Document:

Retirement Income Reinstatement Plan for Non-Represented Employees as Amended

 Exhibit 10.2 
 RETIREMENT INCOME REINSTATEMENT PLAN 
 FOR NON-REPRESENTED EMPLOYEES OF

 PUBLIC SERVICE ENTERPRISE GROUP INCORPORATED 

AND ITS AFFILIATES 
 Amended May 31, 2011 
 Further amended November 1, 2011

 TABLE OF CONTENTS 

 

							
	 Section 1.
	  	 Definitions
	  	 	3	  
			
	 Section 2.
	  	 Eligibility
	  	 	9	  
			
	 Section 3.
	  	 Supplemental Retirement Benefit
	  	 	9	  
			
	 Section 4.
	  	 Supplemental Surviving Spouse Benefit
	  	 	12	  
			
	 Section 5.
	  	 Administration of the Plan
	  	 	15	  
			
	 Section 6.
	  	 Claims Procedure and Status Determination
	  	 	16	  
			
	 Section 7.
	  	 Amendment or Termination
	  	 	16	  
			
	 Section 8.
	  	 General Provisions
	  	 	17	  
			
	 Section 9.
	  	 Miscellaneous
	  	 	19	  

 RETIREMENT INCOME REINSTATEMENT PLAN 

FOR NON-REPRESENTED EMPLOYEES OF 
 PUBLIC SERVICE ENTERPRISE GROUP INCORPORATED 
 AND ITS AFFILIATES

 Public Service Electric and Gas Company previously established effective January 1, 1995, and currently maintains
the Retirement Income Reinstatement Plan for Non-Represented Employees of Public Service Electric and Gas Company and its Affiliates. Effective December 13, 1999, Public Service Electric and Gas Company transferred sponsorship of the plan to
the Company and renamed the plan the “Retirement Income Reinstatement Plan for Non-Represented Employees of Public Service Enterprise Group Incorporated and its Affiliates.” The Plan was further amended, effective as of January 1,
2005, as set forth in this document to conform with the requirements of the American Jobs Creation Act of 2004. This Plan was established for the purpose of assisting in attracting and retaining a stable pool of key managerial and professional
talent and long-term key employee commitment by providing certain supplemental retirement benefits for certain of their employees who participate in the Pension Plan of Public Service Enterprise Group Incorporated (“Pension Plan”) or the
Cash Balance Pension Plan of Public Service Enterprise Group Incorporated. This Plan is intended to constitute an unfunded “excess benefit plan” as defined in Section 3(36) of ERISA, to the extent it provides benefits that would be
paid under the Pension Plan of Public Service Enterprise Group Incorporated or the Cash Balance Pension Plan of Public Service Enterprise Group Incorporated but for the limitations of Section 415 of the Code, and an unfunded plan of deferred
compensation for a select group of management or highly compensated employees for purposes of Title 1 of ERISA, to the extent it provides other benefits. 
 The Plan was hereby amended, effective as of January 1, 2009, to provide for lump sum payments of certain benefits, to revise provisions relating to lump sum payments of de minimis benefits, to
conform the Plan to certain requirements of Code Section 409A, and to make certain other style and conforming changes. The terms contained herein superseded all prior iterations of the Plan. 

The Plan is being amended effective as of January 1, 2012 to reflect the change in the benefit formula under the Pension Plan from a
5-year final average pay formula to a 7-year final average pay formula. 
 Section 1. Definitions 

When used herein, the words and phrases hereinafter defined shall have the following meanings unless a different meaning is clearly
required by the context of the Plan: 
 1.1 “Affiliate” shall mean (a) any organization while it is a member of a
controlled group of corporations (as defined in Code Section 414(b)) which includes the Company; or (b) any trades or businesses (whether or not incorporated) while they are under common control (as defined in Code Section 414(c))
with the Company. 

 1.2 “Beneficiary” shall mean any person or persons selected by a Participant on a
form provided by the Company who may become eligible to receive the benefits provided under this Plan in the event of such Participant’s death. 
 1.3 “Benefit Commencement Date” shall mean the date on which a Participant’s Supplemental Retirement Benefit shall commence or be paid under Subsection 3.3. 

1.4 “Benefit Limitation” shall mean the maximum annual benefit payable to a Participant under the Pension Plan or the Cash
Balance Plan in accordance with Section 415 of the Code. 
 1.5 “Board of Directors” or “Board” shall
mean the Board of Directors of the Company. 
 1.6 “Cash Balance Plan” shall mean the Cash Balance Pension Plan of
Public Service Enterprise Group Incorporated (formerly known as the “Cash Balance Pension Plan of Public Service Electric and Gas Company”) and each successor or replacement plan. 

1.7 “Code” shall mean the Internal Revenue Code of 1986, as amended. A reference to a section of the Code` shall also refer to
any regulations and other guidance issued under that section. 
 1.8 “Company” shall mean Public Service Enterprise
Group Incorporated. 
 1.9 “Compensation” with respect to any Participant shall mean the total remuneration paid for
services rendered to the Company, determined without regard to the exclusion of any amounts pursuant to Subsection 1.10(a) of the Pension Plan or Subsection 1.1(m)(1) of the Cash Balance Plan, but excluding: 

 

	 	(a)	the Company’s cost for any public or private employee benefit plan other than elective contributions that are made by the Company on behalf of a Participant that
are not includable in income under Section 125, 132(f), or 401(k) of the Code; and 

  

	 	(b)	all awards to the Participant under the Company’s Long-Term Incentive Compensation Plan. 

For purposes of calculating the Supplemental Retirement Benefit payable to a Participant who is a participant in the Cash Balance Plan,
Compensation shall include amounts paid in 2006 or later years under the Management Incentive Compensation Plan or the PSEG Power LLC Incentive Compensation Program for PSEG Energy Resources & Trade LLC Employees. Compensation shall also
include all amounts paid under the Senior Management Incentive Compensation Plan (including amounts paid under the Senior Management Incentive Compensation Plan prior to January 1, 2011). 

Compensation for any such year shall not exceed 150 percent of the Participant’s annual base salary in effect as of
January 1 of that year. 

  
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 1.10 “Compensation Limitation” shall mean the maximum amount of annual
compensation under Section 401(a)(17) of the Code that may be taken into account in any Plan Year for benefit accrual purposes under the Pension Plan or the Cash Balance Plan. 

1.11 “Employee” shall mean any individual in the employ of the Company or a Participating Affiliate who is not included within
a unit of employees covered by a collective bargaining agreement. The term “Employee” shall not include a director of the Company or a Participating Affiliate who serves in no capacity other than as a director, a consultant or independent
contractor doing work for the Company or a. Participating Affiliate or a person employed by a consultant or independent contractor doing work for the Company or a Participating Affiliate. 

1.12 “Employee Benefits Committee” or “Committee” shall mean the Employee Benefits Committee of the Company.

 1.13 “Employee Benefits Policy Committee” shall mean the Employee Benefits Policy Committee of Public Service
Enterprise Group Incorporated. 
 1.14 “ERISA” shall mean the Employee Retirement Income Security Act of 1974, as
amended. A reference to a section of ERISA shall also refer to any regulations and other guidance issued under that section. 

1.15 “Final Earnings” with respect to a Participant who is entitled to a benefit under the Pension Plan: 

(a) And who incurs a Separation from Service before January 1, 2012, shall mean the annual average of the sum of: 

 

	 	(1)	the Participant’s highest five years of Compensation, excluding any amounts received as an award under the Management Incentive Compensation Plan or the Senior
Management Incentive Compensation Plan; and 

  

	 	(2)	the five most recent awards paid under the Management Incentive Compensation Plan or the Senior Management Incentive Compensation Plan prior to the Participant’s
Separation from Service. 

 Notwithstanding the foregoing, Final Earnings shall not exceed 150 percent of the
average of the Participant’s annual base salary in effect as of January 1 for the five years prior to and including the year in which the Participant’s Separation from Service occurs, provided that, in the case of a Participant who
receives an award under the ER&T Program, Final Earnings shall not be less than his Final Earnings determined as of December 31, 2006 in accordance with the preceding paragraph, without applying the 150 percent cap in the preceding
sentence. 

  
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 (b) With respect to a Participant who incurs a Separation from Service on or after
January 1, 2012 and who is entitled to a benefit under the Pension Plan, Final Earnings shall mean: 
  

	 	(1)	With respect to periods of service prior to January 1, 2012, the annual average of the sum, (i) the Participant’s highest five years of Compensation
determined as of December 31, 2011, excluding any amounts received as an award under the Management Incentive Compensation Plan or the Senior Management Incentive Compensation Plan, and (ii) the five most recent awards paid under the
Management Incentive Compensation Plan or the Senior Management Incentive Compensation Plan on or prior to December 31, 2011. Notwithstanding the foregoing, Final Earnings shall not exceed 150 percent of the average of the Participant’s
annual base salary in effect as of January 1 for the five years prior to January 1, 2012, provided that, in the case of a Participant who receives an award under the ER&T Program, Final Earnings shall not be less than his Final
Earnings determined as of December 31, 2006 in accordance with the preceding paragraph, without applying the 150 percent cap in the preceding sentence. 

 

	 	(2)	With respect to periods of service after December 31, 2011, the annual average of the sum, (i) the Participant’s highest seven years of Compensation
beginning after December 31, 2011, excluding any amounts received as an award under the Management Incentive Compensation Plan or the Senior Management Incentive Compensation Plan, and (ii) the seven most recent awards paid under the
Management Incentive Compensation Plan or the Senior Management Incentive Compensation Plan prior to the Participant’s Separation from Service. 

 1.16 “Limited Plan” shall mean the Limited Supplemental Benefits Plan for Certain Employees of Public Service Enterprise Group Incorporated and its Subsidiaries and any successor or replacement
plan. 
 1.17 “Mid-Career Hire Plan” shall mean the Mid-Career Hire Supplemental Retirement Income Plan for Selected
Employees of Public Service Enterprise Group Incorporated and its Affiliates and any successor or replacement plan. 
 1.18
“Normal Retirement Date” shall mean the first day of the month coinciding with or next following a Participant’s attainment of age 65. In the case of a Participant who is employed after attaining age 65, Normal Retirement Date shall
mean the first day of the month coinciding with or next following the date on which the Participant’s Separation from Service occurs. 
 1.19 “Participant” shall mean any Employee or former Employee of the Company or a Participating Affiliate who meets the requirements of Subsection 2.1 of the Plan. 

  
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 1.20 “Participating Affiliate” shall mean any Affiliate of the Company which
(a) is the sponsor or a Participating Affiliate of the Pension Plan and/or the Cash Balance Plan; (b) adopts this Plan with the approval of the Board of Directors; (c) authorizes the Board of Directors and the Employee Benefits
Committee to act for it in all matters arising under or with respect to this Plan; and (d) complies with such other terms and conditions relating to this Plan as may be imposed by the Board of Directors. 

1.21 “Pension Plan” shall mean the Pension Plan of Public Service Enterprise Group Incorporated and each successor or
replacement plan. 
 1.22 “Pension Plan Retirement Benefit” shall mean the aggregate annual benefit payable to a
Participant pursuant to the Pension Plan or the Cash Balance Plan, as the case may be, by reason of the Participant’s termination of employment with the Company and all Affiliates for any reason other than death. 

1.23 “Pension Plan Surviving Spouse Benefit” shall mean the aggregate annual benefit payable to the Surviving Spouse of a
Participant pursuant to the Pension Plan or the Cash Balance Plan, as the case may be, in the event of the death of the Participant at any time prior to commencement of payment of the Participant’s Pension Plan Retirement Benefit. 

1.24 “Plan” shall mean this Retirement Income Reinstatement Plan for NonRepresented Employees of Public Service Enterprise
Group Incorporated and its Affiliates (formerly known as the “Retirement Income Reinstatement Plan for Non-Represented Employees of Public Service Electric and Gas Company and Its Affiliates”). 

1.25 “Plan Year” shall mean the calendar year. 
 1.26 “Retirement” shall be defined as follows: 
  

	 	(a)	In the case of a Participant who is a participant in the Pension Plan, Retirement shall mean a Separation from Service either (1) after attaining age 65; or
(2) when the sum of the Participant’s age and credited service (as defined in the Pension Plan) equals or exceeds 80. 

 (b) In the case of a Participant who is a participant in the Cash Balance Plan, Retirement shall mean a Separation from Service after either (1) attaining age 65; or (2) attaining age 55 and
completing five or more years of credited service (as defined in the Cash Balance Plan). 
 1.27 “Separation from
Service” shall mean, subject to subsections (a) and (b), a Participant’s termination from employment with the Company and all Affiliates, whether by retirement or resignation from or discharge by the Company or an Affiliate.

  

	 	(a)	A Separation from Service shall be deemed to have occurred if a Participant and the Company or any Affiliate reasonably anticipate, based on the facts and
circumstances, that either: 

  
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	 	(1)	the Participant will not provide any additional services for the Company or an Affiliate after a certain date; or 

 

	 	(2)	the level of bona fide services performed by the Participant after a certain date will permanently decrease to no more than 50 percent of the average level of bona
fide services performed by the Participant over the immediately preceding 36 months. 

  

	 	(b)	If a Participant is absent from employment due to military leave, sick leave, or any other bona fide leave of absence authorized by the Company or an Affiliate and
there is a reasonable expectation that the Participant will return to perform services for the Company or an Affiliate, a Separation from Service will not occur until the later of: 

 

	 	(1)	the first date immediately following the date that is six months after the date that the Participant was first absent from employment; or 

 

	 	(2)	the date the Participant no longer retains a right to reemployment, to the extent the Participant retains a right to reemployment with the Company or any Affiliates
under applicable law or by contract. 

 If a Participant fails to return to work upon the
expiration of any military leave, sick leave, or other bona fide leave of absence where such leave is for less than six months, the Separation from Service shall occur as of the date of the expiration of such leave. 

1.28 “Specified Employee” shall mean an individual who is a key employee (as defined in Section 416(i) of the Code without
regard to Section 416(i)(5)) of the Code) of the Company at any time during the 12-month period ending on each December 31 (the “identification date”). If an individual is a key employee as of an identification date, the
individual shall be treated as a Specified Employee for the 12-month period beginning on the April 1 following the identification date. Notwithstanding the foregoing, an individual shall not be treated as a Specified Employee unless any stock
of the Company or an Affiliate is publicly traded on an established securities market or otherwise. 
 1.29 “Supplemental
Retirement Benefit” shall mean the benefit payable to a Participant pursuant to this Plan by reason of the Participant’s Separation from Service with the Company and all Affiliates for any reason other than death. 

1.30 “Surviving Spouse” shall mean a person who is married to a Participant at the date of the Participant’s death.

 1.31 “Supplemental Surviving Spouse Benefit” shall mean the benefit payable to a Surviving Spouse pursuant to this
Plan. 

  
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 Section 2. Eligibility 

2.1 A Participant who incurs a Separation from Service after becoming vested in his Pension Plan Retirement Benefit, the amount of which
is reduced by reason of (a) the application of the limitations on benefits imposed by application of any provisions of the Code, as in effect on the date for commencement of the Pension Plan Retirement Benefit or as in effect at any time
thereafter, to the Pension Plan or the Cash Balance Plan, as the case may be, or (b) the restrictions of Subsection 1.10(a) of the Pension Plan or Subsection 1.1(m)(1) of the Cash Balance Plan, shall be eligible to receive a Supplemental
Retirement Benefit. The Surviving Spouse of a Participant described in the preceding sentence who dies prior to commencement of payment of his Pension Plan Retirement Benefit shall be eligible to receive a Supplemental Surviving Spouse Benefit.

 Section 3. Supplemental Retirement Benefit 

3.1 The Supplemental Retirement Benefit payable to an eligible Participant shall be determined as follows: 

 

	 	(a)	A Participant in the Pension Plan who incurs a Separation from Service prior to January 1, 2012 and who is eligible for a Supplemental Retirement Benefit shall be
entitled to receive a benefit as of his Normal Retirement Date equal to the excess of (1) over (2) where: 

  

	 	(1)	is the amount of Pension Plan Retirement Benefit under Subsection 3.1(a) of the Pension Plan to which the Participant would have been entitled under the Subsection
3.1(a) of the Pension Plan as of his Normal Retirement Date if such benefit were computed by applying the definition of Final Earnings in Subsection 1.15(a) of the Plan and without regard to (i) the Benefit Limitation or (ii) the
Compensation Limitation; and 

  

	 	(2)	is the amount of the Pension Plan Retirement Benefit under Subsection 3.1(a) of the Pension Plan actually payable to the Participant or payable to a third party on the
Participant’s behalf under the Pension Plan as of his Normal Retirement Date. 

  

	 	(b)	A Participant in the Pension Plan who incurs a Separation from Service on or after January 1, 2012 and who is eligible for a Supplemental Retirement Benefit shall
be entitled to receive a benefit as of his Normal Retirement Date equal to the excess of (1) over (2) where: 

  

	 	(1)	is the amount of Pension Plan Retirement Benefit under Subsection 3.1(b) of the Pension Plan to which the Participant would have been entitled under the Subsection
3.1(b) of the Pension Plan as of his Normal Retirement Date if such benefit were computed by applying the definition of Final Earnings in Subsection 1.15(b) of the Plan and without regard to (i) the Benefit Limitation or (ii) the
Compensation Limitation; and 

  
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	 	(2)	is the amount of the Pension Plan Retirement Benefit under Subsection 3.1(b) of the Pension Plan actually payable to the Participant or payable to a third party on the
Participant’s behalf under the Pension Plan as of his Normal Retirement Date. 

  

	 	(c)	This Supplemental Retirement Benefit shall be calculated as a single life annuity commencing on the Participant’s Normal Retirement Date. If payment of a
Participant’s Supplemental Retirement Benefit commences or is paid before his Normal Retirement Date, the benefit amount calculated pursuant to paragraph (a) or paragraph (b) shall be reduced for early commencement in accordance with
the early retirement reduction factors applicable to calculation of the Participant’s benefit under the Pension Plan. 

  

	 	(d)	Notwithstanding any other provision of this Plan to the contrary, the Supplemental Retirement Benefit payable to Frederick W. Lark and Richard D. Quinn, III, shall be
calculated as of December 31, 2008 and shall be paid commencing as of January 31, 2009. 

  

	 	(e)	A Participant in the Cash Balance Plan who is eligible for a Supplemental Retirement Benefit shall be entitled to receive a benefit as of his Benefit Commencement Date
equal to the excess of (1) over (2) where: 

  

	 	(1)	is the amount of the Pension Plan Retirement Benefit to which the Participant would be entitled under the Cash Balance Plan as of his Benefit Commencement Date if such
benefit were computed by applying the definition of Compensation in Subsection 1.9 and without regard to (i) the Benefit Limitation or (ii) the Compensation Limitation; and 

 

	 	(2)	is the amount of the Pension Plan Retirement Benefit actually payable to the Participant or payable to a third party on the Participant’s behalf under the Cash
Balance Plan as of his Benefit Commencement Date. 

 3.2. The Supplemental Retirement Benefit payable to a Participant shall be
paid: 
  

	 	(a)	If the Participant’s Separation from Service occurs prior to Retirement, the present value of his Supplemental Retirement Benefit shall be paid in a single lump
sum distribution; 

  

	 	(b)	Except as otherwise provided in paragraph (d), if the Participant’s Separation from Service occurs on or after his Retirement, the Participant may elect to receive
his Supplemental Retirement Benefit in the form of a single life annuity or a joint and survivor annuity. 

  

	 	(1)	The single life annuity option is an annuity providing equal monthly payments for the lifetime of the Participant with no survivor benefits. 

  
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	 	(2)	The joint and survivor annuity option is a reduced monthly benefit payable to the Participant for life and to a surviving named Beneficiary for the lifetime of the
Beneficiary in an amount equal to 50 percent, 75 percent, or 100 percent (as elected by the Participant) of the amount payable during the Participant’s lifetime. 

 

	 	(c)	A Participant may elect an annuity form of payment pursuant to paragraph (b) at any time before his Benefit Commencement Date, provided that any election shall
also apply to any benefits payable to the Participant under the Mid-Career Hire Plan and the Limited Plan. If a Participant fails to make a timely election, his Supplemental Retirement Benefit shall be paid in the form of: 

 

	 	(1)	a single life annuity, if he is not married as of his Benefit Commencement Date; or 

 

	 	(2)	a 50 percent joint and survivor annuity with his spouse as Beneficiary, if he is married as of his Benefit Commencement Date. 

If a Participant elects a joint and survivor annuity, but his Beneficiary dies before the Participant’s Benefit Commencement Date,
the Participant’s Supplemental Retirement Benefit shall be paid in the form of a single life annuity unless the Participant validly elects a new form of payment pursuant to this subsection. 

 

	 	(d)	Notwithstanding paragraphs (b) and (c),if the Participant’s total vested benefit under this Plan the Mid-Career Plan and the Limited Plan, as presently valued
at the time of commencement of the payment of such benefit, does not exceed $30,000, his benefit under each of the plans shall be paid in a single lump sum distribution. 

3.3 Except as otherwise provided in this subsection, payment of a Participant’s Supplemental Retirement Benefit shall commence or
shall be paid as of the last day of the month in which the Participant’s Separation from Service occurs or as soon as administratively practicable after such date, but in no event later than the last day permitted under Section 409A of the
Code for treating a delayed payment as having been made on such payment date. 
 If the Participant is a Specified Employee,
payment of the Participant’s Supplemental Retirement Benefit shall commence or shall be made as of the last day of the month coinciding with or next following the six-month anniversary of the Participant’s Separation from Service. In any
case where the payment of benefits is delayed pursuant to this paragraph, the Participant’s Supplemental Retirement Benefit shall be calculated as of the last day of the month in which the Participant’s Separation from Service occurs. Any
annuity payments to which the Participant would be entitled during the first six months after his Separation from Service shall be accumulated and paid to the Participant without interest as of the last day of the month coinciding with or next
following the six-month anniversary of his Separation from Service. If the Participant’s Supplemental Retirement Benefit is payable in the form of a lump sum distribution, the benefit shall be increased with interest at the rate of: 

  
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	 	(a)	the first segment rate as determined pursuant to Section 417(e)(3)(C) and (D) of the Code for the second month preceding the first day of the Plan Year in
which the Separation from Service occurs; or 

  

	 	(b)	6 percent, in the case of a Participant who is a participant in the Cash Balance Plan. 

Payment of the Participant’s benefit shall not be delayed or accelerated, except as provided in this subsection. If the Committee
determines that a delay or acceleration of a Participant’s benefit complies with the requirements of Section 409A of the Code (including an acceleration to pay employment taxes), the Committee may either delay or accelerate the payment of
the benefit in accordance with the terms of Section 409A of the Code as it deems advisable in its sole discretion. If any payment is delayed in accordance with this paragraph, the Plan shall pay such delayed payments without interest following
the expiration of the delay. 
 3.4 A Supplemental Retirement Benefit which is payable in any form other than a single life
annuity, shall be the actuarial equivalent of the Supplemental Retirement Benefit set forth in Subsection 3.1 above as determined by the same actuarial adjustments as those specified in the Pension Plan or the Cash Balance Plan, as the case may be,
with respect to determination of the amount of the Pension Plan Retirement Benefit on the date for commencement of payment hereunder. 
 3.5 If a Participant earns an additional Supplemental Retirement Benefit after a Separation from Service, any annuity benefits being paid to the Participant shall be increased to reflect such additional
accruals as of the January 1 following the Plan Year in which such additional benefit accrues. If the Participant received a lump sum distribution of his Supplemental Retirement Benefit as of the earlier Separation from Service, the value of
the additional accruals shall be paid to him in a lump sum distribution as of the January 1 following the Plan Year in which such additional benefit accrues. 
 Notwithstanding the foregoing, if a Participant named in Subsection 3.1(a) earns an additional Supplemental Retirement Benefit after December 31, 2008, the additional accruals shall be payable
as of the Participant’s Separation from Service as otherwise provided in this Section 3. 
 Section 4.
Supplemental Surviving Spouse Benefit 
 4.1 If a Participant dies prior to commencement of payment of his Pension Plan
Retirement Benefit under circumstances in which a Pension Plan Surviving Spouse Benefit is payable to his Surviving Spouse, then a Supplemental Surviving Spouse Benefit shall be payable to his Surviving Spouse as hereinafter provided. 

  
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	 	(a)	In the case of a Participant in the Pension Plan, the Supplemental Surviving Spouse Benefit shall be determined as an amount payable as of the Participant’s Normal
Retirement Date equal to the excess of (1) over (2) where: 

  

	 	(1)	is the amount of Pension Plan Surviving Spouse Benefit to which the Surviving Spouse would have been entitled under the Pension Plan as of the Participant’s Normal
Retirement Date if such benefit were computed by applying the definition of Final Earnings in Subsections 1.15(a) and (b) accordingly and without regard to (i) the Benefit Limitation or (ii) the Compensation Limitation; and

  

	 	(b)	is the amount of the Pension Plan Surviving Spouse Benefit actually payable to the Surviving Spouse under the Pension Plan as of the Participant’s Normal
Retirement Date. 

 The Supplemental Surviving Spouse Benefit shall be calculated as a single life annuity
commencing on the Participant’s Normal Retirement Date. If payment of the Supplemental Surviving Spouse Benefit commences or is paid before the Participant’s Normal Retirement Date, the benefit amount calculated pursuant to this
paragraph (a) shall be reduced for early commencement in accordance with the reduction factors applicable to calculation of a Pension Plan Surviving Spouse Benefit. 

 

	 	(b)	In the case of a Participant in the Cash Balance Plan, the Supplemental Surviving Spouse Benefit shall be equal to the amount payable as of the last month of the day
coinciding with or next following the Participant’s date of death that is equal to the excess of (1) over (2) where: 

  

	 	(1)	is the amount of the Pension Plan Surviving Spouse Benefit to which the Surviving Spouse would be entitled under the Cash Balance Plan as of the Participant’s date
of death if such benefit were computed by applying the definition of Compensation in Subsection 1.9 and without regard to (i) the Benefit Limitation or (ii) the Compensation Limitation; and 

 

	 	(2)	is the amount of the Pension Plan Surviving Spouse Benefit actually payable to the Surviving Spouse under the Cash Balance Plan as of the Participant’s date of
death. 

 4.2 The Supplemental Surviving Spouse Benefit shall be paid as follows: 

 

	 	(a)	If the Participant’s death occurs prior to Retirement, the present value of the Supplemental Surviving Spouse Benefit shall be paid in a single lump sum
distribution. 

  
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	 	(b)	If the Participant’s death occurs on or after Retirement, the Supplemental Surviving Spouse Benefit shall be payable over the lifetime of the Surviving Spouse only
in monthly installments terminating on the date of the last payment of the Pension Plan Surviving Spouse Benefit made before the Surviving Spouse’s death. Notwithstanding the preceding sentence, if the present value of the total benefit payable
to the Surviving Spouse under this Plan and the Mid-Career Hire Plan does not exceed $20,000, the benefit under each of these plans shall be paid in a single lump sum distribution. 

4.3 Payment of the Supplemental Surviving Spouse Benefit shall commence or shall be made as of the last day of the month in which the
Participant’s death occurs or as soon as administratively practicable after such date, but in no event later than the last day permitted under Section 409A of the Code for treating a delayed payment as having been made on such payment
date. 

  
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 Section 5. Administration of the Plan 

5.1 The Committee shall be the named fiduciary of this Plan responsible for the general operation and administration of this Plan and for
carrying out the provisions thereof. The Committee shall have discretionary authority to construe the terms of this Plan. 
 5.2
The Committee shall adopt such rules and procedures as it deems necessary and advisable to administer this Plan and to transact its business. Subject to the other requirements of this Section 5, the Committee may— 

 

	 	(a)	employ agents to carry out non-fiduciary responsibilities; 

  

	 	(b)	employ agents to carry out fiduciary responsibilities (other than trustee responsibilities as defined in Section 405(c)(3) of ERISA); 

 

	 	(c)	consult with counsel, who may be counsel to the Company or an Affiliate; and 

 

	 	(d)	provide for the allocation of fiduciary responsibilities (other than trustee responsibilities as defined in Section 405(c)(3) of ERISA) among its members.

 However, any action described in paragraphs (b) or (d) of this subsection 5.2, and any modification
or rescission of any such action, may be effected by the Committee only by a resolution approved by a majority of the Committee. The Committee shall be entitled to rely conclusively upon all tables, valuations, certificates, opinions and reports
furnished by any actuary, accountant, controller, counsel or other person employed or engaged by the Committee with respect to this Plan. 
 5.3 The Committee shall keep written minutes of all its proceedings, which shall be open to inspection by the Board of Directors. In the case of any decision by the Committee with respect to a claim for
benefits under this Plan, such Committee shall include in its minutes a brief explanation of the grounds upon which such decision was based. 
 5.4 In performing their duties, the members of the Committee shall act solely in the interest of the Participants in this Plan and their Beneficiaries and 

 

	 	(a)	for the exclusive purpose of providing benefits to Participants and their Beneficiaries; 

 

	 	(b)	with the care, skill, prudence and diligence under the circumstances then prevailing that a prudent person acting in like capacity and familiar with such matters would
use in the conduct of an enterprise of alike character and with like aims; and 

  
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	 	(c)	in accordance with the documents and instruments governing this Plan insofar as such documents and instruments are consistent with the provisions of Title I of ERISA.

 5.5 In addition to any other duties the Committee may have, the Committee shall review the performance of all
persons to whom the Committee shall have delegated or allocated fiduciary duties pursuant to the provisions of this Section 5. 
 5.6 The Company agrees to indemnify and reimburse, to the fullest extent permitted by law, members of the Committee, directors and employees of the Company and its Affiliates, and all such former members,
directors and employees, for any and all expenses, liabilities or losses arising out of any act or omission relating to the rendition of services for or the management and administration of this Plan. 

5.7 No member of the Committee nor any delegate thereof shall be personally liable by virtue of any contract, agreement or other
instrument made or executed by him or on his behalf in such capacity. 
 Section 6. Claims Procedure and Status
Determination 
 6.1 Claims for benefits under this Plan and requests for a status determination shall be filed in writing
with the Company. 
 6.2 In the case of a claim for benefits, written notice shall be given to the claiming Participant or
Beneficiary of the disposition of such claim, setting forth specific reasons for any denial of such claim in whole or in part. If a claim is denied in whole or in part, the notice shall state that such Participant or Beneficiary may, within sixty
days of the receipt of such denial, request in writing that the decision denying the claim be reviewed by the Committee and provide the Committee with information in support of his position by submitting such information in writing to the Secretary
of the Committee. 
 6.3 The Committee shall review each claim for benefits which has been denied in whole or in part and for
which such review has been requested and shall notify, in writing, the affected Participant or Beneficiary of its decision and the reasons therefor. 
 6.4 In the case of a request for status determination, written notice shall be given to the requesting person within a reasonable time setting forth specific reasons for the decision. 

Section 7. Amendment or Termination 
 7.1 The Company reserves the right to amend or terminate this Plan when, in the sole opinion of the Company, such amendment or termination is advisable. Any such amendment or termination shall be made
pursuant to a resolution of the Board or of the Employee Benefits Policy Committee and shall be effective as provided for in such resolution. 

  
 16 

 7.2 No amendment or termination of this Plan shall directly or indirectly deprive any
current or former Participant, Beneficiary or Surviving Spouse of all or any portion of any Supplemental Retirement Benefit or Supplemental Surviving Spouse Benefit payment which has commenced prior to the effective date of such amendment or
termination or the right to which has accrued on such effective date. 
 7.3 In the event of a Plan termination, Supplemental
Retirement Benefits and Supplemental Surviving Spouse Benefits shall be distributed in a single lump sum as soon as practicable after the date the Plan is terminated if such distribution is permitted because the Plan is terminated in accordance with
the termination provisions of Section 409A of the Code and related regulations or, in other cases, at the earliest time otherwise permitted under the terms of the Plan in accordance with Section 409A of the Code and related regulations.

 Section 8. General Provisions 
 8.1 This Plan at all times shall be entirely unfunded and no provision shall at any time be made with respect to segregating any assets of the Company or any Affiliate for payment of any benefits
hereunder. No Participant, Beneficiary, Surviving Spouse or any other person shall have any interest in any particular assets of the Company or any Affiliate by reason of the right to receive a benefit under this Plan and any such Participant,
Beneficiary, Surviving Spouse or other person shall have only the rights of a general unsecured creditor with respect to any rights under the Plan. 
 8.2 Except as otherwise expressly provided herein, all terms and conditions of the Pension Plan or the Cash Balance Plan, as the case may be, applicable to a Pension Plan Retirement Benefit or a Pension
Plan Surviving Spouse Benefit shall also be applicable to a Supplemental Retirement Benefit or a Supplemental Surviving Spouse Benefits payable hereunder. Any Pension Plan Retirement Benefit or Pension Plan Surviving Spouse Benefit, or any other
benefit payable under the Pension Plan or the Cash Balance Plan, as the case may be, shall be paid solely in accordance with the terms and conditions of the Pension Plan or the Cash Balance Plan, as the case may be, and nothing in this Plan shall
operate or be construed in any way to modify, amend or affect the terms and provisions of the Pension Plan or the Cash Balance Plan, as the case may be. 
 8.3 Nothing contained in this Plan shall constitute a guaranty by the Company or any other entity or person that the assets of the Company or any .Affiliate will be sufficient to pay any benefit
hereunder. 
 8.4 No Participant or Surviving Spouse shall have any right to a benefit under this Plan except in accordance with
the terms of this Plan. Establishment of this Plan shall not be construed to give any Participant the right to be retained in the service of the Company or any Affiliate. 
 8.5 No interest of any person or entity in, or right to receive a benefit under, this Plan shall be subject in any manner to sale, transfer, assignment, pledge, attachment, garnishment or other alienation
or encumbrance of any kind; nor any such interest or right to receive a benefits 

  
 17 

 
be taken, either voluntarily or involuntarily, for the satisfaction of the debts of, or other obligations or claims against, such person or entity, including claims for alimony, support, separate
maintenance and claims in bankruptcy proceedings. 
 8.6 This Plan shall be construed and administered under the laws of the
United States and the State of New Jersey to the extent not superseded by Federal law. This Plan is specifically intended to comply with the provisions of the American Jobs Creation Act of 2004 (the “AJCA”) and Section 409A of the
Code and it shall automatically incorporate all applicable restrictions of the AJCA, the Code and its related regulations, and the Company will amend the Plan to the extent necessary to comply with those requirements. The timing under which a
Participant will have a right to receive any payment under this Plan will be deemed to be automatically modified, and a Participant’s rights under the Plan limited to conform to any requirements under, the AJCA, the Code and its related
regulations. 
 8.7 Actuarial assumptions to determine the present value of any benefit hereunder shall be the same as used to
determine the present value of benefits under the Pension Plan or the Cash Balance Plan, as the case may be. 
 8.8 If any
person entitled to a benefit payment under this Plan is deemed by the Committee to be incapable of personally receiving and giving a valid receipt for such payment, then, unless and until claim therefor shall have been made by a duly appointed
guardian or other legal representative of such person, the Committee may provide for such payment or any part thereof to be made to any other person or institution then contributing toward or providing for the care and maintenance of such person.
Any such payment shall be a payment for the account of such person and a complete discharge of any liability of the Company and this Plan therefor. 
 8.9 The Plan shall inure to the benefit of and be binding upon the Company, its successors and assigns, including but not limited to any corporation which may acquire all or substantially all of the
Company’s assets or businesses or with or into or which the Company may be consolidated or merged. 
 8.10 Each Participant
shall keep the Company informed of his current address and the current address of his spouse. The Company shall not be obligated to search for the whereabouts of any person. If the location of a Participant is not made known to the Company within
three (3) years after the date on which payment of the Participant’s Supplemental Retirement Benefit may first be made, payment may be made as though the Participant had died at the end of the three-year period. If, within one additional
year after such three-year period has elapsed, or, within three years after the actual death of a Participant, the Company is unable to locate any. Surviving Spouse of the Participant, then the Company shall have no further obligation to pay any
benefit hereunder to such Participant or Surviving Spouse or any other person and such benefit shall be irrevocably forfeited. 

8.11 Notwithstanding any of the preceding provisions of this Plan, none of the Company, the Committee or any individual acting as an
employee or agent of the Company or the Committee shall be liable to any Participant, former Participant, Surviving Spouse or any other person for any claim, loss, liability or expense incurred in connection with this Plan. 

  
 18 

 Section 9. Miscellaneous 

9.1 As used herein, words in the masculine gender shall include the feminine and the singular shall include the plural, and vice versa,
unless otherwise required by the context. Any headings used herein are included for ease of reference only and are not to be construed so as to alter the terms hereof. 

  
 19Deferred Compensation Plan for Certain Employees as Amended

 Exhibit 10.3 
 DEFERRED COMPENSATION PLAN FOR CERTAIN EMPLOYEES 
 OF PUBLIC SERVICE
ENTERPRISE GROUP INCORPORATED 
 AND ITS AFFILIATES 

AMENDED JULY 1, 2011, 
 WITH CERTAIN PROVISIONS EFFECTIVE JANUARY 1, 2012 

 DEFERRED COMPENSATION PLAN FOR CERTAIN EMPLOYEES OF 

PUBLIC SERVICE ENTERPRISE GROUP INCORPORATED AND ITS AFFILIATES 

AMENDED EFFECTIVE JULY 1, 2011 
 1. PURPOSE. The purpose of this Plan is to provide a method to certain select and key employees of the Company and its Affiliates to defer compensation as provided herein. This Plan was formerly
known as the Deferred Compensation Plan for Certain Employees of Public Service Electric and Gas Company. 
 2.
AMENDMENT. This Plan is being amended and restated effective as of July 1, 2011 (with certain provisions effective January 1, 2012) to provide for in-service distributions and a lump sum payment upon the death of a Participant, to
allow Participants to elect distribution of their Accounts on a specified date or a specified event, and certain other administrative changes. This Plan was last amended and restated, effective December 1, 2008, to allow a special one-time
election to change certain prior deferral elections and make certain definitional changes related to Section 409A of the Code. 
 3. DEFINITIONS OF TERMS USED IN THIS PLAN. As used in this Plan, the following words and phrases shall have the meanings indicated: 

 

	 	(a)	“Account” - the Deferred Compensation Account described in Paragraph 4 of this Plan. 

 

	 	(b)	“Affiliate” - any organization which is a member of a controlled group of corporations (as defined in Code section 414(b), as modified by Code section 415(h))
which includes the Company; or any trades or businesses (whether or not incorporated) which are under common control (as defined in Code section 414(c), as modified by Code section 415(h)) with the Company; or a member of an affiliated service group
(as defined in Code section 414(m)) which includes the Company or any other entity required to be aggregated with the Company pursuant to regulations under Code section 414(o). The term affiliate shall also include such entities which shall be
specifically designated by the Committee. 

  

	 	(c)	“Assets” - all Compensation and interest that have been credited to a Participant’s Account in accordance with Paragraph 5 of this Plan.

  

	 	(d)	“Beneficiary” - the individual(s) and/or entity(ies) designated and defined by the Plan. 

 

	 	(e)	“Change in Control” - the occurrence of any of the following events: 

 

	 	(i)	 any “person” (within the meaning of Section 13(d) of the Securities Exchange Act of 1934, as amended from time to

	 	
time (the “Act”)) is or becomes the beneficial owner within the meaning of Rule 13d-3 under the Act (a “Beneficial Owner”), directly or indirectly, of securities of the
Company (not including in the securities beneficially owned by such person any securities acquired directly from the Company or its affiliates) representing 25% or more of the combined voting power of the Company’s then outstanding securities,
excluding any person who becomes such a Beneficial Owner in connection with a transaction described in clause (A) of subparagraph (iii) below; or 

 

	 	(ii)	the following individuals cease for any reason to constitute a majority of the number of directors then serving: individuals who, on December 15, 1998, constitute
the board of directors of the Company (“Board”) and any new director (other than a director whose initial assumption of office is in connection with an actual or threatened election contest, including but not limited to a consent
solicitation, relating to the election of directors of the Company) whose appointment or election by the Board or nomination for election by the Company’s stockholders was approved or recommended by a vote of at least two-thirds (2/3) of
the directors then still in office who either were directors on December 15, 1998 or whose appointment, election or nomination for election was previously so approved or recommended; or 

 

	 	(iii)	 there is consummated a merger or consolidation of the Company or any direct or indirect wholly owned subsidiary of the Company with any other
corporation, other than (1) a merger or consolidation which would result in the voting securities of the Company outstanding immediately prior to such merger or consolidation continuing to represent (either by remaining outstanding or by being
converted into voting securities of the surviving entity or any parent thereof), in combination with the ownership of any trustee or other fiduciary holding securities under an employee benefit plan of the Company or any subsidiary of the Company,
at least 75% of the combined voting power of the securities of the Company or such surviving entity or any parent thereof outstanding immediately after such merger or consolidation, or (2) a merger or consolidation effected to implement a
recapitalization of the Company (or similar transaction) in which no person is or becomes the Beneficial Owner, directly or indirectly, of securities of the 

	 	
Company representing 25% or more of the combined voting power of the Company’s then outstanding securities; or 

 

	 	(iv)	the stockholders of the Company approve a plan of complete liquidation or dissolution of the Company or there is consummated an agreement for the sale or disposition by
the Company of all or substantially all of the Company’s assets, other than a sale or disposition by the Company of all or substantially all of the Company’s assets to an entity, at least 75% of the combined voting power of the voting
securities of which are owned by stockholders of the Company in substantially the same proportions as their ownership of the Company immediately prior to such sale. 

 

	 	(v)	Notwithstanding the foregoing subparagraphs (i), (ii), (iii) and (iv), a “Change in Control” shall not be deemed to have occurred by virtue of the
consummation of any transaction or series of integrated transactions immediately following which the record holders of the common stock of the Company immediately prior to such transaction or series of transactions continue to have substantially the
same proportionate ownership in an entity which owns all or substantially all of the assets of the Company immediately following such transaction or series of transactions. 

 

	 	(f)	“Code” - the Internal Revenue Code of 1986, as amended. A reference to a section of the Code shall also refer to any regulations and other guidance issued
under that section. 

  

	 	(g)	“Committee” - the Employee Benefits Policy Committee of the Company. 

 

	 	(h)	“Company” - Public Service Enterprise Group Incorporated. 

  

	 	(i)	“Compensation” - the total remuneration paid to a Participant for services rendered to the Company or a Participating Affiliate, excluding the Company’s
or Participating Affiliate’s cost for any public or private employee benefit plan, including this Plan, but including all elective contributions that are made by the Company or Participating Affiliate under Internal Revenue Code Sections 125 or
401(k). Compensation deferrable under this Plan shall specifically include any and all amounts transferred from the deferred compensation accounts of the Company’s Management Incentive Compensation Plan, the Management Incentive Compensation
Plan of Public Service Electric and Gas Company and any prior deferred compensation plan of an Affiliate. 

	 	(j)	“Deferred Compensation” - the amount of Compensation deferred pursuant to Paragraph 4 of this Plan. 

 

	 	(k)	“Disability” - a Participant will be considered disabled if he/she meets one of the following requirements: (i) he/she is unable to engage in any
substantial gainful activity by reason of any medically determinable physical or mental impairment that can be expected to result in death or to last for a continuous period of not less than 12 months; or (ii) he/she is, by reason of any
medically determinable physical or mental impairment that can be expected to result in death or to last for a continuous period of not less than 12 months, receiving income replacement benefits for a period of not less than 3 months under a Company
or Affiliate sponsored plan. 

  

	 	(l)	“Employer” - the Company and any Participating Affiliate. 

  

	 	(m)	“ERISA” - The Employee Retirement Income Security Act of 1974, as amended. A reference to a section of ERISA shall also refer to any regulations and other
guidance issued under that section. 

  

	 	(n)	“ERISA Affiliate” - (a) any organization while it is a member of a controlled group of corporations (as defined in Code Section 414(b)) which includes
the Company; or (b) any trades or businesses (whether or not incorporated) while they are under common control (as defined in Code Section 414(c)) with the Company. 

 

	 	(o)	“Investment Fund” - the fund or funds selected by the Committee from time to time which shall serve as a means of measuring the increase or decrease of each
Participant’s Account. The Committee may, in its discretion, add or discontinue any Investment Fund available under the Plan. The Committee shall provide each affected Participant with the opportunity, without limiting or otherwise impairing
any other right of such Participant regarding changes in investment directions, to redirect the allocation of his or her Account invested in any discontinued Investment Fund among the other Investment Funds available under the Plan, including any
replacement investment vehicle. 

  

	 	(p)	“Participant” - each employee of the Company or any Participating Affiliate as may be designated by the Chief Executive Officer of the Company.

  

	 	(q)	 “Participating Affiliate” - any Affiliate of the Company which (a) adopts this Plan with the approval of the Company; (b) authorizes the
Board of Directors and the Committee to act for it in all matters arising under or 

	 	
with respect to this Plan; and (c) complies with such other terms and conditions relating to this Plan as may be imposed by the Company. 

 

	 	(r)	“Plan” - the Deferred Compensation Plan for Certain Employees of Public Service Enterprise Group Incorporated and its Affiliates (formerly known as the
Deferred Compensation Plan for Certain Employees of Public Service Electric and Gas Company). 

  

	 	(s)	“Separation from Service” - Subject to paragraphs (i) and (ii), a Participant’s termination from employment with the Company and all ERISA
Affiliates, whether by retirement or resignation from or discharge by the Company or an ERISA Affiliate. 

  

	 	(i)	A Separation from Service shall be deemed to have occurred if a Participant and the Company or any ERISA Affiliate reasonably anticipate, based on the facts and
circumstances, that either: 

  

	 	(A)	the Participant will not provide any additional services for the Company or an ERISA Affiliate after a certain date; or 

 

	 	(B)	the level of bona fide services performed by the Participant after a certain date will permanently decrease to no more than 50% of the average level of bona fide
services performed by the Participant over the immediately preceding 36 months. 

  

	 	(ii)	If a Participant is absent from employment due to military leave, sick leave, or any other bona fide leave of absence authorized by the Company or an Affiliate and
there is a reasonable expectation that the Participant will return to perform services for the Company or an ERISA Affiliate, a Separation from Service will not occur until the latter of: 

 

	 	(A)	the first date immediately following the date that is six months after the date that the Participant was first absent from employment; or 

 

	 	(B)	the date the Participant no longer retains a right to reemployment, to the extent the Participant retains a right to reemployment with the Company or any ERISA
Affiliates under applicable law or by contract. 

 If a Participant fails to return to work upon the expiration of
any military leave, sick leave, or other bona fide leave of absence where such leave is 

 
for less than six months, the Separation from Service shall occur as of the date of the expiration of such leave. 
  

	 	(t)	“Specified Employee” - An individual who is a key employee (as defined in Code Section 416(i) without regard to Code Section 416(i)(5)) of the
Company at any time during the 12-month period ending on each December 31 (the “identification date”). If an individual is a key employee as of an identification date, the individual shall be treated as a Specified Employee for the
12-month period beginning on the April 1 following the identification date. Notwithstanding the foregoing, an individual shall not be treated as a Specified Employee unless any stock of the Company or an ERISA Affiliate is publicly traded on an
established securities market or otherwise. 

 4. ELECTION AS TO THE AMOUNT OF COMPENSATION THAT IS TO BE
DEFERRED. A Participant may elect to defer any portion of his/her Compensation otherwise payable for services rendered for his/her Employer. 
  

	 	(a)	Timing of Elections - Any election to defer must be made by filing with the Committee or its designee an “Election in Connection with Deferral of
Compensation,” the form of which shall be designated and published by the Committee from time-to-time. All elections to defer must be made in the calendar year prior to the year that the services giving rise to the compensation are performed.
Provided, however, that elections to defer performance-based compensation may be made up to the date that is six-months before the end of the related performance period, as long as a) the performance period is at least 12 months in length, b) the
Participant performed services continuously from the date the performance criteria were established through the date the deferral election is made and c) at the time the deferral election is made, the performance-based compensation is not both i)
substantially certain to be paid and ii) readily ascertainable. A Participant may change (using the election form for such purposes), not later than the date than the last date that an election to defer may be made, the amount of Compensation to be
deferred by him/her with respect to the next succeeding calendar year or performance period. 

 In the calendar
year that a Participant first becomes eligible to participate in this Plan, such Participant may elect to defer Compensation for part of that calendar year but only if such election is made within thirty (30) days after the Participant first
becomes eligible to participate in this Plan or any other plan required under Section 409A of the Code to be aggregated with this Plan. Except as otherwise specifically provided for herein, Compensation may be deferred prospectively only, and
the amount of Compensation to be deferred may be changed only with respect to future calendar years. 

	 	(b)	Special One-Time Election to Rescind 2005 Deferrals - Not later than December 14, 2005, Participants who had elected to defer compensation during 2005 may,
by written notice, the form of which shall be designated and published by the Committee, rescind his/her election to defer 2005 compensation and such amounts shall be currently paid to the Participant. 

 

	 	(c)	Special One-Time Election to Change Distribution Elections with respect to 2005, 2006, 2007 or 2008 Deferrals - Not later than December 31, 2008,
Participants who had elected to defer compensation during 2005, 2006, 2007 or 2008 may, by written notice in a form approved by the Committee, elect to change the distribution elections with respect to any such deferrals. 

5. HOW THE ACCOUNT IS TO BE MAINTAINED. 
  

	 	(a)	Establishment of Account - The Company shall establish an Account for each Participant who elects to participate in the Plan. Each Participant’s Account
shall be credited with an amount equal to the Deferred Compensation which would have otherwise been payable to him/her. 

  

	 	(b)	Earnings Credits on Assets in the Account - Each Participant, except Participants whose active employment by an Employer terminated prior to January 1,
2000, may direct investment of his or her Account among the Investment Funds (in the manner established by the Committee) in multiples of one percent; provided, however, that the Committee shall not be obligated to effectuate any such investment
direction. In the case of (i) Participants whose active employment by an Employer terminated prior to January 1, 2000 and (ii) a Participant who fails to provide a designation of Investment Funds, such Participants shall be deemed to
have designated 100 percent of their Accounts to be invested in the Investment Fund that determines income accrual with reference to the prime commercial lending rate of JPMorgan Chase Bank (formerly, the Chase Manhattan Bank). Effective
July 1, 2011, the prime commercial lending rate of JPMorgan Chase Bank shall be capped at 120% applicable federal long-term rate. 

 A Participant may change his or her investment election daily. 
 Each
Participant’s Account shall be valued daily equal. 
  

	 	(c)	 Title to and Beneficial Ownership of Assets - The Plan shall be unfunded. The Company shall not be required to segregate any amounts credited to
any Participant’s Account, which shall be established merely as an accounting convenience. Title to and beneficial ownership of any Assets, 

	 	
whether Deferred Compensation or earnings credited to a Participant’s Account pursuant to Subparagraphs 5(a) and (b) hereof, shall at all times remain in the Company, and no Participant
nor Beneficiary shall have any interest whatsoever in any specific assets of the Company. All Assets shall at all times remain solely the property of the Company subject to the claims of its general creditors. 

6. DISTRIBUTION FROM THE ACCOUNT 
  

	 	(a)	Election as to the Commencement and Timing of the Distribution of 2011 and Prior Year Deferrals.  

 

	 	(i)	 Commencement - By election on the form designated by and filed with the Committee at the same time he/she elects to defer compensation under Paragraph
4, a Participant, may elect to have distribution from his/her account commence (i) on the thirtieth day after the date he/she ceases to be employed by an Employer or, in the alternative, (ii) on January 15th of any calendar year following Separation from Service elected by
the Participant, but in any event no later than the latter of (A) the January of the year following the year of the Participant’s 70th birthday or (B) the January following Separation from Service or (iii) pursuant to the terms
of any written employment agreement applicable to the Participant. Notwithstanding the forgoing, however, for any Participant who is a Specified Employee, distribution of his/her account may not occur earlier than six months following his/her
Separation from Service. 

  

	 	(ii)	 Timing - By election on the form designated by and filed with the Committee at the same time he/she elects to defer compensation under Paragraph 4, a
Participant may elect to receive the distribution of his/her Account in the form of (A) one lump-sum payment, (B) annual distributions over a five-year period or (C) annual distributions over a 10-year period. A Participant may change such election
by filing a subsequent election form, but any such change shall apply only to future deferrals. In the event a lump-sum payment is made under this Plan, the Assets credited to a Participant’s Account, including earnings at the rate provided in
Subparagraph 5(b) of this Plan to the date of distribution, shall be paid to the Participant on the date determined under Subparagraph 6(a) of this Plan. In the case of a distribution over a period of years, the Company shall pay to the Participant
on the date determined under Subparagraph 6(a) of this Plan and on the yearly anniversaries of such date, annual installments of the unpaid balance of the Assets in the Participant’s Account, including

	 	
earnings on the unpaid balance at the rate provided in Subparagraph 5(b) of this Plan to the date of distribution. The amount of each installment shall be determined by multiplying the then
unpaid balance, plus accrued earnings, in the Participant’s Account by a fraction, the numerator of which is one and the denominator of which is the number of annual installments remaining to be paid. 

 

	 	(b)	Election as to the Commencement and Timing of the Distribution of 2012 and Beyond Deferrals. By election on the form designated by and filed with the Committee,
or its designee, at the same time he/she elects to defer compensation under Paragraph 4, a Participant, may elect to have distribution of each year’s deferrals and associated earnings occur on the date or event specified in Subparagraphs (i),
(ii) or (iii). A Participant’s distribution election shall apply to future years unless the Participant makes a subsequent election. 

  

	 	(i)	For each year, a Participant may elect to have distribution of that year’s deferrals and associated earnings under Subparagraph 5(b), commence six months following
Separation from Service. Distribution shall be made or commence within the 30 day period following the date that is the date six months following Separation from Service. A Participant may elect to receive such distribution in the form of
(A) one lump-sum payment, or (B) annual installments over a three to fifteen year period. In the case of a distribution over a period of years, the Company shall pay to the Participant on the date determined under this Subparagraph 6(b)(i)
and on the yearly anniversaries of such date, annual installments of the unpaid balance of that year’s deferrals, including earnings on the unpaid balance at the rate provided in Subparagraph 5(b) of this Plan to the date of distribution. The
amount of each installment shall be determined by multiplying the then unpaid balance of that year’s deferrals, plus accrued earnings, the numerator of which is one and the denominator of which is the number of annual installments remaining to
be paid. 

  

	 	(ii)	 For each year, a Participant may elect to have distribution of that year’s deferrals, and associated earnings under Subparagraph 5(b), paid or
commence on a date that is indicated by the Participant as a number of years and/or months following Separation from Service, provided that such specified number of years and/or months is at least six months following Separation from Service.
Distribution shall be made or commence within the 30 day period following the date that the Participant elects. A Participant may elect to receive such distribution in the form of (A) one lump-sum payment, or (B)

	 	
annual installments over a three to fifteen year period. In the case of a distribution over a period of years, the Company shall pay to the Participant on the date determined under this
Subparagraph 6(b)(ii) and on the yearly anniversaries of such date, annual installments of the unpaid balance of that year’s deferrals, including earnings on the unpaid balance, at the rate provided in Subparagraph 5(b) of this Plan to the date
of distribution. The amount of each installment shall be determined by multiplying the then unpaid balance of that year’s deferrals, plus accrued earnings, the numerator of which is one and the denominator of which is the number of annual
installments remaining to be paid. 

  

	 	(iii)	For each year’s deferrals and associated earnings, a Participant may elect to receive distribution of that year’s deferrals on a specified date that is no
earlier than three years following the beginning of the year giving rise to the deferrals. The Participant does not have to incur a Separation from Service to receive distribution under this Subparagraph (6)(b)(iii). Distribution shall be made in a
lump sum within 30 days following the date elected by the Participant. 

 In the event that the Participant incurs
a Separation from Service prior to the date the elected under this subsection (iii), distribution of those deferrals and associated earnings shall not be made upon Separation from Service, but rather shall be within 30 days following the date
elected by the Participant under this subsection (iii). 
  

	 	(c)	Changes in Distribution Elections. 

  

	 	(i)	 Participants may, by notice filed with the Company prior to December 31st of any year, make changes of distribution elections on a prospective basis. 

 

	 	(ii)	Participants may, by notice filed with the Company, make changes of distribution elections with respect to prior deferred compensation as long (A) any such new
distribution election is made at least one year prior to the date that the commencement of the distribution would otherwise have occurred and (B) the revised commencement date is at least five years later than the date that the commencement of
the distribution would otherwise have occurred. With respect to 2012 and beyond deferrals, installment payments shall be treated as one payment. 

  

	 	(iii)	 Special One-Time Election - Participants may, by notice filed with the Company prior to December 31, 2005, make a one-time

	 	
election to change any distribution election previously made with respect to compensation deferred on or before December 31, 2005. 

 

	 	(iv)	Special One-Time Election - Participants may, by notice filed with the Company prior to December 31, 2008, make a one-time election to change any distribution
election previously made with respect to compensation deferred during 2005, 2006, 2007 or 2008. 

  

	 	(d)	Distribution in Case of Certain Disability - In the event of a Participant’s Disability prior to a calendar year elected by the Participant under
Subparagraph 6(a) or Subparagraph (b) of this Plan for distribution to commence, distribution of the Participant’s Account shall commence in the month following the month in which the Participant terminates employment for Disability, in
accordance with the Participant’s election under Subparagraph 6(a) or Subparagraph (b) of this Plan as to the form of distribution. 

  

	 	(e)	Distribution in Case of Death.  

  

	 	(i)	Distribution of 2011 and Prior Years Deferrals. In the event of a Participant’s death, the balance of the Participant’s Account shall be distributed to
the Participant’s Beneficiary(ies) over a period of not more than five (5) years, in accordance with the Participant’s election (on the form designated by and filed with the Committee) for distribution in case of death. Any change in
the period over which such payments are made shall only apply to future deferrals. Such distribution shall be made in a manner consistent with Subparagraph 6(a) of this Plan and shall commence in the month of January of the year after the year of
the Participant’s death, on a date within said month to be determined by the Committee in its sole discretion. Additional annual payments for distributions made over a period of more than one year shall be made on the yearly anniversaries of
such date. In the event of a Participant’s death after distribution of his/her Account has commenced, any election under this Subparagraph 6(e)(i) shall not extend the time of payment of his/her Account beyond the time when distribution would
have been completed if he/she had lived. A Participant may change Beneficiary designations by filing a subsequent designation with the Committee. 

  

	 	(ii)	 Distribution of 2012 and Beyond Deferrals. In the event of a Participant’s death prior to the date that the Participant commenced receiving
of a specific year’s deferrals and associated earnings, such amount shall be distributed to the Participant’s 

	 	
Beneficiary(ies) in a lump sum within 90 days following the Participant’s death. 

 In the event of the Participant’s death after he/she commenced distribution of a year’s deferrals and associated earnings in the form of installments, the balance of such year’s deferrals
and associated earnings shall be distributed to the Participant’s Beneficiary(ies) in a lump sum within 90 days following the Participant’s death. 
 A Participant may change Beneficiary designations by filing a subsequent designation with the Committee or its designee. 
  

	 	(f)	Request for Change in Distribution on Account of an Unforeseeable Emergency - A Participant, Beneficiary or a legal representative may request an acceleration of
any payments from a Participant’s Account by filing a written request therefore with the Committee. The Committee may, in its sole discretion, grant such request only if the Committee determines that an emergency beyond the control of the
Participant, Beneficiary or legal representative exists and which would cause such Participant, beneficiary or legal representative severe financial hardship if the payment of such benefits were not approved. Any such distribution for hardship shall
be limited to the amount needed to meet such emergency plus the amount of any tax liability resulting from the distribution. A Participant who makes a hardship withdrawal may not reenter this Plan for 12 months after the date of withdrawal. Any
distribution under this Subparagraph 6(f) shall be made on the 15th day after the Committee grants such request for hardship withdrawal. 

  

	 	(g)	Employment not Terminated if Transferred to an Affiliate - For the purposes of this Paragraph 6, a Participant shall not be deemed to have experienced a
Separation from Service if he/she is transferred to the employ of an employer that is an Affiliate of the Company. 

  

	 	(h)	Company may Distribute in Lump-Sum if Distributable Amount Less Than $5,000 - The Company reserves the right to make a lump-sum distribution, notwithstanding any
other provision of this Plan, if the total Assets in the Participant’s Account in this Plan and in the Participant’s accounts in all other plans required under the Section 409A of the Code to be aggregated with this Plan, are $5,000
or less at any time after the Participant ceases to be employed by the Company. 

  

	 	(i)	Failure to make a Distribution Election. 

	 	(i)	2011 and Prior Years Deferrals. If, with respect to any election to defer compensation for 2011 or any prior year, a Participant fails to make a proper election
with respect to the distribution of such deferred compensation, such amount will be distributed in a lump sum on the thirtieth day following the Participant’s Separation from Service. 

 

	 	(ii)	2012 and Beyond Deferrals. If, with respect to any election to defer compensation for 2012 or any subsequent year, a Participant fails to make a proper election
with respect to the distribution of such deferred compensation, such amount will be distributed in accordance with the prior year’s election (but not any election in place for a year prior to 2012). In the event that no valid election is on
file, such amount will be distributed in a lump sum on the date specified in Subparagraph 6(b)(i). 

  

	 	(j)	Distribution in Case of Certain Tax Events - If, with respect to any Participant, the Plan fails to meet the requirements of the Code with respect to the
deferral of tax liability, the Company may accelerate distribution from a Participant’s Account amounts sufficient to meet such Participant’s resulting Federal, State, Local and/or Foreign tax liability (including any interest and
penalties). 

 7. ASSIGNMENT. No benefit under the Plan shall in any manner or to any extent be assigned,
alienated, or transferred by any Participant or Beneficiary under the Plan or subject to attachment, garnishment or other legal process. 
 8. PLAN DOES NOT CONSTITUTE AN EMPLOYMENT AGREEMENT. This Plan shall not constitute a contract for the continued employment of any Participant by the Company. The Company reserves the right to
modify a Participant’s compensation at any time and from time to time as it considers appropriate and to terminate his/her employment for any reason at any time notwithstanding this Plan. 

9. AMENDMENT OR TERMINATION OF THE PLAN BY THE COMPANY. The Company may, in its sole discretion and by action of its Board of
Directors or Employee Benefit Policy Committee, amend, modify or terminate this Plan at any time, provided, however, that no such amendment, modification or termination shall adversely affect the right of a Participant in respect of Deferred
Compensation previously earned by him/her which has not been paid, unless such Participant or his/her legal representative shall consent to such change; and no such amendment, modification or termination shall entitle any Participant to an
acceleration of any distributions from this Plan. Provided, further, that notwithstanding any other provision of this Plan, upon the occurrence of a Change in Control, the earnings credit calculated pursuant to Paragraph 5 may not be reduced below
the prime commercial lending rate described in Subparagraph 5(b). 

 10. WHAT CONSTITUTES NOTICE. Any notice to a Participant, Beneficiary or legal
representative hereunder shall be given either by delivering it or by depositing it in the United States mail, postage prepaid, addressed to his/her last known address. Any notice to the Company or the Committee hereunder (including the filing of
election and designation forms) shall be given either by delivering it, or depositing it in the United States mail, postage prepaid, to the Secretary of the Employee Benefits Policy Committee, Public Service Enterprise Group Incorporated, 80 Park
Plaza, P.O. Box 1170, Newark, New Jersey 07102. 
 11. ADVANCE DISCLAIMER OF ANY WAIVER ON THE PART OF THE COMPANY.
Failure by the Company to insist upon strict compliance with any of the terms, covenants or conditions hereof shall not be deemed a waiver of any such term, covenant or condition, nor shall any waiver or relinquishment of any right or power
hereunder at any one or more times be deemed a waiver or relinquishment of any such right or power at any other time or times. 

12. EFFECT ON INVALIDITY OF ANY PART OF THE PLAN. The invalidity or unenforceability of any provision hereof shall in no way
affect the validity or enforceability of any other provision. 
 13. PLAN BINDING ON ANY SUCCESSOR OWNER. Except as
otherwise provided herein, this Plan shall inure to the benefit of and be binding upon the Company, its successors and assigns, including but not limited to any corporation which may acquire all or substantially all of the Company’s assets and
business or with or into which the Company may be consolidated or merged. 
 14. LAWS GOVERNING THIS PLAN. Except to the
extent federal law applies, this Plan shall be governed by the laws of the State of New Jersey. This Plan is specifically intended to comply with the provisions of The American Jobs Creation Act of 2004 (the “AJCA”) and Section 409A
of the Code and it shall automatically incorporate all applicable restrictions of the AJCA, the Code and its related regulations, and the Company will amend the Plan to the extent necessary to comply with those requirements. The timing under which a
Participant will have a right to receive any payment under this Plan will be deemed to be automatically modified, and a Participant’s rights under the Plan limited to conform to any requirements under, the AJCA, the Code and its related
regulations. 
 15. MISCELLANEOUS. The masculine pronoun shall mean the feminine wherever appropriate.

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