Document:

QuickLinks
 -- Click here to rapidly navigate through this document

Exhibit No. 10(e)  

 
 

CONSTELLATION ENERGY GROUP, INC.    
    
    SENIOR EXECUTIVE SUPPLEMENTAL PLAN    
    

        1.    Objective.    The objective of this Plan is to enhance the benefits provided to certain senior executives of
Constellation Energy Group and its subsidiaries in order to attract and retain talented executive personnel. 

        2.    Definitions.    All words beginning with an initial capital letter and not otherwise defined herein shall have
the meaning set forth in the Pension Plan. All singular terms defined in this Plan will include the plural and vice versa. As used herein, the following
terms will have the meaning specified below: 

        "Average
Annual Base Salary" means an amount determined by (a) computing the monthly base rate of pay amounts (i.e., the types of such pay that are includable in the computation
of Pension Plan benefits) paid during the prior five consecutive twelve month periods immediately preceding the month that includes the date of the computation, and (b) averaging the two twelve
month periods during which the highest amounts were paid. 

        "Average
Incentive Award" (or "Average Award") means the average of the two highest of the participant's five immediately prior year awards earned under Constellation Energy Group's
Executive Annual Incentive Plan, Constellation Energy Group's Senior Management Annual Incentive Plan and/or Other Incentive Awards Programs. 

        "Benefit
Start Date" means the date as of which the participant's benefits, if any, under this Plan commence. 

        "Cause"
means the participant's (a) failure to comply with Constellation Energy Group policy, (b) deliberate and continual refusal to satisfactorily perform employment
duties on substantially a full-time basis, (c) deliberate and continual refusal to act in accordance with any specific instructions of a majority of Constellation Energy Group's
Board of Directors, (d) disclosure, without the consent of a majority of Constellation Energy Group's Board of Directors, of confidential information or trade secrets concerning Constellation
Energy Group which could be materially damaging to Constellation Energy Group, or (e) deliberate misconduct which could be materially damaging to Constellation Energy Group without reasonable
good faith belief by the participant that such conduct was in the best interest of Constellation Energy Group. 

        "Change
in Control" means the occurrence of any one of the following events: 

        (i)    individuals
who, on January 24, 2003, constitute the Board of Directors of Constellation Energy Group (the "Incumbent
Directors") cease for any reason to constitute at least a majority of the Board of Directors of Constellation Energy Group (the
"Board"), provided that any person becoming a director subsequent to January 24, 2003, whose election or nomination for election was approved by
a vote of at least two-thirds of the Incumbent Directors then on the Board (either by a specific vote or by approval of the proxy statement of Constellation Energy Group (the
"Company") in which such person is named as a nominee for director, without written objection to such nomination) shall be an Incumbent Director;  provided, however, that no individual initially elected or nominated as a director of the Company as a result of an actual or threatened election
contest with respect to directors or as a result of any other actual or threatened solicitation of proxies by or on behalf of any person other than the Board shall be deemed to be an Incumbent
Director; 

        (ii)    any
"person" (as such term is defined in Section 3(a)(9) of the Securities Exchange Act of 1934, as amended (the "Exchange
Act") and as used in Sections 13(d)(3) and 14(d)(2) of the Exchange Act) is or becomes a "beneficial owner" (as defined in Rule 13d-3 under the Exchange
Act), directly or indirectly, of securities of the Company representing 20% or more of the combined voting power of the Company's then outstanding securities eligible to vote for the 

 

election
of the Board (the "Company Voting Securities"); provided, however, that the event described in
this paragraph (ii) shall not be deemed to be a Change in Control by virtue of any of the following acquisitions: (A) by the Company or any corporation with respect to which the Company
owns a majority of the outstanding shares of common stock or has the power to vote or direct the voting of sufficient securities to elect a majority of the directors (a
"Subsidiary Company"), (B) by any employee benefit plan (or related trust) sponsored or maintained by the Company or any Subsidiary Company,
(C) by any underwriter temporarily holding securities pursuant to an offering of such securities, (D) pursuant to a Non-Qualifying Transaction (as defined in
paragraph (iii)), or (E) pursuant to any acquisition by Plan participant or any group of persons including Plan participant (or any entity controlled by Plan participant or any group of
persons including Plan participant); 

        (iii)    consummation
of a merger, consolidation, statutory share exchange or similar form of corporate transaction involving the Company or any of its Subsidiary Companies (a
"Business Combination"), unless immediately following such Business Combination: (A) more than 60% of the total voting power of (x) the
corporation resulting from such Business Combination (the "Surviving Corporation"), or (y) if applicable, the ultimate parent corporation that
directly or indirectly has beneficial ownership of at least 95% of the voting securities eligible to elect directors of the Surviving Corporation (the "Parent
Corporation"), is represented by Company Voting Securities that were outstanding immediately prior to such Business Combination (or, if applicable, is represented by shares
into which such Company Voting Securities were converted pursuant to such Business Combination), and such voting power among the holders thereof is in substantially the same proportion as the voting
power of such Company Voting Securities among the holders thereof immediately prior to the Business Combination, (B) no person (other than any employee benefit plan (or related trust) sponsored
or maintained by the Surviving Corporation or the Parent Corporation), is or becomes the beneficial owner, directly or indirectly, of 20% or more of the total voting power of the outstanding voting
securities eligible to elect directors of the Parent Corporation (or, if there is no Parent Corporation, the Surviving Corporation) and (C) at least a majority of the members of the board of
directors of the Parent Corporation (or, if there is no Parent Corporation, the Surviving Corporation) following the consummation of the Business Combination were Incumbent Directors at the time of
the Board's approval of the execution of the initial agreement providing for such Business Combination (any Business Combination which satisfies all of the criteria specified in (A), (B), and
(C) above shall be deemed to be a "Non-Qualifying Transaction"); or 

        (iv)    the
stockholders of the Company approve a plan of complete liquidation or dissolution of the Company, or the consummation of a sale of all or substantially all of the
Company's assets. 

Notwithstanding
the foregoing, a Change in Control of the Company shall not be deemed to occur solely because any person acquires beneficial ownership of more than 20% of the Company Voting Securities
as a result of the acquisition of Company Voting Securities by the Company which reduces the number of Company Voting Securities outstanding; provided,
that if after such acquisition by the Company such person becomes the beneficial owner of additional Company Voting Securities that increases the percentage of outstanding
Company Voting Securities beneficially owned by such person, a Change in Control of the Company shall then occur. 

        "Committee"
means the Committee on Management of the Board of Directors of Constellation Energy Group. 

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

        "Constellation
Energy Group's Executive Annual Incentive Plan" means such plan or other incentive plan or arrangement designated in writing by the Plan Administrator. 

2

 

        "Constellation
Energy Group's Senior Management Annual Incentive Plan" means such plan or other incentive plan or arrangement designated in writing by the Plan Administrator. 

        "Demotion"
means a transfer to a position with Constellation Energy Group or a subsidiary of Constellation Energy Group that either (a) is substantially below the position in
which the participant was employed on the date of transfer, or (b) results in a substantial reduction in pay when compared to the participant's pay on the date of the transfer. Whether a
position is substantially below another position shall be determined in the reasonable discretion of the Committee, with reference to factors including whether the participant retains principal
responsibility for a department or division, and whether the participant remains eligible for the perquisites enjoyed by the participant before the position change. 

        "Early
Receipt Reduction Factor" means 100% less 1/3 of 1% for each month that the participant is less than age 62 on the participant's Benefit Start Date. 

        "Interest
Rate" means the rate equal to the average monthly 30-year Treasury bond rate for the second calendar quarter preceding the computation date, less 50 basis points. 

        "Internal
Revenue Code Limitations" means the limitations under Section 415 and/or 401(a)(17) of the Internal Revenue Code. 

        "LTD
Plan" means the Constellation Energy Group, Inc. Disability Insurance Plan as may be amended from time to time, or any successor plan. 

        "Mortality
Table" means the mortality table used to convert annuities to lump sums in the Pension Plan. 

        "Nonqualified
Deferred Compensation Plan" means the Constellation Energy Group, Inc. Nonqualified Deferred Compensation Plan. 

        "Other
Incentive Awards Program" means the program(s) designated in writing by the Plan Administrator applicable to certain employees that provides awards; but includes only the types of
awards that are includable in the computation of Pension Plan benefits. 

        "Pension
Plan" means the Pension Plan of Constellation Energy Group, Inc. as may be amended from time to time, or any successor plan. 

        "Plan"
means this Constellation Energy Group, Inc. Senior Executive Supplemental Plan. 

        "Plan
Administrator" means, as set forth in Section 3, the Committee. 

        "Rabbi
Trust" means the trust adopted by Constellation Energy Group pursuant to the Grantor Trust Agreement Dated as of January 1, 2001, between Constellation Energy Group and
Citibank, N.A. 

        "Survivor
Annuity Percentage" means 50%, unless the participant elects, in the timing and manner established by the Plan Administrator, a higher percentage (in multiples of 5% to a total
percentage not to exceed 100%). 

        "Termination
From Employment With Constellation Energy Group" means a participant's separation from service with Constellation Energy Group or a subsidiary of Constellation Energy Group;
however, a participant's retirement, disability, or transfer of employment to or from a subsidiary of Constellation Energy Group shall not constitute a Termination From Employment With Constellation
Energy Group. 

        "Total
SERP Service" means (a) Credited Service accumulated while designated as a participant with respect to supplemental pension benefits under this Plan or while a participant
under the Constellation Energy Group Supplemental Pension Plan, or while a participant under any predecessor 

3

 

executive
supplemental pension benefit plan, plus (b) one fourth of Credited Service accumulated while not such a participant. 

        3.    Plan Administration.    The Committee is the Plan Administrator and has sole authority (except as specified
otherwise herein) to interpret the Plan and, in general, to make all other determinations advisable for the administration of the Plan to achieve its stated objective. Appeals of written decisions by
the Plan Administrator may be made to the Board of Directors of Constellation Energy Group. Decisions by the Board shall be final and not subject to further appeal. The Plan Administrator shall have
the power to delegate all or any part of its duties to one or more designees, and to withdraw such authority, by written designation. 

        4.    Eligibility.    Each senior executive of Constellation Energy Group or its subsidiaries may be designated in
writing by the Plan Administrator as a participant with respect to one or more benefits under the Plan. Once designated, participation shall continue until such designation is withdrawn at the
discretion and by written order of the Plan Administrator, provided, however, that such withdrawal may not be made with respect to a participant who has satisfied the eligibility requirements to
retire (as set forth in Section 5(b)(i)). Notwithstanding the foregoing, any participant while classified as disabled under the LTD Plan shall continue to participate in this Plan while
classified as disabled and, for purposes of the supplemental pension benefit provided by this Plan, while classified as disabled, shall be deemed to continue to accrue Credited Service until no later
than his/her Normal Retirement Date. 

        5.    Supplemental Pension Benefit.

        (a)    Generally.

        (i)    A
Plan participant who was a participant in the Constellation Energy Group Supplemental Pension Plan on January 1, 2000, shall be eligible for supplemental
pension benefits under this Plan only if the participant's supplemental pension benefits under this Plan are greater than the supplemental pension benefits computed under the Constellation Energy
Group Supplemental Pension Plan based on the participant's age, service, and eligible compensation on the date as of which benefits become payable. If a participant or a participant's surviving spouse
receives benefits from this Plan, he/she cannot also receive benefits from the Constellation Energy Group Supplemental Pension Plan. 

        (ii)    Any
other participant in the Plan shall be eligible for benefits under this Plan without regard to any computation under the Constellation Energy Group Supplemental
Pension Plan. 

        (b)    Retirement benefits.

        (i)    Eligibility for retirement benefits.    A participant shall be eligible to retire under this Plan on or after
the participant's Normal Retirement Date, or on the first day of any month preceding his/her Normal Retirement Date, if on his/her Severance From Service Date and while a participant he/she has
attained (1) age 55 and has accumulated at least 10 years of Credited Service; or (2) age 62 and has accumulated at least five years of Credited Service. 

        (ii)    Computation of retirement benefits.    A participant who is eligible to retire under this Plan will be
entitled to supplemental pension retirement benefits under this Plan, which will be calculated as set forth below on the participant's Benefit Start Date: 

        (1)    add
the Average Annual Base Salary and the Average Incentive Award, 

        (2)    divide
the sum by 12, 

        (3)    multiply
this dollar amount by the appropriate percentage, determined as follows: Chairman of the Board and President of Constellation Energy Group—60%; all
other participants (the product of 5.5% multiplied by the number of full and fractional years of Total SERP Service), (maximum is 55%). 

4

 

        (4)    multiply
this dollar amount by the Early Receipt Reduction Factor; provided, however, if the participant is age 62 or older on his/her Benefit Start Date, such factor
shall be one (1), 

        (5)    subtract
from this dollar amount the charges relating to coverage for a pre-retirement survivor annuity in excess of 50%, and for a
post-retirement survivor annuity in excess of 50%, and 

        (6)    subtract
from the remainder the net monthly amount payable to the participant under the Pension Plan on the participant's Benefit Start Date (assuming a 50% spousal
joint and survivor annuity for a married participant), (if the participant is not eligible to commence monthly Pension Plan payments on the participant's Benefit Start Date, the participant's benefit
will be unreduced for Pension Plan payments until the date the participant is first eligible to commence monthly Pension Plan payments), or, if the participant elects a lump sum under the PEP
provisions of the Pension Plan, the monthly amount that would have been payable under the Pension Plan as a life annuity for a single participant or as a 50% spousal joint and survivor annuity for a
married participant, as of the Benefit Start Date under this Plan. 

        (iii)    Form of payout of retirement benefits.    Each participant entitled to supplemental pension retirement
benefits will receive his/her supplemental pension retirement benefits payout in the form of a monthly payment, unless the participant makes a valid election to receive his/her supplemental pension
retirement benefits payout in the form of a lump sum. 

        A
participant may elect to receive his/her supplemental pension retirement benefits payout in the form of a lump sum by submitting to the Plan Administrator a signed Lump Sum Election
Form. On such Form, the participant may elect to rollover such payout directly to the Nonqualified Deferred Compensation Plan. The Form must be received by the Plan Administrator before the beginning
of the calendar year during which the participant's Severance From Service Date occurs. The election to receive a payout in the form of a lump sum, or to rollover such payment to the Nonqualified
Deferred Compensation Plan, may be revoked at any time before the beginning of the calendar year during which the participant's Severance From Service Date occurs, by submitting to the Plan
Administrator a signed Lump Sum Revocation Form. 

        (iv)    Amount, timing, and source of monthly retirement benefit payout.    A participant entitled to monthly
supplemental pension retirement benefits will receive monthly payments equal to the amount determined under paragraph (b)(ii). Such payments shall commence effective with the first of the month
following the Participant's Severance From Service Date. If such participant receives (or would have received but for the Internal Revenue Code Limitations) cost of living adjustment(s) under the
Pension Plan, the monthly payments hereunder will be automatically increased based on the percentage of, and at the same time as, such adjustment(s). Monthly payments hereunder shall permanently cease
upon the death of the participant, effective with the monthly payment for the month following the month of the participant's death. Monthly payments hereunder shall be made in accordance with the
provisions of the Rabbi Trust and, to the extent not paid under the terms of the Rabbi Trust, from general corporate assets. 

        (v)    Amount, timing, and source of lump sum retirement benefit payout.    A participant entitled to a lump sum
supplemental pension retirement benefit will receive a lump sum payment. This lump sum payment will be calculated by a certified actuary and will be equal to the present value of an immediate annuity
including the estimated present value of post-retirement supplemental survivor annuity benefits described in Section 6, and reflecting the present value of any deferred Pension Plan
payments using (1) the supplemental pension retirement benefit amount calculated under paragraph (b)(ii), which is expressed as a monthly amount, (2) the Interest Rate computed on
the participant's Benefit Start Date, and (3) the Mortality Table. Such lump sum 

5

 

payment
shall be made within 60 days after the participant's Severance From Service Date, and shall either be paid to the participant, or rolled over to the Nonqualified Deferred Compensation
Plan pursuant to the participant's election under (b)(iii). The lump sum payment shall be made in accordance with the provisions of the Rabbi Trust and, to the extent not paid under the terms of the
Rabbi Trust, from general corporate assets. A participant who receives or rolls over a lump sum payment shall not be entitled to any cost of living or other pension payment adjustments or to
post-retirement survivor annuity coverage under the Plan. 

        (vi)    Death of participant entitled to lump sum payout.    In the event of the death of a participant after his/her
Severance From Service Date and before the participant receives or rolls over the lump sum payment under paragraph (b)(v), such lump sum payment shall be made to the participant's surviving
spouse (as defined in Section 6(i)). The lump sum payment shall be the same amount and made at the same time and from the same sources as set forth in paragraph (b)(v). If there is no
surviving spouse at the date of the participant's death, no payments shall be made pursuant to Sections 5 or 6. A surviving spouse who receives a lump sum benefit under this
paragraph (b)(vi) shall not be entitled to any cost of living or other pension payment adjustments or to post-retirement survivor annuity coverage under the Plan. 

        (c)    Entitlement to benefit upon happening of certain events.

        (i)    Computation of gross accrued benefit.    The computation of the gross accrued supplemental pension benefit for
a participant as of the date of the computation will be made as follows: 

        (1)    add
the Average Annual Base Salary and the Average Incentive Award, 

        (2)    divide
the sum by 12, and 

        (3)    multiply
this dollar amount by the appropriate percentage, determined as follows: Chairman of the Board and President of Constellation Energy Group—60%; all
other participants (by the
product of 5.5% multiplied by the number of full and fractional years of Total SERP Service as of the date of the computation) (maximum is 55%). 

        (ii)    Computation of net accrued benefit.    The computation of the net accrued supplemental pension benefit for a
participant as of the date of the computation will be made by subtracting from the gross accrued benefit determined under paragraph (c)(i) the amount of the participant's Gross Pension
under the Pension Plan determined as of the date of the computation and assuming that monthly payments of such Gross Pension begin on the first of the month after the later of reaching age 62 or the
date of the computation. If the participant is not eligible for payment of a Gross Pension under the Pension Plan, the participant's Accrued Gross Pension determined as of the date of the computation
shall be substituted for the Gross Pension described above, with the appropriate reduction for early receipt applied as if the participant were eligible to begin payment of his Accrued Gross Pension
on the first of the month after the later of reaching age 62 or the date of the computation. 

        (iii)    Satisfaction of requirements.    A participant who has satisfied the age and Credited Service requirements
set forth in Section 5(b)(i) while eligible as set forth in Section 4, but who does not retire under the Plan due to Demotion, Termination From Employment With Constellation
Energy Group, or the withdrawal of a participant's eligibility to participate under Section 5, shall be entitled to his/her net accrued supplemental pension benefit. The effective date of the
Demotion, Termination From Employment With Constellation Energy Group, or eligibility withdrawal event shall be the date of such Demotion, Termination From Employment With Constellation Energy Group,
or eligibility withdrawal. 

6

 

        (iv)    Other events.    A participant, regardless of his/her age and years of Credited Service, shall be entitled to
his/her net accrued supplemental pension benefit upon the happening of any of the following entitlement events, but only if such entitlement event occurs while a participant and before a participant
retires under this Plan: 

        (1)    Change in Control.    A Change in Control, followed within two years by the participant's Demotion, a
participant's Termination From Employment With Constellation Energy Group, or the withdrawal of the participant's eligibility to participate under the Plan, is an entitlement event. A participant's
Termination From Employment is also an entitlement event if it is reasonably demonstrated that such Termination From Employment (a) was at the request of a third party who has taken steps
reasonably calculated to effect a Change in Control or (b) otherwise arose in connection with or anticipation of a Change in Control. The effective date of the entitlement event shall be the
date of the Demotion, Termination From Employment With Constellation Energy Group, or eligibility withdrawal. 

        (2)    Plan amendment.    A Plan amendment that has the effect of reducing a participant's gross accrued supplemental
pension benefit is an entitlement event. In determining whether such a reduction has
occurred, the participant's gross accrued supplemental pension benefit calculated on the day immediately preceding the effective date of the amendment shall be compared to the participant's gross
accrued supplemental pension benefit calculated on the effective date of the amendment. An amendment that has the effect of reducing future benefit accruals is not an entitlement event. It is intended
that an entitlement event under this paragraph (c)(iii)(2) will occur only with respect to those amendments that are substantially similar to amendments that are prohibited by Internal Revenue
Code section 411(d)(6) with respect to qualified pension plans. The effective date of the entitlement event shall be the effective date of the Plan amendment. 

        (3)    Involuntary Demotion, Termination From Employment With Constellation Energy Group, or eligibility withdrawal without
Cause.    A participant's involuntary Demotion or involuntary Termination From Employment With Constellation Energy Group without Cause, or the withdrawal of a
participant's eligibility to participate under Sections 5 or 6 of the Plan without Cause, is an entitlement event. The effective date of the entitlement event shall be the effective date of the
participant's involuntary Demotion or involuntary Termination From Employment With Constellation Energy Group without Cause, or the eligibility withdrawal without Cause. 

        (v)    Form of benefit payout.    Each participant entitled to a payout under this paragraph (c) will receive
such payout in the form of a lump sum payment. 

        (vi)    Amount, timing, and source of benefit payout.    A participant entitled to a payout of his/her net accrued
benefit, as a result of the occurrence of an event described in paragraphs (c)(iii), (c)(iv)(1), (2), or (3) will be entitled to a lump sum benefit. This lump sum benefit will be calculated by
a certified actuary as the present value, determined as of the date of payment, of an annuity beginning at age 62 (or the participant's actual age, if the participant is older than age 62 on the date
the lump sum benefit is payable), including the estimated present value of post-retirement survivor annuity benefits described in Section 6, using (1) the net accrued benefit
amount calculated under paragraph (d)(ii) on the effective date of the entitlement event, which is expressed as a monthly amount, (2) the Interest Rate computed on the date the
lump sum benefit is payable, and (3) the Mortality Table. The lump sum benefit shall be payable as of the participant's Severance From Service Date, and shall be made within 60 days
after such date in accordance with the provisions of the Rabbi Trust and, to the extent not paid under the terms of the Rabbi Trust, from general corporate assets. A participant who receives a lump
sum benefit 

7

 

under
this paragraph (c)(vi) shall not be entitled to any cost of living or other pension payment adjustments or to pre-retirement or post-retirement survivor
annuity coverage. 

        (vii)    Death of participant entitled to lump sum payout.    In the event of the death of a participant after the
occurrence of an event described in paragraphs (c)(iii), (c)(iv)(1), (2), or (3) and before the participant receives the lump sum payment under paragraph (c)(vi), a lump sum payment
shall be made to the participant's surviving spouse (as defined in Section 6(i)). The lump sum payment will be
calculated by a certified actuary and will be equal to 100% of the lump sum that would have been paid to the participant under paragraph (vi), as of the date on which the lump sum is payable
under this paragraph (vii), provided that the participant's date of death is on or after his/her Severance From Service Date. If the participant's date of death is before his/her Severance From
Service Date, 50% shall be substituted for 100% in the preceding sentence. The lump sum benefit shall be payable as of the earlier of the participant's Severance From Service Date or date of death,
and shall be made within 60 days after such date in accordance with the provisions of the Rabbi Trust and, to the extent not paid under the terms of the Rabbi Trust, from general corporate
assets. If there is no surviving spouse at the date of the participant's death, no payments shall be made pursuant to Sections 5 or 6. A surviving spouse who receives a lump sum benefit under this
paragraph (c) (vii) shall not be entitled to any cost of living or other pension payment adjustments or to pre-retirement or post-retirement survivor annuity
coverage under the Plan. 

        6.    Supplemental Survivor Annuity Benefit.

        (a)    Survivor annuity benefit.

        (i)    Eligibility for survivor annuity benefit.    Following the death of a participant who is fully vested under the
Pension Plan, a supplemental survivor annuity may be paid to the participant's surviving spouse until the death of that spouse, using the Survivor Annuity Percentage. The participant will not bear the
cost of up to a 50% survivor annuity benefit, but will bear the cost of a survivor annuity benefit in excess of 50%. For purposes of this Section 6(a), a participant's surviving spouse is the
individual married to the participant on the date of the participant's death. If there is no surviving spouse, or if the participant or the participant's spouse previously received or is entitled to
receive a lump sum payment under Section 5, no supplemental survivor annuity will be payable. 

        (ii)    Computation of survivor annuity benefit.    The amount of the supplemental survivor annuity will be determined
as follows: 

        (1)    if
the participant's Benefit Start Date occurred prior to the date of death: 

        (a)    begin
with the monthly pension benefit (under Section 5(b) of this Plan) that the participant was receiving prior to the date of death, and 

        (b)    multiply
this dollar amount by the Survivor Annuity Percentage. 

        (2)    otherwise: 

        (a)    Unless
the participant elected the alternative in-service death benefit in section (b) below: 

        (1)    begin
with the monthly Early Retirement pension benefit (under both the Pension Plan and Section 5(b) of this Plan) to which the participant would have been
entitled if the participant had been retired at the later of age 60 or his/her actual age on the date of death for purposes of computing the Early Receipt Reduction Factor, 

        (2)    multiply
this dollar amount by the Survivor Annuity Percentage, 

8

 

        (3)    subtract
from the product the net amount, if any, of the survivor annuity provided on behalf of the participant under the Pension Plan if the participant is
participating in the Traditional Pension Plan, or the monthly annuity that would have been provided to the participant's spouse assuming that he or she had been designated as the participant's
beneficiary and had chosen to receive a survivor benefit in the form of a monthly annuity, if the participant is participating in the PEP, and 

        (4)    subtract
from this dollar amount the charges relating to coverage (under both the Pension Plan and this Plan) for a pre-retirement survivor annuity in excess
of 50%. 

        (b)    If
the participant was a participant in the Pension Equity Plan option of the Pension Plan and elected this alternative in-service death benefit by
December 31 of the year prior to his/her death or during the 2001 initial election period established by the Plan Administrator 

        (1)    calculate
the benefit under the Constellation Energy Group Benefits Restoration Plan that would have been payable to the surviving spouse if the participant were a
participant in that plan and 

        (2)    that
dollar amount will be paid to the surviving spouse only in the form of a lump sum from this Plan. 

        (iii)    Form of payout of survivor annuity benefits.    Unless the participant made a valid election by
December 31 of the year prior to his/her death or during the 2001 initial election period established by the Plan Administrator, to have the survivor benefits paid in a lump sum, each surviving
spouse entitled
to a supplemental survivor annuity benefit will receive his/her survivor annuity benefit payout in the form of a monthly payment. 

        (iv)    Amount, timing, and source of monthly survivor annuity benefit payout.    A surviving spouse entitled to
monthly supplemental survivor annuity benefits will receive a monthly payment equal to the amount determined under (ii) above. Such payments shall commence effective with the first day of the
month following the month of the participant's death. If such surviving spouse receives (or would have received but for the Internal Revenue Code Limitations) cost of living adjustment(s) under the
Pension Plan, the monthly payments hereunder will be automatically increased based on the percentage of, and at the same time as, such adjustment(s). Monthly payments hereunder shall permanently cease
upon the death of the surviving spouse, effective with the monthly payment for the month following the month of the surviving spouse's death. Monthly payments hereunder shall be made in accordance
with the provisions of the Rabbi Trust and, to the extent not paid under the terms of the Rabbi Trust, from general corporate assets. 

        (v)    Amount, timing, and source of lump sum survivor benefit payout.    A surviving spouse entitled to lump sum
supplemental survivor benefit will receive a lump sum payment. This lump sum payment will be calculated by a certified actuary and will be equal to the present value of an immediate annuity. Such lump
sum payment shall be made within 60 days after the participant's death. The lump sum payment shall be made in accordance with the provisions of the Rabbi Trust and, to the extent not paid under
the terms of the Rabbi Trust, from general corporate assets. A surviving spouse who receives a lump sum payment shall not be entitled to any cost of living or other pension payment adjustments. 

        (vi)    Death of surviving spouse entitled to lump sum payout.    In the event of the death of a surviving spouse
before the spouse receives the lump sum payment under section 6(a)(v) no payment shall be made. 

9

 

        7.    Death Benefit.    Constellation Energy Group shall make arrangements, through its split-dollar life insurance
program or otherwise, for life insurance coverage for each designated participant providing that the participant's beneficiary shall receive, as a pre-retirement (or
pre-rollout benefit for participants as of April 1, 2000) death benefit, an amount which is approximately equal to three times the participant's base salary control point plus
target annual incentive (as determined in the sole discretion of the Plan Administrator), and as a post-retirement death benefit(or post-rollout benefit for participants as of
April 1, 2000), an amount which is approximately equal to two times the participant's base salary control point plus target annual incentive (as determined in the sole discretion of the Plan
Administrator), as set forth in a separate agreement between the participant and his/her employer. 

        As
determined in the sole discretion of the Plan Administrator, in the event that either (i) a participant is ineligible to receive the type of life insurance coverage provided to
other participants under this Plan, or (ii) such coverage is not available on reasonably cost-effective terms as a result of any penalty for smoking or other factors that are
reflected in the insurance carrier's rates, then Constellation Energy Group shall provide a benefit that, in the discretion of the Plan Administrator, is substantially equivalent to the cost of the
benefit provided to other participants under this Plan. 

        8.    Dependent Death Benefit.    For a participant with a split-dollar policy under Section 7, in the event of
the death of a participant's qualified dependent while the participant is an active employee of Constellation Energy Group or a subsidiary of Constellation Energy Group, Constellation Energy Group
shall make a death benefit payment to the participant, from general corporate assets. For purposes of this Section 8, qualified dependent shall have the same meaning as set forth in
Constellation Energy Group's Family Life Insurance Plan. For purposes of this Section 8, the amount of death benefit payment shall be the highest amount of insurance that would have been
payable with respect to such qualified dependent if coverage had been provided under Constellation Energy Group's Family Life Insurance Plan. The dependent death benefit payment under this Plan shall
be grossed-up for income tax withholding. 

        9.    Miscellaneous.    None of the benefits provided under this Plan shall be subject to alienation or assignment by
any participant or beneficiary nor shall any of them be subject to attachment or garnishment or other legal process except (i) to the extent specially mandated and directed by applicable State
or Federal statute; (ii) as requested by the participant or beneficiary to satisfy income tax withholding or liability; and (iii) any policy of insurance written by a commercial carrier
on a split-dollar basis shall be assignable. 

        This
Plan may be amended from time to time, or suspended or terminated at any time, provided, however, that no amendment or termination shall reduce any previously accrued supplemental
pension benefit under this Plan or impair the rights of any participant or beneficiary entitled to receive current or future payment hereunder at the time of such action. All amendments to this Plan
may be made at the written direction of the Committee. Notwithstanding anything else in this Plan to the contrary, the Constellation Energy Group Board of Directors may authorize a Participant to be
eligible for benefits or may increase benefit payments. 

        Participation
in this Plan shall not constitute a contract of employment between Constellation Energy Group or any of its subsidiaries and any person and shall not be deemed to be
consideration for, or a condition of, continued employment of any person. 

        The
Plan, notwithstanding the creation of the Rabbi Trust, is intended to be unfunded for purposes of Title I of the Employee Retirement Income Security Act of 1974. Constellation Energy
Group shall make contributions to the Rabbi Trust in accordance with the terms of the Rabbi Trust. Any funds which may be invested and any assets which may be held to provide benefits under this Plan
shall continue for all purposes to be a part of the general funds and assets of Constellation Energy Group and no person other than Constellation Energy Group shall by virtue of the provisions of this
Plan have any interest in such funds and assets. To the extent that any person acquires a right to receive 

10

 

payments
from Constellation Energy Group under this Plan, such rights shall be no greater than the right of any unsecured general creditor of Constellation Energy Group. 

        In
the event Constellation Energy Group becomes a party to a merger, consolidation, sale of substantially all of its assets or any other corporate reorganization in which Constellation
Energy Group will not be the surviving corporation or in which the holders of the common stock of Constellation Energy Group will receive securities of another corporation (in any such case, the "New
Company"), then the New Company shall assume the rights and obligations of Constellation Energy Group under this Plan. 

        This
Plan shall be governed in all respects by Maryland law. 

11

QuickLinks

CONSTELLATION ENERGY GROUP, INC. SENIOR EXECUTIVE SUPPLEMENTAL PLANQuickLinks
 -- Click here to rapidly navigate through this document

Exhibit No. 10(f)  

 
 

CHANGE IN CONTROL SEVERANCE AGREEMENT    
    

        This Agreement is made the 22nd day of March, 2004, by and between CONSTELLATION ENERGY GROUP, INC. (the "Company") and Thomas V. Brooks (the "Executive"). 

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

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

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

        NOW,
THEREFORE, the parties agree as follows: 

        1.    Definitions.    

        1.1    Annual Award Amount.    The term "Annual Award Amount" means the average of the two highest annual cash
incentive awards under the Company's annual incentive plan (or the annual incentive plan maintained by a successor company or a Subsidiary) paid in to the Executive in the five calendar years
immediately preceding the calendar year during which a Qualifying Termination has occurred. For purposes of clarity, only cash awards under such annual incentive plan are taken into account, and any
equity-based awards, long-term incentives, or retention, sign-on or other bonuses are excluded from the computation of Annual Award Amount. 

        1.2    Board.    The term "Board" means the Board of Directors of the Company. 

        1.3    Cause.    The term "Cause" means the occurrence of any one or more of the following: 

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

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

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

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

        A
termination of the Executive's employment for Cause for purposes of this Agreement shall be effected in accordance with the following procedures. The Company shall give the Executive
written notice ("Notice of Termination for Cause") of its intention to terminate the Executive's employment for Cause, setting forth in reasonable detail the specific conduct of the Executive that it
considers to constitute Cause and the specific provision(s) of this Agreement on which it relies, and stating the date, time and place of the Board Meeting for Cause. The "Board Meeting for Cause"
means a meeting of the Board at which the Executive's termination for Cause will be considered, that takes place not less than ten (10) and not more than twenty (20) business days after
the Executive receives the Notice of Termination for Cause. The Executive shall be given an opportunity, together with counsel, to be heard at the Board Meeting for Cause. The Executive's Termination
for Cause shall be effective when and if 

 

a
resolution is duly adopted at the Board Meeting for Cause by a two-thirds vote of the entire membership of the Board, excluding employee directors, stating that in the good faith opinion
of the Board, the Executive is guilty of the conduct described in the Notice of Termination for Cause, and that conduct constitutes Cause under this Agreement. 

        1.4    Change in Control.    The term "Change in Control" means the occurrence of any one of the following events: 

        (a)   individuals
who, on January 24, 2003, constitute the Board (the "Incumbent Directors") cease for any reason to
constitute at least a majority of the Board, provided that any person becoming a director subsequent to January 24, 2003, whose election or nomination for election was approved by a vote of at
least two-thirds of the Incumbent Directors then on the Board (either by a specific vote or by approval of the proxy statement of the Company in which such person is named as a nominee for
director, without written objection to such nomination) shall be an Incumbent Director; provided, however, that no individual initially elected or
nominated as a director of the Company as a result of an actual or threatened election contest with respect to directors or as a result of any other actual or threatened solicitation of proxies by or
on behalf of any person other than the Board shall be deemed to be an Incumbent Director; 

        (b)   any
"person" (as such term is defined in Section 3(a)(9) of the Securities Exchange Act of 1934, as amended (the "Exchange
Act") and as used in Sections 13(d)(3) and 14(d)(2) of the Exchange Act) is or becomes a "beneficial owner" (as defined in Rule 13d-3 under the Exchange
Act), directly or indirectly, of securities of the Company representing 20% or more of the combined voting power of the Company's then outstanding securities eligible to vote for the election of the
Board (the "Company Voting Securities"); provided, however, that the event described in this
paragraph (b) shall not be deemed to be a Change in Control by virtue of any of the following acquisitions: (A) by the Company or any Subsidiary, (B) by any employee benefit plan
(or related trust) sponsored or maintained by the Company or any Subsidiary, (C) by any underwriter temporarily holding securities pursuant to an offering of such securities,
(D) pursuant to a Non-Qualifying Transaction (as defined in paragraph (c)), or (E) pursuant to any acquisition by Executive or any group of persons including Executive
(or any entity controlled by Executive or any group of persons including Executive); 

        (c)   there
is consummated a merger, consolidation, statutory share exchange or similar form of corporate transaction involving the Company or any of its Subsidiaries (a
"Business Combination"), unless immediately following such Business Combination: (A) more than 60% of the total voting power of (x) the
corporation resulting from such Business Combination (the "Surviving Corporation"), or (y) if applicable, the ultimate parent corporation that
directly or indirectly has beneficial ownership of at least 95% of the voting securities eligible to elect directors of the Surviving Corporation (the "Parent
Corporation"), is represented by Company Voting Securities that were outstanding immediately prior to such Business Combination (or, if applicable, is represented by shares
into which such Company Voting Securities were converted pursuant to such Business Combination), and such voting power among the holders thereof is in substantially the same proportion as the voting
power of such Company Voting Securities among the holders thereof immediately prior to the Business Combination, (B) no person (other than any employee benefit plan (or related trust) sponsored
or maintained by the Surviving Corporation or the Parent Corporation), is or becomes the beneficial owner, directly or indirectly, of 20% or more of the total voting power of the outstanding voting
securities eligible to elect directors of the Parent Corporation (or, if there is no Parent Corporation, the Surviving Corporation) and (C) at least a majority of the members of the board of
directors of the Parent Corporation (or, if there is no Parent Corporation, the Surviving Corporation) following the consummation of the Business Combination were Incumbent Directors at the time of
the Board's approval of the execution of the initial agreement providing for such Business Combination (any Business Combination which 

2

 

satisfies
all of the criteria specified in (A), (B) and (C) above shall be deemed to be a "Non-Qualifying Transaction"); or 

        (d)   the
stockholders of the Company approve a plan of complete liquidation or dissolution of the Company, or the consummation of a sale of all or substantially all of the
Company's assets. 

Notwithstanding
the foregoing, a Change in Control of the Company shall not be deemed to occur solely because any person acquires beneficial ownership of more than 20% of the Company Voting Securities
as a result of the acquisition of Company Voting Securities by the Company which reduces the number of Company Voting Securities outstanding; provided,
that if after such acquisition by the Company such person becomes the beneficial owner of additional Company Voting Securities that increases the percentage of outstanding
Company Voting Securities beneficially owned by such person, a Change in Control of the Company shall then occur. 

        1.5    Effective Date.    The term "Effective Date" means the first date during the term of this Agreement on which a
Change in Control occurs provided that the Executive is employed by the Company or a Subsidiary on such date. Anything in this Agreement to the contrary notwithstanding, if the Executive's employment
with the Company or a Subsidiary has terminated for any reason prior to the first date on which a Change in Control occurs, this Agreement shall be null and void as of the date of such termination of
employment; provided, however, that if it is reasonably demonstrated that such termination (i) was at the request of a third party who has taken steps reasonably calculated to effect a Change
in Control, or (ii) otherwise arose in connection with or anticipation of a Change in Control, then for all purposes of this Agreement the "Effective Date" shall mean the date immediately prior
to the date of such termination. 

        1.6    Good Reason.    The term "Good Reason" means, without the Executive's express written consent, the occurrence
after the Effective Date of any one or more of the following: 

        (a)   The
assignment to the Executive of a position other than an officer of the Company or a Subsidiary; or 

        (b)   For
any calendar year including or after the Effective Date, the aggregate of (i) the Executive's annual base salary plus (ii) annual incentive award under
the Company's annual incentive plan (or the annual incentive plan maintained by a successor company or a Subsidiary) paid to the Executive in such calendar is less than 50% of the aggregate of
(A) the Executive's annual base salary on the day immediately preceding the Effective Date plus (B) the Annual Award Amount. 

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

3

 

Company
from the Executive. If the Company disputes the existence of Good Reason, the burden of proof is on the Company to establish that Good Reason does not exist. 

        1.7    Qualifying Termination.    The term "Qualifying Termination" means 

        (a)   The
occurrence of any one or more of the following employment termination events during the period beginning with the Effective Date and ending on the second anniversary
of such date, shall constitute a "Qualifying Termination": 

          (i)  The
Company's termination of the Executive's employment without Cause (as defined in Section 1.3); or 

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

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

        1.8    Subsidiary.    The term "Subsidiary" means any corporation with respect to which the Company owns a majority of
the outstanding shares of common stock or has the power to vote or direct the voting of sufficient securities to elect a majority of the directors. 

        2.    Term of Agreement.    The term of this Agreement commences on the date hereof and shall
continue until the third anniversary of the date hereof; provided, however, that commencing on the date one year after the date hereof, and on each annual anniversary of such date (such date and each
annual anniversary thereof hereinafter referred to as the "Renewal Date"), the term of this Agreement shall be extended automatically so as to terminate on the third anniversary of such Renewal Date,
unless at least 60 days prior to the Renewal Date the Board affirmatively votes not to so extend the term of this Agreement. Notwithstanding the foregoing, upon a Qualifying Termination, the
term of this Agreement shall continue until the Company or its successor shall have fully performed all of its obligations hereunder with respect to the Executive, with no future performance being
possible. This Agreement may be terminated at any time by the Board with the written consent of the Executive. Notwithstanding the foregoing, this Agreement shall automatically terminate upon
cessation of Executive's employment with the Company and its Subsidiaries prior to the Effective Date. 

        3.    Severance Benefits.    

        (a)    Severance Payment.    Upon the occurrence of a Qualifying Termination, the Company shall pay to the Executive
an amount equal to the lesser of (A) two times the sum of the Executive's annual base salary (as in effect on the date of the Qualifying Termination) and Annual Award Amount (each computed
immediately prior to any reduction described in Section 1.6(b)) or (B) $5 million. The payment shall be made in a lump sum after the Qualifying Termination, and within
approximately 10 business days after the Company receives the executed agreement referred to in 3(b) below but in no case prior to the expiration of any period during which the Executive is permitted
to revoke such agreement. 

        (b)    Release.    The benefits described in this Section 3 are payable by the Company to the Executive only if
after the date of the Qualifying Termination, the Executive executes (and does not subsequently revoke) in writing and submits to the Company, in the form, manner, and subject to the timing
established by the Company, an agreement releasing legal claims, including those against the Company and its Subsidiaries, including but not limited to claims arising out of the Executive's Company or
Subsidiary employment or termination of such employment. Such agreement shall be furnished by the Company to the Executive as soon as possible, but no later than ten (10) business days, after
the date of the Qualifying Termination. 

4

 

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

        5.    Full Settlement.    The Company's obligation to make the payments provided for in, and
otherwise to perform its obligations under, this Agreement shall not be affected by any set-off, counterclaim, recoupment, defense or other claim, right or action that the Company may have
against the Executive or others. In no event shall the Executive be obligated to seek other employment or take any other action by way of mitigation of the amounts payable to the Executive under any
of the provisions of this Agreement and, such amounts shall not be reduced, regardless of whether the Executive obtains other employment. 

        6.    Certain Additional Payments by the Company.    

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

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

5

 

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

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

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

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

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

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

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

6

 

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

        7.    Amendment of Agreement.    This Agreement may be amended at any time by the Board with
the written consent of the Executive. 

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

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

        10.    Successors and Assigns.    

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

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

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

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

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

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

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

7

 

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

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

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

8

 

        IN
WITNESS WHEREOF, the Executive has hereunto set the Executive's hand and, pursuant to the authorization of the Board, the Company has caused this Agreement to be executed in its name
on its behalf, all as of the day and year first above written. 

	 	 	CONSTELLATION ENERGY GROUP, INC.
	

 	
 	

By:	

 
	 	 	 	

	

 	
 	

 	

 
	 	 	
 Thomas V. Brooks

9

QuickLinks

CHANGE IN CONTROL SEVERANCE AGREEMENT

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00065-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00065-of-00352.parquet"}]]