Document:

EX-10.8

 Exhibit 10.8 

TALEN ENERGY 

SUPPLEMENTAL COMPENSATION PENSION PLAN 

 TALEN ENERGY 

SUPPLEMENTAL COMPENSATION PENSION PLAN 

Effective as of June 1, 2015 

TABLE OF CONTENTS 
  

									
	 ARTICLE
	  	PAGE	 
			
	1.	 	Purpose	  	 	I-1	  
			
	2.	 	Definitions	  	 	II-1	  
		 	(a)	 	Affiliated Company or Affiliated Companies	  	 	II-1	  
		 	(b)	 	Board	  	 	II-1	  
		 	(c)	 	Code	  	 	II-1	  
		 	(d)	 	Company	  	 	II-1	  
		 	(e)	 	Compensation	  	 	II-1	  
		 	(f)	 	Participant	  	 	II-1	  
		 	(g)	 	Participating Company	  	 	II-1	  
		 	(h)	 	Plan	  	 	II-1	  
		 	(i)	 	Retirement Plan	  	 	II-1	  
		 	(j)	 	RPC	  	 	II-1	  
		 	(k)	 	Section 409A	  	 	II-1	  
		 	(l) 	 	Separation from Service	  	 	II-1	  
			
	3.	 	Entitlement to Benefits	  	 	III-1	  
			
	4.	 	Amount of Supplemental Compensation Pension Benefit	  	 	IV-1	  
			
	5.	 	Form and Time of Payment	  	 	V-1	  
			
	6.	 	Administration	  	 	VI-1	  
			
	7.	 	Miscellaneous	  	 	VII-1	  
			
	8.	 	Termination or Amendment	  	 	VIII-1	  

 TALEN ENERGY 

SUPPLEMENTAL COMPENSATION PENSION PLAN 

WHEREAS, Talen Energy Supply, LLC desires to adopt the Talen Energy Supplemental Compensation Pension Plan (the “Plan”). 

NOW THEREFORE, effective as of June 1, 2015, Talen Energy Supply, LLC hereby adopts a non-qualified defined benefit pension plan as
hereinafter set forth: 
 1. Purpose. The purpose of this Supplemental Compensation Pension Plan is to provide a supplemental monthly retirement
benefit, based on the benefit formula of the Talen Energy Retirement Plan, to management and/or highly compensated employees of Talen Energy Supply, LLC (the “Company”) and other Participating Companies whose benefits payable under the
Retirement Plan are limited or reduced as the result of the annual compensation limit under section 401(a)(17) of the Internal Revenue Code. The Plan is to be unfunded and is maintained for the purpose of providing deferred compensation for a select
group of management and/or highly compensated employees, within the meaning of section 201(c), 301(a)(3) and 401(a)(1) of ERISA. 

  
 I - 1 

 2. Definitions. 

(a) “Affiliated Company” or “Affiliated Companies” shall mean any parent or subsidiaries of the Company (or
companies under common control with the Company) which are members of the same controlled group of corporations (within the meaning of section 1563(a) of the Code) as the Company or which are under common control with the Company (within the meaning
of Section 414(c) of the Code). 
 (b) “Board” means the Board of Directors of Talen Energy Supply, LLC. 

(c) “Code” means the Internal Revenue Code of 1986, as amended. 

(d) “Company” means Talen Energy Supply, LLC or its successors. 

(e) “Compensation” means, for any Participant, for any calendar year, a Participant’s “Annual Rate of
Earnings” as defined in the Retirement Plan, including, however, amounts in excess of the limitation in effect under section 401(a)(17) of the Code. 

(f) “Participant” means an employee or former employee of a Participating Company who has become a Participant in accordance
with Article 3 hereof. 
 (g) “Participating Company” means each Affiliated Company that is designated by the Board to
adopt this Plan by action of its board of directors or other governing body. 
 (h) “Plan” means this Supplemental
Compensation Pension Plan, as amended from time to time. 
 (i) “Retirement Plan” means the Talen Energy Retirement Plan,
as amended from time to time. 
 (j) “RPC” means the Talen Energy Retirement Plan Committee. 

(k) “Section 409A” means Section 409A of the Internal Revenue Code of 1986, as amended, and the final Treasury
Regulations issued thereunder. 
 (l) “Separation from Service” means a “separation from service” as defined in
Section 409A. 

  
 II - 1 

 3. Entitlement to Benefits. 

(a) Participation. An employee of a Participating Company who is a participant in the Retirement Plan shall become a Participant in this
Plan on the date that his Compensation exceeds the limitation under section 401(a)(17) of the Code for the calendar year. 
 (b)
Eligibility for Payment. A Participant’s surviving spouse shall have a right to receive payments from this Plan only if the Participant dies prior to commencement of benefits under the Plan and the Participant’s surviving spouse is
entitled to a pre-retirement survivor annuity under the Retirement Plan. No person other than the Participant or his surviving spouse shall be entitled to payments from this Plan. Notwithstanding the above, any Participant otherwise eligible for
benefits shall forfeit any and all benefits under the Plan if such Participant’s termination of employment with a Participating Company is for “Cause” as such term is defined in the Talen Executive Severance Plan or a successor to
such Plan covering executives of Talen Energy Corporation. 

  
 III - 1 

 4. Amount of Supplemental Compensation Pension Benefit. 

(a) Subject to Section 3(b) of this Plan, the Participating Company who is the employer of a Participant will supplement the annual
pension payable under the Retirement Plan with respect to a Participant who retires, or the benefit payable to the surviving spouse of such a Participant who dies before retirement, by the amount that is the difference, if any, between such pension
or surviving spouse’s benefit under the Retirement Plan (expressed as a single life annuity payable at the same time as the Participant’s or surviving spouse’s benefit under the Plan, based on the early retirement factors and interest
and mortality rates used in the Retirement Plan) and the annual pension or surviving spouse’s benefit (similarly expressed) that would have been payable under the Retirement Plan if such Participant’s “Annual Rate of Earnings”
(as such term is defined in the Retirement Plan) used to determine such Participant’s annual pension or surviving spouse’s benefit under the Retirement Plan had not been limited under section 401(a)(17) of the Code, and if such
Participant’s “Years of Credited Service” included all years of service with all “Affiliated Companies” even if such “Affiliated Companies” were not or are not “Participating Companies”, all such terms
being defined in the Retirement Plan, and such Participant’s “Years of Credited Service” and “Annual Rate of Earnings” include years that the Participant had credited with the PPL Corporation Retirement Plan, with such
“Years of Credited Service” and “Annual Rate of Earnings” as defined under that plan. 
 The above calculated annual
pension or surviving spouse’s benefit shall be reduced by the greater of (i) the amount payable to the Participant or the Participant’s surviving spouse under the PPL Supplemental Executive Retirement Plan or (ii) the amount
payable to the Participant or the Participant’s surviving spouse under the PPL Supplemental Compensation Pension Plan. 
 (b) In the
event that a Participant’s benefit under the Retirement Plan is subject in whole or in part to a domestic relations order, payments under this Plan shall be calculated and paid without regard to such order. 

  
 IV - 1 

 5. Form and Time of Payment. 

The benefit described in Article 4 will be paid solely in the form of a single sum calculated in accordance with the actuarial assumptions for
single sum payment of the Retirement Plan. The benefit described in Article 4 shall be paid commencing the later of the first day of the month following the Participant’s 55th birthday or the
first of the month next following six calendar months after the Participant’s Separation from Service. If a married Participant dies prior to Separation from Service, the Participant’s surviving spouse shall be paid the single sum value of
a 50% survivor annuity for the accrued benefit payable if the Participant had survived until the day after Separation from Service, if age 55 or older at the date of death, or the single sum value of a 50% survivor annuity that would have been paid
had Participant survived to age 55, if younger than age 55 at date of death, had a Separation from Service at age 55, and died the day after. 

  
 V - 1 

 6. Administration. The administrator of the Plan shall be the RPC. The RPC shall have the discretionary
authority and final right to interpret, construe and make benefit determinations (including eligibility and amount) under the Plan. The decisions of the RPC are final and conclusive for all purposes. If one or more members of the RPC are
disqualified by personal interest from taking part in a particular decision, the remaining member or members of the RPC (although less than a quorum) shall have full authority to act on the matter. The RPC may delegate any or all of its authority.
To the extent of any such delegation, the RPC’s delegate shall have the same authority as the RPC. 

  
 VI - 1 

 7. Miscellaneous. 

(a) If any person to receive payment is a minor, or is deemed by the RPC or is adjudged to be legally incompetent, the payments shall be made
to the duly appointed guardian or committee of such minor or incompetent, or they may be made to such person or persons who the RPC believes are caring for or supporting such minor or incompetent. 

(b) All payments to persons entitled to benefits under this Plan shall be made to such persons and shall not be grantable, transferable or
otherwise assignable in anticipation of payment thereof, in whole or in part, by the voluntary or involuntary acts of any such persons, or by operation of law, and shall not be liable or taken for any obligation of such person. Each
Participating Company will observe the terms of the Plan unless and until ordered to do otherwise by a state or federal court. As a condition of participation, Participant agrees to hold each and every Participating Company harmless from any claim
that arises out of a Participating Company’s obeying any such order whether such order effects a judgment of such court or is issued to enforce a judgment or order of another court. 

(c) Nothing in this Plan shall confer any right on any Participant to continue in a Participating Company’s employ or to receive
compensation, nor shall anything in this Plan affect in any way the right of a Participating Company to terminate any Participant’s employment at any time. 

(d) The expenses of administration hereunder shall be borne by the Company. 

  
 VII - 1 

 (e) This Plan shall be construed, administered and enforced according to the laws of the State of
Delaware. 
 (f) All payments to a Participant or beneficiary of such Participant from this Plan shall be made from the general assets of
the Company. This Plan shall not require any Participating Company or an Affiliated Company to set aside, segregate, earmark, pay into trust or special account or otherwise restrict the use of its assets in the operation of the business. Participant
shall have no greater right or status than as an unsecured creditor of the Company, with respect to any amounts owed to Participant hereunder. 

(g) The masculine pronoun shall be deemed to include the feminine and the singular to include the plural unless a different meaning is plainly
required by the context. 
 (h) The provisions of this Plan shall bind and inure to the benefit of the Participating Companies and its
successors and assigns. The term successors as used herein shall include any corporate or other business entity which shall, whether by merger, consolidation, purchase or otherwise acquire all or substantially all of the business and assets of the
Company and successors of any such corporation or other business entity. 
 (i) Each Participating Company shall have the right to withhold
from payments made under the Plan or from wages paid to a Participant or from other amounts paid by the Participating Company to a Participant any taxes required to be withheld with respect to a Participant for payment to the federal or any state or
local or foreign government. 

  
 VII - 2 

 8. Termination or Amendment. The Board may, in its sole discretion, terminate and amend this Plan from
time to time provided, however, that the Plan may not be terminated or amended to the prejudice or detriment of any Participant during the three (3) year period immediately following a “Change in Control,” as such term is defined in
the Retirement Plan, as amended from time to time (or, if later, thirty six (36) months from the consummation of the transaction giving rise to the “Change in Control”). Without limiting the generality of the foregoing, the proviso of
the preceding sentence shall not, at any time or in any event, be amended or deleted. Subject to the foregoing, the RPC may adopt any amendment that does not significantly affect the cost of the Plan or significantly alter the benefit design or
eligibility requirements of the Plan. Each amendment to the Plan will be binding on the Participating Company to which it applies. No termination or amendment shall (without Participant’s consent) alter Participant’s right to payment which
has commenced prior to the effective date of such termination or amendment. No termination or amendment of this Plan shall reduce the vested accrued benefit of a Participant in any manner, as of the time such amendment or termination is effective.
Notwithstanding the foregoing, if the Company is liquidated in a corporate dissolution taxed under Section 331 of the Internal Revenue Code, or with the approval of a bankruptcy court pursuant to 11 U.S.C. §503(b)(1)(A), the RPC shall have
the right, pursuant to a termination and liquidation of the Plan (and all plans aggregated with the Plan pursuant to Treas. Reg. §1.409A-1(c)(2)) within 12 months of such event, to determine the Total Amount Payable under Paragraph 8 to
Participant, and to cause the amount so determined to be paid in one or more installments or upon such other terms and conditions and at such other time (not beyond the time provided for herein) as the RPC determines to be just and equitable. In
such an event, the amounts deferred under the Plan must be included in Participant’s gross incomes in the latest of the following years (or, if earlier, the taxable year in which the amount is actually or constructively received): (i) the
calendar year in which the Plan termination and liquidation occurs; (ii) the first calendar year in which the amount is no longer subject to a substantial risk of forfeiture; or (iii) the first calendar year in which the payment is
administratively practicable. 

  
 VIII - 1 

 Executed this 1st day of June, 2015. 

 

			
	Talen Energy Supply, LLC
		
	By:		 /s/ Carol A. Moody

			Carol A. Moody
			Vice President - Human Resources

  
 VIII - 2EX-10.9

 Exhibit 10.9 

TALEN ENERGY 
 EXECUTIVE
SEVERANCE PLAN 
 THIS SEVERANCE PLAN, adopted by Talen Energy Corporation, a Delaware corporation, is being established to provide for
the payment of severance benefits to certain of its eligible employees in the event of an involuntary termination of employment meeting the conditions described herein. 

Section 1. Definitions. Unless the context clearly indicates otherwise, when used in this Plan: 

(a) “Act” shall mean the Securities Exchange Act of 1934, as amended, or any successor statute thereto. 

(b) “Affiliate” shall mean, with respect to any Person, any other Person, directly or indirectly, controlling,
controlled by, or under common control with such Person or any other Person designated by the Committee in which any Person has an interest. 

(c) “Base Salary” means Employee’s annual rate of base salary in effect on the date in question. 

(d) “Board” means the Board of Directors of Talen Energy Corporation. 

(e) “Cause” for termination by the Company of the Employee’s employment shall mean the occurrence of any of the
following: 
 (1) the Employee’s engagement in misconduct which is materially injurious to the Company or any of its
Affiliates; 
 (2) the Employee’s insubordination after clear and lawful direction; 

(3) the Employee’s commission of a felony in the performance of duties to the Company or any of its Affiliates; 

(4) the Employee’s commission of an act or acts constituting any fraud against or embezzlement from the Company or any of
its Affiliates; 
 (5) the Employee’s material breach of any confidentiality or non-competition covenant entered into
between the Employee and the Company or any of its Affiliates; 
 (6) the Employee’s employment with a competitor while
employed by the Company or any of its Affiliates; or 
 (7) the Employee’s egregious violation of Company policy
resulting in termination. 

 The determination of the existence of Cause shall be made by the Committee in good faith, which
determination shall be conclusive for the purpose of this Plan. 
 (f) “Code” shall mean the Internal Revenue Code
of 1986, as amended, or any successor thereto, and the regulations and guidance promulgated thereunder. 
 (g)
“Committee” means the Chief Executive Officer of Talen Energy Corporation and the Vice President of Human Resources of Talen Energy Supply, LLC, or such other person or persons designated by the Compensation, Governance and Nominating
Committee of the Board (the “Compensation Committee”) from time to time; provided, however, that if any member of the Committee is directly affected by an exercise of discretion, the Compensation Committee shall act as the Committee with
respect to that matter. 
 (h) “Company” shall mean Talen Energy Corporation and shall include its subsidiaries and
any successor to its business and/or assets which assumes and agrees to perform this Plan by operation of law, or otherwise. For purposes of this Plan, an Employee’s employment by (including termination of such employment) and compensation from
any subsidiary of the Company shall be deemed employment by and compensation from the Company. 
 (i) “Eligible
Employee” means an Employee whose employment with their Employer is terminated due to a Qualifying Termination; provided, however, that, notwithstanding the foregoing: 

(1) the term “Eligible Employee” shall not include: 

(i) any Employee who is eligible to receive, in connection with the same Qualifying Termination, severance or similar type
payments under the provisions of any other severance pay plan of, or any agreement (including but not limited to any employment or severance agreement) with the Employer or an Affiliate; 

(ii) a “specific professional” or part time Employee, of an Employer or any other Employee who is not a regular,
full-time Employee (as determined by the Employer in accordance with employment policies and practices established by such Employer); 

(iii) any Employee who is not, as of the date immediately prior to his or her termination of employment, being paid on the
Employer’s U.S.A. payroll; 
 (iv) any individual performing services for an Employer who is treated by such Employer
as a leased worker or an independent contractor; or 

  
 - 2 - 

 (v) an Employee who is a member of a collective bargaining unit with which an
Employer negotiates and with respect to whom no coverage under this Plan has been provided by a collective bargaining agreement; and 

(2) the employment of an Employee shall not be considered to have been “involuntarily terminated” (and therefore will
not be deemed to have a Qualifying Termination) in any of the following circumstances: 
 (i) an Employee whose employment
with an Employer is terminated by reason of a transfer to the employ of another Employer or an Affiliate; 
 (ii) an
Employee whose employment with an Employer is terminated by reason of a transfer to the employ of another entity into which the Employer is merged or otherwise consolidated; provided such entity adopts this Plan; 

(iii) an Employee whose employment is terminated upon the expiration of a leave of absence by reason of his or her failure to
return to work at such time; 
 (iv) an Employee whose employment with an Employer is terminated in connection with the sale
of stock or the sale by such Employer of all or part of its assets if (A) such Employer determines in its sole discretion that either (1) in connection with such sale such Employee was offered employment for a comparable position at a
comparable salary, annual bonus opportunity and employee benefits with the purchaser of the Employer’s stock or assets or (2) such Employee voluntarily elected not to participate in the selection process for such employment and
(B) the purchaser of the Employer’s stock or assets adopts this Plan; or 
 (v) an Employee whose employment is
terminated due to death, Total Disability or voluntary termination. 
 (j) “Employee” means an employee of an
Employer who holds one of the position classifications specified in Schedule A annexed hereto or an equivalent position, as determined from time to time for individual positions by the Committee. 

(k) “Employer” means the Company and any other Affiliate of the Company which adopts this Plan with the consent of
their board of directors. 
 (l) “Plan” means this Talen Energy Executive Severance Plan as in effect from time to
time. 
 (m) “Qualifying Termination” means a termination of an Eligible Employee’s employment by the Employer
without Cause. 

  
 - 3 - 

 (n) “Release” means a release to be signed by an Eligible Employee in
such form as the Company shall determine, which shall, to the extent permitted by law, waive all claims and actions against the Employers and Affiliates and such other related parties and entities as the Company chooses to include in the release
except for claims and actions for benefits provided under the terms of this Plan. 
 (o) “Total Disability” means
the Employee is unable to perform with or without reasonable accommodation in all material respects his or her duties and responsibilities to the Company and its Affiliates, by reason of a physical or mental disability or infirmity, which inability
is reasonably expected to be permanent and has continued for a period of 12 consecutive months, as reasonably determined by the Company. 

Section 2. Severance Benefits. Each Eligible Employee who executes a Release prescribed by the Company within 45 days following a
Qualifying Termination (and who does not revoke such Release) shall be entitled to the lump sum cash payment and continuing benefits set forth in Schedule A that corresponds to the Eligible Employee’s position classification as of the date of
termination. In addition to the severance benefits described in Schedule A, each Eligible Employee shall be entitled to receive any unpaid Base Salary through the date of such Eligible Employee’s termination, and prompt reimbursement of any
unreimbursed expenses properly incurred by such Eligible Employee in accordance with Company policies prior to the date of such Eligible Employee’s termination. Such Eligible Employee shall also receive such other benefits, if any, to which
such Eligible Employee may be entitled pursuant to the terms and conditions of the employee compensation, incentive, equity, benefit or fringe benefit plans, policies or programs of the Company, other than any Company severance policy. 

Section 3. Form and Time of Payment. The cash severance pay benefits payable to an Eligible Employee by his or her Employer under
Section 2 shall be paid to such Eligible Employee in a single lump sum less applicable withholdings, except as provided pursuant to Section 4, within 60 days after the Eligible Employee’s date of Qualifying Termination; provided,
however, that if such 60-day period begins in one calendar year and ends in a second calendar year, then such severance pay benefits shall not be paid until the second of such two calendar years (regardless of whether the Eligible Employee delivers
the Release in the first calendar year or in the second calendar year). 
 Section 4. Tax and Other Withholding. Each Employer
shall withhold from any amount payable to an Eligible Employee pursuant to this Plan, and shall remit to the appropriate governmental authority or the Company, any income, employment or other tax the Employer is required by applicable law to so
withhold and remit on behalf of such Eligible Employee, and any amounts owed to the Company. 
 Section 5. Plan Administration.
This Plan shall be administered by the Committee. The Committee shall have discretionary and final authority to interpret and implement the provisions of this Plan and to determine eligibility for benefits under this Plan. The Committee shall
perform all of the duties and exercise all of the powers and discretion that the Committee deems necessary or appropriate for the proper administration of this Plan. Every interpretation, choice, determination or other exercise by the Committee of
any power or discretion given either 

  
 - 4 - 

 
expressly or by implication to it shall be conclusive and binding upon all parties having or claiming to have an interest under this Plan or otherwise directly or indirectly affected by such
action, without restriction; provided, however, that the Committee has the right to reconsider or redetermine such action. The Committee may adopt such rules and regulations for the administration of this Plan as are consistent with the terms
hereof, and shall keep adequate records of its proceedings and acts. The Committee may employ such agents, accountants and legal counsel (who may be agents, accountants and legal counsel for an Employer) as may be appropriate for the administration
of this Plan. All reasonable administration expenses incurred by the Committee in connection with the administration of this Plan shall be paid by the Employer. 

Section 6. Claims Procedure. If any person (hereinafter called the “Claimant”) feels he or she is being denied a benefit
to which he or she is entitled under this Plan, such Claimant may file a written claim for said benefit with the Committee. Within 90 days of the receipt of such claim, the Committee shall determine and notify the Claimant as to whether he or she is
entitled to such benefit. Such notification shall be in writing and, if denying the claim for benefit, shall set forth the specific reason or reasons for the denial, make specific reference to the pertinent Plan provisions, and advise the Claimant
that he or she may, within 60 days of the receipt of such notice, request in writing to appear before the Committee or its designated representative for a hearing to review such denial. Any such hearing shall be scheduled at the mutual
convenience of the Committee or its designated representative and the Claimant, and at such hearing the Claimant and/or his or her duly authorized representative may examine any relevant documents and present evidence and arguments to support the
granting of the benefit being claimed. The final decision of the Committee with respect to the claim being reviewed shall be made within 60 days following the hearing thereon, and the Committee shall in writing notify the Claimant of its final
decision, again specifying the reasons therefor and the pertinent Plan provisions upon which such decision is based. The final decision of the Committee shall be conclusive and binding upon all parties having or claiming to have an interest in the
matter being reviewed. The Claimant shall have the right to be provided, on request and free of charge, reasonable access to and copies of all documents, records, and other information relevant to the claim for benefits. All documents, comments,
records, and other information will be considered for review, regardless of whether or not such information was previously considered in the initial denial of a claim. 

Section 7. Plan Amendment and Termination. The Company shall have the right and power at any time and from time to time to amend
this Plan, in whole or in part, by written document executed by its duly authorized representative and at any time to terminate this Plan; provided, however, that no such amendment or termination shall reduce the amount of severance pay payable
under this Plan to a former Employee whose employment with an Employer terminated prior to the date of such amendment or termination, or defer the date for the payment of such former Employee’s benefit hereunder, without the consent of such
former Employee. 
 Section 8. Nature of Plan and Rights. This Plan is an unfunded employee welfare benefit plan and no
provision of this Plan shall be deemed or construed to create a trust fund of any kind or to grant a property interest of any kind to any Employee or former Employee. Any payment which becomes due under this Plan to an Eligible Employee shall be
made by his or her Employer out of its general assets, and the right of any Eligible Employee to receive a payment hereunder from his or her Employer shall be no greater than the right of any unsecured general creditor of such Employer. 

  
 - 5 - 

 Section 9. No Right to Employment. Except as expressly provided herein, this Plan
shall not interfere in any way with the right of the Company to reduce an Employee’s compensation or other benefits or terminate an Employee’s employment, with or without Cause. Any rights that an Employee shall have in that regard shall
be as set forth in any applicable employment agreement between such Employee and the Company. 
 Section 10. Spendthrift
Provision. No right or interest of an Eligible Employee under this Plan may be assigned, transferred or alienated, in whole or in part, either directly or by operation of law, and no such right or interest shall be liable for or subject to any
debt, obligation or liability of such Eligible Employee. 
 Section 11. Applicable Law. This Plan shall be governed and
construed in accordance with the Employee Retirement Income Security Act of 1974, as amended (“ERISA”), and, where not pre-empted by ERISA, the laws of the State of Delaware, without regard to conflicts of laws principles thereof. 

Section 12. Effectiveness. This Plan shall be effective as of the date of adoption by the Compensation Committee on June 1,
2015 and shall remain in effect until terminated pursuant to Section 7 of this Plan. 
 Section 13. Section 409A of the
Code. 
 (a) Although the Employer does not guarantee to an Eligible Employee any particular tax treatment relating to
the payments and benefits under this Plan, it is intended that such payments and benefits be exempt from, or comply with, Section 409A of Code and the regulations and guidance promulgated thereunder (collectively, “Code
Section 409A”), and all provisions of this Plan shall be construed in a manner consistent with the requirements for avoiding taxes or penalties under Code Section 409A. Notwithstanding any provision herein to the contrary, in no event
shall the Employer be liable for, or be required to indemnify the Eligible Employee for, any liability of the Eligible Employee for taxes or penalties under Code Section 409A. 

(b) A termination of employment shall not be deemed to have occurred for purposes of any provision of this Plan providing for
the payment of any amounts or benefits upon or following a termination of employment unless such termination is also a “separation from service” within the meaning of Code Section 409A and, for purposes of any such provision of this
Plan, references to a “termination”, “termination of employment” or like terms shall mean “separation from service”. 

(c) With regard to any provision herein that provides for reimbursement of costs and expenses or in-kind benefits, except as
permitted by Code Section 409A, (i) the right to reimbursement or in-kind benefits shall not be subject to liquidation or exchange for another benefit; (ii) the amount of expenses eligible for reimbursement, or in-kind benefits,
provided during any taxable year shall not affect the expenses eligible for reimbursement, or in-kind benefits to be provided, in any other taxable year, 

  
 - 6 - 

 
provided, that the foregoing clause shall not be violated with regard to expenses reimbursed under any arrangement covered by Section 105(b) of the Code solely because such expenses are
subject to a limit related to the period the arrangement is in effect; and (iii) such payments shall be made on or before the last day of the Eligible Employee’s taxable year following the taxable year in which the expense was incurred.

 (d) Whenever a payment under this Plan specifies a payment period with reference to a number of days (e.g., “payment
shall be made within sixty (60) days following the date of termination”), the actual date of payment within the specified period shall be within the sole discretion of the Employer. 

(e) If under this Plan, an amount is to be paid in two or more installments, for purposes of Code Section 409A, each
installment shall be treated as a separate payment. 
 (f) Notwithstanding anything herein to the contrary, if the Eligible
Employee is, as of the date of termination, a “specified employee” for purposes of Treas. Reg. § 1.409A-1(i), then any amount of deferred compensation that is payable to the Eligible Employee hereunder that is neither a short-term
deferral within the meaning of Treas. Reg. § 1.409A-1(b)(4) nor within the involuntary separation pay limit under Treas. Reg. § 1.409A-1(b)(9)(iii)(A) will not be paid before the date that is six months after the date of termination, or if
earlier, the date of the Eligible Employee’s death. Any payments to which the Eligible Employee would otherwise be entitled during such non-payment period will be accumulated and paid or otherwise provided to the Eligible Employee on the first
day of the seventh month following such date of termination, or if earlier, within 30 days of the Eligible Employee’s death to his or her surviving spouse (or to the Eligible Employee’s estate if the Eligible Employee’s spouse does
not survive the Eligible Employee). 
 IN WITNESS WHEREOF, this Plan has been executed as of this 1st day of June, 2015 
  

							
			TALEN ENERGY CORPORATION		
				
			By:		       /s/ Carol A. Moody
		
					Carol A. Moody		
					Vice President – Human Resources		

  
 - 7 - 

 Schedule A 
  

			
	  
 Section 16b Officers
		 Severance Benefits
  

•    Severance pay: Twenty-four (24)months of Eligible Employee’s Base
Salary

		
			 •    Group benefit continuation: For Eligible Employee and covered family members, a lump sum
amount, in cash, equal to the aggregate amount of COBRA premiums otherwise payable by such Eligible Employee (based upon the COBRA rate in effect on the date of such termination of employment) for the twenty-four (24) month period immediately
following the date of termination (assuming for this purpose that COBRA continuation coverage would have been available for such twenty-four (24) month period).

		
			 •    Career services: Outplacement assistance at the level offered to executive level employees for
a period of eighteen (18) months, up to a maximum in fees of $50,000.

		
	Other Executives		 •    Severance pay: Twelve (12) months of Eligible Employee’s Base Salary

		
			 •    Group benefit continuation: For Eligible Employee and covered family members, a lump sum
amount, in cash, equal to the aggregate amount of COBRA premiums otherwise payable by such Eligible Employee (based upon the COBRA rate in effect on the date of such termination of employment) for the twelve (12) month period immediately following
the date of termination (assuming for this purpose that COBRA continuation coverage would have been available for such twelve (12) month period).

		
			 •    Career services: Outplacement assistance at the level offered to executive level employees for
a period of twelve (12) months, up to a maximum in fees of $25,000.

  
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