Document:

Exhibit 10(d)

 

Constellation
Energy Group, Inc.

Deferred Compensation Plan

For Non-Employee Directors

 

1.                                       Objective.  The
objective of this Plan is to offer a portion of the Compensation of
non-employee Directors of Constellation Energy Group in the form of Stock
Units, thereby promoting a greater identity of interest between Constellation
Energy Group’s non-employee Directors and its stockholders, and to enable such
Directors to defer receipt of their Compensation that is payable in cash.

 

2.                                       Definitions.  As used herein, the following terms will have the meaning
specified below:

 

“Annual Retainer”
means the amount payable by Constellation Energy Group to a Director as annual
compensation for performance of services as a Director, and includes Committee
Chair retainers.  All other amounts
(including without limitation Board/committee meeting fees, and expense
reimbursements) shall be excluded in calculating the amount of the Annual
Retainer.

 

“Board” means the
Board of Directors of Constellation Energy Group.

 

“Cash Account”
means an account by that name established pursuant to Section 7.  The maintenance of Cash Accounts is for
bookkeeping purposes only.

 

 “Change in Control” means (i) the
purchase or acquisition by any person, entity or group of persons (within the
meaning of section 13(d) or 14(d) of the Securities Exchange Act of 1934 (the
“Exchange Act”), or any comparable successor provisions), of beneficial
ownership (within the meaning of Rule 13d-3 promulgated under the Exchange Act)
of 20 percent or more of either the outstanding shares of common stock of
Constellation Energy Group or the combined voting power of Constellation Energy
Group’s then outstanding shares of voting securities entitled to a vote
generally, or (ii) the consummation of, following the approval by the
stockholders of Constellation Energy Group of a reorganization, merger or
consolidation of Constellation Energy Group, in each case, with respect to
which persons who were stockholders of Constellation Energy Group immediately
prior to such reorganization, merger or consolidation do not, immediately
thereafter, own more than 50 percent of the combined voting power entitled to
vote generally in the election of directors of the reorganized, merged or
consolidated entity’s then

 

 

outstanding securities,
or (iii) a liquidation or dissolution of Constellation Energy Group or the sale
of substantially all of its assets, or (iv) a change of more than one-half of
the members of the Board within a 90-day period for reasons other than the death,
disability, or retirement of such members.

 

“Committee” means
the Committee on Management of the Board.

 

“Common Stock”
means the common stock, without par value, of Constellation Energy Group.

 

“Compensation”
means any Annual Retainer and meeting fees payable by Constellation Energy
Group to a participant in his/her capacity as a Director.  Compensation excludes expense reimbursements
paid by Constellation Energy Group to a participant in his/her capacity as a Director.

 

“Constellation Energy
Group” means Constellation Energy Group, Inc., a Maryland corporation, or
its successor.

 

“Deferred Cash
Compensation” means any cash Compensation that is voluntarily deferred by a
participant pursuant to Section 6.

 

“Director” means a
member of the Board who is not an employee of Constellation Energy Group or any
of its subsidiaries/ affiliates.

 

“Disability” or “Disabled”
means that the Plan Administrator has determined that the participant is unable
to fulfill his/her responsibilities of Board membership because of illness or
injury.  For purposes of this Plan, a
participant’s eligibility to participate shall be deemed to have terminated on
the date he/she is determined by the Plan Administrator to be Disabled.

 

“Earnings” means,
with respect to the Cash Account, hypothetical interest credited to the Cash
Account.

 

“Earnings” means,
with respect to the Stock Account, hypothetical dividends credited to the Stock
Account.

 

“Fair Market Value”
means, as of any specified date, the average closing price of a share of Common
Stock, reported in “New York Stock Exchange Composite Transactions” as
published in the Eastern Edition of The Wall Street Journal averaged for
the most recent 20 days during which Common Stock was traded on  the New York Stock Exchange (including such
valuation date if a trading date).

 

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“Plan Accounts”
means a participant’s Cash Account and/or Stock Account.  The maintenance of Plan Accounts is for
bookkeeping purposes only.

 

“Plan Administrator”
means, as set forth in Section 3, the Board.

 

“Stock Account”
means an account by that name established pursuant to Section 8.  The maintenance of Stock Accounts is for
bookkeeping purposes only.

 

“Stock Unit(s)”
means the share equivalents credited to a Participant’s Stock Account pursuant
to Section 8.  The use of Stock
Units is for bookkeeping purposes only; the Stock Units are not actual shares
of Common Stock.  Constellation Energy
Group will not reserve or otherwise set aside any Common Stock for or to any
Stock Account.

 

3.                                       Plan Administration.

 

(i)            Plan
Administrator — The Plan is administered by the Board, who has sole
authority to interpret the Plan, and, in general, to make all other
determinations advisable for the administration of the Plan to achieve its
stated objective.  Decisions by the Plan
Administrator shall be final and binding upon all persons for all
purposes.  The Plan Administrator shall
have the power to delegate all or any part of its non-discretionary duties to
one or more designees, and to withdraw such authority, by written designation.

 

(ii)           Amendment —
This Plan may be amended from time to time or suspended or terminated at any
time, at the written direction of the Plan Administrator.  However, amendments required to keep the Plan
in compliance with applicable laws and regulations may be made by the Vice
President — Human Resources of Constellation Energy Group (or other vice
president succeeding to that function) on advice of counsel.  Nothing herein creates a vested right.

 

(iii)          Indemnification
— The Plan Administrator (and its designees), Chairman of the Board, Chief
Executive Officer, President, and Vice President-Human Resources of
Constellation Energy Group and all other employees of Constellation Energy
Group or its subsidiaries/affiliates whose assigned duties include matters
under the Plan, shall be indemnified by Constellation Energy Group or its
subsidiaries /affiliates or from proceeds under insurance policies purchased by
Constellation Energy Group or its

 

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subsidiaries/affiliates,
against any and all liabilities arising by reason of any act or failure to act
made in good faith pursuant to the provisions of the Plan, including expenses
reasonably incurred in the defense of any related claim.

 

4.                                       Eligibility and Participation.

 

(i)                                     Mandatory participation — A Director, at the discretion of the
Board, may be required at such times designated by the Board to participate in
this Plan with respect to the receipt of all or part of his/her Compensation in
the form of Stock Units under Section 5 of the Plan.

 

(ii)                                  Voluntary participation – A Director is eligible to participate
in the Plan by electing to defer all or certain portions of the participant’s
Compensation, that is payable in cash, under Section 6 of the Plan, while
so classified.

 

(iii)                               Termination of participation — Eligibility to participate shall
terminate on the date the participant ceases to be a Director.  Notwithstanding termination of eligibility,
such person with Plan Accounts will remain a participant of the Plan, solely
for purposes of the administration of existing Plan Accounts, and no additional
Stock Units will be granted and no further deferrals of cash Compensation under
the Plan will be permitted.

 

5.                                       Mandatory Stock Units. 
To the extent designated from time to time by the Board as set forth in
Section 4(i), the Stock Account of a participant will be credited on January 1
of each applicable calendar year with Stock Units equal to the number of shares
of Common Stock (including fractions of a share) that could have been
purchased, with the applicable percentage (as designated by the Board) of the
participant’s Annual Retainer for such calendar year, at Fair Market Value on
such January 1.

 

If a participant
initially becomes eligible to participate in the Plan during such applicable
calendar year, the Stock Account of the participant for such calendar year will
be credited, on the date that is the first day of the calendar month after the
participant initially becomes eligible to participate in the Plan, with Stock
Units equal to the number of shares of Common Stock (including fractions of a
share) that could have been purchased at Fair Market Value on such date, with
an amount equal to (i) the applicable percentage (as designated by the Board)
of the participant’s Annual Retainer multiplied by (ii) a

 

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fraction the
numerator of which is the number of full calendar months in the calendar year
on and after such date, and the denominator of which is 12.

 

The
Stock Account will be maintained pursuant to Section 8.

 

6.                                       Cash Compensation Deferral Election. 
A participant may elect to defer none, all, fifty percent (50%), or
seventy-five percent (75%) of his/her other Compensation that is payable in
cash (i.e., one hundred percent (100%) of all other Compensation that is not
subject to any mandatory Stock Units). A participant’s cash Compensation
deferral election with respect to the Annual Retainer shall specify whether the
deferred Annual Retainer is to be credited to the Cash Account or to the Stock
Account.  All other Cash Compensation
that a participant elects to defer will be credited to the Cash Account.

 

Such
election shall be made by written notification to the Vice President-Human
Resources of Constellation Energy Group (or other vice president succeeding to
that function).  Such election shall be
made prior to the calendar year during which the applicable cash Compensation
is payable, and shall be effective as of the first day of such calendar
year.  If a participant initially
becomes eligible to participate in the Plan during a calendar year, the
election for such calendar year must be made within thirty (30) calendar days
after the date the participant initially becomes eligible to participate in the
Plan, and shall be effective with respect to Compensation earned after the date
the election is received by the Vice President-Human Resources of Constellation
Energy Group (or other vice president succeeding to that function).  Elections under this Section shall remain in
effect for all succeeding calendar years until revoked.  Elections may be revoked by written
notification to the Vice President-Human Resources of Constellation Energy
Group (or other vice president succeeding to that function), and shall be
effective as of the first day of the calendar year following the calendar year
during which the revocation is received by such Vice President.

 

Notwithstanding anything
herein contained to the contrary, the Plan Administrator shall have the right
in its sole discretion to permit a participant to defer other percentages of
his/her Annual Retainer and/or other Compensation that is payable in cash.

 

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7.                                       Cash Accounts. 
The Board may specify that cash Compensation that consists of the Annual
Retainer that a participant has elected to defer into the Cash Account is
credited to the participant’s Cash Account on January 1 (or if later, the date
the participant’s initial election to participate in the Plan becomes
effective). All other cash Compensation that a participant has elected to defer
is credited to the participant’s Cash Account on each date such cash
Compensation would otherwise have been paid to the Director.  A participant’s Cash Account shall be
credited with earnings at the rate earned by the Interest Income Fund under the
Constellation Energy Group, Inc. Employee Savings Plan, and computed in the
same manner as under such plan. 
Earnings are credited to the Cash Account commencing on the date the
applicable Deferred Cash Compensation is credited to the Cash Account.

 

8.                                       Stock Accounts. 
The Board may specify that cash Compensation that consists of the Annual
Retainer that a participant has elected to defer into the Stock Account is
credited to the participant’s Stock Account on January 1 (or if later, the date
the participant’s initial election to participate in the Plan becomes
effective).  All other cash Compensation
that a participant has elected to defer into the Stock Account is credited to
the participant’s Stock Account  on each
date such cash Compensation would otherwise have been paid to the
Director.  A participant’s Stock Account
shall be credited with Stock Units equal to the number of shares of Common
Stock (including fractions of a share) that could have been purchased with such
Deferred Cash Compensation, at Fair Market Value on such date.  Grants of mandatory Stock Units are credited
to the Stock Account as set forth in Section 5.

 

As of any dividend
distribution date for the Common Stock, the participant’s Stock Account shall
be credited with additional Stock Units equal to the number of shares of Common
Stock (including fractions of a share) that could have been purchased, at the
closing price of a share of Common Stock on such date as reported in “New York
Stock Exchange Composite Transactions” as published in the Eastern Edition of The
Wall Street Journal, with the amount which would have been paid as
dividends on that number of shares (including fractions of a share) of Common
Stock which is equal to the number of Stock Units then credited to the
participant’s Stock Account.

 

In
the event of any change in the outstanding shares of Common Stock by reason of
any stock dividend or split, recapitalization, combination or exchange of
shares or

 

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other
similar changes in the Common Stock, then appropriate adjustments shall be made
in the number of Stock Units in each participant’s Stock Account.  Such adjustments shall be made effective on
the date of the change related to the Common Stock.

 

9.                                       Distributions of Plan Accounts. 
Distributions of Plan Accounts shall be made in cash only, from the
general assets of Constellation Energy Group.

 

A
participant may elect (by notification in the form and manner established by
the Vice President-Human Resources of Constellation Energy Group (or other Vice
President succeeding to that function) from time to time) to begin
distributions (i) in the calendar year following the calendar year that
eligibility to participate terminates, (ii) in the calendar year following the
calendar year in which a participant attains age 70, if later, or (iii) any
calendar year between (i) and (ii). 
Such election must be made prior to the end of the calendar year in
which eligibility to participate terminates. 
Alternatively, a participant who reaches age 70 while still eligible to
participate may elect to begin distributions, in the calendar year following
the calendar year that the participant reaches age 70, of amounts in his/her
Plan Accounts as of the end of the calendar year the participant reaches age
70.  Such election must be made prior to
the end of the calendar year in which the participant reaches age 70, and a
distribution election to receive any subsequently deferred amounts beginning in
the calendar year following the calendar year that eligibility to participate
terminates, must be made prior to the end of the calendar year in which
eligibility to participate terminates.

 

A
participant may elect (by notification in the form and manner established by
the Vice President-Human Resources of Constellation Energy Group (or other vice
President succeeding to that function) from time to time) to receive
distributions in a single payment or in annual installments during a period not
to exceed fifteen years.  The single
payment or the first installment payment, whichever is applicable, shall be
made within the first sixty (60) calendar days of the calendar year elected for
distribution.  Subsequent installments,
if any, shall be made within the first sixty (60) calendar days of each
succeeding calendar year until the participant’s Cash Account has been paid
out.

 

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In the event applicable
elections are not timely made, a participant shall receive a distribution in a
single payment within the first sixty (60) calendar days of the calendar year
following the calendar year that eligibility to participate terminates.

 

The
value of the Stock Account, which is equal to the number of Stock Units in the
Stock Account multiplied by the Fair Market Value on the date on which the
participant’s eligibility to participate terminates (or, the date that is the
last day of the calendar year during which the participant reaches age 70, for
a participant who elects to begin distributions while still eligible to
participate), is transferred to the Cash Account on such date.  Earnings are credited to the Cash Account
through the date of distribution, and amounts held for installment payments
shall continue to be credited with Earnings. 
The value of the Cash Account that is payable in cash on the date of the
single payment distribution is equal to the balance in the Cash Account on the
date that is no earlier than five (5) calendar days prior to the day of such
distribution (“Distribution Valuation Date”). 
The amount of any cash distribution to be made in installments from the
Cash Account will be determined by multiplying (i)  the balance in
such Cash Account on the Distribution Valuation Date by (ii)  a fraction, the numerator of which is one
and the denominator of which is the number of installments in which
distributions remain to be made (including the current distribution).

 

If
a participant dies or becomes Disabled, the entire unpaid balance of his/her
Plan Accounts shall be paid to the beneficiary(ies) designated by the
participant by notification in the form and manner established by the Vice
President-Human Resources of Constellation Energy Group (or other vice
president succeeding to that function) from time to time or, if no designation
was made, in the event of death, to the estate of the participant, and in the
event of Disability, to the participant. 
Payment shall be made within sixty (60) calendar days after notice of
death or Disability is received by such Vice President, unless prior to the
participant’s death or Disability, the participant elected (in the form and
manner established by the Vice President-Human Resources of Constellation Energy
Group (or other vice president succeeding to that function) from time to time)
a delayed and/or installment distribution option for such beneficiary(ies);
provided, however that (i) such a distribution option election shall be
effective only if the value of the participant’s Plan Accounts is more than

 

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$50,000
on the date of the participant’s death or Disability; and (ii) the final
distribution must be made to such beneficiary(ies) no later than 15 years after
the participant’s death or Disability. 
After the end of the calendar year that a participant’s eligibility to
participate terminates, a distribution option election for a particular
beneficiary is irrevocable; provided, however, that the participant may make a
distribution option election for a new beneficiary who is initially designated
after the participant’s eligibility to participate terminates, and such
election is irrevocable with respect to the new beneficiary.

 

The
value of the Stock Account, which is equal to the number of Stock Units in the
Stock Account multiplied by the Fair Market Value on the date of the
participant’s death or Disability, is transferred to the Cash Account on such
date.  Earnings are credited to the Cash
Account through the date of distribution, and amounts held for installment
payments shall continue to be credited with Earnings.  The value of the Cash Account that is payable in cash on the date
of the single payment distribution is equal to the balance in the Cash Account
on the date that is no earlier than five (5) calendar days prior to the day of
such distribution (“Beneficiary Distribution Valuation Date”).  The amount of any cash distribution to be
made in installments from the Cash Account will be determined by multiplying
(i) the balance in such Cash Account on the Beneficiary Distribution Valuation
Date by (ii) a fraction, the numerator of which is one and the denominator of
which is the number of installments in which distributions remain to be made
(including the current distribution).

 

Upon
the death of a participant’s beneficiary for whom a delayed and/or installment
distribution option was elected, the entire unpaid balance of the participant’s
Cash Account shall be paid to the beneficiary(ies) designated by the
participant’s beneficiary by notification in the form and manner established by
the Vice President-Human Resources of Constellation Energy Group (or other vice
president succeeding to that function) from time to time or, if no designation
was made, to the estate of the participant’s beneficiary.  Payment shall be made within sixty (60)
calendar days after notice of death is received by such Vice President.  The value of the Cash Account that is
payable in cash is equal to the balance in the Cash Account on the date that is
no earlier than five (5) calendar days prior to the day of such distribution.

 

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Notwithstanding
anything herein contained to the contrary, the Plan Administrator shall have
the right in its sole discretion to (i) vary the manner and timing of
distributions of a participant or beneficiary entitled to a distribution under
this Section 9, and may make such distributions in a single payment or over a
shorter or longer period of time than that elected by a participant; and (ii)
vary the period during which the closing price of Common Stock is referenced to
determine the value of the Stock Account that is transferred to the Cash
Account on the date on which the participant’s eligibility to participate
terminates.  Any affected participants
will not participate in exercising such discretion.

 

10.                                 Beneficiaries. A participant shall have the right to
designate, change or rescind a beneficiary(ies) who is to receive a
distribution(s) pursuant to Section 9 in the event of the death or Disability
of the participant.  A participant’s
beneficiary(ies) for whom a delayed and/or installment distribution option was
elected shall have the right to designate a beneficiary(ies) who is to receive
a distribution pursuant to Section 9 in the event of the death of the
participant’s beneficiary(ies).

 

Any designation, change
or recision of the designation of beneficiary shall be made by notification in
the form and manner established by the Vice President-Human Resources of
Constellation Energy Group (or other vice president succeeding to that
function) from time to time.  The last
designation of beneficiary received by such Vice President shall be controlling
over any testamentary or purported disposition by the participant (or, if
applicable, the participant’s beneficiary(ies)), provided that no designation,
recision or change thereof shall be effective unless received by such Vice
President prior to the death or Disability (whichever is applicable) of the participant
(or, if applicable, the death of the participant’s beneficiary(ies)).

 

If the designated
beneficiary is the estate, or the executor or administrator of the estate, of
the participant (or, if applicable, the participant’s beneficiary(ies)), a
distribution pursuant to Section 9 may be made to the person(s) or entity
(including a trust) entitled thereto under the will of the participant (or, if
applicable, the participant’s beneficiary(ies)), or, in the case of intestacy,
under the laws relating to intestacy.

 

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11.                                 Valuation of Plan Accounts. 
The Plan Administrator shall cause the value of a participant’s Plan
Accounts to be determined and reported to Constellation Energy Group and the
participant at least once per year as of the last business day of the calendar
year.  The value of the Stock Account
will equal the number of Stock Units in the Stock Account multiplied by the
closing price of a share of Common Stock on the last business day of the calendar
year as reported in “New York Stock Exchange Composite Transactions” as
published in the Eastern Edition of The Wall Street Journal.  The value of the Cash Account will equal the
balance in the Cash Account on the last business day of the calendar year.

 

12.                                 Withdrawals. 
No withdrawals of Plan Accounts may be made, except a participant may at
any time request a hardship withdrawal from his/her Plan Accounts if he/she has
incurred an unforeseeable financial emergency. 
An unforeseeable financial emergency is defined as severe financial
hardship to the participant resulting from a sudden and unexpected illness or
accident of the participant (or of his/her dependents), loss of the
participant’s property due to casualty, or other similar extraordinary and unforeseeable
circumstances arising as a result of events beyond the control of the
participant.  The need to send a child
to college or the desire to purchase a home are not considered to be
unforeseeable emergencies.  The
circumstance that will constitute an unforeseeable emergency will depend upon
the facts of each case.

 

A
hardship withdrawal will be permitted by the Plan Administrator only as
necessary to satisfy an immediate and heavy financial need.  A hardship withdrawal may be permitted only
to the extent reasonably necessary to satisfy the financial need.  Payment may not be made to the extent that
such hardship is or may be relieved (i) through reimbursement or compensation
by insurance or otherwise, (ii) by liquidation of the participant’s assets, to
the extent the liquidation of such assets would not itself cause severe
financial hardship, or (iii) by cessation of deferrals under the Plan.

 

The request for hardship
withdrawal shall be made by notification in the form and manner established by
the Plan Administrator from time to time. 
Such hardship withdrawal will be permitted only with approval of the
Plan Administrator.  The participant
will receive a lump sum payment after the Plan Administrator has had reasonable
time to consider and then approve the request.

 

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The value of the Stock
Account for purposes of processing a hardship cash withdrawal is equal to the
number of Stock Units in the Stock Account multiplied by the Fair Market Value
on the date on which the hardship withdrawal is processed.  The value of the Cash Account for purposes
of processing a hardship cash withdrawal is equal to the balance in the Cash
Account on the date on which the hardship withdrawal is processed.

 

13.                                 Change in Control. 
The terms of this Section 13 shall immediately become operative, without
further action or consent by any person or entity, upon a Change in Control,
and once operative shall supersede and control over any other provisions of
this Plan.  Upon the occurrence of a
Change in Control followed within one year of the date of such Change in
Control by the participant’s cessation of Board membership for any reason, such
participant shall be paid the value of his/her Plan Accounts in a single, lump
sum cash payment.  The value of the
Stock Account, which is equal to the number of Stock Units in the Stock Account
multiplied by the Fair Market Value on the date of the participant’s cessation
of Board membership, is transferred to the Cash Account on such date.  Earnings are credited to the Cash Account
through the date of distribution.  The
value of the Cash Account that is payable in cash on the date of the single
lump sum cash payment is equal to the balance in the Cash Account on the date
that is no earlier than five (5) calendar days prior to the day of such
distribution.  Such payment shall be
made as soon as practicable, but in no event later than thirty (30) calendar
days after the date of the participant’s cessation of Board membership.  On or after a Change in Control, no action,
including, but not by way of limitation, the amendment, suspension or
termination of the Plan, shall be taken which would affect the rights of any
participant or the operation of this Plan with respect to the balance in the participant’s
Plan Accounts.

 

14.                                 Withholding. 
Constellation Energy Group may withhold to the extent required by law
all applicable income and other taxes from amounts deferred or distributed
under the Plan.

 

15.                                 Copies of Plan Available. 
Copies of the Plan and any and all amendments thereto shall be made
available to all participants during normal business hours at the office of the
Plan Administrator.

 

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16.                                 Miscellaneous.

 

(i)                                     Inalienability of benefits — Except as may otherwise be required by
law or court order, the interest of each participant or beneficiary under the
Plan cannot be sold, pledged, assigned, alienated or transferred in any manner
or be subject to attachment or other legal process of whatever nature;
provided, however, that any applicable taxes may be withheld from any cash
benefit payment made under this Plan.

 

(ii)                                  Controlling law — The Plan and its administration shall
be governed by the laws of the  State of Maryland, except to the extent
preempted by federal law.

 

(iii)                               Gender and number — A masculine pronoun when used herein
refers to both men and women and words used in the singular are intended to
include the plural, and vice versa, whenever appropriate.

 

(iv)                              Titles and headings — Titles and headings to articles and
sections in the Plan are placed herein solely for convenience of reference and
in any case of conflict, the text of the Plan rather than such titles and
headings shall control.

 

(v)                                 References to law — All references to specific provisions
of any federal or state law, rule or regulation shall be deemed to also include
references to any successor provisions or amendments.

 

(vi)                              Funding and expenses — Benefits under the Plan are not vested
or funded, and shall be paid out of the general assets of Constellation Energy
Group.  To the extent that any person
acquires a right to receive payments from Constellation Energy Group under this
Plan, such rights shall be no greater than the right of any unsecured general
creditor of Constellation Energy Group. 
The expenses of administering the Plan will be borne by Constellation
Energy Group.

 

(vii)                           Not a contract — Participation in this Plan shall not
constitute a contract of employment or Board membership between Constellation
Energy Group and any person and shall not be deemed to be consideration for, or
a condition of, continued employment or Board membership of any person.

 

(viii)                        Successors — In the event Constellation Energy Group becomes a
party to a merger, consolidation, sale of

 

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substantially all of its assets or any other corporate
reorganization in which Constellation Energy Group will not be the surviving
corporation or in which the holders of the common stock of Constellation Energy
Group will receive securities of another corporation (in any such case, the
“New Company”), then the New Company shall assume the rights and obligations of
Constellation Energy Group under this Plan.

 

14Exhibit 10 (h)

 

FORM OF

SEVERANCE AGREEMENTS

 

This Agreement is made the       day of         ,
2002, by and between CONSTELLATION ENERGY GROUP, INC. (the “Company”) and
[                         ] (the
“Executive”), and is effective as of [            , 2002].

 

WHEREAS, the Company wishes to encourage the orderly
succession of management in the event of a Change in Control (as hereinafter
defined); and

 

WHEREAS, the Company desires to maintain a severance
benefit for the Executive covering the period from the date of a Change in
Control until the end of the twenty-four month period following the date of a
Change in Control, to avoid the loss or the serious distraction of the
Executive to the detriment of the Company and its stockholders prior to and
during such period when the Executive’s undivided attention and commitment to
the needs of the Company would be particularly important; and

 

WHEREAS, the Executive desires to devote the
Executive’s time and energy for the benefit of the Company and its stockholders
and not to be distracted as a result of a Change in Control.

 

NOW, THEREFORE, the parties agree as follows:

 

1.             Definitions.

 

1.1           Board. The term “Board” means
the Board of Directors of the Company.

 

1.2           Change in Control. The term
“Change in Control” means:

 

(i)            the purchase or acquisition by any
person, entity or group of persons (within the meaning of section 13(d) or
14(d) of the Securities Exchange Act of 1934 (the “Exchange Act”), or any
comparable successor provisions), of beneficial ownership (within the meaning
of Rule 13d-3 promulgated under the Exchange Act) of 20 percent or more of
either the outstanding shares of common stock of the Company or the combined
voting power of the Company’s then outstanding shares of voting securities
entitled to a vote generally, or

 

(ii)           the consummation of, following the
approval by the Company’s stockholders of, a reorganization, merger or 

 

 

consolidation of the Company, in each case, with
respect to which persons who were stockholders of the Company immediately prior
to such reorganization, merger or consolidation do not, immediately thereafter,
own more than 50 percent of the combined voting power entitled to vote
generally in the election of directors of the reorganized, merged or
consolidated entity’s then outstanding securities, or

 

(iii)          a liquidation or dissolution of the
Company or the sale of substantially all of its assets, or

 

(iv)          a change of more than one-half of the
members of the Board within a 90-day period for reasons other than the death,
disability, or retirement of such members.

 

1.3           Qualifying Termination.

 

(a)           The
occurrence of any one or more of the following events within twenty-four
calendar months after the date of a Change in Control shall constitute a
“Qualifying Termination”:

 

(i)            The Company’s termination of the
Executive’s employment without Cause (as defined in Section 1.7); or

 

(ii)           The Executive’s resignation for Good
Reason (as defined in Section 1.6).

 

(b)           A
Qualifying Termination shall not include a termination of employment by reason
of death, disability, the Executive’s voluntary termination of employment
without Good Reason, or the Company’s termination of the Executive’s employment
for Cause.

 

1.4           Ineligible
to Retire.  Ineligible to Retire,
means an Executive who has not met the eligibility requirements for retirement
under any Company or Affiliate supplemental non-qualified pension plan in which
the Executive participated immediately prior to the occurrence of a Qualifying
Termination.

 

1.5           Eligible
to Retire.  Eligible to Retire,
means an Executive who has met the eligibility requirements for retirement
under any Company or Affiliate supplemental non-qualified pension plan in which
the Executive participated immediately prior to the occurrence of a Qualifying
Termination.

 

1.6           Good
Reason.  Good Reason means, without
the Executive’s express written consent, the occurrence after the date of a
Change in Control of any one or more of the following:

 

2

 

(a)           The
assignment to the Executive of duties materially inconsistent with the
Executive’s authorities, duties, responsibilities, and status (including
offices, title and reporting relationships) as an executive and/or officer of
the Company or an Affiliate immediately prior to the date of the Change in
Control, or a material reduction or alteration in the nature or status of the
Executive’s authorities, duties, or responsibilities from those in effect
immediately prior to the date of the Change in Control, (including as a type of
such reduction or alteration for an Executive who is an officer of a publicly
traded company immediately prior to the date of the Change in Control, the
Executive occupying the same position or title but with a company whose stock
is not publicly traded), unless such act is remedied by the Company or such
Affiliate within 10 business days after receipt of written notice thereof given
by the Executive; or

 

(b)           A
reduction by the Company or an Affiliate of the Executive’s base salary in
effect immediately prior to the date of the Change in Control or as the same
shall be increased from time to time, unless such reduction is less than ten
percent (10%) and it is either (i) replaced by an incentive opportunity equal
in value; or is (ii) consistent and proportional with an overall reduction in
management compensation due to extraordinary business conditions, including but
not limited to reduced profitability and other financial stress (i.e., the base
salary of the Executive will not be singled out for reduction in a manner
inconsistent with a reduction imposed on other executives of the Company or
such Affiliate); or

 

(c)           The
relocation of the Executive’s office more than 50 miles from the Executive’s
office immediately prior to the date of the Change in Control; or

 

(d)           Failure
of the Company or an Affiliate (whichever is the Executive’s employer) to
provide (i) the Executive the opportunity to participate in all applicable
incentive, savings and retirement plans, practices, policies and programs of
the Company or such Affiliate to the same extent as other senior executives
(or, where applicable, retired senior executives) of the Company or such
Affiliate, and (ii) the Executive and/or the Executive’s family, as the case
may be, the opportunity to participate in, and receive all benefits under, all
applicable welfare benefit plans, practices, policies and programs provided by
the Company or such Affiliate, including, without limitation, medical,
prescription, dental, disability, sick benefits, accidental death and travel
insurance plans and programs, to the same extent as other senior executives
(or, where applicable, retired senior executives) of the Company or such
Affiliate; or

 

3

 

(e)           Failure
of the Company or an Affiliate (whichever is the Executive’s employer) to
provide the Executive such perquisites as the Company or such Affiliate may
establish from time to time which are commensurate with the Executive’s
position and at least comparable to those received by other senior executives
at the Company or such Affiliate; or

 

(f)            The
failure by the Company to comply with paragraph (c) of Section 11 of this
Agreement; or

 

(g)           Any
other substantial breach of this Agreement by the Company that either is not
taken in good faith or is not remedied by the Company promptly after receipt of
notice thereof from the Executive.

 

The Executive’s right to terminate employment for Good
Reason shall not be affected by the Executive’s incapacity due to physical or
mental illness.  The Executive’s
continued employment shall not constitute consent to, or a waiver of rights
with respect to, any circumstance constituting Good Reason herein.  A termination of employment by the Executive
for Good Reason for purposes of this Agreement shall be effectuated by giving
the Company written notice (“Notice of Termination for Good Reason”) of the
termination within six (6) months of the occurrence of the event constituting
Good Reason or, if such event is not immediately recognizable by the Executive,
within six (6) months of the date the Executive became or reasonably should
have become aware of such event, setting forth in reasonable detail the
specific conduct of the Company that constitutes Good Reason and the specific
provision(s) of this Agreement on which the Executive relies.  A termination of employment by the Executive
for Good Reason shall be effective on the thirtieth (30th) day
following the date when the Notice of Termination for Good Reason is given,
unless the notice sets forth a later date (which date shall in no event be
later than sixty (60) days after the notice is given); provided, however, that
no event described hereunder shall constitute Good Reason if such event is a
result of an isolated, insubstantial and inadvertent action that is not taken
in bad faith and that is remedied by the Company within five (5) days after
receipt of the Notice of Termination for Good Reason by the Company from the
Executive.  If the Company disputes the
existence of Good Reason, the burden of proof is on the Company to establish
that Good Reason does not exist.

 

1.7           Cause.  Cause shall mean the occurrence of any one
or more of the following:

 

(a)           The
Executive is convicted of a felony involving moral turpitude; or

 

4

 

(b)           The
Executive engages in conduct or activities that constitutes disloyalty to the
Company or an Affiliate and such conduct or activities are materially damaging
to the property, business or reputation of the Company or an Affiliate; or

 

(c)           The
Executive persistently fails or refuses to comply with any written direction of
an authorized representative of the Company other than a directive constituting
an assignment described in Section 1.6(a); or

 

(d)           The
Executive embezzles or knowingly, and with intent, misappropriates property of
the Company or an Affiliate, or unlawfully appropriates any corporate
opportunity of the Company or an Affiliate.

 

A termination of the Executive’s employment for Cause
for purposes of this Agreement shall be effected in accordance with the
following procedures.  The Company shall
give the Executive written notice (“Notice of Termination for Cause”) of its
intention to terminate the Executive’s employment for Cause, setting forth in
reasonable detail the specific conduct of the Executive that it considers to
constitute Cause and the specific provision(s) of this Agreement on which it
relies, and stating the date, time and place of the Board Meeting for
Cause.  The “Board Meeting for Cause”
means a meeting of the Board at which the Executive’s termination for Cause
will be considered, that takes place not less than ten (10) and not more than
twenty (20) business days after the Executive receives the Notice of
Termination for Cause.  The Executive
shall be given an opportunity, together with counsel, to be heard at the Board
Meeting for Cause.  The Executive’s
Termination for Cause shall be effective when and if a resolution is duly
adopted at the Board Meeting for Cause by a two-thirds vote of the entire
membership of the Board, excluding employee directors, stating that in the good
faith opinion of the Board, the Executive is guilty of the conduct described in
the Notice of Termination for Cause, and that conduct constitutes Cause under
this Agreement.

 

1.8           Annual
Award Amount.  The average of the
two highest annual incentive awards under the Company’s annual incentive plan
(or the annual cash incentive plan maintained by a successor company or an
Affiliate) paid in the last five years to the Executive prior to the occurrence
of the Qualifying Termination; provided, however, that if the Executive has not
been employed by the Company or an Affiliate for a sufficient length of time to
have been eligible for payment of at least two annual incentive awards, deemed
target award payout shall be used for the one or two years for which the
Executive was not so eligible.

 

5

 

1.9.          Affiliate.  The term “Affiliate” means any company
directly or indirectly controlling, controlled by or under common control with
the Company or any successor company.

 

2.             Severance Benefits for an Executive
Ineligible to Retire.  Upon the occurrence of a Qualifying
Termination with respect  to an Executive who is Ineligible to
Retire:

 

(a)           Severance
Payment. The Company shall pay to the Executive an amount equal to three
times the Executive’s annual base salary (as  in effect on the date of the
Qualifying Termination, not reduced by any reduction described in Section
1.6(b) above) and Annual Award Amount. 
The payment shall be made in a lump sum after the Qualifying
Termination, and within approximately 10 business days after the Company
receives the executed agreement referred to in 2(f) below but in no case prior
to the expiration of any period during which the Executive is permitted to
revoke such agreement.

 

(b)           Supplemental
Retirement Benefits.  For purposes
of determining the Executive’s supplemental retirement benefits which the
Executive is entitled to under the Company’s supplemental non-qualified
retirement plan in which the Executive participated immediately prior to the
Qualifying Termination (or the supplemental retirement plan maintained by a
successor company or an Affiliate), (i) the Executive’s age shall be deemed
equal to the greater of (A) age 55 or (B) the Executive’s actual age, (ii) the
Executive’s service percentage shall be computed by adding three years of
executive-level service to the Executive’s actual service, and (iii) any
minimum service eligibility requirements for such benefits shall be waived.

 

(c)           Severance
Health Benefits.  The Company shall
provide to the Executive the substantially equivalent value of the medical and
dental benefits provided to active employees for three years after the
Qualifying Termination and thereafter to any retiree of the Company or a
successor or an Affiliate (whichever is the Executive’s employer) who has
attained the deemed age and service used to compute supplemental retirement
benefits in Section 2(b) above.

 

(d)           Split
Dollar.  The Qualifying Termination
shall not constitute a termination of any Split Dollar Agreement between the
Company and the Executive (or the split dollar agreement between a successor
company or an Affiliate and the Executive), and the Executive shall be deemed
to have retired upon such Qualifying Termination for purposes of such Split
Dollar Agreement (or the split dollar agreement between a successor company or
an Affiliate and the Executive).

 

6

 

(e)           Outplacement.  For a 60-day period commencing on the date
of the Qualifying Termination, the Executive is entitled to receive
outplacement services from one or more organizations that are offered by the
Company from time to time, with such services capped at a Company cost of $50,000.

 

(f)            Release.  The benefits described in this Section 2 are
payable by the Company to the Executive only if after the date of the
Qualifying Termination, the Executive executes (and does not subsequently
revoke) in writing and submits to the Company, in the form, manner, and subject
to the timing established by the Company, an agreement releasing legal claims,
including those against the Company and its Affiliates, including but not
limited to claims arising out of the Executive’s Company or Affiliate
employment or termination of such employment.

 

3.             Severance
Benefits for an Executive Eligible to Retire.  Upon the occurrence of a Qualifying
Termination with respect to an Executive who is Eligible to Retire:

 

(a)           Severance
Payment. The Company shall pay to the Executive an amount equal to three
times the Executive’s annual base salary (as in effect on the date of the
Qualifying Termination, not reduced by any reduction described in Section
1.6(b) above) and Annual Award Amount. 
The payment shall be made in a lump sum after the Qualifying
Termination, and within approximately 10 business days after the Company
receives the executed agreement referred to in 3(f) below but in no case prior
to the expiration of any period during which the Executive is permitted to
revoke such agreement.

 

(b)           Supplemental
Retirement Benefits.  For purposes
of determining the Executive’s supplemental retirement benefits which the
Executive is entitled to under the Company’s supplemental non-qualified
retirement plan in which the Executive participated immediately prior to the
Qualifying Termination (or the supplemental retirement plan maintained by a
successor company or an Affiliate), the Executive’s supplemental retirement
benefit shall not be reduced for early receipt.

 

(c)           Severance
Health Benefits.  The Company shall
provide to the Executive the substantially equivalent value of the medical and
dental benefits provided to active employees for three years after the
Qualifying Termination and thereafter to any retiree of the Company or a
successor company or an Affiliate (whichever is the Executive’s employer) who
has attained age 65 and completed the greater of 20 years or actual years of
service.

 

7

 

(d)           Retirement.  The Executive shall be treated as having
retired at the Company’s request for purposes of all of the Company’s benefit
plans (or the benefit plans maintained by a successor company or an Affiliate
(whichever is the Executive’s employer)).

 

(e)           Outplacement.  For a 60-day period commencing on the date
of the Qualifying Termination, the Executive is entitled to receive
outplacement services from one or more organizations that are offered by the
Company from time to time, with such services capped at a Company cost of $50,000.

 

(f)            Release.  The benefits described in this Section 3 are
payable by the Company to the Executive only if after the date of the
Qualifying Termination, the Executive executes (and does not subsequently
revoke) in writing and submits to the Company, in the form, manner, and subject
to the timing established by the Company, an agreement releasing legal claims,
including those against the Company and its Affiliates, including but not
limited to claims arising out of the Executive’s Company or Affiliate
employment or termination of such employment.

 

4.             Non-Exclusivity
of Rights.  Nothing in
this Agreement shall prevent or limit the Executive’s continuing or future
participation in any plan, program, policy or practice provided by the Company
or a successor company or an Affiliate (whichever is the Executive’s employer)
for which the Executive may qualify, nor shall anything in this Agreement limit
or otherwise affect such rights as the Executive may have under any contract or
agreement with the Company or a successor Company or such Affiliate.  However, if the Executive receives severance
benefits under this Agreement, the Executive is not also entitled to any
benefit under any other severance plan, program, arrangement or agreement
maintained by the Company or an Affiliate. 
Vested benefits and other amounts that the Executive is otherwise
entitled to receive under any incentive compensation (including, but not
limited to any restricted stock or stock option agreements), deferred
compensation and other benefit programs listed in Section 1.6(d), life
insurance coverage, or any other plan, policy, practice or program of, or any
contract or agreement with, the Company or a successor Company or such
Affiliate on or after the date of the Qualifying Termination shall be payable
in accordance with the terms of each such plan, policy, practice, program,
contract or agreement, as the case may be, except as explicitly modified by
this Agreement.

 

5.             Full
Settlement.  The
Company’s obligation to make the payments provided for in, and otherwise to
perform its obligations under, this Agreement shall not be affected by any
set-off, counterclaim, recoupment, defense or other claim, right

 

8

 

or action that the Company may have against the Executive or
others.  In no event shall the Executive
be obligated to seek other employment or take any other action by way of
mitigation of the amounts payable to the Executive under any of the provisions
of this Agreement and, such amounts shall not be reduced, regardless of whether
the Executive obtains other employment.

 

6.             Certain
Additional Payments by the Company.

 

(a)           Anything
in this Agreement to the contrary notwithstanding,
in the event it shall be determined that any payment or distribution by the
Company to or for the benefit of the Executive (a “Payment”) would be subject
to the excise tax imposed by Section 4999 of the Internal Revenue Code of 1986,
as amended (the “Code”) or any interest or penalties are incurred by the Executive
with respect to such excise tax (such excise tax, together with any such
interest and penalties, are hereinafter collectively referred to as the “Excise
Tax”), then the Executive shall be entitled to receive an additional payment (a
“Gross-Up Payment”) in an amount such that after payment by the Executive of
all taxes (including any interest or penalties imposed with respect to such
taxes), including, without limitation, any income taxes (and any interest and
penalties imposed with respect thereon) and Excise Tax imposed upon the
Gross-Up Payment, the Executive retains an amount of the Gross-Up Payment equal
to the Excise Tax imposed upon the Payments.

 

(b)           Subject
to the provisions of paragraph (c) of this Section 6, all determinations
required to be made under this Section 6, including whether and when a Gross-Up
Payment is required and the amount of such Gross-Up Payment and the assumptions
to be utilized in arriving at such determination, shall be made by one of the
major internationally recognized certified public accounting firms (commonly
referred to, as of the date hereof, as a Big Five firm) designated by the
Executive and approved by the Company (which approval shall not be unreasonably
withheld) (the “Accounting Firm”), which shall provide detailed supporting
calculations both to the Company and the Executive within fifteen (15) business
days of the receipt of notice from the Executive that there has been a Payment,
or such earlier time as is requested by the Company.  In the event that the Accounting Firm is serving as accountant or
auditor for the individual, entity or group affecting the change of control,
the Executive shall designate another Big Five accounting firm (subject to the
approval of the Company, which approval shall not be unreasonably withheld) to
make the determinations required hereunder (which accounting firm shall then be
referred to as the Accounting Firm hereunder). 
All fees and expenses of the Accounting Firm shall be borne solely by
the Company.  Any Gross-Up Payment, as determined
pursuant to this Section 6, shall be

 

9

 

paid by the Company to the Executive within five (5) days of the
receipt of the Accounting Firm’s determination.  Any determination by the Accounting Firm shall be binding upon
the Company and the Executive.  As a
result of the uncertainty in the application of Section 4999 of the Code at the
time of the initial determination by the Accounting Firm hereunder, it is possible
that Gross-Up Payments which will not have been made by the Company should have
been made (“Underpayment”) consistent with the calculations required to be made
hereunder.  In the event that the
Company exhausts its remedies pursuant to paragraph (c) of this Section 6 and
the Executive thereafter is required to make a payment of any Excise Tax, the
Accounting Firm shall determine the amount of the Underpayment that has
occurred and any such Underpayment shall be promptly paid by the Company to or
for the benefit of the Executive.

 

(c)           The
Executive shall notify the Company in writing of any claim by the Internal
Revenue Service that, if successful, would require the payment by the Company
of the Gross-Up Payment. Such notification shall be given as soon as
practicable but no later than ten (10) business days after the Executive is
informed in writing of such claim and shall apprise the Company of the nature
of such claim and the date on which such claim is requested to be paid.  The Executive shall not pay such claim prior
to the expiration of the thirty (30) day period following the date on which the
Executive gives such notice to the Company (or such shorter period ending on
the date that any payment of taxes with respect to such claim is due).  If the Company notifies the Executive in
writing prior to the expiration of such period that it desires to contest such
claim, the Executive shall:

 

(i)            give
the Company any information reasonably requested by the Company relating to
such claim,

 

(ii)           take such action in connection with
contesting such claim as the Company shall reasonably request in writing from
time to time, including, without limitation, accepting legal representation
with respect to such claim by an attorney reasonably selected by the Company,

 

(iii)          cooperate
with the Company in good faith in order effectively to contest such claim, and

 

(iv)          permit
the Company to participate in any proceedings relating to such claim;

 

PROVIDED, however, that the Company shall bear and pay directly all
costs and expenses (including additional interest and penalties) incurred in
connection with such contest and shall

 

10

 

indemnify and hold the Executive harmless, on an after-tax basis, for
any Excise Tax or income tax (including interest and penalties with respect
thereto) imposed as a result of such representation and payment of costs and
expenses.  Without limitation on the
foregoing provisions of this paragraph (c) of Section 6, the Company shall
control all proceedings taken in connection with such contest and, at its sole
option, may pursue or forego any and all administrative appeals, proceedings,
hearings and conferences with the taxing authority in respect of such claim and
may, at its sole option, either direct the Executive to pay the tax claimed and
sue for a refund or contest the claim in any permissible manner, and the
Executive agrees to prosecute such contest to a determination before any
administrative tribunal, in a court of initial jurisdiction and in one or more
appellate courts, as the Company shall determine; PROVIDED, however, that if
the Company directs the Executive to pay such claim and sue for a refund, the
Company shall advance the amount of such payment to the Executive, on an
interest-free basis and shall indemnify and hold the Executive harmless, on an
after-tax basis, from any Excise Tax or income tax (including interest or
penalties with respect thereto) imposed with respect to such advance or with
respect to any imputed income with respect to such advance; and PROVIDED, further,
that any extension of the statute of limitations relating to payment of taxes
for the taxable year of the Executive with respect to which such contested
amount is claimed to be due is limited solely to such contested amount.  Furthermore, the Company’s control of the
contest shall be limited to issues with respect to which a Gross-Up Payment
would be payable hereunder and the Executive shall be entitled to settle or
contest, as the case may be, any other issue raised by the Internal Revenue
Service or any other taxing authority.

 

(d)           If,
after the receipt by the Executive of an amount advanced by the Company
pursuant to paragraph (c) of this Section 6, the Executive becomes entitled to
receive any refund with respect to such claim, the Executive shall promptly
take all necessary action to obtain such refund and (subject to the Company’s
complying with the requirements of paragraph (c) of this Section 6) upon
receipt of such refund shall promptly pay to the Company the amount of such
refund (together with any interest paid or credited thereon after taxes
applicable thereto).  If after the
receipt by the Executive of an amount advanced by the Company pursuant to
paragraph (c) of this Section 6, a determination is made that the Executive
shall not be entitled to any refund with respect to such claim and the Company
does not notify the Executive in writing of its intent to contest such denial
of refund prior to the expiration of thirty (30) days after such determination,
then such advance 

 

11

 

shall be forgiven and shall not be required to be repaid and the amount
of such advance shall offset, to the extent thereof, the amount of Gross-Up
Payment required to be paid.

 

7.             Termination
of Agreement.  This
Agreement shall remain in effect from the date hereof until the last day of the
twenty-fourth calendar month following the date of a Change in Control.  Further, upon the date of a Change in
Control, this Agreement shall continue until the Company or its successor shall
have fully performed all of its obligations there under with respect to the
Executive, with no future performance being possible.  Notwithstanding the foregoing, this Agreement may be terminated
by the Board at any time prior to the date of a Change in Control.

 

8.             Amendment
of Agreement.  This
Agreement may be amended by the Board at any time prior to the date of a Change
in Control.  At and after the date of a
Change in Control, this Agreement may not be amended in any respect without the
written consent of the Executive.

 

9.             Construction.  Wherever any words are used herein in the
masculine gender they shall be construed as though they were also used in the
feminine gender in all cases where they would so apply, and wherever any words
are used herein in the singular form, they shall be construed as though they
were also used in the plural form in all cases where they would so apply.

 

10.           Governing
Law.  This Agreement
shall be governed by the laws of Maryland.

 

11.           Successors
and Assigns.

 

(a)           This
Agreement shall inure to the benefit of and be enforceable by the Executive’s
legal representatives.

 

(b)           This
Agreement shall inure to the benefit of and be binding upon the Company and its
successors and assigns.

 

(c)           The
Company shall require any successor (whether direct or indirect, by purchase,
merger, consolidation or otherwise) to all or substantially all of the business
and/or assets of the Company expressly to assume and agree to perform this
Agreement in the same manner and to the same extent that the Company would have
been required to perform it if no such succession had taken place.  As used in this Agreement, “Company” shall
mean both the Company as defined above and any such successor that assumes and
agrees to perform this Agreement, by operation of law or otherwise.

 

12

 

12.           Indemnification.  The Company will pay all reasonable fees and
expenses, if any, (including, without limitation, legal fees and expenses) that
are incurred by the Executive to enforce this Agreement and that result from a
breach of this Agreement by the Company.

 

13.           Notice.  Any notices, requests, demands, or other
communications provided for by this Agreement shall be sufficient if in writing
and if sent by registered or certified mail to the Executive at the last
address the Executive has filed in writing with the Company, or in the case of
the Company, to its principal offices.

 

14.           Severability.  The invalidity or unenforceability of any
provision of this Agreement shall not affect the validity or enforceability of
any other provision of this Agreement. 
If any provision of this Agreement shall be held invalid or
unenforceable in part, the remaining portion of such provision, together with
all other provisions of this Agreement, shall remain valid and enforceable and
continue in full force and effect to the fullest extent consistent with law.

 

15.           Withholding.  Notwithstanding any other provision of this
Agreement, the Company may withhold from amounts payable under this Agreement
all federal, state, local and foreign taxes that are required to be withheld by
applicable laws or regulations.

 

16.           Entire
Agreement.  Unless
otherwise specifically provided in this Agreement, the Executive and the
Company acknowledge that this Agreement supersedes any other agreement between
them or between the Executive and the Company or an Affiliate, concerning the
subject matter hereof.

 

17.           Alienability.  The rights and benefits of the Executive
under this Agreement may not be anticipated, alienated or subject to
attachment, garnishment, levy, execution or other legal or equitable process
except as required by law.  Any attempt
by the Executive to anticipate, alienate, assign, sell, transfer, pledge, encumber
or charge the same shall be void. 
Payments hereunder shall not be considered assets of the Executive in
the event of insolvency or bankruptcy.

 

18.           Counterparts.  This Agreement may be executed in several
counterparts, each of which shall be deemed an original, and said counterparts
shall constitute but one and the same instrument.

 

IN WITNESS WHEREOF, the Executive has hereunto set the
Executive’s hand and, pursuant to the authorization of the Board, 

 

13

 

the Company has caused this Agreement to be executed in its name on its
behalf, all as of the day and year first above written.

 

	
   

  	
  CONSTELLATION ENERGY GROUP, INC.

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  	
   

  	 

	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
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