8-KLeadership ChangesExhibits & Filings

EXELON CORP 8-K Report, Executive Changes (Oct 29, 2009)

Filed October 29, 2009For Securities:EXC

Summary

This 8-K filing from Exelon Corporation, dated October 29, 2009, primarily announces an amendment to the employment agreement of Chairman and CEO John W. Rowe. The amendment extends Mr. Rowe's tenure through December 31, 2012, at the board's request. This extension aims to provide leadership stability and continuity during a potentially critical period for the company. Key changes to the agreement include a revised retirement date, the elimination of severance benefits for terminations after July 1, 2011, and the removal of certain executive perks such as excise tax gross-ups and post-retirement financial planning services. These modifications reflect a shift towards aligning executive compensation with company policy and potentially reducing future liabilities.

Key Highlights

  • 1John W. Rowe, Exelon's Chairman and CEO, has agreed to extend his employment through December 31, 2012.
  • 2The extension was requested by the Exelon Board of Directors.
  • 3Mr. Rowe's retirement date has been moved back by 18 months, from July 1, 2011, to December 31, 2012.
  • 4Severance benefits will no longer be payable for any termination of employment after July 1, 2011.
  • 5Excise tax gross-up provisions have been eliminated from the agreement, aligning with a Compensation Committee policy.
  • 6Post-retirement income tax preparation and financial planning services have also been removed from the executive's benefits.

Frequently Asked Questions

The employment agreement is being amended to extend John W. Rowe's tenure as Chairman and CEO through December 31, 2012, at the request of the Exelon board of directors. This is intended to ensure leadership continuity.

The main changes include extending his retirement date by 18 months, phasing out regular and change-in-control severance benefits after July 1, 2011, and eliminating the excise tax gross-up and post-retirement financial planning services.

No, the amended agreement states that there will be no severance payable upon any termination of employment after July 1, 2011.

The filing explicitly states that the amendment does not affect any other compensation, benefits, or perquisites for Mr. Rowe, other than those specifically detailed as being eliminated or changed.