Item 5.02. Departure of Directors or Certain Officers; Election of Directors;
Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
On October 1, 2021, Exelon Corporation ("Exelon") and Commonwealth Edison
Company ("ComEd") announced that Calvin Butler was assuming the role of interim
Chief Executive Officer of ComEd until a permanent replacement was announced. On
October 14, 2021, ComEd announced that Gil Quiniones, age 55, has been appointed
as its Chief Executive Officer effective November 15, 2021. Mr. Quiniones has
served as the President and Chief Executive Officer of the New York Power
Authority since 2011.
Mr. Quiniones's compensation will include an annual base salary of $585,000, an
annual incentive program target opportunity of eighty percent of his base
salary, and a long-term incentive target valued at $1,189,000 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. Quiniones will be eligible for benefits similar to those of other Exelon
executives, including, without limitation, participation in Exelon's health,
welfare, retirement, relocation and severance plans.
A copy of the press release announcing Mr. Quiniones's appointment is attached
hereto as Exhibit 99.1.
Item 9.01. Financial Statements and Exhibits
(d) Exhibits.
Exhibit No. Description
99.1 Press Release
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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