SEC Contract Filing

Filing Date: 2016-05-10

Document Content:
<DOCUMENT>
<TYPE>EX-10.3
<SEQUENCE>3
<FILENAME>d193978dex103.htm
<DESCRIPTION>FIRST AMENDMENT TO THE PEPCO HOLDINGS 2014 MANAGEMENT EMPLOYEE SEVERANCE PLAN
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<TITLE>First Amendment To The Pepco Holdings 2014 Management Employee Severance Plan</TITLE>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>Exhibit 10.3 </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>FIRST AMENDMENT TO THE </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>PEPCO HOLDINGS, INC. </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>2014 MANAGEMENT EMPLOYEE SEVERANCE PLAN </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">This First Amendment (this &#147;<B>Amendment</B>&#148;) to the Pepco Holdings, Inc. 2014 Management Employee Severance Plan (the
&#147;<B>Severance Plan</B>&#148;) is made, effective as of March&nbsp;23, 2016 (the &#147;<B>Effective Date</B>&#148;). Capitalized terms used and not otherwise defined herein shall have the meanings assigned to them in the Severance Plan. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>WHEREAS,</B> the Severance Plan provides that PEPCO HOLDINGS, INC. (the &#147;<B>Company</B>&#148;) may amend the Severance Plan at any
time, subject to certain exceptions; and </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>WHEREAS,</B> the Compensation/Human Resources Committee of the Board of Directors of the
Company (the &#147;<B>Committee</B>&#148; and the &#147;<B>Board</B>&#148;, respectively) has recommended, and the Board has determined, that it is in the best interests of the Company to amend the Pepco Holdings, Inc. Retirement Plan to provide
certain additional benefits in lieu of severance benefits and that the Severance Plan shall be amended to avoid a duplication of benefits; and </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>WHEREAS,</B> the Board has delegated to the Chief Executive Officer of the Company authority to amend the Severance Plan as provided below.
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>NOW, THEREFORE,</B> the Severance Plan is hereby amended to add the following new section immediately preceding the section titled: &#147;Change in
Control&#148;: </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD VALIGN="top"><B>Nonduplication of Benefits</B></TD>
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<TD VALIGN="top">Notwithstanding any other provision of the Plan, any benefit payable to an individual covered under this Plan (including, but not limited to, any Severance Cash Benefit or Special Good Reason Severance Benefit) shall be reduced (but
not below zero) by the amount, if any, payable to or on behalf of such individual under Section 3.7 of Sub-Plan Four of the PHI Retirement Plan (including as incorporated by reference into other sub-plans of the PHI Retirement Plan), expressed in
the form of a lump sum payable on the first annuity starting date after the date such individual terminates employment.</TD></TR>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>IN WITNESS THEREOF,</B> the Company has caused this Amendment to be signed this 23<SUP
STYLE="font-size:85%; vertical-align:top">rd</SUP> day of March, 2016. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD VALIGN="top" COLSPAN="3">ATTEST:</TD>
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<TD VALIGN="top" COLSPAN="3">Pepco Holdings, Inc.</TD></TR>
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<TD VALIGN="top">By:</TD>
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<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">/s/ Jane K. Storero</P></TD>
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<TD VALIGN="top">By:</TD>
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<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">/s/ Joseph M. Rigby</P></TD></TR>
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<TD VALIGN="top">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Jane K. Storero</TD>
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