SEC Contract Filing

Filing Date: 2015-02-13

Document Content:
<DOCUMENT>
<TYPE>EX-10.34.1
<SEQUENCE>4
<FILENAME>d858551dex10341.htm
<DESCRIPTION>FORM OF EXELON CORPORATION LONG-TERM INCENTIVE PROGRAM
<TEXT>
<HTML><HEAD>
<TITLE>Form of Exelon Corporation Long-Term Incentive Program</TITLE>
</HEAD>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>Exhibit 10.34.1 </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>E<SMALL>XELON</SMALL> C<SMALL>ORPORATION</SMALL> </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>L<SMALL>ONG</SMALL>-T<SMALL>ERM</SMALL> I<SMALL>NCENTIVE</SMALL> P<SMALL>ROGRAM</SMALL> </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">(As amended and restated as of January&nbsp;1, 2014) </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">1. <U>Purpose</U>. The purpose of this Exelon Corporation Long-Term Incentive Program (the &#147;<U>Program</U>&#148;) is to set forth certain
provisions which shall be deemed a part of, and govern, equity compensation awards granted by Exelon Corporation, a Pennsylvania corporation (the &#147;<U>Company</U>&#148;), on or after January&nbsp;1, 2011 to executives, key managers and other
select management employees pursuant to the Exelon Corporation 2011 Long-Term Incentive Plan, as amended (the &#147;<U>Plan</U>&#148;). </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">2. <U>Certain Definitions</U>. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">Except as otherwise set forth herein, the defined terms used in this Program shall have the meanings set forth below or in the Plan. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:8%; font-size:10pt; font-family:Times New Roman">(a) &#147;Administrator&#148; shall have the meaning set forth in Section&nbsp;14 below. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:8%; font-size:10pt; font-family:Times New Roman">(b) &#147;Award&#148; shall mean an award granted under this Program. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:8%; font-size:10pt; font-family:Times New Roman">(c) &#147;Award Notice&#148; shall mean a notice of a Participant&#146;s Award, issued by the Company in written or electronic
form, which shall set forth the type of the Award, the number of shares (or target share opportunity that, together with the Program summary, sets forth the number of shares) of Common Stock subject to such Award and any other terms of the Award not
set forth in the Plan, this Program or the Program summary. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:8%; font-size:10pt; font-family:Times New Roman">(d) &#147;Board&#148; shall mean the board of directors of the
Company. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:8%; font-size:10pt; font-family:Times New Roman">(e) &#147;Transition Award&#148; shall mean a Performance Share Unit Award granted on a one-time basis in 2013
(or 2014, in certain cases such as new hires, promotions or transfers) in order to transition from a one-year Performance Cycle to a three-year Performance Cycle. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:8%; font-size:10pt; font-family:Times New Roman">(f) &#147;Committee&#148; shall mean the compensation committee of the Board. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:8%; font-size:10pt; font-family:Times New Roman">(g) &#147;Dividend Payment Date&#148; shall mean each date on which the Company pays a regular cash dividend to record owners
of shares of Common Stock. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:8%; font-size:10pt; font-family:Times New Roman">(h) &#147;Earned Shares&#148; shall mean shares of Common Stock (or cash representing shares,
as applicable) subject to a Performance Share Unit Award that are earned based on the achievement of the performance goals for the applicable Performance Cycle (or portion thereof, in the case of Transition Awards). </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:8%; font-size:10pt; font-family:Times New Roman">(i) &#147;Effective Date&#148; shall mean January&nbsp;1, 2011. </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; text-indent:8%; font-size:10pt; font-family:Times New Roman">(j) &#147;First Tranche&#148; shall mean one-third of the Performance Share Units
granted under a Transition Award. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:8%; font-size:10pt; font-family:Times New Roman">(k) &#147;Grant Date&#148; shall mean the date on which an Award is granted, as set
forth in the applicable Award Notice. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:8%; font-size:10pt; font-family:Times New Roman">(l) &#147;Option&#148; shall mean a nonqualified option to purchase shares of Common
Stock upon and subject to the satisfaction of the vesting conditions set forth in Section&nbsp;5 of this Program. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:8%; font-size:10pt; font-family:Times New Roman">(m)
&#147;Participant&#148; shall mean the recipient of an Award granted under this Program. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:8%; font-size:10pt; font-family:Times New Roman">(n) &#147;Performance Cycle&#148;
shall mean (A)&nbsp;for Performance Share Unit Awards gran