8-KLeadership ChangesOther EventsExhibits & Filings

EXELON CORP 8-K Report, Executive Changes (Dec 7, 2009)

Filed December 7, 2009For Securities:EXC

Summary

This Form 8-K filing from Exelon Corporation, dated December 7, 2009, primarily discloses two key events. Firstly, PECO Energy Company, a subsidiary of Exelon, appointed Charisse R. Lillie to its Board of Directors, effective January 1, 2010. This appointment expands the PECO board to eight directors. Secondly, Frank M. Clark, Chairman and CEO of Commonwealth Edison Company (another Exelon subsidiary), has established a prearranged stock trading plan to sell 5,000 shares of Exelon common stock. This sale, expected between February and November 2010, is part of Mr. Clark's estate and tax planning and aligns with a broader practice among Exelon senior officers to diversify their holdings.

Key Highlights

  • 1PECO Energy Company appointed Charisse R. Lillie to its Board of Directors, effective January 1, 2010, increasing the board size to eight.
  • 2Frank M. Clark, Chairman and CEO of Commonwealth Edison Company, has implemented a Rule 10b5-1 trading plan.
  • 3The trading plan will facilitate the sale of 5,000 shares of Exelon common stock by Mr. Clark.
  • 4Sales under Mr. Clark's plan are scheduled to occur between February 2010 and November 2010.
  • 5The purpose of the trading plan is to allow Mr. Clark to diversify his holdings for estate and tax planning.
  • 6This action by Mr. Clark is consistent with similar plans adopted by other Exelon senior officers since February 2005 for asset diversification.

Frequently Asked Questions

Charisse R. Lillie's appointment expands the PECO Board of Directors to eight members. She will receive standard compensation for outside directors. PECO is reviewing for any disclosable related person transactions.

Frank M. Clark is selling 5,000 shares of Exelon common stock through a prearranged trading plan established under Rule 10b5-1. The sale is intended to facilitate diversification of his holdings as part of his estate and tax planning.

Mr. Clark's trading plan covers the sale of 5,000 shares of Exelon common stock, with sales expected to take place between February 2010 and November 2010.

No, this is not unusual. The filing notes that several Exelon senior officers have entered into similar prearranged stock trading plans since February 2005 to diversify their assets.