Constellation Energy Group, Inc. 2005 Non-Employee Director Compensation Program Summary
Constellation Energy Group, Inc. outlines its 2005 compensation program for non-employee directors. Directors receive an annual cash retainer, additional retainers for committee chair roles, a stock award, meeting fees, and reimbursement for travel expenses. Directors may also choose to defer their compensation into deferred stock units or cash accounts. The stock award is subject to forfeiture if a director leaves the Board during the year.
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Exhibit 10(x)
SUMMARY OF
CONSTELLATION ENERGY GROUP, INC. BOARD OF DIRECTORS
2005 NON-EMPLOYEE DIRECTOR COMPENSATION PROGRAM
In 2005, non-employee directors of the Constellation Energy Group, Inc. Board of Directors will receive the following compensation:
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- A $50,000 annual cash retainer, a $10,000 annual cash retainer for the audit committee chairperson and a $5,000 annual cash retainer for each other committee chairperson.
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- A common stock award with a value of approximately $50,000, which stock is subject to pro rata forfeiture if Board service ceases during the year.
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- A $1,250 fee for each regular or special Board or Board committee meeting attended.
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- Reasonable travel expenses to attend meetings.
Directors will have an opportunity to elect to defer some or all of their cash retainers into deferred stock units or into a cash account, to defer some or all of their fees into a cash account and to defer all of their common stock award into deferred stock units.
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