SEC Contract Filing

Filing Date: 2022-02-25

Document Content:
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<TYPE>EX-10.11
<SEQUENCE>11
<FILENAME>ceg-20211231x10kxexh1011.htm
<DESCRIPTION>CONSTELLATION ENERGY CORPORATION NON-EMPLOYEE DEFERRED STOCK UNIT PLAN
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<DIV><FONT size="1" style="font-size:1pt;color:white"> CONSTELLATION NON-EMPLOYEE DIRECTORS&#8217; DEFERRED STOCK UNIT PROGRAM Effective February 1, 2022 1. Effective Date; Purpose. This Constellation Non-Employee Directors&#8217; Deferred Stock Unit Program (the &#8220;Program&#8221;) shall be effective as of the date on which shares of Common Stock (as defined below) are distributed to the stockholders of Exelon Corporation (&#8220;Exelon,&#8221; and such date, the &#8220;Effective Date&#8221;) pursuant to the Separation Agreement between Constellation Energy Corporation, a Pennsylvania corporation (the &#8220;Company&#8221;), and Exelon, entered into in connection with such distribution (the &#8220;Separation Agreement,&#8221; and such transactions contemplated by the Separation Agreement, the &#8220;Spin- Off&#8221;). The purpose of this Program is to set forth certain provisions which shall be deemed a part of, and govern, equity compensation awards granted by the Company on or after the Effective Date to non- employee directors of the Company pursuant to the Constellation Energy Corporation 2022 Long-Term Incentive Plan (the &#8220;Plan&#8221;), including any such awards granted in substitution of awards that were granted by Exelon prior to the Spin-Off under its equity compensation plans (an &#8220;Exelon Plan&#8221;), pursuant to the Employee Matters Agreement between the Company and Exelon, entered into in connection with the Spin-Off (the &#8220;Employee Matters Agreement&#8221;). 2. Definitions. Except as otherwise defined herein, the defined terms used in this Program shall have the meanings set forth below or in the Plan: &#8220;Account&#8221; means the Company&#8217;s record established pursuant to Section 5, which reflects the number of Units credited to a Participant under the Program. &#8220;Beneficiary&#8221; means the person(s) designated by a Participant to receive any benefits payable under this Program after the Participant&#8217;s death. The Company&#8217;s Secretary shall provide a form for this purpose. If the Participant is not survived by a designated Beneficiary, the Participant&#8217;s Beneficiary shall be the Participant&#8217;s executor, administrator, legal representative or similar person. If one or more Beneficiaries survive the Participant, but all designated Beneficiaries die before the entire balance payable under this Program has been distributed, any remaining balance shall be paid to the estate of the last surviving Beneficiary. A Participant may change his or her Beneficiary designation at any time until his or her death by filing a written Beneficiary Designation Form with the Secretary, in the manner specified by the Secretary. &#8220;Board&#8221; means the Board of Directors of the Company. &#8220;Code&#8221; means the Internal Revenue Code of 1986, as amended. &#8220;Committee&#8221; means the Corporate Governance Committee of the Board, or such other Committee appointed by the Board or, if no such Committee is currently appointed, the Secretary of the Company. &#8220;Common Stock&#8221; means the common stock of the Company. &#8220;Company&#8221; means Constellation Energy Corporation and any successor thereto. &#8220;Director&#8221; means a member of the Board who is not an employee of the Company or any of its subsidiaries or other entities controlling or controlled by it. &#8220;Dividend Date&#8221; means the date on which any quarterly dividend declared by the Board on the Common Stock is paid to shareholders. </FONT></DIV>
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<DIV><FONT size="1" style="font-size:1pt;color:white"> 2 &#8220;Dividend Equivalent&#8221; means an amount determined by multiplying the number of Units credited to a Participant&#8217;s Account on the record date for the payment of a dividend on the Common Stock, by (i) the per share amount of a cash dividend, (ii) the per share Fair Market Value of any stock dividend, or (iii) the per share fair market value (as determined by the Committee) of any dividend in consideration other than cash or Common Stock, paid by the Company on its Common Stock with respect to such dividend record date. &#8220;Fair Market Value&#8221; of Common Stock means the closing sales price thereof on the national securities exchange or quotation service through which the Common Stock is listed or traded on the day on which Fair Market Value is being determined. In the event that there are no Common Stock transactions on the national securities exchange or quotation service through which the Common Stock is listed or traded on such day, the Fair Market Value will be determined as of the immediately preceding day on which there were Common Stock transactions. &#8220;Participant&#8221; means any Director who is eligible to participate in the Program under Section 4. An individual shall remain a Participant until that individual has received full distribution of any amount credited to the Participant&#8217;s Account. &#8220;Separates from Service&#8221; or &#8220;Separation from Service&#8221; means the Director&#8217;s termination of service as a member of the Board (and the board of directors of all subsidiaries, if applicable) for any reason other than death. A Separation from Service shall be determined in