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.