BALTIMORE GAS & ELECTRIC CO
EXHIBIT 10(G)
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<TYPE>EX-10.(G)
<SEQUENCE>9
<FILENAME>a2116343zex-10_g.htm
<DESCRIPTION>EXHIBIT 10(G)
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<P ALIGN="RIGHT"><FONT SIZE=2><B>Exhibit 10(g)  </B></FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="pw1785_constellation_energy_group,_in__con02695"> </A>
<A NAME="toc_pw1785_1"> </A>
<BR></FONT><FONT SIZE=2><B>CONSTELLATION ENERGY GROUP,&nbsp;INC.    <BR>    <BR>    SENIOR EXECUTIVE SUPPLEMENTAL PLAN    <BR>    </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><B>Objective</B></FONT><FONT SIZE=2>. The objective of this Plan is to enhance the benefits provided to certain senior executives of Constellation
Energy Group and its subsidiaries in order to attract and retain talented executive personnel. </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><B>Definitions</B></FONT><FONT SIZE=2>. 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 </FONT><FONT SIZE=2><I>vice versa</I></FONT><FONT SIZE=2>. As used herein, the following terms will
have the meaning specified below: </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"Average
Annual Base Salary" means an amount determined by (a)&nbsp;computing the monthly base rate of pay amounts (i.e., the types of such pay that are includable in the computation
of Pension Plan benefits) paid during the prior five consecutive twelve month periods immediately preceding the month that includes the date of the computation, and (b)&nbsp;averaging the two twelve
month periods during which the highest amounts were paid. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"Average
Incentive Award" (or "Average Award") means the average of the two highest of the participant's five immediately prior year awards earned under Constellation Energy Group's
Executive Annual Incentive Plan, Constellation Energy Group's Senior Management Annual Incentive Plan and/or Other Incentive Awards Programs. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"Benefit
Start Date" means the date as of which the participant's benefits, if any, under this Plan commence. </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"Cause"
means the participant's (a)&nbsp;failure to comply with Constellation Energy Group policy, (b)&nbsp;deliberate and continual refusal to satisfactorily perform employment
duties on substantially a full-time basis, (c)&nbsp;deliberate and continual refusal to act in accordance with any specific instructions of a majority of Constellation Energy Group's
Board of Directors, (d)&nbsp;disclosure, without the consent of a majority of Constellation Energy Group's Board of Directors, of confidential information or trade secrets concerning Constellation
Energy Group which could be materially damaging to Constellation Energy Group, or (e)&nbsp;deliberate misconduct which could be materially damaging to Constellation Energy Group without reasonable
good faith belief by the participant that such conduct was in the best interest of Constellation Energy Group. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"Change
in Control" means the occurrence of any one of the following events: </FONT></P>

<UL>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;individuals
who, on January&nbsp;24, 2003, constitute the Board of Directors of Constellation Energy Group (the "</FONT><FONT SIZE=2><B>Incumbent
Directors</B></FONT><FONT SIZE=2>") cease for any reason to constitute at least a majority of the Board of Directors of Constellation Energy Group (the
"</FONT><FONT SIZE=2><B>Board</B></FONT><FONT SIZE=2>"), provided that any person becoming a director subsequent to January&nbsp;24, 2003, whose election or nomination for election was approved by
a vote of at least two-thirds of the Incumbent Directors then on the Board (either by a specific vote or by approval of the proxy statement of Constellation Energy Group (the
"</FONT><FONT SIZE=2><B>Company</B></FONT><FONT SIZE=2>") in which such person is named as a nominee for director, without written objection to such nomination) shall be an Incumbent Director; </FONT> <FONT SIZE=2><I>provided</I></FONT><FONT SIZE=2>,
</FONT><FONT SIZE=2><I>however</I></FONT><FONT SIZE=2>, that no individual initially elected or nominated as a director of the Company as a
result of an actual or threatened election contest with respect to directors or as a result of any other actual or threatened solicitation of proxies by or on behalf of any person other than the Board
shall be deemed to be an Incumbent Director; </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;&nbsp;&nbsp;&nbsp;any
"person" (as such term is defined in Section&nbsp;3(a)(9) of the Securities Exchange Act of 1934, as amended (the "</FONT><FONT SIZE=2><B>Exchange
Act</B></FONT><FONT SIZE=2>") and as used in Sections 13(d)(3) and 14(d)(2) of the Exchange Act) is or becomes a "beneficial owner" (as defined in Rule&nbsp;13d-3 under the Exchange
Act), directly or indirectly, of securities of the Company representing 20% or more of the combined voting power of the Company's then outstanding securities eligible to vote for the </FONT></P>

</UL>
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<P><FONT SIZE=2>election
of the Board (the "</FONT><FONT SIZE=2><B>Company Voting Securities</B></FONT><FONT SIZE=2>"); </FONT><FONT SIZE=2><I>provided</I></FONT><FONT SIZE=2>, </FONT> <FONT SIZE=2><I>however</I></FONT><FONT SIZE=2>, that the event described in this
paragraph&nbsp;(ii) shall not be deemed to be a Change in Control by virtue of any of the following
acquisitions: (A)&nbsp;by the Company or any corporation with respect to which the Company owns a majority of the outstanding shares of common stock or has the power to vote or direct the voting of
sufficient securities to elect a majority of the directors (a "</FONT><FONT SIZE=2><B>Subsidiary Company</B></FONT><FONT SIZE=2>"), (B)&nbsp;by any employee benefit plan (or related trust)
sponsored or maintained by the Company or any Subsidiary Company, (C)&nbsp;by any underwriter temporarily holding securities pursuant to an offering of such securities, (D)&nbsp;pursuant to a
Non-Qualifying Transaction (as defined in paragraph&nbsp;(iii)), or (E)&nbsp;pursuant to any acquisition by Plan participant or any group of persons including Plan participant (or any
entity controlled by Plan participant or any group of persons including Plan participant); </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)&nbsp;&nbsp;&nbsp;&nbsp;Company
shareholder approval of a merger, consolidation, statutory share exchange or similar form of corporate transaction involving the Company or any of its
Subsidiary Companies, whether for such transaction or the issuance of securities in the transaction (a </FONT><FONT SIZE=2><B>"Business Combination</B></FONT><FONT SIZE=2>"), unless immediately
following such Business Combination: (A)&nbsp;more than 60% of the total voting power of (x)&nbsp;the corporation resulting from such Business Combination (the "</FONT><FONT SIZE=2><B>Surviving
Corporation</B></FONT><FONT SIZE=2>"), or (y)&nbsp;if applicable, the ultimate parent corporation that directly or indirectly has beneficial ownership of at least 95% of the voting securities
eligible to elect directors of the Surviving Corporation (the "</FONT><FONT SIZE=2><B>Parent Corporation</B></FONT><FONT SIZE=2>"), is represented by Company Voting Securities that were outstanding
immediately prior to such Business Combination (or, if applicable, is represented by shares into which such Company Voting Securities were converted pursuant to such Business Combination), and such
voting power among the holders thereof is in substantially the same proportion as the voting power of such Company Voting Securities among the holders thereof immediately prior to the Business
Combination, (B)&nbsp;no person (other than any employee benefit plan (or related trust) sponsored or maintained by the Surviving Corporation or the Parent Corporation), is or becomes the beneficial
owner, directly or indirectly, of 20% or more of the total voting power of the outstanding voting securities eligible to elect directors of the Parent Corporation (or, if there is no Parent
Corporation, the Surviving Corporation) and (C)&nbsp;at least a majority of the members of the board of directors of the Parent Corporation (or, if there is no Parent Corporation, the Surviving
Corporation) following the consummation of the Business Combination were Incumbent Directors at the time of the Board's approval of the execution of the initial agreement providing for such Business
Combination (any Business Combination which satisfies all of the criteria specified in (A), (B), and (C)&nbsp;above shall be deemed to be a "</FONT><FONT SIZE=2><B>Non-Qualifying
Transaction</B></FONT><FONT SIZE=2>"); or </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv)&nbsp;&nbsp;&nbsp;&nbsp;the
stockholders of the Company approve a plan of complete liquidation or dissolution of the Company, or the consummation of a sale of all or substantially all of the
Company's assets. </FONT></P>

</UL>

<P><FONT SIZE=2>Notwithstanding
the foregoing, a Change in Control of the Company shall not be deemed to occur solely because any person acquires beneficial ownership of more than 20% of the Company Voting Securities
as a result of the acquisition of Company Voting Securities by the Company which reduces the number of Company Voting Securities outstanding; </FONT><FONT SIZE=2><I>provided</I></FONT><FONT SIZE=2>, </FONT> <FONT SIZE=2><I>that</I></FONT><FONT
SIZE=2> if after such acquisition by the Company such person becomes the beneficial owner of additional Company Voting Securities that increases the
percentage of outstanding Company Voting Securities beneficially owned by such person, a Change in Control of the Company shall then occur. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"Committee"
means the Committee on Management of the Board of Directors of Constellation Energy Group. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"Constellation
Energy Group" means Constellation Energy Group,&nbsp;Inc., a Maryland corporation, or its successor. </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>2</FONT></P>

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<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"Constellation
Energy Group's Executive Annual Incentive Plan" means such plan or other incentive plan or arrangement designated in writing by the Plan Administrator. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"Constellation
Energy Group's Senior Management Annual Incentive Plan" means such plan or other incentive plan or arrangement designated in writing by the Plan Administrator. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"Demotion"
means a transfer to a position with Constellation Energy Group or a subsidiary of Constellation Energy Group that either (a)&nbsp;is substantially below the position in
which the participant was employed on the date of transfer, or (b)&nbsp;results in a substantial reduction in pay when compared to the participant's pay on the date of the transfer. Whether a
position is substantially below another position shall be determined in the reasonable discretion of the Committee, with reference to factors including whether the participant retains principal
responsibility for a department or division, and whether the participant remains eligible for the perquisites enjoyed by the participant before the position change. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"Early
Receipt Reduction Factor" means 100% less <SUP>1</SUP>/<SMALL>3</SMALL> of 1% for each month that the participant is less than age 62 on the participant's Benefit Start Date. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"Interest
Rate" means the rate equal to the average monthly 30-year Treasury bond rate for the second calendar quarter preceding the computation date, less 50 basis points. </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"Internal
Revenue Code Limitations" means the limitations under Section&nbsp;415 and/or 401(a)(17) of the Internal Revenue Code. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"LTD
Plan" means the Constellation Energy Group,&nbsp;Inc. Disability Insurance Plan as may be amended from time to time, or any successor plan. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"Mortality
Table" means the mortality table used to convert annuities to lump sums in the Pension Plan. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"Nonqualified
Deferred Compensation Plan" means the Constellation Energy Group,&nbsp;Inc. Nonqualified Deferred Compensation Plan. </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"Other
Incentive Awards Program" means the program(s) designated in writing by the Plan Administrator applicable to certain employees that provides awards; but includes only the types of
awards that are includable in the computation of Pension Plan benefits. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"Pension
Plan" means the Pension Plan of Constellation Energy Group,&nbsp;Inc. as may be amended from time to time, or any successor plan. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"Plan"
means this Constellation Energy Group,&nbsp;Inc. Senior Executive Supplemental Plan. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"Plan
Administrator" means, as set forth in Section&nbsp;3, the Committee. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"Rabbi
Trust" means the trust adopted by Constellation Energy Group pursuant to the Grantor Trust Agreement Dated as of January&nbsp;1, 2001, between Constellation Energy Group and
Citibank, N.A. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"Survivor
Annuity Percentage" means 50%, unless the participant elects, in the timing and manner established by the Plan Administrator, a higher percentage (in multiples of 5% to a total
percentage not to exceed 100%). </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"Termination
From Employment With Constellation Energy Group" means a participant's separation from service with Constellation Energy Group or a subsidiary of Constellation Energy Group;
however, a participant's retirement, disability, or transfer of employment to or from a subsidiary of Constellation Energy Group shall not constitute a Termination From Employment With Constellation
Energy Group. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"Total
SERP Service" means (a)&nbsp;Credited Service accumulated while designated as a participant with respect to supplemental pension benefits under this Plan or while a participant
under the </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>3</FONT></P>

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<P><FONT SIZE=2>Constellation
Energy Group Supplemental Pension Plan, or while a participant under any predecessor executive supplemental pension benefit plan, plus (b)&nbsp;one fourth of Credited Service
accumulated while not such a participant. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><B>Plan Administration</B></FONT><FONT SIZE=2>.&nbsp;&nbsp;&nbsp;&nbsp;The Committee 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 Board of Directors of Constellation Energy Group. Decisions by the Board shall be final and not subject to further appeal. The Plan Administrator shall have
the power to delegate all or any part of its duties to one or more designees, and to withdraw such authority, by written designation. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><B>Eligibility</B></FONT><FONT SIZE=2>.&nbsp;&nbsp;&nbsp;&nbsp;Each senior executive of Constellation Energy Group or its subsidiaries may be designated in
writing by the Plan Administrator as a participant with respect to one or more benefits under the Plan. Once designated, participation shall continue until such designation is withdrawn at the
discretion and by written order of the Plan Administrator, provided, however, that such withdrawal may not be made with respect to a participant who has satisfied the eligibility requirements to
retire (as set forth in Section&nbsp;5(b)(i)). Notwithstanding the foregoing, any participant while classified as disabled under the&nbsp;LTD Plan shall continue to participate in this Plan while
classified as disabled and, for purposes of the supplemental pension benefit provided by this Plan, while classified as disabled, shall be deemed to continue to accrue Credited Service until no later
than his/her Normal Retirement Date. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><B>Supplemental Pension Benefit.</B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><B>Generally</B></FONT><FONT SIZE=2>. </FONT></P>

<UL>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;A
Plan participant who was a participant in the Constellation Energy Group Supplemental Pension Plan on January&nbsp;1, 2000, shall be eligible for supplemental
pension benefits under this Plan only if the participant's supplemental pension benefits under this Plan are greater than the supplemental pension benefits computed under the Constellation Energy
Group Supplemental Pension Plan based on the participant's age, service, and eligible compensation on the date as of which benefits become payable. If a participant or a participant's surviving spouse
receives benefits from this Plan, he/she cannot also receive benefits from the Constellation Energy Group Supplemental Pension Plan. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;&nbsp;&nbsp;&nbsp;Any
other participant in the Plan shall be eligible for benefits under this Plan without regard to any computation under the Constellation Energy Group Supplemental
Pension Plan. </FONT></P>

</UL>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><B>Retirement benefits</B></FONT><FONT SIZE=2>. </FONT></P>

<UL>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><B>Eligibility for retirement benefits</B></FONT><FONT SIZE=2>.&nbsp;&nbsp;&nbsp;&nbsp;A participant shall be eligible to retire under this Plan on or after
the participant's Normal Retirement Date, or on the first day of any month preceding his/her Normal Retirement Date, if on his/her Severance From Service Date and while a participant he/she has
attained (1)&nbsp;age 55 and has accumulated at least 10&nbsp;years of Credited Service; or (2)&nbsp;age 62 and has accumulated at least five years of Credited Service. </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><B>Computation of retirement benefits</B></FONT><FONT SIZE=2>.&nbsp;&nbsp;&nbsp;&nbsp;A participant who is eligible to retire under this Plan will be
entitled to supplemental pension retirement benefits under this Plan, which will be calculated as set forth below on the participant's Benefit Start Date: </FONT></P>

<UL>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)&nbsp;&nbsp;&nbsp;&nbsp;add
the Average Annual Base Salary and the Average Incentive Award, </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)&nbsp;&nbsp;&nbsp;&nbsp;divide
the sum by 12, </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3)&nbsp;&nbsp;&nbsp;&nbsp;multiply
this dollar amount by the appropriate percentage, determined as follows: Chairman of the Board and President of Constellation Energy Group&#151;60%; all
other </FONT></P>

</UL>
</UL>
<P ALIGN="CENTER"><FONT SIZE=2>4</FONT></P>

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<P><FONT SIZE=2>participants
(the product of 5.5% multiplied by the number of full and fractional years of Total SERP Service), (maximum is 55%). </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4)&nbsp;&nbsp;&nbsp;&nbsp;multiply
this dollar amount by the Early Receipt Reduction Factor; provided, however, if the participant is age 62 or older on his/her Benefit Start Date, such factor
shall be one (1), </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5)&nbsp;&nbsp;&nbsp;&nbsp;subtract
from this dollar amount the charges relating to coverage for a pre-retirement survivor annuity in excess of 50%, and for a
post-retirement survivor annuity in excess of 50%, and </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6)&nbsp;&nbsp;&nbsp;&nbsp;subtract
from the remainder the net monthly amount payable to the participant under the Pension Plan on the participant's Benefit Start Date (assuming a 50% spousal
joint and survivor annuity for a married participant), (if the participant is not eligible to commence monthly Pension Plan payments on the participant's Benefit Start Date, the participant's benefit
will be unreduced for Pension Plan payments until the date the participant is first eligible to commence monthly Pension Plan payments), or, if the participant elects a lump sum under the PEP
provisions of the Pension Plan, the monthly amount that would have been payable under the Pension Plan as a life annuity for a single participant or as a 50% spousal joint and survivor annuity for a
married participant, as of the Benefit Start Date under this Plan. </FONT></P>

</UL>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><B>Form of payout of retirement benefits</B></FONT><FONT SIZE=2>.&nbsp;&nbsp;&nbsp;&nbsp;Each participant entitled to supplemental pension retirement
benefits will receive his/her supplemental pension retirement benefits payout in the form of a monthly payment, unless the participant makes a valid election to receive his/her supplemental pension
retirement benefits payout in the form of a lump sum. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A
participant may elect to receive his/her supplemental pension retirement benefits payout in the form of a lump sum by submitting to the Plan Administrator a signed Lump Sum Election
Form. On such Form, the participant may elect to rollover such payout directly to the Nonqualified Deferred Compensation Plan. The Form must be received by the Plan Administrator before the beginning
of the calendar year during which the participant's Severance From Service Date occurs. The election to receive a payout in the form of a lump sum, or to rollover such payment to the Nonqualified
Deferred Compensation Plan, may be revoked at any time before the beginning of the calendar year during which the participant's Severance From Service Date occurs, by submitting to the Plan
Administrator a signed Lump Sum Revocation Form. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv)&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><B>Amount, timing, and source of monthly retirement benefit payout</B></FONT><FONT SIZE=2>.&nbsp;&nbsp;&nbsp;&nbsp;A participant entitled to monthly
supplemental pension retirement benefits will receive monthly payments equal to the amount determined under paragraph&nbsp;(b)(ii). Such payments shall commence effective with the first of the month
following the Participant's Severance From Service Date. If such participant receives (or would have received but for the Internal Revenue Code Limitations) cost of living adjustment(s) under the
Pension Plan, the monthly payments hereunder will be automatically increased based on the percentage of, and at the same time as, such adjustment(s). Monthly payments hereunder shall permanently cease
upon the death of the participant, effective with the monthly payment for the month following the month of the participant's death. Monthly payments hereunder shall be made in accordance with the
provisions of the Rabbi Trust and, to the extent not paid under the terms of the Rabbi Trust, from general corporate assets. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v)&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><B>Amount, timing, and source of lump sum retirement benefit payout</B></FONT><FONT SIZE=2>.&nbsp;&nbsp;&nbsp;&nbsp;A participant entitled to a lump sum
supplemental pension retirement benefit will receive a lump sum payment. This lump sum payment will be calculated by a certified actuary and will be equal to the present value of an immediate annuity
including the estimated present value of post-retirement supplemental survivor annuity benefits described in Section&nbsp;6, and reflecting the present value of </FONT></P>

</UL>
<P ALIGN="CENTER"><FONT SIZE=2>5</FONT></P>

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<P><FONT SIZE=2>any
deferred Pension Plan payments using (1)&nbsp;the supplemental pension retirement benefit amount calculated under paragraph&nbsp;(b)(ii), which is expressed as a monthly amount, (2)&nbsp;the
Interest Rate computed on the participant's Benefit Start Date, and (3)&nbsp;the Mortality Table. Such lump sum payment shall be made within 60&nbsp;days after the participant's Severance From
Service Date, and shall either be paid to the participant, or rolled over to the Nonqualified Deferred Compensation Plan pursuant to the participant's election under (b)(iii). The lump sum payment
shall be made in accordance with the provisions of the Rabbi Trust and, to the extent not paid under the terms of the Rabbi Trust, from general corporate assets. A participant who receives or rolls
over a lump sum payment shall not be entitled to any cost of living or other pension payment adjustments or to post-retirement survivor annuity coverage under the Plan. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi)&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><B>Death of participant entitled to lump sum payout</B></FONT><FONT SIZE=2>.&nbsp;&nbsp;&nbsp;&nbsp;In the event of the death of a participant after his/her
Severance From Service Date and before the participant receives or rolls over the lump sum payment under paragraph&nbsp;(b)(v), such lump sum payment shall be made to the participant's surviving
spouse (as defined in Section&nbsp;6(i)). The lump sum payment shall be the same amount and made at the same time and from the same sources as set forth in paragraph&nbsp;(b)(v). If there is no
surviving spouse at the date of the participant's death, no payments shall be made pursuant to Sections 5 or 6. A surviving spouse who receives a lump sum benefit under this
paragraph&nbsp;(b)(vi)&nbsp;shall not be entitled to any cost of living or other pension payment adjustments or to post-retirement survivor annuity coverage under the Plan. </FONT></P>

</UL>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><B>Entitlement to benefit upon happening of certain events.  </B></FONT></P>

<UL>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><B>Computation of gross accrued benefit</B></FONT><FONT SIZE=2>.&nbsp;&nbsp;&nbsp;&nbsp;The computation of the gross accrued supplemental pension benefit for
a participant as of the date of the computation will be made as follows: </FONT></P>

<UL>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)&nbsp;&nbsp;&nbsp;&nbsp;add
the Average Annual Base Salary and the Average Incentive Award, </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)&nbsp;&nbsp;&nbsp;&nbsp;divide
the sum by 12, and </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3)&nbsp;&nbsp;&nbsp;&nbsp;multiply
this dollar amount by the appropriate percentage, determined as follows: Chairman of the Board and President of Constellation Energy Group&#151;60%; all
other participants (by the product of 5.5% multiplied by the number of full and fractional years of Total SERP Service as of the date of the computation) (maximum is 55%). </FONT></P>

</UL>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><B>Computation of net accrued benefit</B></FONT><FONT SIZE=2>.&nbsp;&nbsp;&nbsp;&nbsp;The computation of the net accrued supplemental pension benefit for a
participant as of the date of the computation will be made by subtracting from the gross accrued benefit determined under paragraph&nbsp;(c)(i)&nbsp;the amount of the participant's Gross Pension
under the Pension Plan determined as of the date of the computation and assuming that monthly payments of such Gross Pension begin on the first of the month after the later of reaching age 62 or the
date of the computation. If the participant is not eligible for payment of a Gross Pension under the Pension Plan, the participant's Accrued Gross Pension determined as of the date of the computation
shall be substituted for the Gross Pension described above, with the appropriate reduction for early receipt applied as if the participant were eligible to begin payment of his Accrued Gross Pension
on the first of the month after the later of reaching age 62 or the date of the computation. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><B>Satisfaction of requirements</B></FONT><FONT SIZE=2>.&nbsp;&nbsp;&nbsp;&nbsp;A participant who has satisfied the age and Credited Service requirements
set forth in Section&nbsp;5(b)(i)&nbsp;while eligible as set forth in Section&nbsp;4, but who does not retire under the Plan due to Demotion, Termination From Employment With Constellation
Energy Group, or the withdrawal of a participant's eligibility to participate under Section&nbsp;5, shall be entitled to his/her net accrued supplemental pension benefit. The effective date of the
Demotion, Termination From Employment With Constellation Energy Group, or eligibility </FONT></P>

</UL>
<P ALIGN="CENTER"><FONT SIZE=2>6</FONT></P>

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<UL>
<BR>

<P><FONT SIZE=2>withdrawal
event shall be the date of such Demotion, Termination From Employment With Constellation Energy Group, or eligibility withdrawal. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv)&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><B>Other events</B></FONT><FONT SIZE=2>.&nbsp;&nbsp;&nbsp;&nbsp;A participant, regardless of his/her age and years of Credited Service, shall be entitled to
his/her net accrued supplemental pension benefit upon the happening of any of the following entitlement events, but only if such entitlement event occurs while a participant and before a participant
retires under this Plan: </FONT></P>

<UL>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><B>Change in Control</B></FONT><FONT SIZE=2>.&nbsp;&nbsp;&nbsp;&nbsp;A Change in Control, followed within two years by the participant's Demotion, a
participant's Termination From Employment With Constellation Energy Group, or the withdrawal of the participant's eligibility to participate under the Plan, is an entitlement event. The effective date
of the entitlement event shall be the date of the Demotion, Termination From Employment With Constellation Energy Group, or eligibility withdrawal. </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><B>Plan amendment</B></FONT><FONT SIZE=2>.&nbsp;&nbsp;&nbsp;&nbsp;A Plan amendment that has the effect of reducing a participant's gross accrued supplemental
pension benefit is an entitlement event. In determining whether such a reduction has occurred, the participant's gross accrued supplemental pension benefit calculated on the day
immediately preceding the effective date of the amendment shall be compared to the participant's gross accrued supplemental pension benefit calculated on the effective date of the amendment. An
amendment that has the effect of reducing future benefit accruals is not an entitlement event. It is intended that an entitlement event under this paragraph&nbsp;(c)(iii)(2) will occur only with
respect to those amendments that are substantially similar to amendments that are prohibited by Internal Revenue Code section&nbsp;411(d)(6) with respect to qualified pension plans. The effective
date of the entitlement event shall be the effective date of the Plan amendment. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3)&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><B>Involuntary Demotion, Termination From Employment With Constellation Energy Group, or eligibility withdrawal without
Cause</B></FONT><FONT SIZE=2>.&nbsp;&nbsp;&nbsp;&nbsp;A participant's involuntary Demotion or involuntary Termination From Employment With Constellation Energy Group without Cause, or the withdrawal of a
participant's eligibility to participate under Sections 5 or 6 of the Plan without Cause, is an entitlement event. The effective date of the entitlement event shall be the effective date of the
participant's involuntary Demotion or involuntary Termination From Employment With Constellation Energy Group without Cause, or the eligibility withdrawal without Cause. </FONT></P>

</UL>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v)&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><B>Form of benefit payout</B></FONT><FONT SIZE=2>.&nbsp;&nbsp;&nbsp;&nbsp;Each participant entitled to a payout under this paragraph&nbsp;(c) will receive
such payout in the form of a lump sum payment. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi)&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><B>Amount, timing, and source of benefit payout</B></FONT><FONT SIZE=2>.&nbsp;&nbsp;&nbsp;&nbsp;A participant entitled to a payout of his/her net accrued
benefit, as a result of the occurrence of an event described in paragraphs (c)(iii), (c)(iv)(1), (2), or (3)&nbsp;will be entitled to a lump sum benefit. This lump sum benefit will be calculated by
a certified actuary as the present value, determined as of the date of payment, of an annuity beginning at age 62 (or the participant's actual age, if the participant is older than age 62 on the date
the lump sum benefit is payable), including the estimated present value of post-retirement survivor annuity benefits described in Section&nbsp;6, using (1)&nbsp;the net accrued benefit
amount calculated under paragraph&nbsp;(d)(ii)&nbsp;on the effective date of the entitlement event, which is expressed as a monthly amount, (2)&nbsp;the Interest Rate computed on the date the
lump sum benefit is payable, and (3)&nbsp;the Mortality Table. The lump sum benefit shall be payable as of the participant's Severance From Service Date, and shall be made within 60&nbsp;days
after such date in accordance with the provisions of the Rabbi Trust and, to the extent not paid under the terms of the Rabbi Trust, from general corporate assets. A participant who receives a lump
sum benefit under this paragraph&nbsp;(c)(vi)&nbsp;shall not be entitled to any cost of living or other pension payment adjustments or to pre-retirement or post-retirement
survivor annuity coverage. </FONT></P>

</UL>
<P ALIGN="CENTER"><FONT SIZE=2>7</FONT></P>

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<UL>
<BR>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii)&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><B>Death of participant entitled to lump sum payout</B></FONT><FONT SIZE=2>.&nbsp;&nbsp;&nbsp;&nbsp;In the event of the death of a participant after the
occurrence of an event described in paragraphs (c)(iii), (c)(iv)(1), (2), or (3)&nbsp;and before the participant receives the lump sum payment under paragraph&nbsp;(c)(vi), a lump sum payment
shall be made to the participant's surviving spouse (as defined in Section&nbsp;6(i)). The lump sum payment will be calculated by a certified actuary and will be equal to 100% of the lump sum that
would have been paid to the participant under paragraph&nbsp;(vi), as of the date on which the lump sum is payable under this
paragraph&nbsp;(vii), provided that the participant's date of death is on or after his/her Severance From Service Date. If the participant's date of death is before his/her Severance From Service
Date, 50% shall be substituted for 100% in the preceding sentence. The lump sum benefit shall be payable as of the earlier of the participant's Severance From Service Date or date of death, and shall
be made within 60&nbsp;days after such date in accordance with the provisions of the Rabbi Trust and, to the extent not paid under the terms of the Rabbi Trust, from general corporate assets. If
there is no surviving spouse at the date of the participant's death, no payments shall be made pursuant to Sections 5 or 6. A surviving spouse who receives a lump sum benefit under this
paragraph&nbsp;(c)&nbsp;(vii) shall not be entitled to any cost of living or other pension payment adjustments or to pre-retirement or post-retirement survivor annuity
coverage under the Plan. </FONT></P>

</UL>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><B>Supplemental Survivor Annuity Benefit</B></FONT><FONT SIZE=2>. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><B>Survivor annuity benefit</B></FONT><FONT SIZE=2>. </FONT></P>

<UL>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><B>Eligibility for survivor annuity benefit</B></FONT><FONT SIZE=2>.&nbsp;&nbsp;&nbsp;&nbsp;Following the death of a participant who is fully vested under the
Pension Plan, a supplemental survivor annuity may be paid to the participant's surviving spouse until the death of that spouse, using the Survivor Annuity Percentage. The participant will not bear the
cost of up to a 50% survivor annuity benefit, but will bear the cost of a survivor annuity benefit in excess of 50%. For purposes of this Section&nbsp;6(a), a participant's surviving spouse is the
individual married to the participant on the date of the participant's death. If there is no surviving spouse, or if the participant or the participant's spouse previously received or is entitled to
receive a lump sum payment under Section&nbsp;5, no supplemental survivor annuity will be payable. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><B>Computation of survivor annuity benefit</B></FONT><FONT SIZE=2>.&nbsp;&nbsp;&nbsp;&nbsp;The amount of the supplemental survivor annuity will be determined
as follows: </FONT></P>

<UL>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)&nbsp;&nbsp;&nbsp;&nbsp;if
the participant's Benefit Start Date occurred prior to the date of death: </FONT></P>

<UL>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;begin
with the monthly pension benefit (under Section&nbsp;5(b) of this Plan) that the participant was receiving prior to the date of death, and </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;multiply
this dollar amount by the Survivor Annuity Percentage. </FONT></P>

</UL>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)&nbsp;&nbsp;&nbsp;&nbsp;otherwise:
</FONT></P>

<UL>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;Unless
the participant elected the alternative in-service death benefit in section&nbsp;(b) below: </FONT></P>

<UL>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)&nbsp;&nbsp;&nbsp;&nbsp;begin
with the monthly Early Retirement pension benefit (under both the Pension Plan and Section&nbsp;5(b) of this Plan) to which the participant would have been
entitled if the participant had been retired at the later of age 60 or his/her actual age on the date of death for purposes of computing the Early Receipt Reduction Factor, </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)&nbsp;&nbsp;&nbsp;&nbsp;multiply
this dollar amount by the Survivor Annuity Percentage, </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3)&nbsp;&nbsp;&nbsp;&nbsp;subtract
from the product the net amount, if any, of the survivor annuity provided on behalf of the participant under the Pension Plan if the participant is
participating in the Traditional Pension Plan, or the monthly annuity that would have </FONT></P>

</UL>
</UL>
</UL>
</UL>
<P ALIGN="CENTER"><FONT SIZE=2>8</FONT></P>

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<A NAME="page_pw1785_1_9"> </A>
<UL>
<UL>
<UL>
<UL>
<BR>

<P><FONT SIZE=2>been
provided to the participant's spouse assuming that he or she had been designated as the participant's beneficiary and had chosen to receive a survivor benefit in the form of a monthly annuity, if
the participant is participating in the PEP, and </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4)&nbsp;&nbsp;&nbsp;&nbsp;subtract
from this dollar amount the charges relating to coverage (under both the Pension Plan and this Plan) for a pre-retirement survivor annuity in excess
of 50%. </FONT></P>

</UL>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;If
the participant was a participant in the Pension Equity Plan option of the Pension Plan and elected this alternative in-service death benefit by
December&nbsp;31 of the year prior to his/her death or during the 2001 initial election period established by the Plan Administrator </FONT></P>

<UL>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)&nbsp;&nbsp;&nbsp;&nbsp;calculate
the benefit under the Constellation Energy Group Benefits Restoration Plan that would have been payable to the surviving spouse if the participant were a
participant in that plan and </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)&nbsp;&nbsp;&nbsp;&nbsp;that
dollar amount will be paid to the surviving spouse only in the form of a lump sum from this Plan. </FONT></P>

</UL>
</UL>
</UL>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><B>Form of payout of survivor annuity benefits</B></FONT><FONT SIZE=2>.&nbsp;&nbsp;&nbsp;&nbsp;Unless the participant made a valid election by
December&nbsp;31 of the year prior to his/her death or during the 2001 initial election period established by the Plan Administrator, to have the survivor benefits paid in a lump sum, each surviving
spouse entitled
to a supplemental survivor annuity benefit will receive his/her survivor annuity benefit payout in the form of a monthly payment. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv)&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><B>Amount, timing, and source of monthly survivor annuity benefit payout</B></FONT><FONT SIZE=2>.&nbsp;&nbsp;&nbsp;&nbsp;A surviving spouse entitled to
monthly supplemental survivor annuity benefits will receive a monthly payment equal to the amount determined under (ii)&nbsp;above. Such payments shall commence effective with the first day of the
month following the month of the participant's death. If such surviving spouse receives (or would have received but for the Internal Revenue Code Limitations) cost of living adjustment(s) under the
Pension Plan, the monthly payments hereunder will be automatically increased based on the percentage of, and at the same time as, such adjustment(s). Monthly payments hereunder shall permanently cease
upon the death of the surviving spouse, effective with the monthly payment for the month following the month of the surviving spouse's death. Monthly payments hereunder shall be made in accordance
with the provisions of the Rabbi Trust and, to the extent not paid under the terms of the Rabbi Trust, from general corporate assets. </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v)&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><B>Amount, timing, and source of lump sum survivor benefit payout</B></FONT><FONT SIZE=2>.&nbsp;&nbsp;&nbsp;&nbsp;A surviving spouse entitled to lump sum
supplemental survivor benefit will receive a lump sum payment. This lump sum payment will be calculated by a certified actuary and will be equal to the present value of an immediate annuity. Such lump
sum payment shall be made within 60&nbsp;days after the participant's death. The lump sum payment shall be made in accordance with the provisions of the Rabbi Trust and, to the extent not paid under
the terms of the Rabbi Trust, from general corporate assets. A surviving spouse who receives a lump sum payment shall not be entitled to any cost of living or other pension payment adjustments. </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi)&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><B>Death of surviving spouse entitled to lump sum payout</B></FONT><FONT SIZE=2>.&nbsp;&nbsp;&nbsp;&nbsp;In the event of the death of a surviving spouse
before the spouse receives the lump sum payment under section&nbsp;6(a)(v)&nbsp;no payment shall be made. </FONT></P>

</UL>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><B>Death Benefit.</B></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Constellation Energy Group shall make arrangements, through its split-dollar life insurance
program or otherwise, for life insurance coverage for each designated participant providing that the participant's beneficiary shall receive, as a pre-retirement (or
pre-rollout benefit for </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>9</FONT></P>

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<P><FONT SIZE=2>participants
as of April&nbsp;1, 2000) death benefit, an amount which is approximately equal to three times the participant's base salary control point plus target annual incentive (as determined in
the sole discretion of the Plan Administrator), and as a post-retirement death benefit(or post-rollout benefit for participants as of April&nbsp;1, 2000), an amount which is
approximately equal to two times the participant's base salary control point plus target annual incentive (as determined in the sole discretion of the Plan Administrator), as set forth in a separate
agreement between the participant and his/her employer. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As
determined in the sole discretion of the Plan Administrator, in the event that either (i)&nbsp;a participant is ineligible to receive the type of life insurance coverage provided to
other participants under this Plan, or (ii)&nbsp;such coverage is not available on reasonably cost-effective terms as a result of any penalty for smoking or other factors that are
reflected in the insurance carrier's rates, then Constellation Energy Group shall provide a benefit that, in the discretion of the Plan Administrator, is substantially equivalent to the cost of the
benefit provided to other participants under this Plan. </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><B>Dependent Death Benefit.</B></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;For a participant with a split-dollar policy under Section&nbsp;7, in the event of
the death of a participant's qualified dependent while the participant is an active employee of Constellation Energy Group or a subsidiary of Constellation Energy Group, Constellation Energy Group
shall make a death benefit payment to the participant, from general corporate assets. For purposes of this Section&nbsp;8, qualified dependent shall have the same meaning as set forth in
Constellation Energy Group's Family Life Insurance Plan. For purposes of this Section&nbsp;8, the amount of death benefit payment shall be the highest amount of insurance that would have been
payable with respect to such qualified dependent if coverage had been provided under Constellation Energy Group's Family Life Insurance Plan. The dependent death benefit payment under this Plan shall
be grossed-up for income tax withholding. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><B>Miscellaneous</B></FONT><FONT SIZE=2>.&nbsp;&nbsp;&nbsp;&nbsp;None of the benefits provided under this Plan shall be subject to alienation or assignment by
any participant or beneficiary nor shall any of them be subject to attachment or garnishment or other legal process except (i)&nbsp;to the extent specially mandated and directed by applicable State
or Federal statute; (ii)&nbsp;as requested by the participant or beneficiary to satisfy income tax withholding or liability; and (iii)&nbsp;any policy of insurance written by a commercial carrier
on a split-dollar basis shall be assignable. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This
Plan may be amended from time to time, or suspended or terminated at any time, provided, however, that no amendment or termination shall reduce any previously accrued supplemental
pension benefit under this Plan or impair the rights of any participant or beneficiary entitled to receive current or future payment hereunder at the time of such action. All amendments to this Plan
may be made at the written direction of the Committee. Notwithstanding anything else in this Plan to the contrary, the Constellation Energy Group Board of Directors may authorize a Participant to be
eligible for benefits or may increase benefit payments. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Participation
in this Plan shall not constitute a contract of employment between Constellation Energy Group or any of its subsidiaries and any person and shall not be deemed to be
consideration for, or a condition of, continued employment of any person. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Plan, notwithstanding the creation of the Rabbi Trust, is intended to be unfunded for purposes of Title I of the Employee Retirement Income Security Act of 1974. Constellation Energy
Group shall make contributions to the Rabbi Trust in accordance with the terms of the Rabbi Trust. Any funds which may be invested and any assets which may be held to provide benefits under this Plan
shall continue for all purposes to be a part of the general funds and assets of Constellation Energy Group and no person other than Constellation Energy Group shall by virtue of the provisions of this
Plan have any interest in such funds and assets. To the extent that any person acquires a right to receive payments from Constellation Energy Group under this Plan, such rights shall be no greater
than the right of any unsecured general creditor of Constellation Energy Group. </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>10</FONT></P>

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<BR>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
the event Constellation Energy Group becomes a party to a merger, consolidation, sale of substantially all of its assets or any other corporate reorganization in which Constellation
Energy Group will not be the surviving corporation or in which the holders of the common stock of Constellation Energy Group will receive securities of another corporation (in any such case, the "New
Company"), then the New Company shall assume the rights and obligations of Constellation Energy Group under this Plan. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This
Plan shall be governed in all respects by Maryland law. </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>11</FONT></P>

<HR NOSHADE>
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<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="pw1785_amendments_to_the_constellatio__ame03574"> </A>
<A NAME="toc_pw1785_2"> </A>
<BR></FONT><FONT SIZE=2><B>Amendments to the Constellation Energy Group,&nbsp;Inc.<BR>  Senior Executive Supplemental Plan (Plan)    <BR>    </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.&nbsp;&nbsp;&nbsp;&nbsp;Notwithstanding
anything in Section&nbsp;5(b)(iii)&nbsp;of the Plan to the contrary, any participant who terminates employment in connection with the management
restructuring announced late in 2001, and who wants to receive a lump sum payout of his/her Plan benefit in 2002, must irrevocably elect by December&nbsp;31, 2001 to rollover the present value of
his/her accrued benefit under the Plan to the Nonqualified Deferred Compensation Plan effective December&nbsp;31, 2001. Any additional benefit accruals under the Plan during 2002 and prior to
employment termination will automatically be paid in a lump sum from the Plan within 60&nbsp;days after employment termination. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.&nbsp;&nbsp;&nbsp;&nbsp;Notwithstanding
anything in Section&nbsp;5(b)(ii)&nbsp;to the contrary, participants designated by the Plan Administrator who are at least age 55 with 10 or more
years of service as of January&nbsp;31, 2002 and who make an irrevocable election in the time and manner established by the Plan Administrator to voluntarily retire on February&nbsp;1, 2002 (or
such later date on or before July&nbsp;1, 2002 as required in the sole discretion of management), is entitled to an enhanced early retirement benefit conditioned on such participants' execution of a
waiver releasing Constellation Energy Group,&nbsp;Inc. and its affiliates from certain claims. The enhanced benefit is expressed as a lump sum amount equal to three weeks of pay (using Average
Annual Base Salary and Average Incentive Award) per year of Credited Service (as defined under the Pension Plan). Participants who receive such enhanced benefits are not eligible for benefits under
any severance plan or arrangement. </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>12</FONT></P>

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<BR>
<P><br><A NAME="03WDC1790_8">QuickLinks</A><br></P><!-- TOC_BEGIN -->
<FONT SIZE=2><A HREF="#toc_pw1785_1">CONSTELLATION ENERGY GROUP, INC. SENIOR EXECUTIVE SUPPLEMENTAL PLAN</A></FONT><BR>
<FONT SIZE=2><A HREF="#toc_pw1785_2">Amendments to the Constellation Energy Group, Inc. Senior Executive Supplemental Plan (Plan)</A></FONT><BR>
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