this Section 5.4 unless and until there shall have been
                  delivered to such Executive a written notice of the
                  determination of the Chief Executive Officer of the
                  Executive's employer ("CEO") (after reasonable written notice
                  of such consideration by the CEO of acts or omissions alleged
                  to constitute Cause is provided to such Executive and such
                  Executive is given an opportunity to present a written
                  response to the CEO regarding such allegations), finding that,
                  in his or her good faith opinion, such Executive's acts, or
                  failure to act, constitutes Cause and specifying the
                  particulars thereof in detail.

         5.5 Sole and Exclusive Obligations. The obligations of the Company
         under this Plan with respect to any Termination of Employment occurring
         during the Current Post-Merger Period, Post-Change Period, or Imminent
         Control Change Period shall supersede any severance obligations of the
         Company in any other plan of the Company or agreement between such
         Participant and the Company, including, without limitations, Section 4,
         any Individual Change in Control Agreement affecting such Participant
         or any other plan or agreement (including an offer of employment or
         employment contract) of the Company which provides for severance
         benefits, except as explicitly provided in Section 5.2 or an Individual
         Change in Control Agreement. In the event of any inconsistency,
         ambiguity or conflict between the terms of such other plan of the
         Company or agreement between a Participant and the Company, and this
         Plan with respect to any severance obligations of the Company (other
         than obligations with respect to age and/or credited service under the
         SERP in any agreement other than a prior Individual Change in Control
         Agreement), this Plan shall govern.

         5.6 Payment Capped. If at any time or from time to time, it shall be
         determined by the Company's independent auditors that any payment or
         other benefit to a Participant pursuant to Section 5 of this Plan or
         otherwise ("Potential Parachute Payment") is or will become subject to
         the excise tax imposed by Section 4999 of the Code or any similar tax
         payable under any United States federal, state, local, foreign or other
         law ("Excise Taxes"), then the Potential Parachute Payments payable to
         such Participant shall be reduced to the largest amount which would
         both (a) not cause any Excise Tax to be payable by such Participant and
         (b) not cause any Potential Parachute Payments to become nondeductible
         by the Company by reason of Section 280G of the Code (or any successor
         provision).

         5.7 Arbitration. Any dispute, controversy or claim between the parties
         hereto arising out of or in connection with or relating to this Section
         5 (other than disputes related to an alleged breach of the Restrictive
         Covenants) or any breach or alleged breach thereof, or any benefit or
         alleged benefit hereunder, shall be settled by arbitration in Chicago,
         Illinois, before an impartial arbitrator pursuant to the rules and
         regulations of the American Arbitration Association ("AAA") pertaining
         to the arbitration of labor disputes. Any party may invoke the right to
         arbitration. The arbitrator shall be selected by means

                                     - 14 -
<PAGE>
         of the parties striking alternatively from a panel of seven arbitrators
         supplied by the Chicago office of AAA. The arbitrator shall have the
         authority to interpret and apply the provisions of this Section,
         consistent with Section 12.7 below. The decision of the arbitrator
         shall be final and binding upon the parties and a judgment thereon may
         be entered in the highest court of a forum, state or federal, having
         jurisdiction. No arbitration shall be commenced after the date when
         institution of legal or equitable proceedings based upon such subject
         matter would be barred by the applicable statutes of limitations.
         Notwithstanding anything to the contrary contained in this Section 5.7
         or elsewhere in this Plan, any party may bring an action in the
         District Court of Cook County, or the United States District Court for
         the Northern District of Illinois, if jurisdiction there lies, in order
         to maintain the status quo ante of the parties. The "status quo ante"
         is defined as the last peaceable, uncontested status between the
         parties. However, neither the party bringing the action nor the party
         defending the action thereby waives its right to arbitration of any
         dispute, controversy or claim arising out of or in connection or
         relating to this Plan. Notwithstanding anything to the contrary
         contained in this Section 5.7 or elsewhere in this Plan, any party may
         seek relief in the form of specific performance, injunctive or other
         equitable relief in order to enforce the decision of the arbitrator.
         The parties agree that in any arbitration commenced pursuant to this
         Plan, the parties shall be entitled to such discovery (including
         depositions, requests for the production of documents and
         interrogatories) as would be available in a federal district court
         pursuant to Rules 26 through 37 of the Federal Rules of Civil
         Procedure. In the event that either party fails to comply with its
         discovery obligations hereunder, the arbitrator shall have full power
         and authority to compel disclosure or impose sanctions to the full
         extent of Rule 37 of the Federal Rules of Civil Procedure.

         5.8 No Adverse Effect on Pooling of Interests. Any benefits provided to
         a Participant under this Plan may be reduced or eliminated to the
         extent necessary, in the reasonable judgment of the Board, to enable
         Exelon to account for a merger, consolidation or similar transaction as
         a pooling of interests; provided that (i) the Board shall have
         exercised such judgment and given such Participant written notice
         thereof prior to the Change Date and (ii) the determination of the
         Board shall be supported by a written certificate of Exelon's
         independent auditors, a copy of which shall be provided to such
         Participant before the Change Date.

6. TERMINATION OF PARTICIPATION; CESSATION OF BENEFITS

         A Participant's benefits under Section 4 of the Plan shall terminate on
the last day of the Participant's Salary Continuation Period; provided that a
Participant's right to benefits shall terminate immediately on such date as the
Company discovers that the Participant has breached any of the Restrictive
Covenants, in which case the Company may require the repayment of amounts paid
prior to such breach in accordance with Paragraph 4.1, and shall discontinue the
payment of any additional amounts under Section 4 of the Plan.

         A Participant's benefits under Section 5 of the Plan shall terminate on
the later of the last day of the Participant's Severance Period or the date all
benefits to which the Participant is entitled to have been paid from the Plan;
provided that a Participant's right to benefits shall terminate immediately on
the date the Company discovers that the Participant has breached any

                                     - 15 -
<PAGE>
of the Restrictive Covenants, in which case the Company may require the
repayment of amounts paid prior to such breach in accordance with Section 5, and
shall discontinue the payment of any additional amounts under Section 5 of the
Plan.

7. DEFINITIONS

         In addition to terms previously defined, when used in the Plan, the
following capitalized terms shall have the following meanings unless the context
clearly indicates otherwise:

         1.15 "Accrued Annual Incentive" means the amount of any annual
         incentive earned but not yet paid with respect to the Company's latest
         fiscal year ended prior to the Termination Date.

         1.16 "Accrued Base Salary" means the amount of a Participant's Base
         Salary that is accrued but not yet paid as of the Termination Date.

         1.17 "Accrued LTIP Award" means the amount of any LTIP award earned and
         vested, but either deferred or not yet paid as of the Termination Date.

         1.18 "Accrued Obligations" means, as of any date, the sum of a
         Participant's Accrued Base Salary, Accrued Annual Incentive, Accrued
         LTIP Award, any accrued but unpaid paid time off, and any other amounts
         and benefits which are then due to be paid or provided to such
         Participant by the Company, but have not yet been paid or provided (as
         applicable).

         1.19 "Applicable Trigger Date" means

                  (a) the Restatement Date, with respect to the Current
                  Post-Merger Period;

                  (b) the Change Date, with respect to the Post-Change Period;
                  or

                  (c) the date of an Imminent Control Change, with respect to
                  the Imminent Control Change Period.

         1.20 "Base Salary" for purposes of Section 5, means not less than 12
         times the highest monthly base salary paid or payable to a Participant
         by the Company in respect of the 12-month period immediately before the
         Applicable Trigger Date.

         1.21 "Beneficial Owner" means such term as defined in Rule 13d-3 of the
         SEC under the Exchange Act.

         1.22 "Board" means the Board of Directors of Exelon or, from and after
         the effective date of a Corporate Transaction (as defined in the
         definition of Change in Control), the Board of Directors of the
         corporation resulting from a Corporate Transaction or, if securities
         representing at least 50% of the aggregate voting power of such
         resulting corporation are directly or indirectly owned by another
         corporation, such other corporation.

                                     - 16 -
<PAGE>
         1.23 "Cause" means, with respect to any Executive:

                  (a) an Executive's willful commission of act(s) or omission(s)
                  which have, have had, or are likely to have a material adverse
                  effect on the business, operations, financial condition or
                  reputation of the Exelon or any of its affiliates;

                  (b) an Executive's conviction (including a plea of guilty or
                  nolo contendere) of a felony or any crime of fraud, theft,
                  dishonesty or moral turpitude;

                  (c) an Executive's material violation of any statutory or
                  common law duty of loyalty to the Company or any of its
                  affiliates; or

                  (d) solely with respect to a termination of employment during
                  an Imminent Control Change Period, an Executive's failure to
                  meet objective performance criteria of the position, provided
                  that, this subsection (d) shall be inapplicable if the
                  Imminent Control Change culminates in a Change Date.

         1.24 "Change Date" means each date on which a Change in Control occurs
         after the Restatement Date.

         1.25 "Change in Control" means:

                  (a) any SEC Person becomes the Beneficial Owner of 20% or more
                  of the then outstanding common stock of Exelon or of Voting
                  Securities representing 20% or more of the combined voting
                  power of all the then outstanding Voting Securities of Exelon
                  (such an SEC Person, a "20% Owner"); provided, however, that
                  for purposes of this subsection (a), the following
                  acquisitions shall not constitute a Change in Control: (1) any
                  acquisition directly from Exelon (excluding any acquisition
                  resulting from the exercise of an exercise, conversion or
                  exchange privilege unless the security being so exercised,
                  converted or exchanged was acquired directly from Exelon), (2)
                  any acquisition by Exelon, (3) any acquisition by an employee
                  benefit plan (or related trust) sponsored or maintained by
                  Exelon or any corporation controlled by Exelon (a "Company
                  Plan"), or (4) any acquisition by any corporation pursuant to
                  a transaction which complies with clauses (i), (ii) and (iii)
                  of subsection (c) of this definition; provided further, that
                  for purposes of clause (2), if any 20% Owner of Exelon other
                  than Exelon or any Company Plan becomes a 20% Owner by reason
                  of an acquisition by Exelon, and such 20% Owner of Exelon
                  shall, after such acquisition by Exelon, become the beneficial
                  owner of any additional outstanding common shares of Exelon or
                  any additional outstanding Voting Securities of Exelon (other
                  than pursuant to any dividend reinvestment plan or arrangement
                  maintained by Exelon) and such beneficial ownership is
                  publicly announced, such additional beneficial ownership shall
                  constitute a Change in Control; or

                  (b) Individuals who, as of the date hereof, constitute the
                  Board (the "Incumbent Board") cease for any reason to
                  constitute at least a majority of the Incumbent Board;
                  provided, however, that any individual becoming a director
                  subsequent to the date hereof whose election, or nomination
                  for election by Exelon's

                                     - 17 -
<PAGE>
                  shareholders, was approved by a vote of at least a majority of
                  the directors then comprising the Incumbent Board shall be
                  considered as though such individual were a member of the
                  Incumbent Board, but excluding, for this purpose, any such
                  individual whose initial assumption of office occurs as a
                  result of an actual or threatened election contest (as such
                  terms are used in Rule 14a-11 promulgated under the Exchange
                  Act) or other actual or threatened solicitation of proxies or
                  consents by or on behalf of a Person other than the Board; or

                  (c) Consummation of a reorganization, merger or consolidation
                  ("Merger"), or the sale or other disposition of more than 50%
                  of the operating assets of Exelon (determined on a
                  consolidated basis), other than in connection with a
                  sale-leaseback or other arrangement resulting in the continued
                  utilization of such assets (or the operating products of such
                  assets) by Exelon (such reorganization, merger, consolidation,
                  sale or other disposition, a "Corporate Transaction");
                  excluding, however, a Corporate Transaction pursuant to which:

                           (i) all or substantially all of the individuals and
                           entities who are the Beneficial Owners, respectively,
                           of the outstanding common stock of Exelon and
                           outstanding Voting Securities of Exelon immediately
                           prior to such Corporate Transaction beneficially own,
                           directly or indirectly, more than 60% of,
                           respectively, the then-outstanding shares of common
                           stock and the combined voting power of the
                           then-outstanding voting securities entitled to vote
                           generally in the election of directors, as the case
                           may be, of the corporation resulting from such
                           Corporate Transaction (including, without limitation,
                           a corporation which, as a result of such transaction,
                           owns Exelon or all or substantially all of the assets
                           of Exelon either directly or through one or more
                           subsidiaries) in substantially the same proportions
                           as their ownership immediately prior to such
                           Corporate Transaction of the outstanding common stock
                           of Company and outstanding Voting Securities of
                           Exelon, as the case may be;

                           (ii) no SEC Person (other than the corporation
                           resulting from such Corporate Transaction, and any
                           Person which beneficially owned, immediately prior to
                           such corporate Transaction, directly or indirectly,
                           20% or more of the outstanding common stock of Exelon
                           or the outstanding Voting Securities of Exelon, as
                           the case may be) becomes a 20% Owner, directly or
                           indirectly, of the then-outstanding common stock of
                           the corporation resulting from such Corporate
                           Transaction or the combined voting power of the
                           outstanding voting securities of such corporation;
                           and

                           (iii) individuals who were members of the Incumbent
                           Board will constitute at least a majority of the
                           members of the board of directors of the corporation
                           resulting from such Corporate Transaction; or

                  (d) Approval by Exelon's shareholders of a plan of complete
                  liquidation or dissolution of Exelon, other than a plan of
                  liquidation or dissolution which results

                                     - 18 -
<PAGE>
                  in the acquisition of all or substantially all of the assets
                  of Exelon by an affiliated company.

         Notwithstanding the occurrence of any of the foregoing events, a Change
         in Control shall not occur with respect to a Participant if, in advance
         of such event, such Participant agrees in writing that such event shall
         not constitute a Change in Control.

         1.26 "Code" means the Internal Revenue Code of 1986, as amended.

         1.27 "Current Post-Merger Period" means, applicable only with respect
         to a Participant who was on the payroll of PECO Company or a Unicom
         subsidiary on the day prior to the Merger Effective Date, the period
         commencing on the Restatement Date and ending on the earlier of the
         Termination Date or October 20, 2002. To the extent that, prior to
         October 21, 2002, the Current Post-Merger Period includes any portion
         of an Imminent Control Change Period, the terms of this Plan applicable
         to the Current Post-Merger Period shall govern.

         1.28 "Exchange Act" means the Securities Exchange Act of 1934, as
         amended.

         1.29 "Good Reason" means a material reduction of a Participant's
         salary, incentive compensation or benefits, unless such reduction is
         part of a policy, program or arrangement applicable to peer executives
         of the Company and of any successor entity; or a material reduction or
         material adverse alteration in the nature of a Participant's position,
         duties, function, responsibilities or authority; provided, however,
         that for purposes of Section 5:

                  (a) a Termination of Employment for "Good Reason" shall
                  instead mean a termination initiated by an eligible Executive
                  upon notice to the Company as described below in subsection
                  (d)(i) of this Section, based on the occurrence of any one or
                  more of the following actions or omissions that, unless
                  otherwise specified, occurs during the Current Post-Merger
                  Period, the Post-Change Period, or the Imminent Control Change
                  Period:

                           (i) a material adverse reduction in the nature or
                           scope of an eligible Executive's office, position,
                           duties, functions, responsibilities or authority;

                           (ii) a material reduction of an eligible Executive's
                           salary, incentive compensation or aggregate benefits
                           unless such reduction is part of a policy, program or
                           arrangement applicable to peer executives of the
                           Executive's employer and of any successor entity;

                           (iii) the failure of any successor to Exelon to
                           assume this Plan;

                           (iv) a relocation, of more than 50 miles of (i) an
                           eligible Executive's workplace, or (ii) the principal
                           offices of Exelon or its successor (if such offices
                           are such Executive's workplace), in each case without
                           the consent of such Executive; provided, however, in
                           both cases of (i) and (ii) of this

                                     - 19 -
<PAGE>
                           Section 3.4(a), such new location is farther from
                           such Executive's residence that the prior location;

                           (v) a requirement of the greater of (i) more than 24
                           days of travel per year, or (ii) at least 20% more
                           business travel than was required of such Executive
                           prior to the Applicable Trigger Date; or

                           (vi) a material breach of this Plan by the Company or
                           its successor.

                  (b) Additional Basis for Good Reason During the Current
                  Post-Merger Period. With respect to the Current Post-Merger
                  Period, "Good Reason" shall have the meaning set forth in
                  above in subsection (a) and shall also include any of the
                  following which occurred prior to the Restatement Date:

                           (i) a material adverse alteration in the nature or
                           scope of an eligible Executive's position, duties,
                           functions, responsibilities or authority;

                           (ii) a determination by a Participant, made in good
                           faith during the Executive's participation in this
                           Plan and prior to the Restatement Date, that, as a
                           result of the change in control resulting in the
                           merger of Unicom Corporation and PECO Energy
                           Corporation, such Participant is substantially unable
                           to perform, or that there has been a material
                           reduction in, any of such Executive's duties,
                           functions, responsibilities or authority; provided
                           that the notice described below in subsection (d)(i)
                           of this Section shall be given prior to June 15,
                           2001;

                           (iii) a relocation of more than 50 miles of (i) such
                           Executive's workplace, or (ii) the principal offices
                           of Exelon if such offices are the Participant's
                           workplace), in each case without the consent of the
                           Executive; or

                           (iv) a requirement of at least 20% more business
                           travel than was required of such Executive prior to
                           the change in control resulting in the merger of
                           Unicom Corporation and PECO Energy Corporation.

                  (c) Application of "Good Reason" Definition During the
                  Imminent Control Change Period. During the Imminent Control
                  Change Period, "Good Reason" shall not include the events or
                  conditions described in subsection (a)(i), (a)(iv) or (a)(v)
                  above unless the Imminent Control Change Period culminates in
                  a Change Date.

                  (d) Limitations on Good Reason. Notwithstanding the foregoing
                  provisions of this Section, no act or omission shall
                  constitute a material breach of this Plan by the Company, nor
                  grounds for "Good Reason":

                           (i) unless the Executive gives the Company 30 days'
                           prior notice of such act or omission, and the Company
                           fails to cure such act or omission within the 30-day
                           period;

                                     - 20 -
<PAGE>
                           (ii) if the Executive first acquired knowledge of
                           such act or omission more than 12 months before such
                           Participant gives the Company such notice; or

                           (iii) if the Executive has consented in writing to
                           such act or omission in a document that makes
                           specific reference to this Section.

                  (e) Notice by a Participant. In the event of any Termination
                  of Employment by an eligible Executive for Good Reason, such
                  Executive shall as soon as practicable thereafter notify the
                  Company of the events constituting such Good Reason by a
                  Notice of Termination. Subject to the limitations in
                  subsection (d) above, a delay in the delivery of such Notice
                  of Termination shall not waive any right of an Executive under
                  this Plan.

         1.30 "Imminent Control Change" means, as of any date on or after the
         Restatement Date and prior to the Change Date, the occurrence of any
         one or more of the following:

                  (a) Exelon enters into an agreement the consummation of which
                  would constitute a Change in Control;

                  (b) Any SEC Person commences a "tender offer" (as such term is
                  used in Section 14(d) of the Exchange Act) or exchange offer,
                  which, if consummated, would result in a Change in Control; or

                  (c) Any SEC Person files with the SEC a preliminary or
                  definitive proxy solicitation or election contest to elect or
                  remove one or more members of the Board, which, if consummated
                  or effected, would result in a Change in Control;

         provided, however, that an Imminent Control Change will lapse and cease
to qualify as an Imminent Control Change:

                           (i) With respect to an Imminent Control Change
                           described in clause (a) of this definition, the date
                           such agreement is terminated, cancelled or expires
                           without a Change Date occurring;

                           (ii) With respect to an Imminent Control Change
                           described in clause (b) of this definition, the date
                           such tender offer or exchange offer is withdrawn or
                           terminates without a Change Date occurring;

                           (iii) With respect to an Imminent Control Change
                           described in clause (c) of this definition, (1) the
                           date the validity of such proxy solicitation or
                           election contest expires under relevant state
                           corporate law, or (2) the date such proxy
                           solicitation or election contest culminates in a
                           shareholder vote, in either case without a Change
                           Date occurring; or

                           (iv) The date a majority of the members of the
                           Incumbent Board make a good faith determination that
                           any event or condition described in clause (a), (b),
                           or (c) of this definition no longer constitutes an
                           Imminent Control

                                     - 21 -
<PAGE>
                           Change, provided that such determination may not be
                           made prior to the twelve (12) month anniversary of
                           the occurrence of such event.

         1.31 "Imminent Control Change Period" means the period (excluding any
portion of such period in effect during the Current Post-Merger Period)
commencing on the date of an Imminent Control Change, and ending on the first to
occur thereafter of

                  (a) a Change Date, provided

                           (i) such date occurs after October 20, 2002 and no
                           later than the one-year anniversary of the
                           Termination Date, and

                           (ii) either the Imminent Control Change has not
                           lapsed, or the Imminent Control Change in effect upon
                           such Change Date is the last Imminent Control Change
                           in a series of Imminent Control Changes unbroken by
                           any period of time between the lapse of an Imminent
                           Control Change and the occurrence of a new Imminent
                           Control Change;

                  (b) the date an Imminent Control Changes lapses without the
                  prior or concurrent occurrence of a new Imminent Control
                  Change; or

                  (c) the twelve-month anniversary of the Termination Date.

         1.32 "Incentive Plan" means any annual incentive award arrangement of
         the Company.

         1.33 "including" means including without limitation.

         1.34 "Incumbent Board" - see definition of Change in Control.

         1.35 "LTIP" means the Exelon Corporation Long-Term Incentive Plan, as
         amended from time to time, or any successor thereto, and including any
         Stock Options or Restricted Stock granted thereunder to replace stock
         options or restricted stock initially granted under the Unicom
         Corporation Long-Term Incentive Plan.

         1.36 "LTIP Performance Period" means the performance period applicable
         to an LTIP award, as designated in accordance with the LTIP.

         1.37 "LTIP Target Level" means, in respect of any grant of Performance
         Shares under the Exelon Performance Share Program under the LTIP, the
         number of Performance Shares which a Participant would have been
         awarded (prior to the Termination Date) for the LTIP Performance Period
         corresponding to such grant if the business and personal performance
         goals related to such grant were achieved at the 100% (target) level as
         of the end of the first year of the LTIP Performance Period.

         1.38 "Merger" - see definition of Change in Control.

         1.39 "Notice of Termination" means a written notice given in accordance
         with Section 11.8 which sets forth (i) the specific termination
         provision in this Plan relied

                                     - 22 -
<PAGE>
         upon by the party giving such notice, (ii) in reasonable detail the
         specific facts and circumstances claimed to provide a basis for such
         Termination of Employment or Cause Termination, and (iii) if the
         Termination Date is other than the date of receipt of such Notice of
         Termination, the Termination Date.

         1.40 "Performance Shares" - see Section 5.1(c).

         1.41 "Person" means any individual, sole proprietorship, partnership,
         joint venture, limited liability company, trust, unincorporated
         organization, association, corporation, institution, public benefit
         corporation, entity or government instrumentality, division, agency,
         body or department.

         1.42 "Post-Change Period" means the period commencing on a Change Date
         and ending on the earlier of (a) the Termination Date or (b) the second
         anniversary of such Change Date; provided that no duplicate benefits
         shall be paid with respect to simultaneous or overlapping Post-Change
         Periods.

         1.43 "Restricted Stock" -- see Section 5.1(d).

         1.44 "Salary Continuation Period" means the period indicated in Section
         4.1 during which benefits are payable under the Plan.

         1.45 "SEC" means the United States Securities and Exchange Commission.

         1.46 "SEC Person" means any person (as such term is used in Rule 13d-5
         of the SEC under the Exchange Act) or group (as such term is defined in
         Sections 3(a)(9) and 13(d)(3) of the Exchange Act), other than (a)
         Exelon or any Person that directly or indirectly controls, is
         controlled by, or is under common control with, Exelon (an
         "Affiliate"). For purposes of this definition the term "control" with
         respect to any Person means the power to direct or cause the direction
         of management or policies of such Person, directly or indirectly,
         whether through the ownership of Voting Securities, by contract or
         otherwise., or (b) any employee benefit plan (or any related trust) of
         Exelon or any of its Affiliates.

         1.47 "Section" means, unless the context otherwise requires, a section
         of this Plan.

         1.48 "SERP" means the PECO Energy Company Supplemental Retirement Plan
         or the Commonwealth Edison Supplemental Management Retirement Plan,
         whichever is applicable to a Participant, or any successor to either or
         both.

         1.49 "Severance Incentive" means the average of the annual incentive
         awards paid to a Participant under the LTIP (or such other Incentive
         Plan under which the Participant is entitled to such awards), a
         successor plan or otherwise with respect to each of the two calendar
         years preceding the year in which occurs the Participant's Termination
         of Employment; provided, however, that for purposes of Section 5,
         "Severance Incentive" shall mean the greater of (a) the Target
         Incentive for the performance period in which the Termination Date
         occurs, or (b) the average (mean) of the actual annual incentives paid
         (or payable, to the extent not previously paid) to a Participant under
         the Incentive Plan for

                                     - 23 -
<PAGE>
         each of the two calendar years preceding the calendar year in which the
         Termination Date occurs.

         1.50 "Severance Period" means the period beginning on a Participant's
         Termination Date, provided such Participant's Termination of Employment
         entitles such Participant to benefits under Section 5.1, or 5.2, and
         ending on the second anniversary thereof. There shall be no Severance
         Period if a Participant's Termination of Employment is on account of
         retirement, death or disability (as determined by the Plan
         Administrator in good faith) or if a Participant's employment is
         terminated by the Company for Cause or by a Participant other than for
         Good Reason.

         1.51 "Stock Options" -- see Section 5.1(b).

         1.52 "Target Incentive" as of a certain date means an amount equal to
         the product of Base Salary determined as of such date multiplied by the
         percentage of such Base Salary to which a Participant would have been
         entitled immediately prior to such date under the LTIP or any other
         Incentive Plan for the applicable performance period if the performance
         goals established pursuant to the LTIP or such Incentive Plan were
         achieved at the 100% (target) level as of the end of the applicable
         performance period; provided, however, that any reduction in a
         Participant's Base Salary or annual incentive that would qualify as
         Good Reason shall be disregarded for purposes of this definition.

         1.53 "Taxes" means the incremental federal, state, local and foreign
         income, employment, excise and other taxes payable by a Participant
         with respect to any applicable item of income.

         1.54 "Termination Date" means the effective date of an eligible
         Executive's termination of employment with the Company for any or no
         reason, which shall be the last day on which such Executive is employed
         by the Company; provided, however, that (a) if the Company terminates
         such Executive's employment other than for Cause or disability or if
         such Participant terminates such Executive's employment for Good
         Reason, then the Termination Date shall be the date of receipt of the
         Notice of Termination by such Executive (if such Notice is given by the
         Company) or by the Company (if such Notice is given by such Executive),
         or such later date, not more than 15 days after the giving of such
         Notice, specified in such Notice as of which such Executive's
         employment shall be terminated; and (b) if such Executive's employment
         is terminated by reason of death or disability, the Termination Date
         shall be the date of such Executive's death or the disability.

         1.55 "Termination of Employment" means:

                  (a) a termination of an eligible Executive's employment by the
                  Company for reasons other than for Cause; or

                  (b) a resignation by an eligible Executive for Good Reason.

The following shall not constitute a Termination of Employment for purposes of
the Plan: (i) a termination of employment for Cause, (ii) an Executive's
resignation other than for Good

                                     - 24 -
<PAGE>
Reason, (iii) the cessation of an Executive's employment with the Company or any
Affiliate due to death, retirement, or disability (as determined by the Plan
Administrator in good faith), or (iv) the cessation of an Executive's employment
with the Company or any subsidiary thereof as the result of the sale, spin-off
or other divestiture of a plant, division, business unit or subsidiary or a
merger or other business combination followed by employment (or reemployment)
with the purchaser or successor in interest to the Participant's employer with
regard to such plant, division, business unit or subsidiary. Any dispute
regarding whether an Executive's Termination of Employment for purposes of
Section 5 is based on Good Reason shall be submitted to binding arbitration
pursuant to Section 5.7.

         1.56 "20% Owner" -- see paragraph (a) of the definition of "Change in
         Control."

         1.57 "Voting Securities" means with respect to a corporation,
         securities of such corporation that are entitled to vote generally in
         the election of directors of such corporation.

8. FUNDING

         Nothing in the Plan shall be interpreted as requiring the Company to
set aside any of its assets for the purpose of funding its obligations under the
Plan. No person entitled to benefits under the Plan shall have any right, title
or claim in or to any specific assets of the Company, but shall have the right
only as a general creditor to receive benefits from the Company on the terms and
conditions provided in the Plan.

9. ADMINISTRATION OF THE PLAN

         Exelon Corporation is the "administrator" and a "named fiduciary" of
the Plan for purposes of the Employee Retirement Income Security Act of 1974, as
amended (ERISA). The Plan shall be administered on a day-to-day basis by the
Compensation Vice President of Exelon (the "Plan Administrator"). The Plan
Administrator has the sole and absolute power and authority to interpret and
apply the provisions of this Plan to a particular circumstance, make all factual
and legal determinations, construe uncertain or disputed terms and make
eligibility and benefit determinations in such manner and to such extent as the
Plan Administrator, in his or her sole discretion may determine. Benefits under
the Plan will be paid only if the Plan Administrator, in his or her discretion,
determines that an individual is entitled to them.

         The Plan Administrator shall promulgate any rules and regulations
necessary to carry out the purposes of the Plan or to interpret the terms and
conditions of the Plan; provided, however, that no rule, regulation or
interpretation shall be contrary to the provisions of the Plan. The rules,
regulations and interpretations made by the Plan Administrator shall be applied
on a uniform basis and shall be final and binding on any Executive or former
Executive and any successor in interest.

         The Plan Administrator may delegate any administrative duties,
including, without limitation, duties with respect to the processing, review,
investigation, approval and payment of severance pay and provision of severance
benefits, to designated individuals or committees.

                                     - 25 -
<PAGE>
10. CLAIMS PROCEDURE

         The Plan Administrator shall determine the status of an individual as
an Executive and the eligibility and rights of any Executive or former Executive
as a Participant to any severance pay or benefits hereunder. Any Executive or
former Executive who believes that he or she is entitled to receive severance
pay or benefits under the Plan, including severance pay or benefits other than
those initially determined by the Plan Administrator, may file a claim in
writing with the Plan Administrator. No later than 90 days after the receipt of
the claim the Plan Administrator shall either allow or deny the claim in
writing.

         A denial of a claim, in whole or in part, shall be written in a manner
calculated to be understood by the claimant and shall include the specific
reason or reasons for the denial; specific reference to pertinent Plan
provisions on which the denial is based; a description of any additional
material or information necessary for the claimant to perfect the claim and an
explanation of why such material or information is necessary; and an explanation
of the claims review procedure.

         A claimant whose claim is denied (or his or her duly authorized
representative) may, within 60 days after receipt of the denial of his or her
claim, request a review upon written application to an officer designated by
Exelon and specified in the claim denial; review pertinent documents; and submit
issues and comments in writing.

         The designated officer shall notify the claimant of his or her decision
on review within 60 days after receipt of a request for review unless special
circumstances require an extension of time for processing, in which case a
decision shall be rendered as soon as possible, but not later than 120 days
after receipt of a request for review. Notice of the decision on review shall be
in writing. The officer's decision on review shall be final and binding on any
claimant or any successor in interest.

11. AMENDMENT OR TERMINATION OF PLAN

         Exelon's Chief Human Resources Officer or another designated officer of
the Company may amend, modify or terminate the Plan at any time by written
instrument; provided, however, that no amendment, modification or termination
shall deprive any Participant of any payment or benefit that the Plan
Administrator previously has determined is payable under the Plan.
Notwithstanding the foregoing, no amendment or termination that materially
adversely affects any Participant's benefits under Section 5 shall become
effective as to such Participant during: (a) the Current Post-Merger Period, (b)
the 24-month period following the Change Date or (c) during the Imminent Control
Change Period (unless such Participant consents to such termination or
amendment). Any purported Plan termination or amendment in violation of this
Section 11 shall be void and of no effect.

12. MISCELLANEOUS

         1.58 Limitation on Rights. Participation in the Plan is limited to the
         individuals described in Sections 2 and 3, and the Plan shall not apply
         to any voluntary or involuntary termination of employment that is not a
         Termination of Employment occurring on or after the Restatement Date of
         the Plan.

                                     - 26 -
<PAGE>
         1.59 No Set-off by Company. A Participant's right to receive when due
         the payments and other benefits provided for under this Plan is
         absolute, unconditional and subject to no setoff, counterclaim or legal
         or equitable defense. Time is of the essence in the performance by the
         Company of its obligations under this Plan. Any claim which the Company
         may have against a Participant, whether for a breach of this Plan, the
         Severance Agreement, or otherwise, shall be brought in a separate
         action or proceeding and not as part of any action or proceeding
         brought by such Participant to enforce any rights against the Company
         under this Plan.

         1.60 No Mitigation. A Participant shall not have any duty to mitigate
         the amounts payable by the Company under this Plan by seeking new
         employment following termination. Except as specifically otherwise
         provided in this Plan, all amounts payable pursuant to this Plan shall
         be paid without reduction regardless of any amounts of salary,
         compensation or other amounts which may be paid or payable to the
         Executive as the result of the Executive's employment by another
         employer.

         1.61 Affiliates. To the extent that immediately prior to the Applicable
         Trigger Date, a Participant has been on the payroll of, and
         participated in the incentive or employee benefit plans of, an
         Affiliate of Exelon (as defined in Section 7.32), the references to the
         Company or Exelon contained in applicable Sections of this Plan
         referring to benefits to which a Participant may be entitled shall be
         read to refer to such Affiliate.

         1.62 Headings. Headings of sections in this document are for
         convenience only, and do not constitute any part of the Plan.

         1.63 Severability. If any one or more Sections, subsections or other
         portions of this Plan are declared by any court or governmental
         authority to be unlawful or invalid, such unlawfulness or invalidity
         shall not serve to invalidate any Section, subsection or other portion
         not so declared to be unlawful or invalid. Any Section, subsection or
         other portion so declared to be unlawful or invalid shall be construed
         so as to effectuate the terms of such Section, subsection or other
         portion to the fullest extent possible while remaining lawful and
         valid.

         1.64 Governing Law. The Plan shall be construed and enforced in
         accordance with ERISA and the laws of the Commonwealth of Pennsylvania
         to the extent such laws are not preempted by ERISA.

         1.65 No Right to Continued Employment. Nothing in this Plan shall
         guarantee the right of a Participant to continue in employment, and the
         Company retains the right to terminate a Participant's employment at
         any time for any reason or for no reason.

         1.66 Successors and Assigns. This Plan shall be binding upon and inure
         to the benefit of Exelon Corporation and its successors and assigns and
         shall be binding upon and inure to the benefit of a Participant and his
         or her legal representatives, heirs and assigns. Before or upon the
         consummation of any Change in Control, Exelon shall obtain from each
         individual, entity or group that becomes a successor of Exelon by
         reason of the Change in Control, the unconditional written agreement of
         such individual, entity or

                                     - 27 -
<PAGE>
         group to assume this Plan and to perform all of the obligations of the
         Company under the Plan. Any successor to the business or assets of
         Exelon which assumes or agrees to perform this Plan by operation of
         law, contract, or otherwise shall be jointly and severally liable with
         Exelon under this Plan as if such successor were Exelon.

         No rights, obligations or liabilities of a Participant hereunder shall
be assignable without the prior written consent of Exelon Corporation. In the
event of the death of a Participant prior to receipt of severance pay or
benefits to which he or she is entitled hereunder (and, with respect to benefits
under Section 4 or Section 5, after he or she has signed the Waiver and
Release), the severance pay described in Sections 4.1, 5.1, or 5.2, as
applicable, shall be paid to his or her estate, and the Participant's dependents
who are covered under any health care plans maintained by the Company shall be
entitled to continued rights under Section 4.4 or Section 5.1(e) or Section
5.2(f), as applicable; provided that the estate or other successor of the
Participant has not revoked such Waiver and Release.

         1.67 Notices. All notices and other communications under this Plan
         shall be in writing and delivered by hand, by nationally-recognized
         delivery service that promises overnight delivery, or by first-class
         registered or certified mail, return receipt requested, postage
         prepaid, addressed as follows:

                           If to a Participant, to such Participant at his most
                           recent home address on file with the Company.

                           If to the Company: to the Plan Administrator.

or to such other address as either party shall have furnished to the other in
writing. Notice and communications shall be effective when actually received by
the addressee.

         1.68 Number and Gender. Wherever appropriate, the singular shall
         include the plural, the plural shall include the singular, and the
         masculine shall include the feminine.

         1.69 Tax Withholding. The Company may withhold from any amounts payable
         under this Plan or otherwise payable to a Participant any Taxes the
         Company determines to be appropriate under applicable law and may
         report all such amounts payable to such authority as is required by any
         applicable law or regulation.

13. ADMINISTRATIVE INFORMATION

<TABLE>
<S>                                                          <C>
Plan Sponsor:                                                Exelon Corporation
Address:                                                     P.O. Box 805379
                                                             Chicago, Illinois  60680-5379

Employer Identification
  Number:                                                    23-2990190

Plan Administrator:                                          Vice President Compensation
Address and Telephone:                                                Exelon Corporation
</TABLE>

                                     - 28 -
<PAGE>
<TABLE>
<S>                                                          <C>
                                                                      P.O. Box 805379
                                                                      Chicago, Illinois  60680-5379
                                                                      (312) 394-4015

Agent for Service of
  Legal Process:                                             Vice President Compensation
                                                                      Exelon Corporation
                                                                      P.O. Box 805379
                                                                      Chicago, Illinois  60680-5379

Plan Number:                                                                   501

Type of Plan:                                                Severance benefit plan (welfare)

Plan Year:                                                   Calendar year
</TABLE>

14. ERISA RIGHTS

         As a Participant in the Plan, you are entitled to certain rights and
protections under ERISA. ERISA provides that all plan participants shall be
entitled to:

         Examine, without charge, at the Plan Administrator's office at 10 S.
         Dearborn Street, Chicago, Illinois all Plan documents and copies of all
         documents filed by the Plan with the U.S. Department of Labor; and

         Obtain copies of all Plan documents and other Plan information upon
         written request to the Plan Administrator. The Plan Administrator may
         make a reasonable charge for the copies.

         In addition to creating rights for Participants, ERISA imposes duties
upon the people who are responsible for the operation of the Plan. The people
who operate the Plan, called "fiduciaries" of the Plan, have a duty to act
prudently and in the interest of you and other Participant and beneficiaries. No
one, including your employer, your union, or any other person, may fire you or
otherwise discriminate against you in any way to prevent you from obtaining your
interest in the Plan or from exercising your rights under ERISA. If your claim
for a benefit from the Plan is denied in whole or in part, you must receive a
written explanation of the reason for the denial. You have the right to have
your claim reviewed and reconsidered. Under ERISA, there are steps you can take
to enforce the above rights. For instance, if you request materials from the
Plan and do not receive them within 30 days, you may file suit in a federal
court. In such a case, the court may require the Plan Administrator to provide
the materials and pay you up to $110 a day until you receive the materials,
unless the materials were not sent because of reasons beyond the control of the
Plan Administrator. If you have a claim for benefits which is denied or ignored,
in whole or in part, you may file suit in a state or federal court. If it should
happen that Plan fiduciaries misuse the Plan's money, or if you are
discriminated against for asserting your rights, you may seek assistance from
the U.S. Department of Labor, or you may file suit in a federal court. The court
will decide who should pay court costs and legal fees. If you are successful,
the court may order the person you have sued to pay these costs and fees. If

                                     - 29 -
<PAGE>
you lose and the court finds your claim to be frivolous, the court may order you
to pay these costs and fees. If you have any questions about the Plan, you
should contact the Plan Administrator. If you have any questions about this
statement or about your rights under ERISA, you should contact the nearest Area
Office of the U.S. Labor-Management Services Administration, Department of
Labor.

         14152671v4

                                     - 30 -
<PAGE>
                                                                       EXHIBIT I

                               EXELON CORPORATION
                              RESTRICTIVE COVENANTS

         This agreement and covenant (the "Agreement"), made as of the _____ day
of _________, ______, is made by and among Exelon Corporation, incorporated
under the laws of the Commonwealth of Pennsylvania (together with successors
thereto, "Exelon"), ______________, a _________________ corporation (together
with successors thereto, the "Employer"), and ______________________ ("you").

         WHEREAS, Exelon amended and restated the Exelon Corporation Key
Management Severance Plan (the "Severance Plan") effective as of June 1, 2001,
and as amended, modified and supplemented;

         WHEREAS, you may be eligible to become a Participant (as defined in the
Severance Plan) in the Severance Plan as an employee of the Employer;

         WHEREAS, in order to be a Participant in and be eligible for benefits
under the Severance Plan, you must execute this covenant;

         NOW THEREFORE, in consideration for becoming eligible to participate in
the Severance Plan and your commencement of employment with the Employer, you
covenant the following:

CONFIDENTIAL INFORMATION.

                  (a) Obligation to Keep Confidential Information Confidential.
                  You acknowledge that in the course of performing services for
                  Exelon and its affiliates (together, the "Company"), you may
                  create (alone or with others), learn of, have access to and
                  receive Confidential Information. Confidential Information (as
                  defined below) shall not include: (i) information that is or
                  becomes generally known through no fault of yours; (ii)
                  information received from a third party outside of the Company
                  that was disclosed without a breach of any confidentiality
                  obligation; or (iii) information approved for release by
                  written authorization of the Company. You recognize that all
                  such Confidential Information is the sole and exclusive
                  property of the Company or of third parties which the Company
                  is obligated to keep confidential, that it is the Company's
                  policy to keep all such Confidential Information confidential,
                  and that disclosure of Confidential Information would cause
                  damage to the Company. You agree that, except as required by
                  your duties of employment with the Company or any of its
                  affiliates, and except in connection with enforcing your
                  rights under the Severance Plan or if compelled by a court or
                  governmental agency, in each case provided that prior written
                  notice is given to Exelon, you will not, without the written
                  consent of Exelon, willfully disseminate or otherwise
                  disclose, directly or indirectly, any Confidential Information
                  obtained during your employment with the Company, and will
                  take all necessary precautions to prevent disclosure, to any
                  unauthorized individual or entity inside or outside the
                  Company, and will not use the Confidential Information or
                  permit

                                       1
<PAGE>
                  its use for your personal benefit or any other person or
                  entity other than the Company. These obligations shall
                  continue during and after the termination of your employment
                  (whether or not after a Change in Control or Imminent Control
                  Change, as such terms are defined in the Severance Plan).

                  (b) Definition of Confidential Information. "Confidential
                  Information" shall mean any information, ideas, processes,
                  methods, designs, devices, inventions, data, techniques,
                  models and other information developed or used by the Company
                  and not generally known in the relevant trade or industry
                  relating to the Company's products, services, businesses,
                  operations, employees, customers or suppliers, whether in
                  tangible or intangible form, which gives the Company a
                  competitive advantage in the harnessing, production,
                  transmission, distribution, marketing or sale of energy or the
                  transmission or distribution thereof through wire or cable or
                  similar medium or in the energy services industry and other
                  businesses in which the Company is engaged, or of third
                  parties which the Company is obligated to keep confidential,
                  or which was learned, discovered, developed, conceived,
                  originated or prepared during or as a result of your
                  performance of any services on behalf of the Company and which
                  falls within any of the following general categories:

                           (i) information relating to trade secrets of the
                           Company or any customer or supplier of the Company;

                           (ii) information relating to existing or contemplated
                           products, services, technology, designs, processes,
                           formulae, algorithms, research or product
                           developments of the Company or any customer or
                           supplier of the Company;

                           (iii) information relating to business plans or
                           strategies, sales or marketing methods, methods of
                           doing business, customer lists, customer usages
                           and/or requirements, supplier information of the
                           Company or any customer or supplier of the Company;

                           (iv) information subject to protection under the
                           Uniform Trade Secrets Act, as adopted by the
                           Commonwealth of Pennsylvania, or to any comparable
                           protection afforded by applicable law; or

                           (v) any other confidential information which either
                           the Company or any customer or supplier of the
                           Company may reasonably have the right to protect by
                           patent, copyright or by keeping it secret and
                           confidential.

15.      NON-COMPETITION. DURING THE PERIOD BEGINNING ON THE DATE OF EXECUTION
         OF THIS AGREEMENT AND ENDING ON THE SECOND ANNIVERSARY OF THE
         TERMINATION DATE (AS SUCH TERM IS DEFINED IN THE SEVERANCE PLAN),
         WHETHER OR NOT AFTER A CHANGE IN CONTROL OR IMMINENT CONTROL CHANGE,
         YOU HEREBY AGREE THAT WITHOUT THE WRITTEN CONSENT OF EXELON YOU SHALL
         NOT AT ANY TIME, DIRECTLY OR INDIRECTLY, IN ANY CAPACITY:

                  (c) engage or participate in, become employed by, serve as a
                  director of, or render advisory or consulting or other
                  services in connection with, any Competitive

                                     - 2 -
<PAGE>
                  Business (as defined below); provided, however, that after the
                  Termination Date this Section 2 shall not preclude you from
                  being an employee of, or consultant to, any business unit of a
                  Competitive Business if (i) such business unit does not
                  qualify as a Competitive Business in its own right and (ii)
                  you do not have any direct or indirect involvement in, or
                  responsibility for, any operations of such Competitive
                  Business that cause it to qualify as a Competitive Business.

                  (d) make or retain any financial investment, whether in the
                  form of equity or debt, or own any interest, in any
                  Competitive Business. Nothing in this subsection shall,
                  however, restrict you from making an investment in any
                  Competitive Business if such investment does not (i) represent
                  more than 1% of the aggregate market value of the outstanding
                  capital stock or debt (as applicable) of such Competitive
                  Business, (ii) give you any right or ability, directly or
                  indirectly, to control or influence the policy decisions or
                  management of such Competitive Business, and (iii) create a
                  conflict of interest between your employment duties and your
                  interest in such investment.

                  (e) Definition of Competitive Business. "Competitive Business"
                  means, as of any date, any utility business and any individual
                  or entity (and any branch, office, or operation thereof) which
                  engages in, or proposes to engage in (with your assistance)
                  (i) the harnessing, production, transmission, distribution,
                  marketing or sale of energy or the transmission or
                  distribution thereof through wire or cable or similar medium,
                  (ii) any other business engaged in by the Company prior to
                  your Termination Date which represents for any calendar year
                  or is projected by the Company (as reflected in a business
                  plan adopted by any Company before your Termination Date) to
                  yield during any year during the first three-fiscal year
                  period commencing on or after your Termination Date, more than
                  5% of the gross revenue of any individual Company, and, in
                  either case, which is located (x) anywhere in the United
                  States, or (y) anywhere outside of the United States where
                  Company is then engaged in, or proposes as of the Termination
                  Date to engage in, to your knowledge, any of such activities.

16.      NON-SOLICITATION. DURING THE PERIOD BEGINNING ON THE DATE OF EXECUTION
         OF THIS AGREEMENT AND ENDING ON THE SECOND ANNIVERSARY OF ANY
         TERMINATION DATE, WHETHER OR NOT AFTER A CHANGE IN CONTROL OR IMMINENT
         CONTROL CHANGE, YOU SHALL NOT, DIRECTLY OR INDIRECTLY:

                  (f) other than in connection with the good-faith performance
                  of your duties as an officer of the Company cause or attempt
                  to cause any employee or agent of the Company to terminate his
                  or her relationship with the Company;

                  (g) employ, engage as a consultant or adviser, or solicit the
                  employment or engagement as a consultant or adviser, of any
                  employee or agent of the Company (other than by the Company),
                  or cause or attempt to cause any Person to do any of the
                  foregoing;

                  (h) establish (or take preliminary steps to establish) a
                  business with, or cause or attempt to cause others to
                  establish (or take preliminary steps to establish) a

                                     - 3 -
<PAGE>
                  business with, any employee or agent of the Company, if such
                  business is or will be a Competitive Business; or

                  (i) interfere with the relationship of the Company with, or
                  endeavor to entice away from the Company, any Person who or
                  which at any time during the period commencing one year prior
                  to the Termination Date was or is, to your knowledge, a
                  material customer or material supplier of, or maintained a
                  material business relationship with, the Company.

17.      INTELLECTUAL PROPERTY. DURING THE PERIOD OF YOUR EMPLOYMENT WITH THE
         COMPANY, AND THEREAFTER UPON THE COMPANY'S REQUEST, WHETHER OR NOT
         AFTER A CHANGE IN CONTROL OR IMMINENT CONTROL CHANGE, YOU SHALL
         DISCLOSE IMMEDIATELY TO THE COMPANY ALL IDEAS, INVENTIONS AND BUSINESS
         PLANS THAT HE MAKES, CONCEIVES, DISCOVERS OR DEVELOPS ALONE OR WITH
         OTHERS DURING THE COURSE OF YOUR EMPLOYMENT WITH THE COMPANY OR DURING
         THE ONE YEAR PERIOD FOLLOWING YOUR TERMINATION DATE, INCLUDING ANY
         INVENTIONS, MODIFICATIONS, DISCOVERIES, DEVELOPMENTS, IMPROVEMENTS,
         COMPUTER PROGRAMS, PROCESSES, PRODUCTS OR PROCEDURES (WHETHER OR NOT
         PROTECTABLE UPON APPLICATION BY COPYRIGHT, PATENT, TRADEMARK, TRADE
         SECRET OR OTHER PROPRIETARY RIGHTS) ("WORK PRODUCT") THAT: (I) RELATE
         TO THE BUSINESS OF THE COMPANY OR ANY CUSTOMER OR SUPPLIER TO THE
         COMPANY OR ANY OF THE PRODUCTS OR SERVICES BEING DEVELOPED,
         MANUFACTURED, SOLD OR OTHERWISE PROVIDED BY THE COMPANY OR THAT MAY BE
         USED IN RELATION THEREWITH; OR (II) RESULT FROM TASKS ASSIGNED TO YOU
         BY THE COMPANY; OR (III) RESULT FROM THE USE OF THE PREMISES OR
         PERSONAL PROPERTY (WHETHER TANGIBLE OR INTANGIBLE) OWNED, LEASED OR
         CONTRACTED FOR BY THE COMPANY. YOU AGREE THAT ANY WORK PRODUCT SHALL BE
         THE PROPERTY OF THE COMPANY AND, IF SUBJECT TO COPYRIGHT, SHALL BE
         CONSIDERED A "WORK MADE FOR HIRE" WITHIN THE MEANING OF THE COPYRIGHT
         ACT OF 1976, AS AMENDED (THE "ACT"). IF AND TO THE EXTENT THAT ANY SUCH
         WORK PRODUCT IS NOT A "WORK MADE FOR HIRE" WITHIN THE MEANING OF THE
         ACT, YOU HEREBY ASSIGN TO THE COMPANY ALL RIGHT, TITLE AND INTEREST IN
         AND TO THE WORK PRODUCT, AND ALL COPIES THEREOF, AND THE COPYRIGHT,
         PATENT, TRADEMARK, TRADE SECRET AND ALL PROPRIETARY RIGHTS IN THE WORK
         PRODUCT, WITHOUT FURTHER CONSIDERATION, FREE FROM ANY CLAIM, LIEN FOR
         BALANCE DUE OR RIGHTS OF RETENTION THERETO ON YOUR PART.

                  (j) The Company hereby notifies you that the preceding
                  paragraph does not apply to any inventions for which no
                  equipment, supplies, facility, or trade secret information of
                  the Company was used and which was developed entirely on your
                  own time, unless: (i) the invention relates (a) to the
                  Company's business, or (b) to the Company's actual or
                  demonstrably anticipated research or development, or (ii) the
                  invention results from any work performed by you for the
                  Company.

                  (k) You agree that upon disclosure of Work Product to the
                  Company, you will, during your employment and at any time
                  thereafter, at the request and cost of the Company, execute
                  all such documents and perform all such acts as the Company or
                  its duly authorized agents may reasonably require: (i) to
                  apply for, obtain and vest in the name of the Company alone
                  (unless the Company otherwise directs) letters patent,
                  copyrights or other analogous protection in any country
                  throughout the world, and when so obtained or vested to renew
                  and restore the same; and (ii) to prosecute or defend any
                  opposition proceedings in respect of such applications and any
                  opposition proceedings or petitions or applications for

                                     - 4 -
<PAGE>
                  revocation of such letters patent, copyright or other
                  analogous protection, or otherwise in respect of the Work
                  Product.

                  (l) In the event that the Company is unable, after reasonable
                  effort, to secure your execution as provided in subsection (b)
                  above, whether because of your physical or mental incapacity
                  or for any other reason whatsoever, you hereby irrevocably
                  designate and appoint the Company and its duly authorized
                  officers and agents as your agent and attorney-in-fact, to act
                  for and on your behalf to execute and file any such
                  application or applications and to do all other lawfully
                  permitted acts to further the prosecution, issuance and
                  protection of letters patent, copyright and other intellectual
                  property protection with the same legal force and effect as if
                  personally executed by you.

18.      REASONABLENESS OF RESTRICTIVE COVENANTS.

                  (m) You acknowledge that the covenants contained in Sections
                  2, 3, and 4 are reasonable in the scope of the activities
                  restricted, the geographic area covered by the restrictions,
                  and the duration of the restrictions, and that such covenants
                  are reasonably necessary to protect the Company's legitimate
                  interests in its Confidential Information and in its
                  relationships with its employees, customers and suppliers.

                  (n) The Company and you have all consulted with their
                  respective legal counsel and have been advised concerning the
                  reasonableness and propriety of such covenants. You
                  acknowledge that your observance of the covenants contained in
                  Sections 2, 3, and 4 will not deprive you of the ability to
                  earn a livelihood or to support your dependents.

                  (o) All of the provisions of this Restrictive Covenant shall
                  survive any termination of employment without regard to (i)
                  the reasons for such termination or (ii) the expiration of any
                  participation in the Severance Plan.

                  (p) The Company shall have no further obligation to pay or
                  provide severance or benefits under the Plan if a court
                  determines that you have breached any covenant in this
                  Restrictive Covenant.

19.      COUNTERPARTS. THIS AGREEMENT MAY BE EXECUTED IN SEVERAL COUNTERPARTS,
         EACH OF WHICH SHALL BE DEEMED TO BE AN ORIGINAL, BUT ALL OF WHICH
         TOGETHER WILL CONSTITUTE ONE AND THE SAME INSTRUMENT.

20.      HEADINGS. THE HEADINGS OF THIS AGREEMENT ARE NOT PART OF THE PROVISIONS
         HEREOF AND SHALL NOT HAVE ANY FORCE OR EFFECT.

21.      APPLICABLE LAW. THE PROVISIONS OF THIS AGREEMENT SHALL BE INTERPRETED
         AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE COMMONWEALTH OF
         PENNSYLVANIA WITHOUT REGARD TO ITS CHOICE OF LAW PRINCIPLES.

         IN WITNESS WHEREOF, the parties have executed this Agreement as of the
dates specified below.

                                     - 5 -
<PAGE>
                                            EXECUTIVE

                                            ------------------------------------
                                            EXELON CORPORATION

                                            ------------------------------------

                                            By:
                                               ---------------------------------

                                            Title:
                                                  ------------------------------

                                            (Employer, if different from Exelon)
                                            ------------------------------------

                                            ------------------------------------

                                            By:
                                               ---------------------------------

                                            Title:
                                                  ------------------------------

         14152671v4

                                     - 6 -

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