Item 5.02. Departure of Directors or Certain Officers; Election of Directors;
Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
On October 21, 2021, Commonwealth Edison Company ("ComEd") announced that Jeanne
Jones, ComEd's Senior Vice President, Chief Financial Officer and Treasurer,
will be leaving ComEd to assume the role of Senior Vice President, Corporate
Finance for ComEd's parent company, Exelon Corporation ("Exelon"), effective
November 8, 2021. Joseph Trpik, Senior Vice President and Chief Financial
Officer of Exelon Utilities will leave his current role, effective November 8,
2021, and assume the role of Senior Vice President, Chief Financial Officer and
Treasurer of ComEd on an interim basis until April 1, 2022, at which time he
will assume the role of Senior Vice President, Integration at Exelon. Mr. Trpik,
age 52, served as Senior Vice President and Chief Financial Officer of Exelon
Utilities since 2018, and previously served as Senior Vice President, Chief
Financial Officer and Treasurer of ComEd from 2009 to 2018.
Mr. Trpik's compensation for serving as Senior Vice President, Chief Financial
Officer and Treasurer of ComEd will be prorated for his period of service and
will include an annual base salary of $413,841, an annual incentive program
target opportunity of fifty percent of his base salary, and a long-term
incentive target valued at $372,000, consistent with the Exelon Long-Term
Incentive Plan. Long-term incentives ("LTI") include performance share awards
(accounting for sixty-seven percent of total LTI value) and restricted stock
units (accounting for thirty-three percent of total LTI value). Payouts on both
the annual incentive program and the performance share awards will be based on
the achievement of pre-established performance targets. Mr. Trpik remains
eligible for benefits similar to those of other Exelon executives, including,
without limitation, participation in Exelon's health, welfare, retirement,
relocation and severance plans.
Effective April 1, 2022, Elisabeth Graham will assume the role of Senior Vice
President, Chief Financial Officer and Treasurer of ComEd. Ms. Graham, age 43,
has served as Vice President and Treasurer of Exelon since 2018. She previously
served as Exelon's Assistant Treasurer from 2016 to 2018.
Ms. Graham's compensation will include an annual base salary of $350,000, an
annual incentive program target opportunity of forty-five percent of her base
salary, and a long-term incentive target valued at $341,000, consistent with the
Exelon Long-Term Incentive Plan. LTIs include performance share awards
(accounting for sixty-seven percent of total LTI value) and restricted stock
units (accounting for thirty-three percent of total LTI value). Payouts on both
the annual incentive program and the performance share awards will be based on
the achievement of pre-established performance targets. Ms. Graham remains
eligible for benefits similar to those of other Exelon executives, including,
without limitation, participation in Exelon's health, welfare, retirement,
relocation and severance plans.
Item 9.01. Financial Statements and Exhibits
(d) Exhibits.
Exhibit No. Description
101 Cover Page Interactive Data File - the cover page XBRL tags are embedded
within the Inline XBRL document.
104 The cover page from this Current Report on Form 8-K, formatted as Inline
XBRL.
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