SEC Contract Filing

Filing Date: 2025-02-12

Document Content:
<DOCUMENT>
<TYPE>EX-10.20
<SEQUENCE>3
<FILENAME>exc-20241231x10kxexh1020.htm
<DESCRIPTION>CONSTELLATION ENERGY GROUP BENEFITS RESTORATION PLAN
<TEXT>
<HTML>
<HEAD><!-- Document generated by Workiva Inc -->
<TITLE>exc-20241231x10kxexh1020</TITLE>
</HEAD>
<BODY bgcolor="white">
<DIV align="center">
<DIV style="margin-left:1em;width:1055;"><!-- exc-20241231x10kxexh1020001.jpg -->
<DIV style="padding-top:2em;">
<IMG src="exc-20241231x10kxexh1020001.jpg" title="slide1" width="1055" height="1365">
<DIV><FONT size="1" style="font-size:1pt;color:white"> CONSTELLATION ENERGY GROUP, INC. BENEFITS RESTORATION PLAN (As Amended and Restated Effective January 1, 2025) </FONT></DIV>
<P><HR noshade><P>
<DIV style="page-break-before:always;">&nbsp;</DIV>
</DIV>
<!-- exc-20241231x10kxexh1020002.jpg -->
<DIV style="padding-top:2em;">
<IMG src="exc-20241231x10kxexh1020002.jpg" title="slide2" width="1055" height="1365">
<DIV><FONT size="1" style="font-size:1pt;color:white">- 1 - CONSTELLATION ENERGY GROUP, INC. BENEFITS RESTORATION PLAN (As Amended and Restated Effective January 1, 2025) 1. Purpose and Nature of the Plan. Constellation Energy Group, Inc. previously established the Constellation Energy Group, Inc. Benefits Restoration Plan (the &#8220;Plan&#8221;). Exelon Corporation (&#8220;Exelon&#8221;) previously assumed sponsorship of the Plan following the merger of Constellation Energy Group and Exelon. Exelon maintains the Plan as an unfunded retirement plan for employees of the Company and its subsidiaries whose benefits under the Pension Plan of Constellation Energy Group, Inc. are affected by Internal Revenue Code Limitations. The Plan is divided into sections that separately address benefits earned and vested on or after January 1, 2005, which are subject to Internal Revenue Code section 409A, and benefits earned and vested before January 1, 2005, which are &#8220;grandfathered&#8221; under Internal Revenue Code section 409A. Effective February 1, 2022, the Constellation Energy Nuclear Group, LLC Benefits Restoration Plan merged into this Plan. 2. Definitions. All words beginning with an initial capital letter and not otherwise defined herein shall have the meaning set forth in the Pension Plan. All singular terms defined in this Plan will include the plural and vice versa. As used herein, the following terms will have the meaning specified below: &#8220;Company&#8221; means for periods on and after the Effective Time, Exelon Corporation, a Pennsylvania corporation, or any successor or successors, and for periods prior to the Effective Time, Constellation Energy Group or Constellation Energy Nuclear Group, LLC, as applicable. &#8220;Constellation Energy Group&#8221; means Constellation Energy Group, Inc., a Maryland corporation. &#8220;Effective Time&#8221; means, with respect to Constellation Energy Group, the effective time of the merger described in the Agreement and Plan of Merger, dated as of April 28, 2011, by and among Exelon Corporation, Bolt Acquisition Corporation and Constellation Energy Group, Inc., and, with respect to Constellation Energy Nuclear Group, LLC, July 14, 2014. &#8220;Internal Revenue Code Limitations&#8221; means the limitations under Sections 415 and/or 401(a)(17) of the Internal Revenue Code. &#8220;Key Employee&#8221; means an employee listed each year by the Company on the Key Employee list as required by Treasury Regulation 1.409A-1(i), which shall generally be comprised of officers, and shall include but not be limited to: the 50 most highly paid officers having annual compensation greater than $130,000 (as adjusted from time to </FONT></DIV>
<P><HR noshade><P>
<DIV style="page-break-before:always;">&nbsp;</DIV>
</DIV>
<!-- exc-20241231x10kxexh1020003.jpg -->
<DIV style="padding-top:2em;">
<IMG src="exc-20241231x10kxexh1020003.jpg" title="slide3" width="1055" height="1365">
<DIV><FONT size="1" style="font-size:1pt;color:white"> - 2 - time); 5% owners; and 1% owners having annual compensation from the Company greater than $150,000 (as adjusted from time to time). Key Employees shall be identified as of December 31 of each year, and the list shall take effect on April 1 of the year following. &#8220;Pension Plan&#8221; means, as applicable, the Pension Plan of Constellation Energy Group, Inc., and, effective on and after February 1, 2022, the Pension Plan of Constellation Energy Nuclear Group, LLC and the Nine Mile Point Pension Plan, in each case as may be amended from time to time, or any successor plan. &#8220;Plan&#8221; means the Constellation Energy Group, Inc. Benefits Restoration Plan. &#8220;Plan Administrator&#8221; means the individual or entity set forth in Section 3. &#8220;Severance from Service Date&#8221; means: (i) for benefits earned and vested prior to January 1, 2005, the same as set forth in the Pension Plan; (ii) for benefits earned and vested on or after January 1, 2005, the date that the employee dies, retires, or otherwise has a termination of employment such that it is reasonably anticipated that the employee will perform no additional services, or the level of bona fide services performed would permanently decrease to no more than 20 percent of the average level of bona fide services performed in the immediately preceding 36-month period. 3. Plan Administration. The Director, Employee Benefit Plans &amp; Programs of the Company or such other person designated by the Company&#8217;s Chief People Officer is the Plan Administrator and has sole authority (except as specified otherwise herein) to interpret the Plan and, in general, to make all other determinations advisable for the administration of the Plan to achieve its stated objective. Appeals of written decisions by the Plan Administrator may be made to the Vice President, Total Rewards of the Company or such other person appointed by the Company&#8217;s Chief People Officer. Decisions by the Vice President, Total Rewards shall be final and not subject to further appeal. The Plan Administr