Item 5.02. Departure of Directors or Certain Officers; Election of Directors;
Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
On September 9, 2020, Kenneth Cornew, Senior Executive Vice President and Chief
Commercial Officer, Exelon Corporation (Exelon), and President and Chief
Executive Officer, Exelon Generation Company LLC (Generation), announced his
intention to retire as of March 31, 2021. Mr. Cornew will continue to serve as
Senior Executive Vice President until his retirement date. He will continue to
receive his full level of compensation and benefits as previously disclosed in
Exelon's 2020 proxy statement. The company has agreed to have its relocation
vendor purchase at an appraised value the Baltimore residence purchased by Mr.
Cornew in connection with his relocation to Baltimore as Chief Executive Officer
of Constellation. The value of the benefit is expected to be approximately
$250,000, based on a determination of the difference between the average of two
appraisals to be received and the price Mr. Cornew paid for the home in 2012
plus qualified capital improvements as provided for under the executive
relocation program's standard terms.
Upon separation from Exelon, Mr. Cornew shall receive standard benefits provided
under Section 4 of Exelon's Senior Management Severance Plan, the terms of which
have been previously disclosed.
(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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