Document:

Annual Incentive Plan for Senior Executives

 Exhibit 10.49 
  
 EXELON CORPORATION 
 ANNUAL INCENTIVE PLAN 
 FOR SENIOR EXECUTIVES 
 (Effective January 1, 2004) 
  

  
 EXELON CORPORATION

 ANNUAL INCENTIVE PLAN 
  
 FOR SENIOR EXECUTIVES 
  
 (Effective January 1, 2004) 
  

	I.	Establishment. The Exelon Corporation Annual Incentive Plan for Senior Executives (the “Plan”) was established by Exelon Corporation (the “Company”)
effective January 1, 2004, subject to the approval by an affirmative vote of a majority of the shares of common stock of the Company present in person or represented by proxy at the 2004 annual meeting of stockholders, and shall terminate as of
December 31, 2008, unless terminated earlier by the Board of Directors of the Company 

  

	II.	Purpose. The purpose of the Plan is to reward achievement of key annual goals, to enhance the Company’s ability to attract, motivate, reward and retain certain officers
and key executive employees, to strengthen their commitment to the success of the Company, to promote the near-term objectives of the Company, and to ensure annual incentive compensation payable to the Company’s Section 162(m) Executives can be
eligible to be tax-deductible by the Company. 

  

	III.	Definitions. 

  

	 	A.	Award means the annual incentive award payable to a Participant hereunder with respect to a Plan Year. 

  

	 	B.	Committee means the members of the Compensation Committee of the Board of Directors of the Company who qualify as “outside directors” within the meaning of Section
162(m) of the Internal Revenue Code; provided that if there are not at least two such members, then the Committee shall be a committee of at least two “outside directors” as so defined, appointed by the Board of Directors of the Company
and which satisfies any other applicable requirements of the principal stock exchange on which the common stock of the Company is then traded to constitute a compensation committee. 

  

	 	C.	Company means Exelon Corporation and any successor thereto. 

  

	 	D.	Disability means a physical or mental condition on account of which benefits under the long-term disability plan of the Company or Subsidiary, whichever covers the
Participant, have commenced. 

  

	 	E.	Eligible Executive means an Employee who is a member of the Company’s strategy and policy committee (or any successor committee) or whose level is senior vice president
(or any equivalent successor level) or higher. 

  

	 	F.	Employee means an employee of the Company or a Subsidiary employed in an executive or officer level position. 

  

	 	G.	Incentive Pool means an amount, expressed either as a dollar value or pursuant to an objective formula or performance measure, that is designated by the Committee as
available to fund Awards for a Plan Year pursuant to Section VI.A. 

  

	 	H.	Internal Revenue Code means the Internal Revenue Code of 1986, as amended, and all applicable regulations and rulings thereunder as in effect from time to time.

  

	 	I.	Participant means an Eligible Executive who has been selected by the Committee to participate in the Plan for a particular Plan Year. Unless the context requires otherwise,
the term “Participant” shall include “Part-Year Participants” as defined in Section IV.B. 

  

	 	J.	Performance Goals means the objective performance goal(s) designated by the Committee pursuant to Section VI.B. with respect to an Incentive Pool. 

 

	 	K.	Plan means this Exelon Corporation Annual Incentive Plan for Senior Executives as set forth herein and as amended from time to time. 

  

	 	L.	Plan Year means the Company’s fiscal year which, as of the effective date of the Plan, is the calendar year. 

  

	 	M.	Pro-ration Fraction means with respect to a Plan Year the number of days a Part-Year Participant was an Eligible Executive during the Plan Year, divided by 365 (or in the
case of a Plan Year of more or less than 365 days, the number of days in the Plan Year). 

  

	 	N.	Required Period means at a time (1) when the outcome of the performance goals established pursuant to Article VI is substantially uncertain and (2) either (a) before the
commencement of the Plan Year or, (b) (i) in the case of a 12-month Plan Year, not later than 90 days after the commencement of such Plan Year, (ii) in the case of a Plan Year shorter than 12 months, after no more than 25% of such Plan Year has
elapsed, and (iii) in the case of a Participant who became an Eligible Executive after the first day of the Plan Year, after no more than 25% of the remainder of such Plan Year has elapsed after the Participant became an Eligible Executive. Any
action required to be taken within the Required Period may be taken at a later date to the extent permissible under Section 162(m) of the Internal Revenue Code. 

  

	 	O.	 Retirement means a Participant’s termination of employment other than for “cause” (as defined in the Exelon Corporation Senior Management
Severance Plan as in effect from time to time, or such other employment or severance plan or agreement governing the terms of the Participant’s termination of employment) after attaining age 50 with 10 years of service under the Company’s
applicable defined benefit pension plan (including for this purpose any deemed pension service granted to the Participant under an employment or change in control agreement to the extent any 

  

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applicable vesting or other conditions to such deemed service have been satisfied upon such termination of employment). 

  

	 	P.	Section 162(m) Executive means an Eligible Executive who is a “covered employee” as defined in Section 162(m) of the Internal Revenue Code.

  

	 	Q.	Subsidiary means a business which is affiliated through common ownership with the Company, and which is designated by the Committee as an employer whose employees may be
eligible to participate in the Plan, but only with respect to such period of affiliation.  

  

	IV.	Participation. 

  

	 	A.	Generally. Within the Required Period at the beginning of each Plan Year, the Committee shall designate the Participants (if any) for such Plan Year. Any individual who is an
Eligible Executive as of the first day of the Plan Year may be designated as a Participant. 

  

	 	B.	Individuals Who Become Eligible Executives During a Plan Year. An individual who becomes an Eligible Executive after the first day of a Plan Year may be designated as a
Participant for the remainder of the Plan Year (a “Part-Year Participant”) at any time within the Required Period after becoming an Eligible Executive. 

  

	V.	Administration. 

  

	 	A.	The Committee shall administer the Plan. 

  

	 	B.	The Committee shall have full and complete authority to establish any rules and regulations it deems necessary or appropriate relating to the Plan, to interpret and construe the
Plan and those rules and regulations, to correct defects and supply omissions, to determine the who shall become Participants for any Plan Year, to determine the performance goals and other terms and conditions applicable to each Award (including
the extent to which any payment shall be made under an Award in the event of a change in control of the Company), to certify the achievement of performance goals and approve all Awards (subject to Section VII.B.), to determine whether and to what
extent Awards may be paid on a deferred basis, to make all factual and other determinations arising under the Plan, and to take all other actions the Committee deems necessary or appropriate for the proper administration of the Plan.

  

	 	C.	Notwithstanding the foregoing, the Committee shall not be authorized to increase the amount of the Award payable to a Section 162(m) Executive that would otherwise be payable under
the terms of the Plan or an Award. 

  

	 	D.	 The Committee may from time to time delegate the performance of its ministerial duties under the Plan to the Company’s Vice President of Corporate Compensation
or 

  

 3 

	 	 
such other person or persons as the Committee may select; except that the power or authority of the Committee shall not be delegated to the extent
such delegation would cause any Award payable to a Section 162(m) Executive to fail to be tax-deductible under Section 162(m) of the Code, including but not limited to the responsibility to certify the extent to which performance goals have been
attained. 

  

	 	E.	Subject to Section VII.B., the Committee’s administration of the Plan, including all such rules and regulations, interpretations and construals, selections, factual and other
determinations, approvals, decisions, delegations, amendments, terminations and other actions, as the Committee shall see fit shall be final and binding on the Company and its Subsidiaries, stockholders and all employees, including Participants and
their beneficiaries. Any decision made by the Committee in good faith in connection with its administration of or responsibilities under the Plan shall be conclusive on all persons. 

  

	 	F.	The Committee may, subject to the limitations described in paragraph D. above, engage and rely on the advice of such advisors, consultants or data as it considers necessary or
desirable in selecting eligible key employees, in designating applicable Performance Goals, and in determining attainment of performance goals and the amount of incentive awards under the Plan, and in performing its other duties under the Plan.

  

	 	G.	The Company and/or its participating Subsidiaries shall pay the costs of Plan administration. 

  

	VI.	Performance Goals. 

  

	 	A.	 Establishment of Incentive Pool(s). Within the Required Period for each Plan Year, the Committee shall establish in writing one or more Incentive Pools from
which Awards (if any) will be paid for such Plan Year, and shall designate the Participants eligible to share in each such Incentive Pool (subject to the Committee’s right to add new Participants during the Plan Year in accordance with Section
IV.B. above). The amount available under each Incentive Pool (or portion thereof) shall be based on the attainment of one or more specified Performance Goals, weighted in such manner as the Committee determines, and may, but need not be based on or
contingent upon the level of achievement of threshold or target or maximum performance (as set by the Committee) of the stated Performance Goals. As soon as reasonably practicable after the end of each Plan Year the Committee shall certify in
writing the level of attainment of each Performance Goal applicable to each Incentive Pool (or portion thereof) and the amount, if any, of each such Incentive Pool. The Committee shall certify the amount of each Participant’s maximum Award for
each Plan Year within a reasonable time after the end of such year. If the Company or a Subsidiary or other business unit fails to meet a threshold or other minimum applicable Performance Goal, if any, established for it for a Plan Year, the
applicable Incentive Pool shall not be funded to that extent and no related payment shall be made with respect to Awards to Participants employed by the Company or such Subsidiary or business unit for such 

  

 4 

	 	 
year, as the case may be and, to the extent other (e.g., target or maximum) performance goals are established with respect to an Incentive Pool, the funding
of such Incentive Pool shall not exceed the maximum amount that could be paid based on the extent to which the Committee determines that such goals in excess of threshold or other minimum goals are actually achieved. 

  

	 	B.	Performance Goals. The Performance Goals for each Plan Year may be based upon the performance of the Company or any Subsidiary, division, business unit or individual for the
Plan Year, using one or more of the following measures as selected by the Committee: (1) cumulative shareholder value added, (2) customer satisfaction, (3) revenue, (4) primary or fully-diluted earnings per share, (5) net income, (6) total
shareholder return, (7) earnings before interest, taxes, depreciation and amortization (or any combination thereof), (8) cash flow(s), including operating cash flows, free cash flow, discounted cash flow return on investment and cash flow in excess
of cost of capital (or any combination thereof), (9) economic value added, (10) return on equity, (11) return on capital, (12) return on assets, (13) net operating profits after taxes, (14) stock price increase, (15) return on sales, (16) debt to
equity ratio, (17) payout ratio, (18) asset turnover, (19) ratio of share price to book value of shares, (20) price/earnings ratio, (21) employee satisfaction, (22) diversity, (23) market share, (24) operating income, (25) pre-tax income, (26)
safety, (27) diversification of business opportunities, (28) expense ratios, (29) total expenditures, (30) completion of key projects, (31) dividend payout as percentage of net income, (32) direct margin, (33) expense reduction, or (34) any
individual performance objective which is measured solely in terms of quantitative targets related to the Company, any Subsidiary or the Company’s or Subsidiary’s business. Such individual performance measures related to the Company, any
Subsidiary or the Company’s or Subsidiary’s business may include: (a) production-related factors such as generating capacity factor, performance against the INPO index, generating equivalent availability, heat rates and production cost,
(b) transmission and distribution-related factors such as customer satisfaction, reliability (based on outage frequency and duration), and cost, (c) customer service-related factors such as customer satisfaction, service levels and responsiveness
and bad debt collections or losses, and (d) relative performance against other similar companies in targeted areas. Each Performance Goal may be expressed on an absolute or relative basis and may include comparisons based on current internal
targets, the past performance of the Company, its Subsidiaries or business units or the past or current performance of other companies (including industry or general market indices), or a combination of any of the foregoing, and may be applied at
various organizational levels. 

  

	 	C.	 Impact of Extraordinary Items or Changes in Accounting. The measures used in establishing Performance Goals for a Plan Year shall be determined in accordance
with generally accepted accounting principles (“GAAP”) and in a manner consistent with the methods used in the Company’s audited consolidated financial statements (in each case, to the extent applicable), without regard to (i)
non-cash impairments, gains or losses on the sale or other disposition of assets or businesses, or severance charges or (ii) changes in accounting, unless, in each case, the Committee decides otherwise 

  

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within the Required Period for the Plan Year or as otherwise required or permitted under Section 162(m) of the Internal Revenue Code.

  

	VII.	Determination of Award Amounts for Any Plan Year. 

  

	 	A.	Maximum Awards. The maximum Award payable to any Participant with respect to a Plan Year shall be the lesser of five million dollars ($5,000,000.00) or a portion of the
Incentive Pool(s) applicable to such Participant determined as follows: 

  

	 	1.	If the Chief Executive Officer is a Participant, the Chief Executive Officer’s maximum Award shall be an amount equal to not more than 25% of the amount of each Incentive Pool
in which he or she participates for the Plan Year. 

  

	 	2.	The portion of each Incentive Pool not allocated to the Chief Executive Officer (e.g., the remaining 75% of an Incentive Pool in which the Chief Executive Officer participates and
100% of any other Incentive Pool) shall be divided into shares. There shall be one share for each Participant who is initially designated by the Committee for the Plan Year plus, for each Part-Year Participant, one share multiplied by such Part-Year
Participant’s Pro-ration Fraction. The number of shares shall not be reduced in the event a Participant for any reason fails to receive an Award. Thus the number of shares may be increased (thereby reducing the value of each share) but not
decreased during the Plan Year. The maximum Award for a Participant shall be one share, and the maximum Award for each Part-Year Participant shall be one share times such part-Year Participant’s Pro-ration Fraction. 

  

	 	B.	Committee Discretion to Determine Amount of Award. The Committee shall have absolute discretion to reduce the amount of the Award payable to any Participant for any Plan Year
below the maximum Award determined under Section VII.A., and the Committee may decide not to pay any Award to a Participant for the Plan Year, based on such criteria, factors and measures as the Committee in its sole discretion may determine,
including but not limited to individual performance or impact and financial and other performance or financial criteria of the Company, a Subsidiary or other business unit in addition to those listed in Section VI.B. The reduction of the Award
payable to any Participant (or the decision of the Committee not to pay an Award to a Participant for a Plan Year) shall not affect the maximum Award payable to any other Participant for such Plan Year. Notwithstanding the foregoing, the
Committee’s determination of the Award for officers at the level of Executive Vice President and above shall be subject to ratification by the Company’s Board of Directors. The Committee shall certify the amount of the Award to be paid to
each Participant. 

  

	 	C.	Effect of Termination of Employment. 

  

	 	1.	 Except in the case of a Participant who has a termination of employment during a Plan Year on account of Retirement, death or Disability, a Participant must be an

  

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Employee at the end of a Plan Year to be eligible to receive an Award for that Plan Year. A Participant will become entitled to an Award with respect to a
Plan Year on the later to occur of the end of the Plan Year for which the Award is determined and the date the Committee certifies the amount of the Award to which the Participant is entitled for such year by written communication to the
Participant, which will normally be within approximately two and one-half months after the end of the Plan Year. No portion of an Award shall be treated as earned by a Participant prior to such date. 

  

	 	2.	A Participant who has a termination of employment prior to the last day of a Plan Year on account of Retirement, death or Disability shall be eligible to receive an Award for such
Plan Year, the amount of which shall be determined by the Committee in its sole discretion but which shall not exceed the maximum amount determined under Section VII.A. 

  

	 	3.	Notwithstanding the foregoing, if a Participant is employed pursuant to an employment agreement between the Participant and the Company or a Subsidiary which has been approved by
the Compensation Committee of the Company’s Board of Directors, (an “Employment Agreement”) or is subject to another separation or change in control plan or policy of the Company, and such Employment Agreement, plan or policy provides
other applicable rules or procedures for the determination of the Participant’s incentive award and entitlement thereto in the event of termination of employment, the provisions of such Employment Agreement, plan or policy shall be controlling
with respect to the determination of the amount of, and the Participant’s entitlement to, any Award under the Plan with respect to the Participant. 

  

	 	D.	Source, Time and Manner of Payment, Interest. Each Participant’s Award for a Plan Year shall be paid in cash, solely from the general assets of the Company or its
Subsidiaries, without interest, as soon as reasonably practicable after the Committee certifies the amount of the Award. Any Awards payable to Participants who have had a termination of employment during the Plan Year on account of Retirement, death
or disability shall be payable at the same time other Participants receive Awards under the Plan. 

  

	 	E.	Designation of Beneficiaries. Each Participant from time to time may name any person or persons (who may be named concurrently, contingently or successively) to whom the
Participant’s Award under the Plan is to be paid if the Participant dies before receipt of the Award. Each such beneficiary designation will revoke all prior designations by the Participant, shall not require the consent of any previously named
beneficiary, shall be in a form prescribed or permitted by the Company’s Vice President of Corporate Compensation, and will be effective only when filed with the Company’s Vice President of Corporate Compensation during the
Participant’s lifetime. If a Participant fails to so designate a beneficiary before death, or if the beneficiary so designated predeceases the Participant, any Award payable after the Participant’s death shall be paid to the
Participant’s estate. 

  

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	VIII.	No Assignment of Rights. No Participant or other person shall have any right, title or interest in any Award under this Plan prior to the payment thereof to such person. The
rights or interests of Participants under this Plan shall not be subject in any manner to anticipation, alienation, sale, transfer, assignment pledge, encumbrance, charge, garnishment, execution or levy of any kind, either voluntarily or
involuntarily, and any attempt to anticipate, alienate, sell, transfer, assign, pledge, encumber, charge, garnish, execute on, levy or otherwise dispose of any right to an Award or any payment hereunder shall be void. 

  

	IX.	No Greater Employment Rights. The establishment or continuance of this Plan shall not affect or enlarge the employment rights of any Participant or constitute a contract of
employment with any Participant, and nothing herein shall be construed as conferring upon a Participant any greater rights to employment than the Participant would otherwise have in the absence of the adoption of this Plan. 

 

	X.	No Right to Ongoing Participation. The selection of an individual as a Participant in the Plan for any Plan Year shall not require the selection of such individual as a
Participant for any subsequent Plan Year, or, if such individual is subsequently so selected, shall not require that the same opportunity for incentive award provided the Participant under the Plan for an earlier Plan Year be provided such
Participant for the subsequent Plan Year. 

  

	XI.	No Personal Liability. Neither the Company, it’s Subsidiaries nor any Committee member or its delegate shall be personally liable for any act done or omitted to be done
in good faith in the administration of the Plan. 

  

	XII.	Unfunded Plan. No Participant or other person shall have any right, title or interest in any property of the Company or its Subsidiaries, and nothing herein shall require the
Company or any Subsidiaries to segregate or set aside any funds or other property for the purpose of making any payment under the Plan. 

  

	XIII.	Facility of Payment. When a person entitled to an incentive award under the Plan is under legal disability, or, in the Committee’s opinion, is in any way incapacitated
so as to be unable to manage such person’s affairs, the Committee may direct the payment of an incentive award directly to or for the benefit such person, to such person’s legal representative or guardian, or to a relative or friend of
such person. Any payment made in accordance with the preceding sentence shall be a full and complete discharge of any liability for such payment under the Plan, and neither the Committee nor the Company or any Subsidiary shall be under any duty to
see to the proper application of such payment. 

  

	XIV.	Withholding for Taxes and Benefits. The Company and its Subsidiaries, as applicable, may withhold from any payment to be made by it under the Plan all appropriate deductions
for employee benefits, if applicable, and such amount or amounts as may be required for purposes of complying with the tax withholding obligations under federal, state and local income and employment tax laws. 

  

	XV.	 Amendment and Termination. The Board of Directors of the Company may amend the Plan at any time and from time to time, in whole or in part, and may terminate
the Plan at 

  

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any time, which amendment or termination may include the modification, reduction or cancellation of any prospective Award hereunder which has not been earned
and vested pursuant to the terms of the Plan prior to the time of any such amendment or termination, provided that no such amendment or termination shall change the terms and conditions of payment of any Award the final amount of which the Committee
has certified to a Participant. Notwithstanding the foregoing, any amendment to the Plan that changes the class of Employees eligible to participate, changes the Performance Goals, or increases the maximum dollar amount that may be paid to a
Participant for a Plan Year shall not be effective with respect to Section 162(m) Executives unless such amendment is approved by the holders of the Company’s common stock. 

  

	XVI.	Section 162(m) Conditions. The Company intends for this Plan and any Awards to satisfy, and to be interpreted in such manner as to satisfy the provisions of Section 162(m) of
the Internal Revenue Code with respect to all Section 162(m) Executives. Any provision, application or interpretation of the Plan that is inconsistent with such intent shall be disregarded. 

  

	XVII.	Applicable Law. The Plan shall be construed under the laws of the State of Illinois, other than its laws with respect to choice of laws. 

  

 9Change in Control Employment Agreement

  
 Exhibit 10.50

  
 FORM OF 
  
 EXELON CORPORATION 
  
 CHANGE IN CONTROL
EMPLOYMENT AGREEMENT 
  
 NEWLY
ELIGIBLE OR PROMOTED AFTER 01/01/04 SENIOR EXECUTIVE 
  

  
 Table of Contents

  

					
	 ARTICLE I. DEFINITIONS
	  	1
			
	 1.1
	  	 “ACCRUED ANNUAL INCENTIVE”
	  	1
	 1.2
	  	 “ACCRUED BASE SALARY”
	  	1
	 1.3
	  	 “ACCRUED LTIP AWARD”
	  	1
	 1.4
	  	 “ACCRUED OBLIGATIONS”
	  	1
	 1.5
	  	 “AFFILIATE”
	  	1
	 1.6
	  	 “AGREEMENT DATE”
	  	2
	 1.7
	  	 “AGREEMENT TERM”
	  	2
	 1.8
	  	 “ANNUAL INCENTIVE”
	  	2
	 1.9
	  	 “APPLICABLE TRIGGER DATE”
	  	2
	 1.10
	  	 “ARTICLE”
	  	2
	 1.11
	  	 “BASE SALARY”
	  	2
	 1.12
	  	 “BENEFICIAL OWNER”
	  	2
	 1.13
	  	 “BENEFICIARY”
	  	2
	 1.14
	  	 “BOARD”
	  	3
	 1.15
	  	 “CAUSE”
	  	3
	 1.16
	  	 “CHANGE DATE”
	  	3
	 1.17
	  	 “CHANGE IN CONTROL”
	  	3
	 1.18
	  	 “CODE”
	  	4
	 1.19
	  	 “COMPANY”
	  	4
	 1.20
	  	 “COMPETITIVE BUSINESS”
	  	5
	 1.21
	  	 “CONFIDENTIAL INFORMATION”
	  	5
	 1.22
	  	 “DISABILITY”
	  	5
	 1.23
	  	 “DISAGGREGATED ENTITY”
	  	6
	 1.24
	  	 “DISAGGREGATION”
	  	6
	 1.25
	  	 “EMPLOYER”
	  	6
	 1.26
	  	 “EXCHANGE ACT”
	  	6
	 1.27
	  	 “GOOD REASON”
	  	6
	 1.28
	  	 “IMMINENT CONTROL CHANGE”
	  	6
	 1.29
	  	 “IMMINENT CONTROL CHANGE PERIOD”
	  	7
	 1.30
	  	 “INCENTIVE PLAN”
	  	7
	 1.31
	  	 “INCLUDING”
	  	7
	 1.32
	  	 “INCUMBENT BOARD”
	  	7
	 1.33
	  	 “IRS”
	  	7
	 1.34
	  	 “LTIP”
	  	7
	 1.35
	  	 “LTIP PERFORMANCE PERIOD”
	  	7
	 1.36
	  	 “LTIP TARGET LEVEL”
	  	8
	 1.37
	  	 “MERGER”
	  	8
	 1.38
	  	 “NOTICE OF TERMINATION”
	  	8
	 1.39
	  	 “PERFORMANCE SHARES”
	  	8
	 1.40
	  	 “PERSON”
	  	8
	 1.41
	  	 “PLANS”
	  	8
	 1.42
	  	 “POST-CHANGE PERIOD”
	  	8
	 1.43
	  	 “POST-DISAGGREGATION PERIOD”
	  	8
	 1.44
	  	 “POST-SIGNIFICANT ACQUISITION PERIOD”
	  	8
	 1.45
	  	 “RESTRICTED STOCK”
	  	8
	 1.46
	  	 “SEC”
	  	9
	 1.47
	  	 “SEC PERSON”
	  	9
	 1.48
	  	 “SECTION”
	  	9
	 1.49
	  	 “SERP”
	  	9
	 1.50
	  	 “SEVERANCE INCENTIVE”
	  	9
	 1.51
	  	 “SEVERANCE PERIOD”
	  	9
	 1.52
	  	 “SIGNIFICANT ACQUISITION”
	  	9

  

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	 1.53
	  	 “STOCK OPTIONS”
	  	10
	 1.54
	  	 “TARGET INCENTIVE”
	  	10
	 1.55
	  	 “TAXES”
	  	10
	 1.56
	  	 “TERMINATION DATE”
	  	10
	 1.57
	  	 “TERMINATION OF EMPLOYMENT”
	  	10
	 1.58
	  	 “20% OWNER”
	  	10
	 1.59
	  	 “VOTING SECURITIES”
	  	10
	 1.60
	  	 “WELFARE PLANS”
	  	10
		
	 ARTICLE II. TERMS OF EMPLOYMENT
	  	11
			
	 2.1
	  	 POSITION AND DUTIES DURING A
POST-CHANGE PERIOD
	  	11
	 2.2
	  	 POSITION AND DUTIES DURING AN IMMINENT
CONTROL CHANGE PERIOD
	  	11
	 2.3
	  	 POSITION AND DUTIES DURING A
POST-SIGNIFICANT ACQUISITION PERIOD
	  	11
	 2.4
	  	 POSITION AND DUTIES DURING A
POST-DISAGGREGATION PERIOD
	  	11
	 2.5
	  	 EXECUTIVE’S OBLIGATIONS
	  	11
	 2.6
	  	 BASE SALARY DURING THE POST-CHANGE
PERIOD
	  	12
	 2.7
	  	 ANNUAL INCENTIVE
	  	12
	 2.8
	  	 OTHER COMPENSATION AND BENEFITS
	  	13
		
	 ARTICLE III. TERMINATION OF EMPLOYMENT
	  	16
			
	 3.1
	  	 DISABILITY
	  	16
	 3.2
	  	 DEATH
	  	16
	 3.3
	  	 TERMINATION BY THE COMPANY FOR
CAUSE
	  	16
	 3.4
	  	 TERMINATION BY THE EXECUTIVE FOR GOOD
REASON
	  	18
		
	 ARTICLE IV. COMPANY’S OBLIGATIONS UPON CERTAIN TERMINATIONS OF EMPLOYMENT
	  	20
			
	 4.1
	  	 TERMINATION DURING THE POST-CHANGE PERIOD
OR POST-SIGNIFICANT ACQUISITION PERIOD
	  	20
	 4.2
	  	 TERMINATION DURING AN IMMINENT CONTROL CHANGE
PERIOD
	  	24
	 4.3
	  	 TERMINATION DURING A POST-DISAGGREGATION
PERIOD
	  	27
	 4.4
	  	 TIMING OF SEVERANCE PAYMENTS
	  	28
	 4.5
	  	 WAIVER AND RELEASE
	  	29
	 4.6
	  	 BREACH OF COVENANTS
	  	29
	 4.7
	  	 TERMINATION BY THE COMPANY FOR
CAUSE
	  	29
	 4.8
	  	 TERMINATION BY EXECUTIVE OTHER THAN FOR
GOOD REASON
	  	29
	 4.9
	  	 TERMINATION BY THE COMPANY FOR
DISABILITY
	  	29
	 4.10
	  	 UPON DEATH
	  	30
	 4.11
	  	 SOLE AND EXCLUSIVE OBLIGATIONS
	  	30
		
	 ARTICLE V. CERTAIN ADDITIONAL PAYMENTS BY THE COMPANY
	  	31
			
	 5.1
	  	 GROSS-UP PAYMENT
	  	31
	 5.2
	  	 LIMITATION ON GROSS-UP PAYMENTS
	  	31
	 5.3
	  	 ADDITIONAL GROSS-UP AMOUNTS
	  	32
	 5.4
	  	 AMOUNT INCREASED OR CONTESTED
	  	32
	 5.5
	  	 REFUNDS
	  	34
		
	 ARTICLE VI. EXPENSES, INTEREST AND DISPUTE RESOLUTION
	  	35
			
	 6.1
	  	 ENFORCEMENT AND LATE PAYMENTS
	  	35
	 6.2
	  	 INTEREST
	  	35
	 6.3
	  	 ARBITRATION
	  	35
		
	 ARTICLE VII. NO SET-OFF OR MITIGATION
	  	36
			
	 7.1
	  	 NO SET-OFF BY COMPANY
	  	36
	 7.2
	  	 NO MITIGATION
	  	36
		
	 ARTICLE VIII. RESTRICTIVE COVENANTS
	  	37
			
	 8.1
	  	 CONFIDENTIAL INFORMATION
	  	37

  

 ii 

					
	 8.2
	  	 NON-COMPETITION
	  	37
	 8.3
	  	 NON-SOLICITATION
	  	38
	 8.4
	  	 INTELLECTUAL PROPERTY
	  	38
	 8.5
	  	 REASONABLENESS OF RESTRICTIVE COVENANTS
	  	39
	 8.6
	  	 RIGHT TO INJUNCTION; SURVIVAL OF
UNDERTAKINGS
	  	40
		
	 ARTICLE IX. NON-EXCLUSIVITY OF RIGHTS
	  	40
			
	 9.1
	  	 OTHER RIGHTS
	  	40
	 9.2
	  	 NO RIGHT TO CONTINUED EMPLOYMENT
	  	41
		
	 ARTICLE X. MISCELLANEOUS
	  	41
			
	 10.1
	  	 NO ASSIGNABILITY
	  	41
	 10.2
	  	 SUCCESSORS
	  	41
	 10.3
	  	 AFFILIATES
	  	41
	 10.4
	  	 PAYMENTS TO BENEFICIARY
	  	41
	 10.5
	  	 NON-ALIENATION OF BENEFITS
	  	41
	 10.6
	  	 SEVERABILITY
	  	41
	 10.7
	  	 AMENDMENTS
	  	42
	 10.8
	  	 NOTICES
	  	42
	 10.9
	  	 JOINT AND SEVERAL LIABILITY
	  	42
	 10.10
	  	 COUNTERPARTS
	  	42
	 10.11
	  	 GOVERNING LAW
	  	42
	 10.12
	  	 CAPTIONS
	  	43
	 10.13
	  	 NUMBER AND GENDER
	  	43
	 10.14
	  	 TAX WITHHOLDING
	  	43
	 10.15
	  	 NO WAIVER
	  	43
	 10.16
	  	 ENTIRE AGREEMENT
	  	43

  

 iii 

  
 EXELON
CORPORATION 
 CHANGE-IN-CONTROL EMPLOYMENT
AGREEMENT 
  
 THIS AGREEMENT dated
                        , 200   (the “Agreement Date”), is made by and among Exelon
Corporation, incorporated under the laws of the Commonwealth of Pennsylvania (together with successors thereto, the “Company”), on behalf of itself and
                                        
                    , a
                         corporation (together with successors thereto, the “Subsidiary”), and
                                 (“Executive”). 

  
 RECITALS 
  
 The Board of Directors of the Company (the “Board”) has
determined that it is in the best interests of the Company and its shareholders to assure that the Company will have the continued services of the Executive, despite the possibility or occurrence of a Change in Control of the Company. The Board
believes it is imperative to reduce the distraction of the Executive that would result from the personal uncertainties caused by a pending or threatened Change in Control or a Significant Acquisition, to encourage the Executive’s full attention
and dedication to the Company, and to provide the Executive with compensation and benefits arrangements upon a Change in Control which are competitive with those of similarly-situated corporations. This Agreement is intended to accomplish these
objectives. 
  
 Article I. 
  
 Definitions 
  
 As used in this Agreement, the terms specified below shall have the following
meanings: 
  
 1.1 “Accrued Annual Incentive”
means the amount of any Annual Incentive earned but not yet paid with respect to the Company’s latest fiscal year ended prior to the Termination Date. 
  
 1.2 “Accrued Base Salary” means the amount of Executive’s Base Salary that is accrued but not yet paid as of the Termination Date.

  
 1.3 “Accrued LTIP Award” means the amount of
any LTIP Award earned and vested, but either deferred or not yet paid as of the Termination Date. 
  
 1.4 “Accrued Obligations” means, as of any date, the sum of Executive’s Accrued Base Salary, Accrued Annual Incentive, Accrued LTIP
Award, any accrued but unpaid paid time off, and any other amounts and benefits which are then due to be paid or provided to Executive by the Company, but have not yet been paid or provided (as applicable). 
  
 1.5 “Affiliate” means any Person (including the Subsidiary)
that directly or indirectly controls, is controlled by, or is under common control with, the Company. For purposes of this definition the term “control” with respect to any Person means the power to direct or cause the 

  

 
direction of management or policies of such Person, directly or indirectly, whether through the ownership of Voting Securities, by contract or otherwise.

  
 1.6 “Agreement Date” — see the
introductory paragraph of this Agreement. 
  
 1.7
“Agreement Term” means the period commencing on the Agreement Date and ending on the second anniversary of the Agreement Date or, if later, such later date to which the Agreement Term is extended under the following sentence, unless
earlier terminated as provided herein. Commencing on the first anniversary of the Agreement Date, the Agreement Term shall automatically be extended each day by one day to create a new two-year term until, at any time after the first anniversary of
the Agreement Date, the Company delivers written notice (an “Expiration Notice”) to Executive that the Agreement shall expire on a date specified in the Expiration Notice (the “Expiration Date”) that is not less
than 12 months after the date the Expiration Notice is delivered to Executive; provided, however, that if a Change Date, Imminent Control Change, Disaggregation or Significant Acquisition occurs before the Expiration Date specified in the Expiration
Notice, then such Expiration Notice shall be void and of no further effect. If such Imminent Control Change or Disaggregation does not culminate in a Change Date, then such Expiration Notice shall be reinstated and the Agreement shall expire on the
date originally specified as the Expiration Date, or if later, the date the Imminent Control Change lapses or the end of the sixtieth day after the Disaggregation. Notwithstanding anything herein to the contrary, the Agreement Term shall end at the
end of the Severance Period if applicable, or if there is no Severance Period, the earliest of the following: (a) the second anniversary of the Change Date, (b) eighteen (18) months after the Significant Acquisition, provided there has been no
Change Date, (c) the end of the sixtieth day after the Disaggregation if there has been no Change Date after the Disaggregation, or (d) the Termination Date. 
  
 1.8 “Annual Incentive” — see Section 2.7. 
  

1.9 “Applicable Trigger Date” means 
  
 (a) the Change Date with respect to the Post-Change Period; 
  
 (b) the date of an Imminent Control Change with respect to the Imminent Control Change Period; 

 
 (c) the date of a Significant Acquisition with respect to
a Post-Significant Acquisition Period; and 
  
 (d) the date of a Disaggregation with respect to a Post-Disaggregation Period. 
  
 1.10 “Article” means an article of this Agreement. 
  
 1.11 “Base Salary” — see Section 2.6. 
  
 1.12 “Beneficial Owner” means such term as defined in Rule 13d-3 of the SEC under the Exchange Act. 
  
 1.13 “Beneficiary” — see Section 10.4. 
  

 2 

 1.14 “Board” means the Board of Directors of Company or, from and after the effective
date of a Corporate Transaction (as defined in Section 1.17), the Board of Directors of the corporation resulting from a Corporate Transaction or, if securities representing at least 50% of the aggregate voting power of such resulting corporation
are directly or indirectly owned by another corporation, such other corporation. 
  
 1.15 “Cause” — see Section 3.3. 
  
 1.16 “Change Date” means the date on which a Change in Control first occurs during the Agreement Term. 
  
 1.17 “Change in Control” means, except as otherwise provided below, the first to occur of any of the following during the Agreement Term:

  
 (a) any SEC Person becomes the Beneficial
Owner of 20% or more of the then outstanding common stock of the Company or of Voting Securities representing 20% or more of the combined voting power of all the then outstanding Voting Securities of Company (such an SEC Person, a “20%
Owner”); provided, however, that for purposes of this subsection (a), the following acquisitions shall not constitute a Change in Control: (1) any acquisition directly from the Company (excluding any acquisition resulting from the exercise
of an exercise, conversion or exchange privilege unless the security being so exercised, converted or exchanged was acquired directly from the Company), (2) any acquisition by the Company, (3) any acquisition by an employee benefit plan (or related
trust) sponsored or maintained by the Company or any corporation controlled by the Company (a “Company Plan”), or (4) any acquisition by any corporation pursuant to a transaction which complies with clauses (i), (ii) and (iii) of
subsection (c) of this definition; provided further, that for purposes of clause (2), if any 20% Owner of the Company other than the Company or any Company Plan becomes a 20% Owner by reason of an acquisition by the Company, and such 20% Owner of
the Company shall, after such acquisition by the Company, become the beneficial owner of any additional outstanding common shares of the Company or any additional outstanding Voting Securities of the Company (other than pursuant to any dividend
reinvestment plan or arrangement maintained by the Company) and such beneficial ownership is publicly announced, such additional beneficial ownership shall constitute a Change in Control; or 
  
 (b) Individuals who, as of the date hereof, constitute the
Board (the “Incumbent Board”) cease for any reason to constitute at least a majority of the Incumbent Board; provided, however, that any individual becoming a director subsequent to the date hereof whose election, or nomination for
election by the Company’s shareholders, was approved by a vote of at least a majority of the directors then comprising the Incumbent Board shall be considered as though such individual were a member of the Incumbent Board, but excluding, for
this purpose, any such individual whose initial assumption of office occurs as a result of an actual or threatened election contest (as such terms are used in Rule 14a-11 promulgated under the Exchange Act) or other actual or threatened solicitation
of proxies or consents by or on behalf of a Person other than the Board; or 
  

 3 

 (c) Consummation of a reorganization, merger or consolidation
(“Merger”), or the sale or other disposition of more than 50% of the operating assets of the Company (determined on a consolidated basis), other than in connection with a sale-leaseback or other arrangement resulting in the
continued utilization of such assets (or the operating products of such assets) by the Company (such reorganization, merger, consolidation, sale or other disposition, a “Corporate Transaction”); excluding, however, a Corporate
Transaction pursuant to which: 
  
 (i) all or
substantially all of the individuals and entities who are the Beneficial Owners, respectively, of the outstanding common stock of Company and outstanding Voting Securities of the Company immediately prior to such Corporate Transaction beneficially
own, directly or indirectly, more than 60% of, respectively, the then-outstanding shares of common stock and the combined voting power of the then-outstanding voting securities entitled to vote generally in the election of directors, as the case may
be, of the corporation resulting from such Corporate Transaction (including, without limitation, a corporation which, as a result of such transaction, owns the Company or all or substantially all of the assets of the Company either directly or
through one or more subsidiaries) in substantially the same proportions as their ownership immediately prior to such Corporate Transaction of the outstanding common stock of Company and outstanding Voting Securities of the Company, as the case may
be; 
  
 (ii) no SEC Person (other than the
corporation resulting from such Corporate Transaction, and any Person which beneficially owned, immediately prior to such corporate Transaction, directly or indirectly, 20% or more of the outstanding common stock of the Company or the outstanding
Voting Securities of the Company, as the case may be) becomes a 20% Owner, directly or indirectly, of the then-outstanding common stock of the corporation resulting from such Corporate Transaction or the combined voting power of the outstanding
voting securities of such corporation; and 
  
 (iii) individuals who were members of the Incumbent Board will constitute at least a majority of the members of the board of directors of the corporation resulting from such Corporate Transaction; or 
  
 (d) Approval by the Company’s shareholders of a plan of
complete liquidation or dissolution of the Company, other than a plan of liquidation or dissolution which results in the acquisition of all or substantially all of the assets of the Company by an affiliated company. 
  
 Notwithstanding the occurrence of any of the foregoing events, a Change in
Control shall not occur with respect to Executive if, in advance of such event, Executive agrees in writing that such event shall not constitute a Change in Control. 
  
 1.18 “Code” means the Internal Revenue Code of 1986, as amended. 
  
 1.19 “Company” – see the introductory paragraph to this
Agreement. 
  

 4 

 1.20 “Competitive Business” means, as of any date, any utility business and any
individual or entity (and any branch, office, or operation thereof) which engages in, or proposes to engage in (with Executive’s assistance) (i) the harnessing, production, transmission, distribution, marketing or sale of energy or the
transmission or distribution thereof through wire or cable or similar medium, (ii) any other business engaged in by the Company prior to Executive’s Termination Date which represents for any calendar year or is projected by the Company (as
reflected in a business plan adopted by the Company before Executive’s Termination Date) to yield during any year during the first three-fiscal year period commencing on or after Executive’s Termination Date, more than 5% of the gross
revenue of Company, and, in either case, which is located (x) anywhere in the United States, or (y) anywhere outside of the United States where Company is then engaged in, or proposes as of the Termination Date to engage in to the knowledge of the
Executive, any of such activities. 
  
 1.21 “Confidential
Information” shall mean any information, ideas, processes, methods, designs, devices, inventions, data, techniques, models and other information developed or used by the Company or any Affiliate and not generally known in the relevant trade
or industry relating to the Company’s or its Affiliates’ products, services, businesses, operations, employees, customers or suppliers, whether in tangible or intangible form, which gives the Company and its Affiliates a competitive
advantage in the harnessing, production, transmission, distribution, marketing or sale of energy or the transmission or distribution thereof through wire or cable or similar medium or in the energy services industry and other businesses in which the
Company or an Affiliate is engaged, or of third parties which the Company or Affiliate is obligated to keep confidential, or which was learned, discovered, developed, conceived, originated or prepared during or as a result of Executive’s
performance of any services on behalf of the Company and which falls within any of the following general categories: 
  
 (a) information relating to trade secrets of the Company or Affiliate or any customer or supplier of the Company or Affiliate; 

 
 (b) information relating to existing or contemplated
products, services, technology, designs, processes, formulae, algorithms, research or product developments of the Company or Affiliate or any customer or supplier of the Company or Affiliate; 
  
 (c) information relating to business plans or strategies,
sales or marketing methods, methods of doing business, customer lists, customer usages and/or requirements, supplier information of the Company or Affiliate or any customer or supplier of the Company or Affiliate; 
  
 (d) information subject to protection under the Uniform
Trade Secrets Act, as adopted by the State of Illinois, or to any comparable protection afforded by applicable law; or 
  
 (e) any other confidential information which either the Company or Affiliate or any customer or supplier of the Company or Affiliate may
reasonably have the right to protect by patent, copyright or by keeping it secret and confidential. 
  
 1.22 “Disability” – see Section 3.1(b). 
  

 5 

 1.23 “Disaggregated Entity” means the Disaggregated Unit or any other Person (other than
the Company or an Affiliate) that controls or is under common control with the Disaggregated Unit. 
  
 1.24 “Disaggregation” means the consummation, in contemplation of a Change in Control, of a sale, spin-off or other disaggregation by the
Company or the Affiliate or business unit of the Company (“Disaggregated Unit”) which employed Executive immediately prior to the sale, spin-off or other disaggregation. 
  
 1.25 “Employer” means, collectively or severally, the Company and the Subsidiary (or other Affiliate
employing Executive). 
  
 1.26 “Exchange Act”
means the Securities Exchange Act of 1934, as amended. 
  
 1.27
“Good Reason” — see Section 3.4. 
  
 1.28
“Imminent Control Change” means, as of any date on or after the Agreement Date and prior to the Change Date, the occurrence of any one or more of the following: 
  
 (a) the Company enters into an agreement the consummation of which would constitute a Change in Control;

  
 (b) Any SEC Person commences a “tender
offer” (as such term is used in Section 14(d) of the Exchange Act) or exchange offer, which, if consummated, would result in a Change in Control; or 
  
 (c) Any SEC Person files with the SEC a preliminary or definitive proxy solicitation or election contest to elect or remove one or more
members of the Board, which, if consummated or effected, would result in a Change in Control; 
  
 provided, however, that an Imminent Control Change will lapse and cease to qualify as an Imminent Control Change: 
  
 (i) With respect to an Imminent Control Change described in clause (a) of this definition, the date such agreement is terminated,
cancelled or expires without a Change Date occurring; 
  
 (ii) With respect to an Imminent Control Change described in clause (b) of this definition, the date such tender offer or exchange offer is withdrawn or terminates without a Change Date occurring; 
  
 (iii) With respect to an Imminent Control Change described
in clause (c) of this definition, (1) the date the validity of such proxy solicitation or election contest expires under relevant state corporate law, or (2) the date such proxy solicitation or election contest culminates in a shareholder vote, in
either case without a Change Date occurring; or 
  

 6 

 (iv) The date a majority of the members of the Incumbent Board make a good faith
determination that any event or condition described in clause (a), (b), or (c) of this definition no longer constitutes an Imminent Control Change, provided that such determination may not be made prior to the twelve (12) month anniversary of the
occurrence of such event. 
  
 1.29 “Imminent Control
Change Period” means the period commencing on the date of an Imminent Control Change, and ending on the first to occur thereafter of 
  
 (a) a Change Date, provided 
  
 (i) such date occurs no later than the one-year anniversary of the Termination Date, and 
  
 (ii) either the Imminent Control Change has not lapsed, or
the Imminent Control Change in effect upon such Change Date is the last Imminent Control Change in a series of Imminent Control Changes unbroken by any period of time between the lapse of an Imminent Control Change and the occurrence of a new
Imminent Control Change; 
  
 (b) if
Executive’s business unit undergoes Disaggregation and Executive retains substantially the same position with the Disaggregated Entity as immediately prior to such Disaggregation (determined without regard to reporting obligations) the earlier
to occur after such Disaggregation of a Change Date or the end of the 60th day following such Disaggregation without
the occurrence of a Change Date, 
  
 (c) the date
an Imminent Control Changes lapses without the prior or concurrent occurrence of a new Imminent Control Change; or 
  
 (d) the twelve-month anniversary of the Termination Date. 
  
 1.30 “Incentive Plan” means the Exelon Corporation Annual Incentive Plan for Senior Executives or such
other annual incentive award arrangement of the Company in which the Executive is a participant in lieu of such program. 
  
 1.31 “Including” means including without limitation. 
  
 1.32 “Incumbent Board”—see definition of Change in Control. 
  
 1.33 “IRS” means the Internal Revenue Service of the United
States of America. 
  
 1.34 “LTIP” means the
Exelon Corporation Long-Term Incentive Plan, as amended from time to time, or any successor thereto, and including any Stock Options or Restricted Stock granted thereunder to replace stock options or restricted stock initially granted under the
Unicom Corporation Long-Term Incentive Plan. 
  
 1.35
“LTIP Performance Period” means the one-year performance period applicable to an LTIP award, as designated in accordance with the LTIP. 
  

 7 

 1.36 “LTIP Target Level” means, in respect of any grant of Performance Shares under the
Exelon Performance Share Program under the LTIP, the number of Performance Shares which Executive would have been awarded (prior to the Termination Date) for the LTIP Performance Period corresponding to such grant if the business and personal
performance goals related to such grant were achieved at the 100% (target) level as of the end of the LTIP Performance Period. 
  
 1.37 “Merger”—see definition of Change in Control. 
  
 1.38 “Notice of Termination” means a written notice given in accordance with Section 10.8 which sets forth
(i) the specific termination provision in this Agreement relied upon by the party giving such notice, (ii) in reasonable detail the specific facts and circumstances claimed to provide a basis for such Termination of Employment, and (iii) if the
Termination Date is other than the date of receipt of such Notice of Termination, the Termination Date. 
  
 1.39 “Performance Shares”—see Section 4.1(c). After a Disaggregation, “Performance Shares” shall also refer to performance
shares, performance units or similar stock incentive awards granted by a Disaggregated Entity (or an affiliate thereof) in replacement of performance shares, performance units or similar stock incentive awards granted under the Exelon Performance
Share Program under the LTIP. 
  
 1.40 “Person”
means any individual, sole proprietorship, partnership, joint venture, limited liability company, trust, unincorporated organization, association, corporation, institution, public benefit corporation, entity or government instrumentality, division,
agency, body or department. 
  
 1.41 “Plans”
means plans, practices, policies and programs of the Company (or, if applicable to Executive, the Disaggregated Entity or Affiliate). 
  
 1.42 “Post-Change Period” means the period commencing on the Change Date and ending on the earlier of the Termination Date or the second
anniversary of the Change Date. 
  
 1.43
“Post-Disaggregation Period” means the period commencing on the first date during the Agreement Term on which a Change in Control occurs following a Disaggregation, provided such Change Date occurs no more than 60 days following
such Disaggregation, and ending on the earlier of the Termination Date or the second anniversary of the Change Date. If no Change Date occurs within 60 days after the Disaggregation, there shall be no Post-Disaggregation Period. 
  
 1.44 “Post-Significant Acquisition Period” means the period
commencing on the date of a Significant Acquisition that occurs during the Agreement Term prior to a Change Date, and ending on the first to occur of (a) the end of the 18-month period commencing on the date of the Significant Acquisition, (b) the
Change Date, or (c) the Termination Date. 
  
 1.45
“Restricted Stock” — see Section 4.1(d). After a Disaggregation, “Restricted Stock” shall also refer to deferred stock units, restricted stock or restricted share units granted by a Disaggregated Entity (or an
affiliate thereof) in replacement of deferred stock units, restricted 

  

 8 

 
stock or restricted share units granted by the Company other than under the Exelon Performance Share Program under the LTIP. 
  
 1.46 “SEC” means the United States Securities and Exchange
Commission. 
  
 1.47 “SEC Person” means any
person (as such term is used in Rule 13d-5 of the SEC under the Exchange Act) or group (as such term is defined in Sections 3(a)(9) and 13(d)(3) of the Exchange Act), other than (a) the Company or an Affiliate, or (b) any employee benefit plan (or
any related trust) of the Company or any of its Affiliates. 
  
 1.48 “Section” means, unless the context otherwise requires, a section of this Agreement. 
  
 1.49 “SERP” means the PECO Energy Company Supplemental Retirement Plan or the Exelon Corporation Supplemental Management Retirement Plan,
whichever is applicable to Executive, or any successor to either or both. 
  
 1.50 “Severance Incentive” means the greater of (a) the Target Incentive for the performance period in which the Termination Date occurs, or (b) the average (mean) of the actual Annual Incentives paid
(or payable, to the extent not previously paid) to the Executive under the Incentive Plan for each of the two calendar years preceding the calendar year in which the Termination Date occurs. 
  
 1.51 “Severance Period” means the period beginning on the
Executive’s Termination Date, provided Executive’s Termination of Employment entitles Executive to benefits under Section 4.1, 4.2 or 4.3, and ending on the third anniversary thereof. There shall be no Severance Period if Executive’s
Termination of Employment is on account of death or Disability or if Executive’s employment is terminated by the Company for Cause or by Executive other than for Good Reason. 
  
 1.52 “Significant Acquisition” means a Corporate Transaction affecting the Executive’s business unit
(or, if Executive is employed at the headquarters for the Company’s corporate business operations (“Corporate Center”), a Corporate Transaction that affects the Corporate Center) that is consummated after the Agreement Date and
prior to the Change Date, which Corporate Transaction is not a Change in Control, provided that as a result of such Corporate Transaction, all or substantially all of the individuals and entities who are the Beneficial Owners, respectively, of the
outstanding common stock of Company and outstanding Voting Securities of the Company immediately prior to such Corporate Transaction beneficially own, directly or indirectly, more than 60% but not more than 66-2/3% of, respectively, the
then-outstanding shares of common stock and the combined voting power of the then-outstanding voting securities entitled to vote generally in the election of directors, as the case may be, of the corporation resulting from such Corporate Transaction
(including, without limitation, a corporation which, as a result of such transaction, owns the Company or all or substantially all of the assets of the Company either directly or through one or more subsidiaries) in substantially the same
proportions as their ownership immediately prior to such Corporate Transaction of the outstanding common stock of Company and outstanding Voting Securities of the Company, as the case may be. 
  

 9 

 1.53 “Stock Options” — see Section 4.1(b). After a Disaggregation, “Stock
Options” shall also refer to stock options, stock appreciation rights, or similar incentive awards granted by the Disaggregated Entity (or an affiliate thereof) in replacement of stock options, stock appreciation rights, or similar incentive
awards granted under the LTIP. 
  
 1.54 “Target
Incentive” as of a certain date means an amount equal to the product of Base Salary determined as of such date multiplied by the percentage of such Base Salary to which Executive would have been entitled immediately prior to such date under
the Incentive Plan for the applicable performance period if the performance goals established pursuant to such Incentive Plan were achieved at the 100% (target) level as of the end of the applicable performance period (taking into account for this
purpose any negative discretion exercised by the Compensation Committee of the Board in establishing such target); provided, however, that any reduction in Executive’s Base Salary or Annual Incentive that would qualify as Good Reason shall be
disregarded for purposes of this definition. 
  
 1.55
“Taxes” means the incremental federal, state, local and foreign income, employment, excise and other taxes payable by Executive with respect to any applicable item of income. 
  
 1.56 “Termination Date” means the effective date of
Executive’s Termination of Employment, which shall be the last day on which Executive is employed by the Company, an Affiliate or a Disaggregated Entity; provided, however, that (a) if the Company terminates the Executive’s employment
other than for Cause or Disability or if the Executive terminates Executive’s employment for Good Reason, then the Termination Date shall be the date of receipt of the Notice of Termination by Executive (if such Notice is given by the Company,
an Affiliate or a Disaggregated Entity) or by the Company, an Affiliate or a Disaggregated Entity (if such Notice is given by Executive), or such later date, not more than 15 days after the giving of such Notice, specified in such Notice as of which
Executive’s employment shall be terminated; and (b) if Executive’s employment is terminated by reason of death or Disability, the Termination Date shall be the date of Executive’s death or the Disability Effective Date (as described
in Section 3.1(a)). 
  
 1.57 “Termination of
Employment” means any termination of Executive’s employment with the Company and its Affiliates, whether such termination is initiated by the Employer or by Executive; provided that if the Executive’s cessation of employment with
the Company and its Affiliates is effected through a Disaggregation, and Executive is employed in substantially the same position (without regard to reporting obligations) by the Disaggregated Entity immediately following the Disaggregation, and a
Change Date occurs no more than 60 days after such Disaggregation, then the Disaggregation shall not be deemed to effect a “Termination of Employment” for purposes of this Agreement, and after the Disaggregation, “Termination of
Employment” means any termination of Executive’s employment with the Disaggregated Entity, whether such termination is initiated by the Disaggregated Entity or by Executive. 
  
 1.58 “20% Owner” — see paragraph (a) of the definition of “Change in Control.” 

 
 1.59 “Voting Securities” means with respect to a
corporation, securities of such corporation that are entitled to vote generally in the election of directors of such corporation. 
  
 1.60 “Welfare Plans” - see Section 2.8(a)(ii). 
  

 10 

  
 Article II.

  
 Terms of Employment 
  
 2.1 Position and Duties During a Post-Change Period. During the
Post-Change Period prior to the Termination Date, (i) Executive’s position, duties and responsibilities (other than the position or level of officer to whom the Executive reports or any change that is part of a policy, program or arrangement
applicable to peer executives of the Company and any successor to the Company) shall be at least commensurate in all material respects with the most significant of those held, exercised and assigned at any time during the 90-day period immediately
before the Change Date (or if the Change Date ended an Imminent Control Change Period, during the 90-day period immediately before the beginning of the Imminent Control Change Period) and (ii) Executive’s services shall be performed at the
location where Executive was employed immediately before the Change Date (or if the Change Date ended an Imminent Control Change Period, before the beginning of such Imminent Control Change Period) or any other location no more than 50 miles from
such location (unless such other location is closer to Executive’s residence than the prior location). 
  
 2.2 Position and Duties During an Imminent Control Change Period. During the portion of any Imminent Control Change Period that occurs
before the Termination Date, the Company may in its discretion change the Executive’s position, authority and duties and may change the location where Executive’s services shall be performed. 
  
 2.3 Position and Duties During a Post-Significant Acquisition
Period. During the portion of any Post-Significant Acquisition Period that occurs before the Termination Date, the Company may in its discretion change the Executive’s position, authority and duties, and may change the location where
Executive’s services shall be performed. 
  
 2.4 Position
and Duties During a Post-Disaggregation Period. During the Post-Disaggregation Period, (i) Executive’s position with the Disaggregated Entity shall be at least commensurate in all material respects with the most significant position
held by Executive with the Disaggregated Entity immediately following the Disaggregation, and (ii) unless Executive otherwise consents, Executive’s services shall be performed at the location where Executive was employed immediately prior to
the Change Date or any other location no more than 50 miles from such location (unless such other location is closer to Executive’s residence than the prior location); provided, however, that in determining whether the Executive’s
Termination of Employment is for Cause, “Cause” shall be determined as though the provisions of Section 3.3(a) applied commencing with the first day of the Post-Disaggregation Period. 
  
 2.5 Executive’s Obligations. During the Executive’s
employment (other than any periods of paid time off, sick leave or disability to which Executive is entitled), Executive agrees to devote Executive’s full attention and time to the business and affairs of the Company (or, in the case of a
Disaggregation, the Disaggregated Entity) and to use Executive’s best efforts to perform such duties. Executive may (i) serve on corporate, civic or charitable boards or committees, (ii) deliver lectures, fulfill speaking engagements or teach
at educational institutions 

  

 11 

 
and (iii) manage personal investments, so long as such activities are consistent with the Plans of the Employer (or in the case of a Disaggregation, the
Disaggregated Entity) in effect from time to time, and do not significantly interfere with the performance of Executive’s duties under this Agreement. 
  
 2.6 Base Salary During the Post-Change Period. 
  
 (a) Base Salary During Post-Change Period. Prior to the Termination Date during the Post-Change Period, the Company shall pay or
cause to be paid to Executive an annual base salary in cash, which shall be paid in a manner consistent with the Employer’s payroll practices in effect immediately before the Applicable Trigger Date at an annual rate not less than 12 times the
highest monthly base salary paid or payable to Executive by the Employer in respect of the 12-month period immediately before the Applicable Trigger Date (such annual rate salary, the “Base Salary”). During the Post-Change Period,
the Base Salary shall be reviewed no more than 12 months after the last salary increase awarded to Executive prior to the Applicable Trigger Date and thereafter shall be reviewed and shall be increased at any time and from time to time as shall be
substantially consistent with increases in base salary awarded to peer executives of the Company generally. Base Salary shall not be reduced unless such reduction is part of a policy, program or arrangement applicable to peer executives of the
Company (including peer executives of any successor to the Company), and the term Base Salary as used in this Agreement shall refer to Base Salary as so increased. Any increase in Base Salary shall not limit or reduce any other obligation of the
Company to the Executive under this Agreement. 
  
 (b) Base Salary During the Imminent Control Change Period, Post-Significant Acquisition Period and Post-Disaggregation Period. Section 2.6(a) shall not apply during the Imminent Control Change Period, Post-Significant Acquisition
Period or Post-Disaggregation Period. 
  
 2.7 Annual
Incentive. 
  
 (a) Annual
Incentive During the Post-Change Period. In addition to Base Salary, the Company shall provide or cause to be provided to Executive the opportunity to receive payment of an annual incentive (the “Annual Incentive”) with an award
opportunity no less, including target performance goals not materially more difficult to achieve, than that in effect immediately prior to the Applicable Trigger Date for each applicable performance period which commences prior to the Termination
Date and ends during the Post-Change Period. The amount of the Executive’s award opportunity in effect for any relevant period shall be determined taking into account any negative discretion exercised by the Compensation Committee of the Board
in establishing such opportunity. 
  
 (b)
Annual Incentive during the Imminent Control Change Period, Post-Significant Acquisition Period or Post-Disaggregation Period. Section 2.7(a) shall not apply during the Imminent Control Change Period, Post-Significant Acquisition Period or
Post-Disaggregation Period. 
  

 12 

 2.8 Other Compensation and Benefits. 
  
 (a) Other Compensation and Benefits during the
Post-Change Period. In addition to Base Salary and Annual Incentive, prior to the Termination Date the Company shall provide or cause to be provided, throughout the Post-Change Period, the following other compensation and benefits to Executive,
provided that, in no event shall such additional compensation and benefits (including incentives, measured with respect to long term and special incentives, to the extent, if any, that such distinctions are applicable) be materially less favorable,
in the aggregate, than those provided at any time after the Applicable Trigger Date to peer executives of the Company (including peer executives of any successor to the Company) generally: 
  
 (i) Incentive, Savings and Retirement Plans.
Executive shall be entitled to participate in all incentive, savings and retirement Plans applicable to peer executives of the Company generally. 
  
 (ii) Welfare Benefit Plans. Executive and/or the Executive’s family, as the case may be, shall be eligible for participation
in and shall receive all benefits under welfare benefit Plans (“Welfare Plans”) (including medical, prescription, dental, disability, employee life, group life, accidental death and travel accident insurance benefits, but excluding
any severance pay) provided by the Employer from time to time to peer executives of the Company generally. 
  
 (iii) Other Employee Benefits. Executive shall be entitled to other employee benefits, perquisites and fringe benefits in
accordance with the most favorable Plans applicable to peer executives of the Company generally. 
  
 (iv) Expenses. Executive shall be entitled to receive prompt reimbursement for all reasonable business expenses incurred by the
Executive in accordance with the most favorable Plans applicable to peer executives of the Company generally. 
  
 (v) Office and Support Staff. Executive shall be entitled to an office or offices of a size and with furnishings and other
appointments, and to secretarial and other assistance substantially equivalent to the office or offices, furnishings, appointments and assistance as in effect with respect to Executive on the Applicable Trigger Date. 
  
 (vi) Paid Time Off. Executive shall be entitled to
paid time off in accordance with the Plans applicable to peer executives of the Company generally. 
  
 (vii) LTIP Awards. Awards under the LTIP shall be granted to Executive with aggregate target opportunities not less than those
granted to peer executives of the Company. 
  

 13 

 (b) Other Compensation and Benefits During the Imminent Control Change Period,
Post-Significant Acquisition Period or Post-Disaggregation Period. Section 2.8(a) shall not apply during Imminent Control Change Period, Post-Significant Acquisition Period or Post-Disaggregation Period. 
  
 (c) Stock Options, Restricted Stock, and Performance
Shares During the Post-Disaggregation Period. 
  
 (i) Stock Options. 
  
 (A)
Extinguished or Converted at Disaggregation. If so provided in the documents and instruments (“Disaggregation Documents”) pursuant to which the Disaggregation is effected, then all of Executive’s Stock Options shall (I)
be extinguished immediately prior to the Disaggregation for such consideration as is provided for in the Disaggregation Documents (but not less than the product of the number of Executive’s vested Stock Options multiplied by the difference
between the fair market value of Exelon stock immediately prior to the Disaggregation and the option exercise price), or (II) be converted into options to acquire stock of the Disaggregated Entity or an affiliate thereof on a basis determined by the
Company in good faith to preserve economic value. 
  
 (B) Extinguished or Converted at Merger. If the Change in Control following the Disaggregation is a Merger, and if so provided in the agreement pursuant to which the Merger is effected, then all of Executive’s Company Stock
Options that were not extinguished or converted to options to acquire stock in the Disaggregated Entity or an affiliate shall (I) be extinguished immediately prior to the Change in Control for such consideration as is provided for Stock Options of
peer executives employed by the Company or an Affiliate, or (II) be converted into options to acquire stock of the corporation resulting from the Merger (“Merger Survivor”) or an affiliate thereof, on the same basis as Stock Options
of employees of the Company are converted. 
  
 (C) Stock Options after the Disaggregation. Executive’s unextinguished Stock Options, whether or not they are converted to options for stock of the Disaggregated Entity or Merger Survivor, shall continue to vest and, once
vested, shall remain exercisable in accordance with their terms, subject to Section 4.3(b). 
  
 (ii) Performance Shares. 
  
 (A) Extinguished or Converted at Disaggregation. If so provided in the Disaggregation Documents, all of Executive’s
Performance Shares shall (I) be extinguished immediately prior to the Disaggregation for such consideration as is provided under the Disaggregation Documents (but no less than the fair market value, immediately prior to the Disaggregation, of a
number of Exelon shares 

  

 14 

 
equal to the sum of Executive’s earned and awarded Performance Shares and the target number of Executive’s Performance Shares that have not yet
been earned and awarded), or (II) shall be converted into performance shares with respect to the Disaggregated Entity or an affiliate (on a basis determined by the Company in good faith to preserve economic value for the Executive). 
  
 (B) Extinguished or Converted at Merger. If the
Change in Control following the Disaggregation is a Merger, and if so provided in the agreement pursuant to which the Merger is effected, then all of Executive’s Performance Shares that were not extinguished or converted to performance shares
of the Disaggregated Entity or an affiliate shall (I) be extinguished immediately prior to the Change in Control for such consideration as is provided for Performance Shares of peer executives employed by the Company or an Affiliate, or (II) be
converted into performance shares of the Merger Survivor or an affiliate thereof, on the same basis as Performance Shares of employees of the Company are converted. 
  
 (C) Performance Shares after the Disaggregation. Executive’s unextinguished Performance Shares,
whether or not they are converted into performance shares of the Disaggregated Entity or Merger Survivor, will continue to vest during the Post-Disaggregation Period, subject to Section 4.3(c). 
  
 (iii) Restricted Stock. 
  
 (A) Extinguished or Converted at Disaggregation. If
so provided in the Disaggregation Documents, all of Executive’s Restricted Stock shall (I) be extinguished immediately prior to the Disaggregation for an amount equal to the fair market value of an equal number of shares of Exelon common stock,
or (II) shall be converted into restricted stock of the Disaggregated Entity or an affiliate (on a basis determined by the Company in good faith to preserve economic value for the Executive). 
  
 (B) Extinguished or Converted at Merger. If the
Change in Control following the Disaggregation is a Merger, and if so provided in the agreement pursuant to which the Merger is effected, then all of Executive’s Restricted Stock that was not extinguished or converted to restricted stock of the
Disaggregated Entity or an affiliate shall (I) be extinguished immediately prior to the Change in Control for such consideration as is provided for Restricted Stock of peer executives employed by the Company or an Affiliate, or (II) be converted
into restricted stock of the Merger Survivor or an affiliate thereof, and such converted restricted stock will continue to vest during the Post-Disaggregation Period prior to the Termination Date. 
  
 (C) Restricted Stock after the Disaggregation.
Executive’s unextinguished Restricted Stock, whether or not converted to restricted 

  

 15 

 
stock of the Disaggregated Entity or Merger Survivor, will continue to vest during the Post-Disaggregation Period, subject to Section 4.3(d). 
  
 Article III. 
  
 Termination of Employment 
  
 3.1 Disability. 
  
 (a) During the Agreement Term, the Employer (or, if
applicable, the Disaggregated Entity) may terminate Executive’s employment at any time because of Executive’s Disability by giving Executive or his legal representative, as applicable, (i) written notice in accordance with Section 10.8 of
the Company’s intention to terminate Executive’s employment pursuant to this Section and (ii) a certification of Executive’s Disability by a physician selected by the Employer or its insurers, subject to the reasonable consent of
Executive or Executive’s legal representative, which consent shall not be unreasonably withheld or delayed. Executive’s employment shall terminate effective on the 30th day after Executive’s receipt of such notice (which such 30th day
shall be deemed to be the “Disability Effective Date”) unless, before such 30th day, Executive shall have resumed the full-time performance of Executive’s duties. 
  
 (b) “Disability” means any medically determinable physical or mental impairment that has
lasted for a continuous period of not less than six months and can be expected to be permanent or of indefinite duration, and that renders Executive unable to perform the duties required under this Agreement. 
  
 3.2 Death. Executive’s employment shall terminate
automatically upon Executive’s death during the Agreement Term. 
  
 3.3 Termination by the Company for Cause. During the Post-Change Period, Post-Disaggregation Period, Imminent Control Change Period or Post-Significant Acquisition Period, the Company may terminate Executive’s employment
(or cause Executive’s employment to be terminated) for Cause solely in accordance with all of the substantive and procedural provisions of this Section 3.3. 
  
 (a) Definition of Cause. “Cause” means any one or more of the following: 
  
 (i) the refusal to perform or habitual neglect in the
performance of the Executive’s duties or responsibilities, or of specific directives of the officer or other executive of the Company or any of its affiliates to whom the Executive reports which are not materially inconsistent with the scope
and nature of the Executive’s employment duties and responsibilities; 
  
 (ii) an Executive’s willful or reckless commission of act(s) or omission(s) which have resulted in or are likely to result in, a material loss to, or material damage to the reputation of, the Company or any of
its affiliates, or that compromise the safety of any employee or other person; 
  

 16 

 (iii) the Executive’s commission of a felony or any crime involving dishonesty or
moral turpitude; 
  
 (iv) an Executive’s
material violation of the Company’s or any of its affiliates’ Code of Business Conduct (including the corporate policies referenced therein) which would constitute grounds for immediate termination of employment, or of any statutory or
common-law duty of loyalty to the Company or any of its affiliates; or 
  
 (v) any breach by the Executive of any one or more of the Restrictive Covenants. 
  
 For purposes of this Section, no act, or failure to act, on the part of the Executive shall be considered “willful” unless it is done, or
omitted to be done, by the Executive in bad faith or without reasonable belief that the Executive’s action or omission was in the best interests of the Company. Any act, or failure to act, based upon authority given pursuant to a resolution
duly adopted by the Board or upon the instructions of the chief executive officer or a senior officer of the Company other than Executive or based upon the advice of counsel for the Company shall be conclusively presumed to be done, or omitted to be
done, by the Executive in good faith and in the best interests of the Company. 
  
 (b) Procedural Requirements for Termination for Cause During a Post-Change Period. The Executive’s Termination of Employment
for which the Notice of Termination is given during a Post-Change Period shall not be deemed to be for Cause under this Section 3.3 unless and until there shall have been delivered to the Executive a copy of a resolution duly adopted by the
affirmative vote of not less than 60% of the entire membership of the Board at a meeting of such Board called and held for such purpose (after reasonable written notice of such meeting is provided to the Executive and the Executive is given an
opportunity, together with counsel, to be heard before the Board), finding that, in the good faith opinion of the Board, the Executive’s acts, or failure to act, constitutes Cause and specifying the particulars thereof in detail. 
  
 (c) Procedural Requirements for Termination for Cause
During a Post-Disaggregation Period. In the event Executive’s Termination of Employment is from a Disaggregated Entity in a Post-Disaggregation Period, the procedural requirements for termination for Cause in this Section 3.3 shall be
applied by substituting “Disaggregated Entity” for “Company,” “affiliate of the Disaggregated Entity” for “Affiliate,” and “Disaggregated Entity’s Board” for “Board.” Further, the
Company shall have no obligation to provide payments or benefits under Section 4.3 if the Board determines that the Company could have terminated Executive’s employment for Cause if the Executive had been employed by the Company, such
determination by the Board to be made as provided in Section 3.3(b) but applying the flush language at the end of Section 3.3(a) by substituting “Disaggregated Entity” for “Company” and “Disaggregated Entity’s
Board” for “Board.” 
  

 17 

 (d) Procedural Requirements for Termination for Cause During the Imminent Control
Change Period or Post-Significant Acquisition Period. The Executive’s Termination of Employment for which the Notice of Termination is given during the Imminent Control Change Period or Post-Significant Acquisition Period shall not be
deemed to be for Cause under this Section 3.3 unless and until there shall have been delivered to the Executive a copy of a resolution duly adopted by the affirmative vote of not less than a majority of the entire membership of the Board, finding
that the Executive’s acts or failure to act, constitute Cause and specifying the particulars thereof in detail. Executive shall receive advance notice of such vote of the Board, but shall not have the right to appear in person or by counsel
before the Board. 
  
 3.4 Termination by the Executive for Good
Reason. During the Post-Change Period, an Imminent Control Change Period, a Post-Significant Acquisition Period or Post-Disaggregation Period, Executive may terminate his or her employment for Good Reason in accordance with the
substantive and procedural provisions of this Section 3.4. 
  
 (a) Definition of Good Reason. For purposes of this Section 3.4, and subject to the provisions of subsections (b) through (e), “Good Reason” means the occurrence of any one or more of the following
actions or omissions prior to the Termination Date during the Post-Change Period, the Imminent Control Change Period, the Post-Significant Acquisition Period or the Post-Disaggregation Period: 
  
 (i) a material reduction of the Executive’s salary,
incentive compensation opportunity or aggregate benefits unless such reduction is part of a policy, program or arrangement applicable to peer executives (including peer executives of any successor to the Company); 
  
 (ii) a material adverse reduction in the Executive’s
position, duties, or responsibilities, other than in a Post-Significant Acquisition period, and other than a change in the position or level of officer to whom the Executive reports or a change that is part of a policy, program or arrangement
applicable to peer executives (including peer executives of any successor to the Company); 
  
 (iii) the failure of any successor to the Company to assume this Agreement; 
  
 (iv) a relocation (other than in a Post-Significant Acquisition Period), by more than 50 miles of (I) the
Executive’s primary workplace, or (II) the principal offices of the Company or its successor (if such offices are the Executive’s workplace), in each case without Executive’s consent; provided, however, in both cases of (I) and (II)
of this Section 3.4(a)(iv), such new location is farther from Executive’s residence then the prior location; or 
  
 (v) a material breach of this Agreement by the Company or its successor; 
  
 provided that the occurrence of a Disaggregation shall not be Good Reason if the Executive retains substantially the same
position (determined without regard to 

  

 18 

 
reporting requirements) with the Disaggregated Entity, with substantially the same compensation and benefits in the aggregate, as immediately prior to such
Disaggregation, notwithstanding Sections 3.4(a)(i), 3.4(a)(ii) and 3.4(a)(v). 
  
 (b) Application of “Good Reason” Definition During the Imminent Control Change Period. During the Imminent Control Change Period, “Good Reason” shall not include the events or conditions
described in Section 3.4(a)(i), 3.4(a)(ii) or 3.4(a)(iv) unless the Imminent Control Change Period culminates in a Change Date. Further, if Executive’s Termination of Employment occurs during an Imminent Control Change Period that culminates in
a Change Date, then, except as provided in Section 3.4(c), the definition of “Good Reason” shall be applied as though Sections 2.1, 2.6, 2.7, and 2.8 were applicable during the Imminent Control Change Period prior to the Executive’s
Termination of Employment. 
  
 (c) Special
Conditions Relating to Good Reason During the Post-Disaggregation Period. If Executive retains substantially the same position with the Disaggregated Entity as immediately prior to the Disaggregation (determined without regard to reporting
requirements), then (1) Section 3.4(a)(ii) shall apply only with respect to the Executive’s position, duties or responsibilities as in effect at the Disaggregated Entity on the day following the Disaggregation, (2) subsection 3.4(a)(iv) shall
apply only with respect to relocations required more than 60 days after the Disaggregation and shall be applied by substituting “Disaggregated Entity” for “any successor to the Company”, and (3) all references in Section 3.4 to
the Company or its successor shall be to the Disaggregated Entity or its successor. 
  
 (d) Limitations on Good Reason. Notwithstanding the foregoing provisions of this Section 3.4, no act or omission shall constitute a
material breach of this Agreement by the Company, nor grounds for “Good Reason”: 
  
 (i) unless the Executive gives the Company a Notice of Termination at least 30 days’ prior to the Termination Date and the Company
fails to cure such act or omission within the 30-day period; 
  
 (ii) if the Executive first acquired knowledge of such act or omission more than 180 days before the Executive gives the Company and the Employer such Notice of Termination; or 
  
 (iii) if the Executive has consented in writing to such act
or omission. 
  
 (e) Notice by Executive.
In the event of any Termination of Employment by Executive for Good Reason, Executive shall as soon as practicable thereafter notify the Company and the Employer (and Disaggregated Entity, if applicable) of the events constituting such Good Reason
by a Notice of Termination. Subject to the limitations in Section 3.4(d), a delay in the delivery of such Notice of Termination shall not waive any right of Executive under this Agreement. 
  

 19 

  
 Article IV.

  
 Company’s Obligations Upon Certain Terminations of
Employment 
  
 4.1 Termination During the Post-Change
Period or Post-Significant Acquisition Period. If, during the Post-Change Period or Post-Significant Acquisition Period (other than any portion of any of such periods that are also a Post-Disaggregation Period), the Employer terminates
Executive’s employment other than for Cause or Disability, or Executive terminates employment for Good Reason, the Company’s sole obligations to Executive under Articles II and IV shall be as set forth in this Section 4.1. 
  
 (a) Termination during the Post-Change Period or
Post-Significant Acquisition Period: Severance Payments. The Company shall pay or provide Executive, according to the payment terms set forth in Section 4.4 below, the following: 
  
 (i) Accrued Obligations. All Accrued Obligations; 
  
 (ii) Annual Incentive for Year of Termination and Special
Payment. An amount equal to the Target Incentive applicable to the Executive under the Incentive Plan for the performance period in which the Termination Date occurs. 
  
 (iii) Deferred Compensation and Non-Qualified Defined Contribution Plans. All amounts previously
deferred by, or accrued to the benefit of, Executive under the Exelon Corporation Deferred Compensation Plan, the Exelon Corporation Deferred Stock Plan, or any successor of either of them, or under any non-qualified defined contribution or deferred
compensation plan of the Company or an Affiliate (unless Executive has made an irrevocable election in writing, filed with the Company as of such date as counsel to the Company may deem to be required to avoid constructive receipt of, or other
adverse tax consequences with respect to, such amounts) to have such amounts paid under the terms of the Exelon Corporation Deferred Compensation Plan or the Exelon Corporation Deferred Stock Plan, as applicable, or any successor of either
(including any elections in effect thereunder)) whether vested or unvested, together with any accrued earnings thereon, to the extent that such amounts and earnings have not been previously paid by the Employer and are not provided under the terms
of either such non-qualified plan; 
  
 (iv)
Pension Enhancements. An amount equal to the positive difference, if any, between 
  
 (1) the lump sum value of Executive’s benefit under the SERP, calculated as if Executive had 
  
 (A) become fully vested in all benefits, 
  
 (B) accrued a number of years of service (for purposes of
determining the Executive’s benefit credits, but not investment credits) that is two years greater than the number of years of 

  

 20 

 
service actually accrued by Executive as of the Termination Date and that includes the number of years of service credited to Executive pursuant to any other
written agreement between the Company and the Executive, and 
  
 (C) received two-thirds of the severance benefits specified in Sections 4.1(a)(ii) and 4.1(a)(vi) as covered compensation in equal annual installments during the first two years of the Severance Period, 
  
 minus 
  
 (2) the aggregate amounts paid or payable to Executive
under the SERP. 
  
 (v) Unvested Benefits
Under Defined Benefit Plan. To the extent not paid pursuant to clause (iii) or (iv) of this Section 4.1(a), an amount equal to the actuarial equivalent present value of any unvested portion of Executive’s accrued benefits or cash balance
account (as applicable) under any tax-qualified (under Section 401(a) of the Code) defined benefit retirement plan maintained by the Employer as of the Termination Date and forfeited by Executive by reason of the Termination of Employment; and

  
 (vi) Multiple of Salary and Severance
Incentive. An amount equal to three (3.0) times the sum of (x) Base Salary plus (y) the Severance Incentive. 
  
 (b) Termination during the Post-Change Period or Post-Significant Acquisition Period: Stock Options. Each of the Executive’s
stock options, stock appreciation rights or similar incentive awards granted under the LTIP (“Stock Options”) shall (i) become fully vested, and (ii) remain exercisable until (1) the option expiration date for any such Stock Options
granted prior to January 1, 2002 or (2) the fifth anniversary of the Termination Date or, if earlier, the option expiration date for any such Stock Options granted on or after January 1, 2002. 
  
 (c) Termination during the Post-Change Period or
Post-Significant Acquisition Period: LTIP Vesting. On the Termination Date all of the performance shares, performance units or similar stock incentive awards granted to the Executive under the Exelon Performance Share Program under the LTIP
(“Performance Shares”) to the extent earned by and awarded to the Executive (i.e. as to which the applicable performance cycle has elapsed) as of the Termination Date, shall become fully vested at the actual level earned and
awarded, and, to the extent not yet earned by and awarded to the Executive (i.e. as to which the current performance cycle has not elapsed) as of the Termination Date, shall become fully vested at the LTIP Target Level. 
  
 (d) Termination During the Post-Change Period or
Post-Significant Acquisition Period: Other Restricted Stock. All forfeiture conditions that as of the Termination Date are applicable to any deferred stock unit, restricted stock or restricted share units awarded to the Executive by the Company
other than under the Exelon 

  

 21 

 
Performance Share Program under the LTIP (“Restricted Stock”) shall (except as specifically provided to the contrary in the applicable
awards) lapse immediately and all such awards will become fully vested, and within ten business days after the Termination Date, the Company shall deliver to Executive all of such shares theretofore held by or on behalf of the Company. 

 
 (e) Termination During the Post-Change Period or
Post-Significant Acquisition Period: Continuation of Welfare Benefits. During the Severance Period (and continuing through such later date as any Welfare Plan may specify), the Company shall continue to provide (or shall cause the continued
provision) to Executive and Executive’s family welfare benefits under the Welfare Plans to the same extent as if Executive had remained employed during the Severance Period. Such provision of welfare benefits shall be subject to the following:

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

  
 (ii) The cost of such welfare benefits to
Executive and family under this Section 4.1(e) shall not exceed the cost of such benefits to peer executives who are actively employed after the Termination Date. 
  
 (iii) The Executive’s rights under this Section 4.1(e) shall be in addition to and not in lieu of any
post-termination continuation coverage or conversion rights the Executive may have pursuant to applicable law, including, without limitation, continuation coverage required by Section 4980B of the Code. 
  
 (iv) If the Executive has, as of the last day of the
Severance Period, attained age 50 and completed at least 10 years of service (or any lesser age and service requirement then in effect under the Exelon Corporation Severance Benefit Plan or any successor plan), the Executive shall be entitled to the
retiree benefits provided under any Welfare Plan of the Company; provided, however, that for purposes hereof, any years of credited services granted to the Executive in any other written plan or written agreement between Executive and the Company
shall be taken into account. For purposes of determining eligibility for (but not the time of commencement of) such retiree benefits, the Executive shall also be considered (1) to have remained employed until the last day of the Severance Period and
to have retired on the last day of such period, and (2) to have attained at least the age the Executive would have attained on the last day of the Severance Period. 
  
 Notwithstanding the foregoing, if the Executive obtains a specific type of coverage under welfare plan(s) sponsored by
another employer of Executive (e.g. medical, prescription, vision, dental, disability, individual life insurance benefits, group life insurance benefits, but excluding for the purposes of this sentence retiree benefits if Executive is so eligible),

  

 22 

 
then the Company shall not be obligated to provide any such specific type of coverage. The Executive shall promptly notify the Company of any such coverage.

  
 (f) Termination during the Post-Change
Period or Post-Significant Acquisition Period: Outplacement. To the extent actually incurred by Executive, the Company shall pay or cause to be paid on behalf of Executive, as incurred, all reasonable fees and costs charged by a nationally
recognized outplacement firm selected by the Executive for outplacement services provided up to 12 months after the Termination Date. No cash shall be paid in lieu of such fees and costs. 
  
 (g) Termination during the Post-Change Period or
Post-Significant Acquisition Period: Indemnification. The Executive shall be indemnified and held harmless by the Company to the greatest extent permitted under applicable law as the same now exists or may hereafter be amended (but, in the case
of any such amendment, only to the extent that such amendment permits the Company to provide broader indemnification than was permitted prior to such amendment) and the Company’s by-laws as such exist on the Applicable Trigger Date if the
Executive was, is, or is threatened to be, made a party to any pending, completed or threatened action, suit, arbitration, alternate dispute resolution mechanism, investigation, administrative hearing or any other proceeding brought by a third party
(and not by or on behalf of the Company or its shareholders) whether civil, criminal, administrative or investigative, and whether formal or informal, by reason of the fact that the Executive is or was, or had agreed to become, a director, officer,
employee, agent, or fiduciary of the Company or any other entity which the Executive is or was serving at the request of the Company (“Proceeding”), against all expenses (including all reasonable attorneys’ fees) and all
claims, damages, liabilities and losses incurred or suffered by the Executive or to which the Executive may become subject for any reason; provided, that the Company shall not be required to indemnify the Executive in connection with any proceeding
initiated by the Executive, including a counterclaim or cross claim, unless such proceeding was authorized by the Company. A Proceeding shall not include any proceeding to the extent it concerns or relates to a matter described in Section 6.1(a)
(concerning reimbursement of certain costs and expenses). Upon receipt from Executive of (i) a written request for an advancement of expenses, which Executive reasonably believes will be subject to indemnification hereunder and (ii) a written
undertaking by Executive to repay any such amounts if it shall ultimately be determined that Executive is not entitled to indemnification under this Agreement or otherwise, the Company shall, to the extent permitted by applicable law, advance such
expenses to Executive or pay such expenses for Executive, all in advance of the final disposition of any such matter. 
  
 (h) Termination during the Post-Change Period or Post-Significant Acquisition Period: Directors’ and Officers’ Liability
Insurance. For a period of six years after the Termination Date (or for any known longer applicable statute of limitations period), the Company shall provide Executive with coverage under a directors’ and officers’ liability insurance
policy in an amount no less than, and on terms no less favorable than, those provided to senior executive officers and directors of the Company on the Applicable Trigger Date. 
  

 23 

 4.2 Termination During an Imminent Control Change Period. If, during an Imminent Control
Change Period, Executive has a Termination of Employment that would entitle Executive to benefits under Section 4 of the Exelon Corporation Senior Management Severance Plan or its successor, then the Company shall, prior to the occurrence of a
Change Date, provide Executive any benefits to which Executive may be entitled under Section 4 of the Exelon Corporation Senior Management Severance Plan or its successor. If, during an Imminent Control Change Period, the Employer terminates
Executive’s employment other than for Disability and other than for Cause, or if Executive terminates employment for Good Reason then subject to the preceding sentence, unless such Termination of Employment occurred during the Post-Significant
Acquisition Period, the Company’s sole obligations to Executive under Articles II and IV shall be as set forth in this Section 4.2. The Company’s obligations to Executive under this Section 4.2 shall be reduced by any amounts or benefits
paid or provided pursuant to the Exelon Corporation Senior Management Severance Plan (whether under Section 4 thereof or any other provision) or any successor thereto. If Executive’s Termination of Employment occurred during any portion of an
Imminent Control Change Period that is also a Post-Significant Acquisition Period, the Company’s obligations to Executive, if any, shall be determined under Section 4.1. 
  
 (a) Termination During an Imminent Control Change Period: Cash Severance Payments. If the Imminent
Control Change Period culminates in a Change Date, the Company shall pay (or cause to be paid) to Executive, a lump-sum cash amount, within thirty business days after the later of the Termination Date or the Change Date, equal to the sum of all
amounts described in Section 4.1(a)(i) through (v). The amount described in Section 4.1(a)(vi) shall be paid to Executive as described in Section 4.4, provided that amounts that would have been paid prior to the Change Date shall be paid in a lump
sum (without interest) within 30 business days after the Change Date. 
  
 (b) Termination During an Imminent Control Change Period: Vested Stock Options. Executive’s Stock Options, to the extent vested on the Termination Date, 
  
 (i) will not expire (unless such Stock Options would have
expired had Executive remained an employee of the Company) during the Imminent Control Change Period; and 
  
 (ii) will continue to be exercisable after the Termination Date to the extent provided in the applicable grant agreement or Plan, and
thereafter, such Stock Options shall not be exercisable during the Imminent Control Change Period. 
  
 If the Imminent Control Change Period lapses without a Change Date, then Executive’s Stock Options, to the extent vested on the Termination Date, may
be exercised, in whole or in part, during the 30-day period following the lapse of the Imminent Control Change Period, or, if longer, the period during which Executive’s vested Stock Options could otherwise be exercised under the terms of the
applicable grant agreement or Plan, (but in no case shall any Stock Options remain exercisable after the date on which such Stock Options would have expired if Executive had remained an employee of the Company). 
  

 24 

 If the Imminent Control Change Period culminates in a Change Date, then effective upon the Change Date,
Executive’s Stock Options, to the extent vested on the Termination Date, may be exercised in whole or in part by the Executive at any time until (1) the option expiration date for such Stock Options granted prior to January 1, 2002 or (2) the
earlier of the fifth anniversary of the Change Date or the option expiration date for such Stock Options granted on or after January 1, 2002. 
  
 (c) Termination During an Imminent Control Change Period: Unvested Stock Options. Executive’s Stock Options that are not
vested on the Termination Date 
  
 (i) will not
expire (unless such Stock Options would have expired had Executive remained an employee of the Company) during the Imminent Control Change Period; and 
  
 (ii) will not continue to vest and will not be exercisable during the Imminent Control Change Period after the expiration of the period
for post-termination exercise under the terms of the applicable Stock Option Agreement. 
  
 If the Imminent Control Change lapses without a Change Date, such unvested Stock Options will thereupon expire. 
  
 If the Imminent Control Change culminates in a Change Date, then immediately prior to the Change Date, such unvested Stock Options shall become fully
vested, and may thereupon be exercised in whole or in part by the Executive at any time until (1) the option expiration date for such Stock Options granted prior to January 1, 2002 or (2) the earlier of the fifth anniversary of the Change Date, or
the option expiration date for such Stock Options granted on or after January 1, 2002. 
  
 (d) Termination During an Imminent Control Change Period: Performance Shares. Executive’s Performance Shares granted under the
Exelon Performance Share Program under the LTIP will not be forfeited during the Imminent Control Change Period, and will not continue to vest during the Imminent Control Change Period. If the Imminent Control Change lapses without a Change Date,
such Performance Shares shall be governed according to the terms of Section 4 of the Exelon Corporation Senior Management Severance Plan. If the Imminent Control Change Period culminates in a Change Date: 
  
 (1) All Performance Shares granted to the Executive under
the Exelon Performance Share Program under the LTIP, which, as of the Termination Date, have been earned by and awarded to the Executive, shall become fully vested at the actual earned level on the Change Date, and 
  
 (2) All of the Performance Shares granted to the Executive
under the Exelon Performance Share Program under the LTIP which, as of the Termination Date, have not been earned by and awarded to the Executive shall become fully vested on the Change Date at the LTIP Target Level. 
  

 25 

 (e) Termination During an Imminent Control Change Period: Restricted Stock.
Executive’s unvested Restricted Stock will: 
  
 (i) not be forfeited during the Imminent Control Change Period; and 
  
 (ii) not continue to vest during the Imminent Control Change Period. 
  
 If the Imminent Control Change Period lapses without a Change Date, such unvested Restricted Stock shall thereupon be forfeited. 
  
 If the Imminent Control Change Period culminates in a Change Date, then
immediately prior to the Change Date, Executive’s Restricted Stock shall (except as specifically provided to the contrary in the award) become fully vested, and within ten business days after the Change Date, the Company shall deliver to
Executive all of such shares theretofore held by or on behalf of the Company, which will be subject to the same terms which other stockholders of the Company receive in the transaction. 
  
 (f) Termination During an Imminent Control Change Period: Continuation of Welfare Benefits. The
Company shall continue to provide to Executive and Executive’s family welfare benefits (other than any severance pay that may be considered a welfare benefit) during the Imminent Change Period which are at least as favorable as welfare benefits
under the most favorable Welfare Plans of the Company applicable with respect to peer executives who are actively employed after the Termination Date and their families; subject to the following: 
  
 (i) In determining benefits applicable under such Welfare
Plans, the Executive’s annual compensation attributable to base salary and incentives for any plan year or calendar year, as applicable, shall be deemed to be not less than the Executive’s Base Salary and Annual Incentive; 
  
 (ii) The cost of such welfare benefits to Executive and
family under this Section 4.2(f) shall not exceed the cost of such benefits to peer executives who are actively employed after the Termination Date. 
  
 (iii) Executive’s rights under this Section 4.2(f) shall be in addition to and not in lieu of any post-termination continuation
coverage or conversion rights the Executive may have pursuant to applicable law, including, without limitation, continuation coverage required by Section 4980B of the Code. 
  
 If the Imminent Control Change Period lapses without a Change Date, welfare benefit plan coverage under this Section 4.2(f)
shall thereupon cease, subject to Executive’s rights, if any, to continued coverage under a Welfare Plan, Section 4 of the Exelon Corporation Senior Management Severance Plan, or applicable law. If the Imminent Control Change Period culminates
in a Change Date, then for the remainder of the Severance Period (and continuing through such later date as any Welfare Plan may specify), the Company shall continue to provide Executive and Executive’s family welfare benefits as described in,
and subject to the limitations of Section 4.1(e). 
  

 26 

 Notwithstanding the foregoing, if the Executive obtains a specific type of coverage under welfare plan(s)
sponsored by another employer of Executive (e.g. medical, prescription, vision, dental, disability, individual life insurance benefits, group life insurance benefits, but excluding for the purposes of this sentence retiree benefits if Executive is
so eligible), then the Company shall not be obligated to provide such any specific type of coverage. The Executive shall immediately notify the Company of any such coverage. 
  
 (g) Termination During an Imminent Control Change Period: Outplacement. To the extent actually
incurred by Executive, the Company shall pay or cause to be paid on behalf of Executive, as incurred, all reasonable fees and costs charged by a nationally recognized outplacement firm selected by the Executive for outplacement services provided up
to 12 months after the Termination Date. No cash shall be paid in lieu of such fees and costs. 
  
 (h) Termination During an Imminent Control Change Period: Indemnification. The Executive shall be indemnified and held harmless by
the Company to the same extent as provided in Section 4.1(g), but only during the Imminent Control Change Period (or greater period provided under the Company’s by-laws) if the Imminent Control Change Period lapses without a Change Date.

  
 (i) Termination During an Imminent Control
Change Period: Directors’ and Officers’ Liability Insurance. The Company shall provide the same level of directors’ and officers’ liability insurance for Executive as provided in Section 4.1(h), but only during the Imminent
Control Change Period (or greater period provided under the Company’s by-laws) if the Imminent Control Change Period lapses without a Change Date. 
  
 4.3 Termination During a Post-Disaggregation Period. If, during a Post-Disaggregation Period the Disaggregated Entity terminates
Executive’s employment other than for Cause or Disability, or if Executive terminates employment for Good Reason, the Company’s sole obligations to Executive under Articles II and IV shall be as set forth in this Section 4.3, subject to
Section 3.3(c), but only to the extent not provided by the Disaggregated Entity. 
  
 (a) Termination During a Post-Disaggregation Period: Cash Severance Payments. The Company shall pay Executive the amounts described
in Section 4.1(a), as provided in Section 4.4. 
  
 (b) Termination During a Post-Disaggregation Period: Stock Options. All of Executive’s Stock Options granted prior to the Disaggregation that have not expired, whether or not converted to options or stock of the Disaggregated
Entity or Merger Survivor, shall be fully vested, and may be exercised in whole or in part by the Executive at any time until (1) the remaining option expiration date for such Stock Options granted prior to January 1, 2002 and (2) the earlier of the
fifth anniversary of the Termination Date or the option expiration date for such Stock Options granted on or after January 1, 2002. 
  

 27 

 (c) Termination During a Post-Disaggregation Period: Performance Shares.
Executive’s Performance Shares granted prior to the Disaggregation, whether or not earned by and awarded to the Executive as of the Disaggregation, and whether or not converted to performance shares of the Disaggregated Entity or the Merger
Survivor, shall become fully vested (at the earned level for Performance Shares earned and awarded, and at the target level for any converted performance shares not yet earned and awarded) on the Termination Date. 
  
 (d) Termination During a Post-Disaggregation Period:
Restricted Stock. Executive’s unvested Restricted Stock, whether or not converted to restricted stock of the Disaggregated Entity or Merger Survivor, shall become fully vested on the Termination Date. 
  
 (e) Termination During a Post-Disaggregation Period:
Continuation of Welfare Benefits. Until the end of the Severance Period, the Company shall continue to provide to Executive and Executive’s family welfare benefits with the same rights in relation to continuation coverage, status in
relation to other employer benefits, scope and cost as described in Section 4.1(e); provided that, to the extent Executive is eligible for post-termination continuation coverage under the plans of the Disaggregated Entity, whether pursuant to
Section 4980B of the Code or otherwise, the continued coverage required hereunder shall be provided under the plans of the Disaggregated Entity (and the Company shall reimburse the cost to Executive of such coverage). 
  
 (f) Termination During a Post-Disaggregation Period:
Outplacement. To the extent actually incurred by Executive, the Company shall pay or cause to be paid on behalf of Executive, as incurred, all reasonable fees and costs charged by a nationally recognized outplacement firm selected by the
Executive for outplacement services provided up to 12 months after the Termination Date. No cash shall be paid in lieu of such fees and costs. 
  
 (g) Termination During a Post-Disaggregation Period: Indemnification. The Executive shall be indemnified and held harmless by the
Company to the same extent as provided in Section 4.1(g). 
  
 (h) Termination During a Post-Disaggregation Period: Directors’ and Officers’ Liability Insurance. The Company shall provide Executive with directors’ and officers’ liability insurance to
the same extent as provided in Section 4.1(h). 
  
 4.4 Timing
of Severance Payments. Unless otherwise specified herein, the amounts described in Sections 4.1(a)(i), (ii), (iii), (iv) and (v) shall, to the extent permissible without penalty under applicable tax law (other than Excise Taxes described
in Section 5.1), be paid within 30 business days of the Termination Date and, to the extent such amounts can not be paid without such a penalty, such amounts shall be paid at the relevant time or times payment becomes permissible under such law. The
severance payments described in Section 4.1(a)(vi) shall be paid as follows: 
  
 (a) Beginning no later than the second paydate which occurs after the Termination Date, the Company shall make periodic payments to the Executive according to the Company’s normal payroll practices at a monthly
rate equal to 1/12 of the sum of (i) the Executive’s Base Salary in effect as of the Termination Date plus (ii) the Severance Incentive; and 
  

 28 

 (b) Within 30 business days of the second anniversary of the Termination Date, the
Company shall pay Executive a cash lump sum equal to the difference between the total Severance Payment less the total amount paid pursuant to normal payroll practices under Section 4.4(a). 
  
 4.5 Waiver and Release. Notwithstanding anything herein to the
contrary, the Company shall have no obligation to Executive under Article IV or Article V unless and until Executive executes a release and waiver of Company and its Affiliates, in substantially the same form as attached hereto as Exhibit A, or as
otherwise mutually acceptable. 
  
 4.6 Breach of
Covenants. If a court determines that Executive has breached any non-competition, non-solicitation, confidential information or intellectual property covenant entered into between Executive and Company, the Company shall not be obligated
to pay or provide any severance or benefits under Articles IV or V, all unexercised Stock Options shall terminate as of the date of the breach, and all Restricted Stock shall be forfeited as of the date of the breach. 
  
 4.7 Termination by the Company for Cause. If the Company (or
Affiliate or, if applicable, the Disaggregated Entity) terminates Executive’s employment for Cause during the Post-Change Period, the Imminent Control Change Period, the Post-Significant Acquisition Period, or the Post-Disaggregation Period,
the Company’s sole obligation to Executive under Articles II, IV, and V shall be to pay Executive, pursuant to the Company’s then-effective Plans, a lump-sum cash amount equal to all Accrued Obligations determined as of the Termination
Date. The remaining applicable provisions of this Agreement (including the restrictive covenants in Article VIII) shall continue to apply. 
  
 4.8 Termination by Executive Other Than for Good Reason. If Executive elects to retire or otherwise terminate employment during the
Post-Change Period, the Imminent Control Change Period, the Post-Significant Acquisition Period, or the Post-Disaggregation Period, other than for Good Reason, Disability or death, the Company’s sole obligation to Executive under Articles II,
IV, and V shall be to pay Executive, pursuant to the Company’s then-effective Plans, a lump-sum cash amount equal to all Accrued Obligations determined as of the Termination Date. The remaining provisions of this Agreement (including the
restrictive covenants in Article VIII) shall continue to apply. 
  
 4.9 Termination by the Company for Disability. If the Company (or Disaggregated Entity, if applicable) terminates Executive’s employment by reason of Executive’s Disability during a Post-Change Period, Imminent
Control Change Period that culminates in a Change Date, Post-Significant Acquisition Period or Post-Disaggregation Period, the Company’s sole obligation to Executive under Articles II, IV, and V shall be as follows, and such obligations shall
be reduced by amounts paid or provided by the Disaggregated Entity: 
  
 (a) to pay Executive, a lump-sum cash amount equal to the sum of amounts specified in Section 4.1(a)(i), (ii) and (iii) determined as of the Termination Date, and 
  

 29 

 (b) to provide Executive disability and other benefits after the Termination Date that
are not less than the most favorable of such benefits then available under Plans of the Company to disabled peer executives of the Company in effect immediately before the Termination Date. 
  
 The remaining provisions of this Agreement (including the restrictive covenants in Article
VIII) shall continue to apply. 
  
 4.10 Upon Death.
If Executive’s employment is terminated by reason of Executive’s death during a Post-Change Period, Imminent Control Change Period that culminates in a Change Date, Post-Significant Acquisition Period or Post-Disaggregation Period, the
Company’s sole obligations to Executive and Executive’s Beneficiary under Articles II, IV, and V shall be as follows, and such obligations shall be reduced by amounts paid or provided by the Disaggregated Entity: 
  
 (a) to pay Executive’s Beneficiary, pursuant to the
Company’s then-effective Plans, a lump-sum cash amount equal to all Accrued Obligations; and 
  
 (b) to provide Executive’s Beneficiary survivor and other benefits that are not less than the most favorable of such benefits then
available under Plans of the Company to surviving families of peer executives of the Company in effect immediately before the Executive’s death, including retiree health care coverage under any Welfare Plan of the Company that provides such
coverage without regard to whether the Executive had satisfied the eligibility requirements for such coverage as of the date of his death. 
  
 4.11 Sole and Exclusive Obligations. The obligations of the Company under this Agreement with respect to any Termination of Employment of
the Executive during the Post-Change Period, Imminent Control Change Period, Post-Significant Acquisition Period, or Post-Disaggregation Period shall, except as provided in Section 4.2, supersede any severance obligations of the Company in any other
plan of the Company or agreement between Executive and the Company, including, without limitations, the Exelon Corporation Senior Management Severance Plan under Section 4 or any other provision thereof, or any other plan or agreement (including an
offer of employment or employment contract) of the Company or any Affiliates which provides for severance benefits. In the event of any inconsistency, ambiguity or conflict between the terms of such other plan of the Company or agreement between
Executive and the Company and this Agreement with respect to any severance obligations of the Company (other than obligations with respect to credited service under the SERP in any agreement other than a prior Change in Control Agreement entered
into by and among Executive, Unicom Corporation, Commonwealth Edison Company or PECO Energy Company), this Agreement shall govern. 
  

 30 

  
 Article V. 

 
 Certain Additional Payments by the Company 
  
 5.1 Gross-Up Payment. If at any time or from time to time, it
shall be determined by the Company’s independent auditors that any payment or other benefit to Executive pursuant to Article II or Article IV of this Agreement or otherwise (“Potential Parachute Payment”) is or will become
subject to the excise tax imposed by Section 4999 of the Code or any similar tax payable under any United States federal, state, local, foreign or other law (“Excise Taxes”), then the Company shall, subject to Section 5.2, pay or
cause to be paid a tax gross-up payment (“Gross-Up Payment”) with respect to all such Excise Taxes and other Taxes on the Gross-Up Payment. The Gross-Up Payment shall be an amount equal to the product of 
  
 (a) The amount of the Excise Taxes (calculated at the
effective marginal rates of all federal, state, local, foreign or other law), 
  
 multiplied by 
  
 (b) A fraction (the “Gross-Up Multiple”), the numerator or which is one (1.0), and the denominator of which is one (1.0) minus the lesser of (i) the sum, expressed as a decimal fraction, of the effective marginal rates of
any Taxes and any Excise Taxes applicable to the Gross-Up Payment or (ii) .80, it being intended that the Gross-Up Multiple shall in no event exceed five (5.0). If different rates of tax are applicable to various portions of a Gross-Up Payment, the
weighted average of such rates shall be used. For purposes of this Section, Executive shall be deemed to be subject to the highest effective marginal rate of Taxes. 
  
 The Gross-Up Payment is intended to compensate Executive for all such Excise Taxes and any other Taxes payable by Executive with respect to
the Gross-Up Payment. The Company shall pay or cause to be paid the Gross–Up Payment to Executive within thirty (30) days of the calculation of such amount, but in no event after the Executive makes payment to the IRS of such Excise Taxes.

  
 5.2 Limitation on Gross-Up Payments. 

 
 (a) To the extent possible, any payments or other
benefits to Executive pursuant to Article II and Article IV of this Agreement shall be allocated as consideration for Executive’s entry into the covenants of Article VIII. 
  
 (b) Notwithstanding any other provision of this Article V, if the aggregate amount of the Potential
Parachute Payments that, but for this Section 5.2, would be payable to Executive, does not exceed 110% of Floor Amount (as defined below), then no Gross-Up Payment shall be made to Executive and the aggregate amount of Potential Parachute Payments
payable to Executive shall be reduced (but not below the Floor Amount) to the largest amount which would both (i) not cause any Excise Tax to be payable by Executive and (ii) not cause any Potential Parachute Payments to become 

  

 31 

 
nondeductible by the Company by reason of Section 280G of the Code (or any successor provision). For purposes of the preceding sentence, “Floor
Amount” means the greatest pre-tax amount of Potential Parachute Payments that could be paid to Executive without causing Executive to become liable for any Excise Taxes in connection therewith. 
  
 5.3 Additional Gross-up Amounts. If, for any reason (whether
pursuant to subsequently enacted provisions of the Code, final regulations or published rulings of the IRS, or a final judgment of a court of competent jurisdiction) the Company’s independent auditors later determine that the amount of Excise
Taxes payable by Executive is greater than the amount initially determined pursuant to Section 5.1, then the Company shall, subject to Sections 5.2 and 5.4, pay Executive, within thirty (30) days of such determination, or pay to the IRS as required
by applicable law, an amount (which shall also be deemed a Gross-Up Payment) equal to the product of: 
  
 (a) the sum of (i) such additional Excise Taxes and (ii) any interest, penalties, expenses or other costs incurred by Executive as a
result of having taken a position in accordance with a determination made pursuant to Section 5.1 or 5.4, 
  
 multiplied by 
  
 (b) the Gross-Up Multiple. 
  
 5.4 Amount Increased or Contested. 
  
 (a) Executive shall notify the Company in writing (an “Executive’s Notice”) of any claim by the IRS or other taxing
authority (an “IRS Claim”) that, if successful, would require the payment by Executive of Excise Taxes in respect of Potential Parachute Payments in an amount in excess of the amount of such Excise Taxes determined in accordance
with Section 5.1. Executive’s Notice shall include the nature and amount of such IRS Claim, the date on which such IRS Claim is due to be paid (the “IRS Claim Deadline”), and a copy of all notices and other documents or
correspondence received by Executive in respect of such IRS Claim. Executive shall give the Executive’s Notice as soon as practicable, but no later than the earlier of (i) 10 days after Executive first obtains actual knowledge of such IRS Claim
or (ii) five days before the IRS Claim Deadline; provided, however, that any failure to give such Executive’s Notice shall affect the Company’s obligations under this Article only to the extent that the Company is actually prejudiced by
such failure. If at least one business day before the IRS Claim Deadline the Company shall: 
  
 (i) deliver to Executive a written certificate from the Company’s independent auditors (“Company Certificate”) to
the effect that, notwithstanding the IRS Claim, the amount of Excise Taxes, interest or penalties payable by Executive is either zero or an amount less than the amount specified in the IRS Claim, 
  
 (ii) pay to Executive, or to the IRS as required by
applicable law, an amount (which shall also be deemed a Gross-Up Payment) equal to difference 

  

 32 

 
between the product of (A) amount of Excise Taxes, interest and penalties specified in the Company Certificate, if any, multiplied by (B) the Gross-Up
Multiple, less the portion of such product, if any, previously paid to Executive by the Company, and 
  
 (iii) direct Executive pursuant to Section 5.4(d) to contest the balance of the IRS Claim, 
  
 then Executive shall pay only the amount, if any, of Excise Taxes, interest
and penalties specified in the Company Certificate. In no event shall Executive pay an IRS Claim earlier than 30 business days after having given an Executive’s Notice to the Company (or, if sooner, the IRS Claim Deadline). 
  
 (b) At any time after the payment by Executive of any amount
of Excise Taxes, other Taxes or related interest or penalties in respect of Potential Parachute Payments (including any such amount equal to or less than the amount of such Excise Taxes specified in any Company Certificate, or IRS Claim), the
Company may in its discretion require Executive to pursue a claim for a refund (a “Refund Claim”) of all or any portion of such Excise Taxes, other Taxes, interest or penalties as may be specified by the Company in a written notice
to Executive. 
  
 (c) If the Company notifies
Executive in writing that the Company desires Executive to contest an IRS Claim or to pursue a Refund Claim, Executive shall: 
  
 (i) give the Company all information that it reasonably requests in writing from time to time relating to such IRS Claim or Refund Claim,
as applicable, 
  
 (ii) take such action in
connection with such IRS Claim or Refund Claim (as applicable) as the Company reasonably requests in writing from time to time, including accepting legal representation with respect thereto by an attorney selected by the Company, subject to the
approval of Executive (which approval shall not be unreasonably withheld or delayed), 
  
 (iii) cooperate with the Company in good faith to contest such IRS Claim or pursue such Refund Claim, as applicable, 
  
 (iv) permit the Company to participate in any proceedings
relating to such IRS Claim or Refund Claim, as applicable, and 
  
 (v) contest such IRS Claim or prosecute Refund Claim (as applicable) to a determination before any administrative tribunal, in a court of initial jurisdiction and in one or more appellate courts, as the Company may
from time to time determine in its discretion. 
  
 The Company
shall control all proceedings in connection with such IRS Claim or Refund Claim (as applicable) and in its discretion may cause Executive to pursue or forego any and all administrative appeals, proceedings, hearings and conferences with the Internal

  

 33 

	 	 
Revenue Service or other taxing authority in respect of such IRS Claim or Refund Claim (as applicable); provided that (i) any extension of the statute of
limitations relating to payment of taxes for the taxable year of Executive relating to the IRS Claim is limited solely to such IRS Claim, (ii) the Company’s control of the IRS Claim or Refund Claim (as applicable) shall be limited to issues
with respect to which a Gross-Up Payment would be payable, and (iii) Executive shall be entitled to settle or contest, as the case may be, any other issue raised by the Internal Revenue Service or other taxing authority.

  
 (d) The Company may at any
time in its discretion direct Executive to (i) contest the IRS Claim in any lawful manner or (ii) pay the amount specified in an IRS Claim and pursue a Refund Claim; provided, however, that if the Company directs Executive to pay an IRS Claim and
pursue a Refund Claim, the Company shall advance the amount of such payment to Executive on an interest-free basis and shall indemnify Executive, on an after-tax basis, for any Excise Tax or income tax, including related interest or penalties,
imposed with respect to such advance. 
  
 (e) The
Company shall pay directly all legal, accounting and other costs and expenses (including additional interest and penalties) incurred by the Company or Executive in connection with any IRS Claim or Refund Claim, as applicable, and shall indemnify
Executive, on an after-tax basis, for any Excise Tax or income tax, including related interest and penalties, imposed as a result of such payment of costs and expenses. 
  
 5.5 Refunds. If, after the receipt by Executive or the IRS of any payment or advance of Excise Taxes or other
Taxes by the Company pursuant to this Article, Executive receives any refund with respect to such Excise Taxes, Executive shall (subject to the Company’s complying with any applicable requirements of Section 5.4) promptly pay the Company the
amount of such refund (together with any interest paid or credited thereon after taxes applicable thereto). If, after the receipt by Executive of an amount advanced by the Company pursuant to Section 5.4 or receipt by the IRS of an amount paid by
the Company on behalf of the Executive pursuant to Section 5.4, a determination is made that Executive shall not be entitled to any refund with respect to such claim and the Company does not notify Executive in writing of its intent to contest such
determination within 30 days after the Company receives written notice of 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. Any contest of a denial of refund shall be controlled by Section 5.4(d). 
  

 34 

  
 Article VI.

  
 Expenses, Interest and Dispute Resolution

  
 6.1 Enforcement and Late Payments.

  
 (a) If, after the Agreement Date, Executive
incurs reasonable legal fees or other expenses (including arbitration costs and expenses under Section 6.3) in an effort to secure, preserve, or obtain benefits under this Agreement, the Company shall, regardless of the outcome of such effort,
reimburse Executive (in accordance with Section 6.1(b)) for such fees and expenses. 
  
 (b) Reimbursement of legal fees and expenses and gross-up payments shall be made on a current basis, promptly after Executive’s
written submission of a request for reimbursement together with evidence that such fees and expenses were incurred. 
  
 (c) If Executive does not prevail (after exhaustion of all available judicial remedies) in respect of a claim by Executive or by the
Company hereunder, and the Company establishes before a court of competent jurisdiction by clear and convincing evidence that Executive had no reasonable basis for Executive’s claim hereunder, or for Executive’s response to the
Company’s claim hereunder, or that Executive acted in bad faith, no further reimbursement for legal fees and expenses shall be due to Executive in respect of such claim and Executive shall refund any amounts previously reimbursed hereunder with
respect to such claim. 
  
 6.2 Interest. If the
Company does not pay any cash amount due to Executive under this Agreement within three business days after such amount first became due and owing, interest shall accrue on such amount from the date it became due and owing until the date of payment
at an annual rate equal to 200 basis points above the base commercial lending rate published in The Wall Street Journal in effect from time to time during the period of such nonpayment; provided that the Executive shall not be entitled to
interest on any Gross Up Payment. 
  
 6.3
Arbitration. Any dispute, controversy or claim between the parties hereto arising out of or in connection with or relating to this Agreement (other than disputes related to Article V or to an alleged breach of the covenant contained in
Article VIII) or any breach or alleged breach thereof, or any benefit or alleged benefit hereunder, shall be settled by arbitration in Chicago, Illinois, before an impartial arbitrator pursuant to the rules and regulations of the American
Arbitration Association (“AAA”) pertaining to the arbitration of labor disputes. Either party may invoke the right to arbitration. The arbitrator shall be selected by means of the parties striking alternatively from a panel of seven
arbitrators supplied by the Chicago office of AAA. The arbitrator shall have the authority to interpret and apply the provisions of this Agreement, consistent with Section 10.11 below. The decision of the arbitrator shall be final and binding upon
the parties and a judgment thereon may be entered in the highest court of a forum, state or federal, having jurisdiction. The expenses of the arbitration shall be borne according to Section 6.1. 

  

 35 

 
No arbitration shall be commenced after the date when institution of legal or equitable proceedings based upon such subject matter would be barred by the
applicable statutes of limitations. Notwithstanding anything to the contrary contained in this Section 6.3 or elsewhere in this Agreement, either party may bring an action in the District Court of Cook County, or the United States District Court for
the Northern District of Illinois, if jurisdiction there lies, in order to maintain the status quo ante of the parties. The “status quo ante” is defined as the last peaceable, uncontested status between the parties. However, neither the
party bringing the action nor the party defending the action thereby waives its right to arbitration of any dispute, controversy or claim arising out of or in connection or relating to this Agreement. Notwithstanding anything to the contrary
contained in this Section 6.3 or elsewhere in this Agreement, either party may seek relief in the form of specific performance, injunctive or other equitable relief in order to enforce the decision of the arbitrator. The parties agree that in any
arbitration commenced pursuant to this Agreement, the parties shall be entitled to such discovery (including depositions, requests for the production of documents and interrogatories) as would be available in a federal district court pursuant to
Rules 26 through 37 of the Federal Rules of Civil Procedure. In the event that either party fails to comply with its discovery obligations hereunder, the arbitrator shall have full power and authority to compel disclosure or impose sanctions to the
full extent of Rule 37 of the Federal Rules of Civil Procedure. 
  
 Article VII. 
  
 No Set-off or Mitigation

  
 7.1 No Set-off by Company. Executive’s
right to receive when due the payments and other benefits provided for under this Agreement is absolute, unconditional and subject to no setoff, counterclaim or legal or equitable defense; provided, however that the Company shall have no further
obligation to pay or provide severance benefits under Article II, Article IV or Article V if at any time it determines, in accordance with the procedural requirements in Section 3.3, that in the course of his employment the Executive engaged in
conduct described in Section 3.3(a)(iii) or the last clause of Section 3.3(a)(iv). Time is of the essence in the performance by the Company of its obligations under this Agreement. Any claim which the Company may have against Executive, whether for
a breach of this Agreement or otherwise, shall be brought in a separate action or proceeding and not as part of any action or proceeding brought by Executive to enforce any rights against the Company under this Agreement. 
  
 7.2 No Mitigation. Executive shall not have any duty to
mitigate the amounts payable by the Company under this Agreement by seeking new employment or self-employment following termination. Except as specifically otherwise provided in this Agreement, all amounts payable pursuant to this Agreement shall be
paid without reduction regardless of any amounts of salary, compensation or other amounts which may be paid or payable to Executive as the result of Executive’s employment by another unaffiliated employer or self-employment. 
  

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 Article VIII.

  
 Restrictive Covenants 
  
 8.1 Confidential Information. The Executive acknowledges that
in the course of performing services for the Companies and Affiliates, he may create (alone or with others), learn of, have access to and receive Confidential Information. Confidential Information shall not include: (i) information that is or
becomes generally known through no fault of Executive; (ii) information received from a third party outside of the Company that was disclosed without a breach of any confidentiality obligation; or (iii) information approved for release by written
authorization of the Company. The Executive recognizes that all such Confidential Information is the sole and exclusive property of the Company and its Affiliates or of third parties which the Company or Affiliate is obligated to keep confidential,
that it is the Company’s policy to keep all such Confidential Information confidential, and that disclosure of Confidential Information would cause damage to the Company and its Affiliates. The Executive agrees that, except as required by the
duties of Executive’s employment with the Company or any of its Affiliates and except in connection with enforcing the Executive’s rights under this Agreement or if compelled by a court or governmental agency, in each case provided that
prior written notice is given to Company, Executive will not, without the written consent of Company, willfully disseminate or otherwise disclose, directly or indirectly, any Confidential Information obtained during his employment with the Company
or its Affiliates, and will take all necessary precautions to prevent disclosure, to any unauthorized individual or entity inside or outside the Company, and will not use the Confidential Information or permit its use for the benefit of Executive or
any other person or entity other than the Company or its Affiliates. These obligations shall continue during and after the termination of Executive’s employment (whether or not after a Change in Control, Imminent Control Change, Significant
Acquisition or Disaggregation). 
  
 8.2
Non-Competition. During the period beginning on the Agreement Date and ending on the second anniversary of the Termination Date, whether or not after a Change in Control, Imminent Control Change, Significant Acquisition or
Disaggregation, Executive hereby agrees that without the written consent of the Company Executive shall not at any time, directly or indirectly, in any capacity: 
  
 (a) engage or participate in, become employed by, serve as a director of, or render advisory or consulting
or other services in connection with, any Competitive Business; provided, however, that after the Termination Date this Section 8.2 shall not preclude Executive from being an employee of, or consultant to, any business unit of a Competitive Business
if (i) such business unit does not qualify as a Competitive Business in its own right and (ii) Executive does not have any direct or indirect involvement in, or responsibility for, any operations of such Competitive Business that cause it to qualify
as a Competitive Business. 
  
 (b) make or retain
any financial investment, whether in the form of equity or debt, or own any interest, in any Competitive Business. Nothing in this subsection shall, however, restrict Executive from making an investment in any Competitive Business if 

  

 37 

	 	 
such investment does not (i) represent more than 1% of the aggregate market value of the outstanding capital stock or debt (as applicable) of such
Competitive Business, (ii) give Executive any right or ability, directly or indirectly, to control or influence the policy decisions or management of such Competitive Business, and (iii) create a conflict of interest between Executive’s duties
under this Agreement and his interest in such investment. 

  
 8.3 Non-Solicitation. During the period beginning on the Agreement Date and ending on the second anniversary of any Termination Date, whether or not after a Change in Control, Imminent Control Change,
Significant Acquisition or Disaggregation, Executive shall not, directly or indirectly: 
  
 (a) other than in connection with the good-faith performance of his duties as an officer of the Company, cause or attempt to cause any
employee or agent of the Company to terminate his or her relationship with the Company; 
  
 (b) employ, engage as a consultant or adviser, or solicit the employment or engagement as a consultant or adviser, of any employee or
agent of the Company (other than by the Company or its Affiliates), or cause or attempt to cause any Person to do any of the foregoing; 
  
 (c) establish (or take preliminary steps to establish) a business with, or cause or attempt to cause others to establish (or take
preliminary steps to establish) a business with, any employee or agent of the Company, if such business is or will be a Competitive Business; or 
  
 (d) interfere with the relationship of the Company with, or endeavor to entice away from the Company, any Person who or which at any time
during the period commencing one year prior to the Termination Date was or is, to the Executive’s knowledge, a material customer or material supplier of, or maintained a material business relationship with, the Company. 
  
 8.4 Intellectual Property. During the period of
Executive’s employment with the Company and any Affiliate, and thereafter upon the Company’s request, whether or not after a Change in Control, Imminent Control Change, Significant Acquisition or Disaggregation, Executive shall disclose
immediately to the Company all ideas, inventions and business plans that he makes, conceives, discovers or develops alone or with others during the course of his employment with the Company or during the one year period following Executive’s
Termination Date, including any inventions, modifications, discoveries, developments, improvements, computer programs, processes, products or procedures (whether or not protectable upon application by copyright, patent, trademark, trade secret or
other proprietary rights) (“Work Product”) that: (i) relate to the business of the Company or any customer or supplier to the Company or any of the products or services being developed, manufactured, sold or otherwise provided by
the Company or that may be used in relation therewith; or (ii) result from tasks assigned to Executive by the Company; or (iii) result from the use of the premises or personal property (whether tangible or intangible) owned, leased or contracted for
by the Company. Executive agrees that any Work Product shall be the property of the Company and, if subject to 

  

 38 

 
copyright, shall be considered a “work made for hire” within the meaning of the Copyright Act of 1976, as amended (the “Act”). If
and to the extent that any such Work Product is not a “work made for hire” within the meaning of the Act, Executive hereby assigns to the Company all right, title and interest in and to the Work Product, and all copies thereof, and the
copyright, patent, trademark, trade secret and all proprietary rights in the Work Product, without further consideration, free from any claim, lien for balance due or rights of retention thereto on the part of Executive. 
  
 (a) The Company hereby notifies Executive that the preceding
paragraph does not apply to any inventions for which no equipment, supplies, facility, or trade secret information of the Company was used and which was developed entirely on the Executive’s own time, unless: (i) the invention relates (a) to
the Company’s business, or (b) to the Company’s actual or demonstrably anticipated research or development, or (ii) the invention results from any work performed by the Executive for the Company. 
  
 (b) Executive agrees that upon disclosure of Work Product to
the Company, Executive will, during his employment and at any time thereafter, at the request and cost of the Company, execute all such documents and perform all such acts as the Company or its duly authorized agents may reasonably require: (i) to
apply for, obtain and vest in the name of the Company alone (unless the Company otherwise directs) letters patent, copyrights or other analogous protection in any country throughout the world, and when so obtained or vested to renew and restore the
same; and (ii) to prosecute or defend any opposition proceedings in respect of such applications and any opposition proceedings or petitions or applications for revocation of such letters patent, copyright or other analogous protection, or otherwise
in respect of the Work Product. 
  
 (c) In the
event that the Company is unable, after reasonable effort, to secure Executive’s execution as provided in subsection (b) above, whether because of Executive’s physical or mental incapacity or for any other reason whatsoever, Executive
hereby irrevocably designates and appoints the Company and its duly authorized officers and agents as his agent and attorney-in-fact, to act for and on his behalf to execute and file any such application or applications and to do all other lawfully
permitted acts to further the prosecution, issuance and protection of letters patent, copyright and other intellectual property protection with the same legal force and effect as if personally executed by Executive. 
  
 8.5 Reasonableness of Restrictive Covenants. 
  
 (a) Executive acknowledges that the covenants contained in
Sections 8.1, 8.2, 8.3 and 8.4 are reasonable in the scope of the activities restricted, the geographic area covered by the restrictions, and the duration of the restrictions, and that such covenants are reasonably necessary to protect the
Company’s legitimate interests in its Confidential Information and in its relationships with its employees, customers and suppliers. Executive further acknowledges such covenants are essential elements of this Agreement and that, but for such
covenants, the Company would not have entered into this Agreement. 
  

 39 

 (b) The Company and Executive have each consulted with their respective legal counsel and
have been advised concerning the reasonableness and propriety of such covenants. Executive acknowledges that his observance of the covenants contained in Sections 8.1, 8.2, 8.3 and 8.4 will not deprive Executive of the ability to earn a livelihood
or to support his dependents. 
  
 8.6 Right to Injunction;
Survival of Undertakings. 
  
 (a) In
recognition of the confidential nature of the Confidential Information, and in recognition of the necessity of the limited restrictions imposed by Sections 8.1, 8.2, 8.3 and 8.4 the parties agree that it would be impossible to measure solely in
money the damages which the Company would suffer if Executive were to breach any of his obligations under such Sections. Executive acknowledges that any breach of any provision of such Sections would irreparably injure the Company. Accordingly,
Executive agrees that if he breaches any of the provisions of such Sections, the Company shall be entitled, in addition to any other remedies to which the Company may be entitled under this Agreement or otherwise, to an injunction to be issued by a
court of competent jurisdiction, to restrain any breach, or threatened breach, of such provisions, and Executive hereby waives any right to assert any claim or defense that the Company has an adequate remedy at law for any such breach. 

 
 (b) If a court determines that any of the covenants
included in this Article VIII is unenforceable in whole or in part because of such covenant’s duration or geographical or other scope, such court shall have the power to modify the duration or scope of such provision, as the case may be, so as
to cause such covenant as so modified to be enforceable. 
  
 (c) All of the provisions of this Article VIII shall survive any Termination of Employment without regard to (i) the reasons for such termination or (ii) the expiration of the Agreement Term. 
  
 (d) The Company shall have no further obligation to pay or
provide severance or benefits under Article II, Article IV, or Article V if a court determines that the Executive has breached any covenant in this Article VIII. 
  
 Article IX. 
  
 Non-Exclusivity of Rights 
  
 9.1 Other Rights. Except as expressly provided in Section 4.11 or elsewhere in this Agreement, this Agreement shall not prevent or limit
Executive’s continuing or future participation in any benefit, bonus, incentive or other Plans provided by the Company and for which Executive may qualify, nor shall this Agreement limit or otherwise affect such rights as Executive may have
under any other agreements with the Company. Amounts which are vested benefits or which Executive is otherwise entitled to receive under any Plan and any other payment or benefit required by law at or after the Termination Date shall be payable in
accordance with such Plan or applicable law except as expressly modified by this Agreement. 
  

 40 

 9.2 No Right to Continued Employment. Nothing in this Agreement shall guarantee the right
of Executive to continue in employment, and the Company retains the right to terminate the Executive’s employment at any time for any reason or for no reason. 
  
 Article X. 
  
 Miscellaneous 
  
 10.1 No Assignability. This Agreement is personal to Executive and without the prior written consent of the Company shall not be assignable
by Executive otherwise than by will or the laws of descent and distribution. This Agreement shall inure to the benefit of and be enforceable by Executive’s legal representatives. 
  
 10.2 Successors. This Agreement shall inure to the benefit of and be binding upon the Company and its
successors and assigns. The Company will require any successor (whether direct or indirect, by purchase, merger, consolidation or otherwise) to all or substantially all of the business or assets of the Company to assume expressly and agree to
perform this Agreement in the same manner and to the same extent that the Company would be required to perform it if no such succession had taken place. Any successor to the business or assets of the Company which assumes or agrees to perform this
Agreement by operation of law, contract, or otherwise shall be jointly and severally liable with the Company under this Agreement as if such successor were the Company. 
  
 10.3 Affiliates. To the extent that immediately prior to the Applicable Trigger Date, the Executive has been
on the payroll of, and participated in the incentive or employee benefit plans of, an Affiliate of the Company, the references to the Company contained in Sections 2.8(a)(i) through (vii) and the other Sections of this Agreement referring to
benefits to which the Executive may be entitled shall be read to refer to such Affiliate. 
  
 10.4 Payments to Beneficiary. If Executive dies before receiving amounts to which Executive is entitled under this Agreement, such amounts shall be paid in a lump sum to one or more beneficiaries
designated in writing by Executive (each, a “Beneficiary”). If none is so designated, the Executive’s estate shall be his or her Beneficiary. 
  
 10.5 Non-Alienation of Benefits. Benefits payable under this Agreement shall not be subject in any manner to
anticipation, alienation, sale, transfer, assignment, pledge, encumbrance, charge, garnishment, execution or levy of any kind, either voluntary or involuntary, before actually being received by Executive, and any such attempt to dispose of any right
to benefits payable under this Agreement shall be void. 
  
 10.6
Severability. If any one or more Articles, Sections or other portions of this Agreement are declared by any court or governmental authority to be unlawful or invalid, such unlawfulness or invalidity shall not serve to invalidate any
Article, Section or other portion not so declared to be unlawful or invalid. Any Article, Section or other portion so declared to be unlawful or invalid shall be construed so as to effectuate the terms of such Article, Section or other portion to
the fullest extent possible while remaining lawful and valid. 
  

 41 

 10.7 Amendments. This Agreement shall not be amended or modified except by written
instrument executed by the Company and Executive; provided, that the Company may amend this Agreement to the extent counsel to the Company determines such amendment is necessary to comply with any regulations or other governmental guidance issued
under the American Jobs Creation Act of 2004 relating to deferral of compensation. 
  
 10.8 Notices. All notices and other communications under this Agreement shall be in writing and delivered by hand, by nationally-recognized delivery service that promises overnight delivery, or by
first-class registered or certified mail, return receipt requested, postage prepaid, addressed as follows: 
  
 If to Executive, to Executive at his most recent home address on file with the Company. 
  
 If to the Company: 
  
 Exelon Corporation 
 37th Floor 
 10 S.
Dearborn Street 
 Chicago, Illinois 60603  
 Attention: S. Gary Snodgrass, Executive Vice President and Chief Human 
 Resources Officer 
 Facsimile No.: (312) 394-5440 
  
 With copy to: 
  
 Pamela Baker, Esq. 
 Sonnenschein Nath &
Rosenthal 
 8000 Sears Tower 
 Chicago, Illinois 60606 
 Facsimile No.: (312) 876-7934 
  
 or to such other address as either party shall have furnished to the other in writing. Notice and communications shall be effective when
actually received by the addressee. 
  
 10.9 Joint and Several
Liability. The Company and the Subsidiary shall be jointly and severally liable for the obligations of the Company, the Subsidiary, or the Employer hereunder. 
  
 10.10 Counterparts. This Agreement may be executed in two or more counterparts, each of which shall be deemed
an original, but all of which together constitute one and the same instrument. 
  
 10.11 Governing Law. This Agreement shall be interpreted and construed in accordance with the laws of the State of Illinois, without regard to its choice of law principles, and with the applicable
provisions of the Code. 
  

 42 

 10.12 Captions. The captions of this Agreement are not a part of the provisions hereof and
shall have no force or effect. 
  
 10.13 Number and
Gender. Wherever appropriate, the singular shall include the plural, the plural shall include the singular, and the masculine shall include the feminine. 
  
 10.14 Tax Withholding. The Company may withhold from any amounts payable under this Agreement or otherwise
payable to Executive any Taxes the Company determines to be appropriate under applicable law and may report all such amounts payable to such authority as is required by any applicable law or regulation. 
  
 10.15 No Waiver. Executive’s failure to insist upon strict
compliance with any provision of this Agreement shall not be deemed a waiver of such provision or any other provision of this Agreement. A waiver of any provision of this Agreement shall not be deemed a waiver of any other provision, and any waiver
of any default in any such provision shall not be deemed a waiver of any later default thereof or of any other provision. 
  
 10.16 Entire Agreement. This Agreement contains the entire understanding of Company and Executive with respect to its subject matter.

  

 43 

 IN WITNESS WHEREOF, Executive and Exelon Corporation have executed this Change in Control Employment
Agreement effective as of                     , 200    . 
  

			
	 EXECUTIVE

	
	 
	
	 EXELON CORPORATION

		
	By:	 	 
	 Title:
	 	 

  

 44

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