What does a senior engineer at Exelon earn?

Senior engineer sits at the E03 grade, which current Exelon advertisements price at roughly $88,800 to $141,900 of base with a 15 percent bonus target and no routine long-term incentive, so a Chicago midpoint is about $115,300 of base and $132,700 of target direct compensation. A senior business program manager in Maywood was advertised at $88,800 to $122,100 and a national senior engineer requisition at $103,200 to $141,900, both at 15 percent. The next step, E04 principal or manager, moves to about $137,800 of base at 20 percent for roughly $165,300 of target direct compensation. Third-party records are consistent: Glassdoor puts a Chicago senior engineer at $148,000 to $203,000 of total pay and Indeed at an average of $108,804 of salary.

Does Exelon give RSUs, options or an ESPP?

Restricted stock units and performance shares, but only from senior manager upward, plus an employee stock purchase plan and a 401(k) stock fund for everyone. Exelon states that no stock options are outstanding and none were exercised in 2025, so options are effectively dead at the company. Executive awards run 67 percent performance shares and 33 percent restricted stock units, with the units vesting one third a year over three years and carrying reinvested dividend equivalents, and the 2025 to 2027 performance cycle weighting adjusted operating earnings per share, operating return on equity, cash from operations to debt and three-year relative total shareholder return at 25 percent each. Below senior manager no routine employer grant was observed in any sampled posting; the broad-based stock channels are the employee stock purchase plan, which buys at a discount on quarterly purchase dates, and the Exelon Stock Fund inside the Employee Savings Plan, which is a retirement investment rather than a compensatory grant.

How does Exelon's bonus work?

Every employee participates in an annual incentive programme, but Exelon publishes the formula only for executives. For executive officers the award is base salary multiplied by the target percentage multiplied by a corporate performance factor that can run from 0 to 200 percent, with the compensation committee able to apply negative discretion. The 2025 factor was 133.62 percent on a scorecard of 60 percent adjusted operating earnings per share, 15 percent SAIDI, 15 percent SAIFI and 10 percent customer service, and the chief executive and chief operating officer each absorbed five points of negative discretion. For everyone else only the target is public, and it is public because Exelon prints it in job advertisements: about 4 percent represented, 7 percent entry professional, 10 to 15 percent professional, 20 percent principal or manager, 25 percent senior manager and 30 percent director. The business-unit weighting, individual multiplier, threshold and maximum schedule and payout date for non-executives are not disclosed anywhere.

What was the Exelon CEO paid?

Calvin Butler's 2025 Summary Compensation Table total was $15,601,905, made up of $1,379,000 of salary, $2,665,719 of annual incentive, $10,900,024 of grant-date stock awards, a $400,595 change in pension value and $256,567 of other compensation. That is 103 times the $150,905 median employee. His target package for the year was $14.40 million, being a $1.40 million salary rate, a 150 percent annual incentive target worth $2.10 million and a $10.90 million long-term incentive target, so roughly 90 percent of target pay was variable. The stock figure is a grant-date accounting value, not cash. On 2 February 2026 the annual cycle settled 198,151 units and granted 200,262 derivative awards, and 82,268 shares were withheld at $43.91 for tax, which is a Form 4 code F withholding rather than a discretionary sale.

How does Exelon pay in Maryland compared with Illinois?

Almost identically, which is the point. Maryland is Exelon's second-largest state by registrant headcount, with BGE at 3,383 employees plus most of the 4,422-person PHI population in Baltimore, Rockville and Bethesda, against ComEd's 6,688 in Illinois. Public salary ranges overlap heavily across the two: this report models Baltimore at 0.98 times the Chicago anchor, Rockville at 1.03 and Bethesda at 1.05, with Washington DC the highest market at 1.06 because of the Pepco regulatory and policy roles there. Those indices are a transparent implementation assumption rather than an Exelon-published geographic differential, and the spread from lowest to highest is about 10 percent, small enough that grade, job family and represented status matter far more than which state an Exelon offer comes from. Exelon does not publish city-level headcount, so registrant totals must not be read as city totals.

All Companies

Exelon

Compensation Insight

How Exelon Pays

Exelon's represented-hourly base, E01 to E09 professional and vice-president grades and the SVP, EVP and CEO tiers, priced across 12 United States utility markets alongside 67 percent performance shares, 33 percent RSUs, a discounted ESPP, a $15.60M CEO package at 103:1 and 74 FY2025 H-1B filings.

20,571 employees · Nasdaq: EXC · Exelon Corporation · Founded 2000 · Chicago, Illinois · FY ends 31 December

Employees

20,571

At 31 December 2025, up from 20,014 a year earlier. Every disclosed Exelon employee works in the United States.

Median employee pay

$150,905

The 2025 pay-ratio median identified in the 2026 proxy. It sits above every utility peer checked, which is what a heavily unionised field workforce with overtime does to a median.

CEO total pay

$15.60M

Calvin Butler's 2025 Summary Compensation Table total, of which $10.90 million was grant-date stock value and $2.67 million was annual incentive.

CEO pay ratio

103:1

Below Duke Energy at 106 to 1, Xcel Energy at 108 to 1, Constellation Energy at 140 to 1 and American Electric Power at 261 to 1.

Union coverage

42%

Approximately 42 percent of employees are covered by a collective bargaining agreement, so hourly progression, overtime and retirement terms are set locally rather than by a corporate band table.

2025 incentive factor

133.62%

The certified executive annual incentive result. Customer service scored zero against its threshold, and the chief executive and chief operating officer absorbed five points of negative discretion.

FY2025 revenue

$24.3B

Adjusted operating earnings per share were $2.77 against a $2.69 incentive target, and 2026 guidance is $2.81 to $2.91.

Turnover

5.93%

The 2023 to 2025 average, split as 2.39 percent retirement, 2.58 percent voluntary and 0.96 percent non-voluntary. Retirement is nearly half of all exits.

Locations

United States

1.00× base / 1.00× TC vs Chicago

Band Hierarchy

Exelon publishes no grade catalogue, no salary structure and no promotion matrix, but it does something more useful than most issuers: it prints base ranges, bonus targets and, from senior manager upward, an annual long-term incentive value directly in its job advertisements. The E01 through E09 codes below are Exelon's own, evidenced by current advertisements that name E03, E04 and E05 reporting relationships and identify a vice president as E09. E07 and E08 remain unresolved rather than invented, and the represented population runs on bargained wage steps outside the grade structure entirely.

Represented ladder — bargained craft, field and clerical

REP

Represented craft, field and clericalRepresented · variable 2% · modeled

Electrician, lineworker, substation and meter technician, field operations, dispatch and clerical roles inside the six utilities

Entry through journeyman; apprenticeship and collective-agreement dependent

●○○○○○○○○○○○

Professional ladder — E01 through E04

E04

Principal or managerIndividual contributor or management · variable 20% · verified

Principal engineer, principal analyst, manager, strategy manager and external-affairs manager; the strongest title continuity across the group

7 to 12 years

●●●●●○○○○○○○

E03

Senior professional or first-line supervisorIndividual contributor or first-line management · variable 15% · verified

Senior engineer, senior analyst, senior program manager and first-line supervisor; a current director-level advertisement names E03 direct reports

5 to 8 years

●●●●○○○○○○○○

E02

Professional or engineer IIIndividual contributor · variable 12.5% · verified

Engineer, analyst, IT specialist and project professional in distribution, transmission, technology and corporate functions

2 to 5 years

●●●○○○○○○○○○

E01

Entry professional, analyst or engineer IIndividual contributor · variable 7% · verified

Entry engineer, analyst, administrator, paralegal and early-career specialist across the utilities and Exelon Business Services

0 to 2 years

●●○○○○○○○○○○

Management ladder — E05 through E06

E06

Director or senior functional leaderManagement · variable 30% · verified

Director, associate general counsel and enterprise transformation leader, typically owning a function across more than one utility

12 to 18 years

●●●●●●●○○○○○

E05

Senior manager or key functional leaderManagement · variable 25% · verified

Senior manager, assistant general counsel and senior functional leader in audit, security, legal and operations

10 to 15 years

●●●●●●○○○○○○

Executive ladder — E07 through CEO

CEO

President and Chief Executive OfficerExecutive · variable 150% · verified

Enterprise chief executive and board member

25+ years

●●●●●●●●●●●●

EVP

Executive Vice President and named executive officerExecutive · variable 90% · verified

Chief financial officer, chief operating officer, chief legal officer and the enterprise operating and control executives named in the proxy

20+ years

●●●●●●●●●●●○

SVP

Senior Vice PresidentExecutive · variable 65% · modeled

Business-unit chief financial officer, corporate finance leader and utility function head reporting to a utility chief executive

20+ years

●●●●●●●●●●○○

E09

Vice PresidentExecutive · variable 55% · modeled

Corporate or utility vice president, controller and function head; a current advertisement explicitly identifies a vice president of talent as E09

18 to 25 years

●●●●●●●●●○○○

E07-8

Executive director or senior utility leaderExecutive · variable 42.5% · modeled

Executive director, senior utility function leader and vice-president feeder roles; the exact E07 and E08 titles are not resolved by any public source

15 to 22 years

●●●●●●●●○○○○

Disclosed executive layer

President and Chief Executive Officer

Calvin G. Butler Jr.

Fully disclosed: salary, annual incentive payout, grant-date stock, pension change, other compensation, target direct compensation and the pay ratio.

Executive Vice Presidents who are named executive officers

Jeanne M. Jones as Chief Financial Officer with audit and risk, Michael Innocenzo as Chief Operating Officer, Colette D. Honorable as Chief Legal Officer and Corporate Secretary, and David Glockner for compliance, audit and risk

Full Summary Compensation Table disclosure plus base, annual incentive target and long-term incentive target on a separate target-compensation table.

Officers appointed by Form 8-K

Robert Kleczynski as Executive Vice President and Chief Financial Officer and Caroline Fulginiti as Vice President and Controller from 5 October 2026, and Andrew Plenge as ComEd Senior Vice President, Chief Financial Officer and Treasurer from 1 January 2027

Base, annual incentive percentage and long-term incentive target disclosed at appointment. This is the only public window onto vice-president and senior vice-president pay at Exelon.

Utility and corporate officers below the named-executive threshold

Utility presidents, function heads and vice presidents at ComEd, PECO, BGE, Pepco, Delmarva Power and Atlantic City Electric

Not publicly disclosed. Compensation surfaces only if the person becomes a named executive officer or an appointment is filed on a Form 8-K.

Non-employee directors

The independent board, including the chair, committee chairs and the newest 2025 appointees

Disclosed as cash retainers plus an annual equity award. This is a governance package, not an employment band, and it is excluded from the pay ladder.

VerifiedOnly the executive vice-president and chief-executive rows and the outside-director package carry a full company disclosure. E01 through E06 are midpoints of Exelon's own advertised ranges, and E07 through senior vice president are modelled bridges between advertisement evidence and Form 8-K appointment packages.

Track divergence

Represented craft and field

Progression runs on apprenticeship milestones and bargained wage steps rather than corporate grades. Roughly 42 percent of the workforce sits here, overtime and storm-restoration hours can dominate annual cash, and no current collective-agreement wage table was located in any public filing.

E01 to E02 early professional

No distinct people-leader track exists at entry. Project and work-lead duties can begin at E02 without a separate management grade, and the bonus target moves from a flat 7 percent to a role-specific 10 or 15 percent.

E03 to E04 senior professional and principal

The two tracks share the same grades. E03 covers both a senior engineer and a first-line supervisor, and E04 covers both a principal engineer and a manager. Neither grade carries a routine long-term incentive in any sampled advertisement, so the individual-contributor route loses nothing in equity by staying technical.

E05 to E06 management and specialist

The genuine divergence is legal and specialist rather than technical: an assistant general counsel is priced at E05 and an associate general counsel at E06 with no conventional management span. This is where the $25,000 and $50,000 annual long-term incentive values appear.

E07 to E09 and above

The expert route goes dark. No E07 or E08 specialist title is publicly identified, and every observable path above E06 runs through vice president, senior vice president, executive vice president and chief executive.

Hierarchy qualifications and legacy structures

E01 through E09 are Exelon's own grade codes, not research nomenclature. A current director of enterprise transformation advertisement names E03, E04 and E05 direct reports, and a separate advertisement identifies a vice president of talent as E09. What is missing is the salary structure attached to those codes, not the codes themselves.
E07 and E08 are the honest gap. No public source names a title at either grade, so the row shown here is a straight interpolation between the E06 advertisements and the disclosed vice-president package and should be read as a planning envelope only.
Represented employees are not on this ladder at all. About 42 percent of the workforce is covered by a collective bargaining agreement whose wage schedules, overtime rules and retirement terms are set locally, and no current bargained wage table appears in any Exelon filing.
Pre-2022 Exelon included Constellation's generation and competitive-energy business. Historical grade references survive only where current advertisements demonstrate continuity, and no claim is made that a former generation grade maps to a current utility grade.
Exelon Corporation itself employs almost nobody. Staff are employed by Exelon Business Services Company, PHI Service Company and the six operating utilities, which is why visa sponsorship, savings-plan provisions and bargaining coverage all vary by legal entity rather than by grade.
Long-term incentive eligibility, not bonus eligibility, is the meaningful boundary. Every grade participates in the annual incentive, but no routine employer equity grant was observed below E05 in any sampled advertisement, and the vehicle behind the advertised $25,000 and $50,000 values is never named.

Peer-level mapping

Band	Archetype	Peer mapping	Caveat
REP	Represented craft, field and clerical	Journeyman craft and field classifications at any investor-owned utility, priced on a bargained hourly scale rather than a salary grade	Roughly 42 percent of Exelon employees sit here and their pay is set by local collective agreements, so a single national midpoint hides real spread between IBEW locals, utilities and job classifications.A current Building Electrician B advertisement in Rockville at $41.95 an hour with a 4 percent bonus, widened to a $45,000 to $100,000 envelope because bargained rates, overtime, shift premium and call-out vary by local agreement.
E01	Entry professional, analyst or engineer I	Analyst I, Engineer I or Associate at a comparable regulated utility	Role family and represented status can override the grade entirely; a craft apprentice hired the same week may out-earn an E01 professional on overtime alone.Blended from two current 7 percent advertisements, an executive facilities administrator in Chicago at $60,800 to $83,600 and an Illinois paralegal at $66,400 to $91,300.
E02	Professional or engineer II	Analyst II, Engineer II or Professional at a comparable regulated utility	This is the widest bonus band on the ladder, running 10 to 15 percent between the Chicago engineer and Maryland general engineer advertisements, so the target is genuinely role-specific rather than grade-wide.A current Chicago engineer advertisement at $84,800 to $116,600 with a 10 percent bonus and a Maryland general engineer advertisement at $92,000 to $126,500 with 15 percent.
E03	Senior professional or first-line supervisor	Senior Analyst, Senior Engineer or Supervisor at a comparable regulated utility	Both the individual-contributor and the first-line management route sit at E03, so the grade does not tell you whether the job carries direct reports.A national senior engineer advertisement at $103,200 to $141,900 and a Maywood senior business program manager advertisement at $88,800 to $122,100, both at a 15 percent target.
E04	Principal or manager	Principal, Lead or Manager at a comparable regulated utility	E04 is the highest grade at which no routine long-term incentive appeared in any sampled advertisement, so a principal engineer and a first-time manager are both all-cash on target.A Kennett Square principal engineer advertisement at $122,400 to $168,300 and a Baltimore external affairs manager advertisement at $118,400 to $162,800, both at a 20 percent target.
E05	Senior manager or key functional leader	Senior Manager or key functional leader at a comparable regulated utility	This is the first grade where a routine annual long-term incentive appears in advertisements, so the E04 to E05 step is worth more than the base increase suggests.Three current advertisements at a 25 percent target and a stated $25,000 annual long-term incentive: audit services in Baltimore at $139,200 to $191,400, corporate physical security in Chicago at $150,400 to $206,800 and an assistant general counsel in Washington at $190,400 to $261,800.
E06	Director or senior functional leader	Director or Associate General Counsel at a comparable regulated utility	Specialist legal and technical roles are priced at E06 without a conventional director span, so the grade reflects market value as much as organisational scope.Two current advertisements at a 30 percent target and a stated $50,000 annual long-term incentive: a director of external affairs at $176,000 to $242,000 and an associate general counsel for FERC in Baltimore at $212,800 to $292,600.
E07-8	Executive director or senior utility leader	Executive director or senior utility function leader, one step below an officer appointment	This is the weakest row on the page. It is an interpolation between director advertisements and disclosed vice-president packages, and no Exelon source names an E07 or E08 title.Interpolated between the E06 advertisement evidence and the 8-K vice-president and senior vice-president packages; no direct observation exists at this grade.
E09	Vice President	Vice President at a comparable regulated utility	The disclosed anchor is the low end of the range. Caroline Fulginiti's vice-president and controller package, effective 5 October 2026, is $325,000 of base with a 40 percent target and $226,000 of long-term incentive, well below the modelled midpoint.Anchored on the 25 August 2026 Form 8-K vice-president and controller package and widened upward to a $325,000 to $500,000 base envelope for larger vice-president roles.
SVP	Senior Vice President	Senior Vice President or utility business-unit officer	Utility senior vice presidents are paid on the operating company, not the parent. Andrew Plenge's ComEd senior vice president, chief financial officer and treasurer package, effective 1 January 2027, is $375,000 of base with a 50 percent target and $372,000 of long-term incentive.Anchored on the 25 August 2026 Form 8-K ComEd senior vice president package and interpolated upward toward the disclosed executive vice-president targets.
EVP	Executive Vice President and named executive officer	Named executive officer at a comparable regulated utility	These are 2025 target values from the proxy, not city-scaled pay. The four non-chief-executive named officers ran from a $2.65 million target for David Glockner to a $4.24 million target for Michael Innocenzo.Midpoints of the 2025 proxy target direct compensation table for the four non-chief-executive named executive officers; base runs $680,000 to $755,000 and long-term incentive $1.42 million to $2.75 million.
CEO	President and Chief Executive Officer	Utility holding-company chief executive	A single national package, never a city-scaled figure. The target shown is $14.40 million; the 2025 Summary Compensation Table outcome was $15,601,905 once actual incentive, pension change and other compensation are included.Calvin Butler's 2025 target direct compensation from the 2026 proxy: a $1.40 million salary rate, a 150 percent annual incentive target and a $10.90 million long-term incentive target.

Critical evidence warning

Exelon publishes no salary structure, no range minimums or midpoints and no promotion matrix for any grade. The E01 through E06 rows are midpoints of ranges that Exelon itself advertised, which makes them unusually well evidenced for a company of this kind, but a midpoint is still a computation rather than a disclosed band. The E07 to E08, E09 and senior vice-president rows are interpolations anchored on two or three disclosed appointment packages. The represented row is a deliberately wide envelope because bargained rates, overtime and shift differentials vary by local agreement. Use the ladder for orientation and never as a quotation of an Exelon pay band.

Compensation by Band — Chicago

Low / median / high annual values at 1.00× base and 1.00× total-compensation factors versus Chicago. Total equals base plus bonus plus annualized equity.

Band	Title	Base	Variable	Total TC	Equity
REP	Represented craft, field and clerical Entry through journeyman; apprenticeship and collective-agreement dependent · modeled	$62K – $83K	2%	$74K $63K – $85K	—
E01	Entry professional, analyst or engineer I 0 to 2 years · verified	$65K – $87K	7%	$81K $69K – $94K	—
E02	Professional or engineer II 2 to 5 years · verified	$90K – $122K	12.5%	$119K $101K – $137K	—
E03	Senior professional or first-line supervisor 5 to 8 years · verified	$98K – $133K	15%	$133K $113K – $152K	—
E04	Principal or manager 7 to 12 years · verified	$117K – $158K	20%	$165K $141K – $190K	—
E05	Senior manager or key functional leader 10 to 15 years · verified	$147K – $199K	25%	$241K $205K – $277K	$25K
E06	Director or senior functional leader 12 to 18 years · verified	$180K – $244K	30%	$326K $277K – $375K	$50K
E07-8	Executive director or senior utility leader 15 to 22 years · modeled	$266K – $359K	42.5%	$706K $600K – $812K	$261K
E09	Vice President 18 to 25 years · modeled	$351K – $474K	55%	$1.25M $1.06M – $1.44M	$613K
SVP	Senior Vice President 20+ years · modeled	$393K – $532K	65%	$1.65M $1.40M – $1.90M	$886K
EVP	Executive Vice President and named executive officer 20+ years · verified	$610K – $825K	90%	$3.45M $2.93M – $3.97M	$2.08M
CEO	President and Chief Executive Officer 25+ years · verified	$1.19M – $1.61M	150%	$14.40M $12.24M – $16.56M	$10.90M

Corporate headquarters; multiple current job advertisements · 3 reported band cellsReportedModeledVerifiedLow, median and high come from the advertised range itself wherever one exists, so the spread is Exelon's own rather than a fixed percentage applied to a midpoint. The envelope is widest on the represented row, where bargained scales and overtime create genuine dispersion, and on the E07 to E08 row, where there is no observation at all. It is narrowest on the executive vice-president row, where the low and high are simply the lowest and highest disclosed named-executive targets.

Benchmark your level

Total Compensation Range by Band

Total compensation in Chicago across the employee bands. Proxy-disclosed executive cohorts are excluded so the employee bands stay readable.

Global Footprint & Pay Arbitrage

Exelon is a domestic United States regulated transmission-and-distribution group. It serves almost 11 million customers through ComEd, PECO, BGE, Pepco, Delmarva Power and Atlantic City Electric, and every one of its 20,571 employees works in the United States. No material Exelon employee office was verified in India, Canada, the United Kingdom, Australia, Singapore, continental Europe or the Middle East, so this report models twelve American markets and manufactures no international bands. Chicago is the anchor and every other city is calibrated against the Chicago median.

20,571

Employees at 31 December 2025, all in the United States

Markets modelled across Illinois, Maryland, Pennsylvania, Delaware, New Jersey and DC

42%

Of employees covered by a collective bargaining agreement

~11M

Customers served by the six regulated utilities

Office and market catalogue — calibration factors versus Chicago

Location	Likely office profile	Presence	Base	TC
Chicago United States · USD	Corporate headquarters, the Exelon Business Services hub and the ComEd home market, and the source of most of the job-advertisement evidence in this ladder	Corporate headquarters; multiple current job advertisements	1.00×	1.00×
Oakbrook Terrace United States · USD	The largest ComEd and business-services campus outside the Chicago Loop, and the densest technology-role market in the visa record with nine labour condition applications	Major ComEd and shared-services location	0.98×	0.98×
Maywood United States · USD	ComEd operations market in Chicago's western suburbs, evidenced by a current senior business program manager advertisement at $88,800 to $122,100	ComEd operations; current job advertisement	0.98×	0.98×
Baltimore United States · USD	Baltimore Gas & Electric headquarters market and a major shared-services centre, carrying the audit, legal and technology advertisements that anchor the E05 and E06 rows	BGE headquarters; multiple current job advertisements	0.98×	0.98×
Philadelphia United States · USD	PECO headquarters market, and the one utility whose craft and clerical population carries a materially better 401(k) fixed match than the rest of the group	PECO headquarters; labour condition application record	1.00×	1.00×
Washington United States · USD	The highest-priced market in the model, covering Pepco, federal regulatory and policy roles and the assistant general counsel advertisement at $190,400 to $261,800	Pepco, regulatory and policy roles; current job advertisement	1.06×	1.06×
Rockville United States · USD	Pepco and PHI service-area location, and the source of the represented Building Electrician B advertisement at $41.95 an hour with a 4 percent bonus	Pepco/PHI operations; current represented advertisement	1.03×	1.03×
Bethesda United States · USD	PHI Service Company technology market, evidenced by senior systems engineer labour condition applications rather than by a published headcount	PHI/BSC technology roles; visa wage records	1.05×	1.05×
Newark United States · USD	Delmarva Power and shared-services market in Delaware, and the lowest-priced market in the model alongside Carneys Point	Delmarva Power/BSC; visa wage record	0.96×	0.96×
Wilmington United States · USD	Delaware utility and regulatory market for Delmarva Power and PHI, serving the 945-employee Delmarva registrant	Delmarva Power/PHI service territory	0.97×	0.97×
Mays Landing United States · USD	Atlantic City Electric operations hub for the smallest Exelon registrant at 630 employees, dominated by field and represented roles	Atlantic City Electric service territory	0.97×	0.97×
Carneys Point United States · USD	Atlantic City Electric and shared-services technology location whose four senior software engineer visa records price above the Chicago technology median despite the lowest city index	ACE/BSC technology roles; visa wage records	0.96×	0.96×

Exelon does not publish employee headcount by city, so this catalogue makes no claim about which market is largest after Chicago. Presence is evidenced by a headquarters, a utility service territory, a current job advertisement or a labour condition application worksite. The bundle's brief asked for a Newark, New Jersey location; Exelon's material Newark hub is in Delaware, and the table reflects the company rather than the brief.

Chicago anchor medians — the basis of every modeled cell

Band	Base	Stock	Bonus	Total
E01 · Entry professional, analyst or engineer I	$76K	$0	$5K	$81K
E02 · Professional or engineer II	$106K	$0	$13K	$119K
E03 · Senior professional or first-line supervisor	$115K	$0	$17K	$133K
E04 · Principal or manager	$138K	$0	$28K	$165K
E05 · Senior manager or key functional leader	$173K	$25K	$43K	$241K
E06 · Director or senior functional leader	$212K	$50K	$64K	$326K
EVP · Executive Vice President and named executive officer	$718K	$2.08M	$646K	$3.45M
CEO · President and Chief Executive Officer	$1.40M	$10.90M	$2.10M	$14.40M

Chicago is the anchor at 1.00. It is the corporate headquarters, the largest Exelon Business Services hub and the ComEd home market, and it carries more of the advertisement evidence in this ladder than any other city.
The whole spread is about ten percentage points. Washington at 1.06 is the top of the model and Newark, Delaware and Carneys Point at 0.96 the bottom, so which state an Exelon offer comes from matters far less than which grade it is.
City factors are flat across the ladder. A domestic regulated utility shows no evidence of the level-dependent geographic compression that offshore delivery models produce, so no separate top-of-ladder factor is applied anywhere.
Base and total factors are identical in every market because the underlying calibration is a base-pay index and the incentive targets are grade-wide rather than city-specific. Nothing in the sources supports a different total-compensation geography.
The executive vice-president and chief-executive rows are national proxy disclosures. They are not local pay ranges and should not be read as city-scaled figures in any selected market.
Exelon publishes headcount by registrant, never by city: ComEd 6,688, PHI 4,422, BGE 3,383 and PECO 3,169, leaving roughly 2,900 at Exelon Business Services. A registrant total is not a city total and must not be presented as one.

Model rules

Every modelled cell is the Chicago median multiplied by the city index. There is no foreign-exchange step because every Exelon salary evidenced in this report is denominated in United States dollars.
A total compensation cell is base plus target annual incentive plus target annual long-term incentive. It excludes sign-on payments, relocation, severance, one-time retention awards, overtime and shift premium.
No employer benefit load is added anywhere. The 401(k) fixed match, the variable match and the automatic contribution are employer cost, not pay, and total compensation is rebuilt from the components so that base plus bonus plus equity reconciles to the total on every row.
Long-term incentive is entered as zero below E05 because that is what the sampled advertisements show, not because the field was left blank. A zero here is a finding.
City indices are an analytical normalisation layer built for this report. They are not disclosed Exelon salary zones and should never be quoted as such; Exelon states only that actual salary depends on skills, qualifications, experience and other factors.
Represented pay is carried as a single wide envelope rather than a bargained scale, because no current collective-agreement wage table was located in public sources.

Benchmark your pay

Variable Pay & Annual Cash Incentive

Exelon states in its 2025 Form 10-K that all employees participate in an annual incentive programme, and it prints the target percentage in its job advertisements, which is why the staircase below is unusually well evidenced. What it never publishes is the non-executive formula: no business-unit weighting, no individual multiplier, no threshold or maximum schedule and no payout date. For executives the opposite is true, and the 2025 scorecard is disclosed metric by metric.

Band	Target	Mechanism	Recent payout
REP Represented craft, field and clerical	0 to 4 percent of base	Annual incentive where the collective agreement provides for it; a current represented electrician advertisement states 4 percent. Overtime, shift premium and call-out pay are separate and are not an incentive target.	Not publicly disclosed
E01 Entry professional	7 percent of base	Annual incentive; two separate current advertisements at this grade both state a flat 7 percent target and neither states a long-term incentive.	Not publicly disclosed
E02 Professional or engineer II	10 to 15 percent of base	Annual incentive; the Chicago engineer advertisement states 10 percent and the Maryland general engineer advertisement 15 percent, so the target is role-specific inside the grade.	Not publicly disclosed
E03 Senior professional or supervisor	15 percent of base	Annual incentive; both sampled senior advertisements state 15 percent, and neither the senior engineer nor the senior program manager requisition carries a long-term incentive.	Not publicly disclosed
E04 Principal or manager	20 percent of base	Annual incentive; the principal engineer and external affairs manager advertisements both state 20 percent, which makes E04 the highest all-cash grade observed.	Not publicly disclosed
E05 Senior manager	25 percent of base plus $25,000 of long-term incentive	Annual incentive plus the first routinely observed equity value. Three separate advertisements state 25 percent and $25,000, across audit, physical security and legal.	Not publicly disclosed
E06 Director	30 percent of base plus $50,000 of long-term incentive	Annual incentive plus a doubled equity value. Both sampled director-level advertisements state 30 percent and $50,000.	Not publicly disclosed
E07-8 Executive director or senior utility leader	35 to 50 percent of base	Annual incentive; no advertisement or filing evidences this grade, so the target is interpolated between the director evidence and the disclosed vice-president package.	Not publicly disclosed
E09 Vice President	40 to 70 percent of base	Annual incentive. The only disclosed point is the vice president and controller appointment at a 40 percent target; larger vice-president roles are modelled above it.	Not publicly disclosed
SVP Senior Vice President	50 to 80 percent of base	Annual incentive. The disclosed point is the ComEd senior vice president, chief financial officer and treasurer appointment at a 50 percent target.	Not publicly disclosed
EVP Executive Vice President	80 to 100 percent of base	Base salary multiplied by the target percentage multiplied by the corporate performance factor, with committee negative discretion and a 0 to 200 percent range. Honorable and Glockner sit at 80 percent, Jones and Innocenzo at 100 percent.	The 2025 factor was 133.62 percent. Innocenzo took five points of negative discretion; the other three paid between 134.4 and 135.9 percent of a target computed on salary actually paid.
CEO President and Chief Executive Officer	150 percent of base	The same formula as the executive vice presidents on a 150 percent target, making the annual incentive worth $2.10 million at a $1.40 million salary rate.	$2,665,719 paid for 2025, about 128.9 percent of a target computed on salary actually paid, after five points of negative committee discretion.

ModeledVerifiedThe 2025 executive scorecard certified at 133.62 percent on four measures: adjusted operating earnings per share at 60 percent weight, which came in at $2.77 against a $2.69 target and a $2.82 distinguished level for a 105.00 percent weighted contribution; SAIDI at 15 percent, which came in at 45 against a 43 target for 14.50 percent; SAIFI at 15 percent, which came in at 0.54 against 0.52 for 14.12 percent; and customer service at 10 percent, which came in at 7.46 against a 7.55 threshold and therefore scored zero. Reliability and customer measures carry 40 percent of the executive scorecard at Exelon, which is why a strong earnings year still produced a below-maximum outcome. Recent factors were 110.75 percent for 2022 on the first post-separation scorecard, 129.48 percent for 2023 with the responsible-business modifier at 100 percent, and 136.64 percent for 2024.

Executive incentive targets — percent of salary

President and Chief Executive Officer

150 percent of base

Calvin Butler, on a $1.40 million salary rate, for a $2.10 million annual incentive target inside a $14.40 million target package.

Executive Vice President and Chief Financial Officer

100 percent of base

Jeanne Jones, on a $755,000 salary rate. She moves to Executive Vice President of Finance and Strategy on 5 October 2026.

Executive Vice President and Chief Operating Officer

100 percent of base

Michael Innocenzo, on a $747,000 salary rate and the largest non-chief-executive long-term incentive target at $2.75 million.

Executive Vice President and Chief Legal Officer

80 percent of base

Colette Honorable, on a $680,000 salary rate, covering compliance and the corporate secretary function.

Incoming Executive Vice President and Chief Financial Officer

90 percent of base

Robert Kleczynski from 5 October 2026, on $650,000 of base and a $1.765 million long-term incentive target for a $3.00 million target package.

Vice President and Controller

40 percent of base

Caroline Fulginiti from 5 October 2026, on $325,000 of base and $226,000 of long-term incentive for a $681,000 target package.

Named-executive outcomes

Executive	Target	Paid	Attainment
Calvin G. Butler Jr.	$2,068,500	$2,665,719	128.9% after five points of negative discretion
Jeanne M. Jones	$749,060	$1,008,831	134.7% of a target computed on salary actually paid
Michael Innocenzo	$735,375	$948,234	128.9% after five points of negative discretion
Colette D. Honorable	$534,700	$726,893	135.9% of a target computed on salary actually paid
David Glockner	$545,382	$732,772	134.4% of a target computed on salary actually paid

Employee payout timing and history

Exelon states that all employees participate in an annual incentive programme aligning individual and business results, and its advertisements disclose the target percentage for the advertised role. Everything between those two facts is undisclosed: there is no published business-unit weighting, no individual performance multiplier, no threshold or maximum schedule for non-executives, and no payout date. Targets are also not guaranteed to be grade-wide, as the 10 and 15 percent split inside E02 shows. Eligibility itself varies by grade, classification, represented status and service.

Sales and special incentives

A regulated transmission-and-distribution utility has no commissioned sales force, and no sales incentive plan, project utilisation bonus, deal-closure payment or offshore allowance was found anywhere in Exelon's public material. The variable cash that matters outside the incentive plan is field cash: overtime, shift premium, call-out and storm-restoration hours in the represented population, which is real money and is not an incentive target.

Negotiate your bonus

Equity — RSUs, PSUs, Options & ESPP

Equity at Exelon is narrow, not broad. All employees participate in the annual incentive, but no routine employer grant appears in any sampled advertisement below the senior-manager grade, where a $25,000 annual long-term incentive shows up, doubling to $50,000 at director. Above that the disclosed executive design is 67 percent performance shares and 33 percent restricted stock units. The broad-based stock channels are the employee stock purchase plan and the Exelon Stock Fund inside the 401(k), neither of which is a compensatory grant.

Exelon Corporation 2020 Long-Term Incentive Plan

Active umbrella plan

Verified

Permits restricted stock units, performance shares and other equity awards to officers and employees of Exelon and its subsidiaries and to non-employee directors. It is the authorising instrument behind every grant described on this page.

Reserve: 21.9 million new shares plus remaining and recycled prior-plan shares

2020 proxy statement approving the plan, filed 18 March 2020

Executive annual long-term incentive programme

Current executive design

Verified

Split 67 percent performance shares and 33 percent restricted stock units. The units vest one third a year over three years with continued service and carry reinvested dividend equivalents that remain subject to vesting. The 2025 to 2027 performance-share cycle weights adjusted non-GAAP operating earnings per share, operating return on equity, Exelon cash from operations to debt and three-year relative total shareholder return at 25 percent each, settling between 0 and 200 percent of target.

Reserve: Granted from the 2020 plan reserve

2026 proxy statement, filed 18 March 2026

Advertised senior-manager and director long-term incentive

Observed in current advertisements only

Verified

A stated annual long-term incentive value of $25,000 at senior manager and $50,000 at director, appearing in five separate current Exelon-family advertisements across audit, physical security, legal and external affairs. At the $44.38 reference price those are roughly 563 and 1,127 share equivalents. The advertisements never name the delivery vehicle, so the 67/33 executive split is not proven at these grades.

Reserve: Not separately disclosed

Current Exelon job advertisements captured 27 August 2026

Employee Stock Purchase Plan

Active and broad-based

Verified

Payroll-deduction purchases of Exelon common stock on quarterly purchase dates at a discount. The 2026 proxy confirms the plan and the discount but does not restate the current discount percentage, contribution ceiling or per-employee share limit, so those are not carried forward from older disclosure here.

Reserve: Not separately disclosed

2026 proxy statement, filed 18 March 2026

Exelon Stock Fund in the Employee Savings Plan

Active retirement investment option

Verified

A participant-directed 401(k) investment fund intended to qualify as an employee stock ownership plan under United States tax law. It is a way to hold Exelon stock inside retirement savings, not a compensatory award, and nothing about it is granted by the company.

Reserve: Participant-directed; no company grant

Employee Savings Plan Form 11-K for 2025, filed 23 June 2026

Non-employee director equity

Changed for 2026

Verified

An annual restricted stock unit award worth $175,000 that vests at the next annual meeting, replacing the quarterly deferred stock units used for the 2025 grants, which were worth $165,000 for a full year of service.

Reserve: Granted from the 2020 plan reserve

2026 proxy statement, filed 18 March 2026

The 2020 plan authorised 21.9 million new shares and carried forward 7,095,559 shares that remained available under the prior plan at 1 March 2020, plus recycled shares from forfeited or withheld awards.
No current remaining pool, burn rate or fully diluted utilisation percentage was located in any reviewed filing, and none is estimated here. A utilisation figure quoted anywhere for Exelon should be treated as unsourced until the current plan-status disclosure is checked.
Exelon states that no stock options are outstanding and that none were exercised in 2025, so the entire equity programme runs on full-value awards.
Share-equivalent counts anywhere on this page divide a target grant value by the $44.38 reference price observed on 26 August 2026. They are an illustration of scale, not a forecast of the number of units a grant will actually contain.

2020 Long-Term Incentive Plan reserve

21.9M

New shares authorised

Approved by shareholders in 2020 for restricted stock units, performance shares and other awards.

7,095,559

Prior-plan shares carried forward

Still available under the predecessor plan at 1 March 2020 and added to the new authorisation.

Not resolved

Current remaining pool

No current plan-status or dilution percentage was located, and no figure is estimated.

Stock options outstanding

None outstanding and none exercised in 2025; the programme is entirely full-value awards.

Vesting — common reported employee schedule

Year 1

33%

+33% · annual tranche

Year 2

67%

+33% · annual tranche

Year 3

100%

+33% · annual tranche

Performance shares, end of year 3

0% to 200% of target

+Single certification · annual tranche

Director restricted stock units

100%

+100% · annual tranche

Executive vesting is annual and predictable, which is why the same date recurs in the insider record: the 2 February 2026 cycle settled 198,151 units for the chief executive and granted 200,262 derivative awards on the same day, and the 3 February 2025 cycle settled 104,323. Because settlement and grant land together, a Form 4 filed in early February will almost always show a settlement, an award and a tax withholding at once, and the withholding is a code F transaction rather than a discretionary sale.

Eligibility by hierarchy level

No routine employer equity grant was observed at any grade below E05 in any sampled advertisement. Discretionary awards below that grade may exist but were not evidenced, and the absence is recorded as a zero rather than as a gap.
The advertised $25,000 and $50,000 annual values are role-specific commitments printed in a job advertisement. They are not proof of a grade-wide equity table, and the vehicle behind them is never named.
The 2020 plan makes officers and employees of Exelon and its subsidiaries eligible, along with non-employee directors, so eligibility is a plan-level permission rather than an entitlement at any grade.
The employee stock purchase plan and the Exelon Stock Fund are the only stock channels evidenced as open to the broad workforce, and eligibility for both can depend on plan terms and collective-agreement provisions for represented employees.
Performance shares are described as a senior-executive instrument. Nothing in the sources supports a performance-share grant below the officer layer.

Indicative annual grant value by band — Chicago

Band	Annual value (USD)	Median	Shares at $44.38
E05 · Senior manager or key functional leader	$19K – $31K	$25K	~422–704
E06 · Director or senior functional leader	$38K – $63K	$50K	~845–1,408
E07-8 · Executive director or senior utility leader	$196K – $326K	$261K	~4,411–7,351
E09 · Vice President	$460K – $766K	$613K	~10,359–17,266
SVP · Senior Vice President	$665K – $1.11M	$886K	~14,973–24,955
EVP · Executive Vice President and named executive officer	$1.56M – $2.61M	$2.08M	~35,235–58,726
CEO · President and Chief Executive Officer	$8.18M – $13.63M	$10.90M	~184,205–307,008

Annualized planning value (±25%), not the face value of every new-hire grant. Share equivalents use the $44.38 reference price at 26 August 2026, 14:35 UTC market-data capture and ignore plan valuation rules and PSU performance. Highlighted rows are disclosed grant-date stock awards.

Named executive target equity

Executive	Target	Units / structure
Calvin G. Butler Jr. President and Chief Executive Officer	$10,900,000	67 percent performance shares and 33 percent restricted stock units; about 75.7 percent of the target package and roughly 245,600 share equivalents at $44.38.
Michael Innocenzo Executive Vice President and Chief Operating Officer	$2,750,000	67/33 performance shares and restricted stock units; the largest non-chief-executive target in the 2025 table.
Jeanne M. Jones Executive Vice President and Chief Financial Officer	$2,500,000	67/33 performance shares and restricted stock units, alongside a $755,000 salary rate and a 100 percent annual incentive target.
Colette D. Honorable Executive Vice President and Chief Legal Officer	$1,700,000	67/33 performance shares and restricted stock units, on an 80 percent annual incentive target.
David Glockner Former Executive Vice President, Compliance, Audit and Risk	$1,420,000	67/33 performance shares and restricted stock units; the smallest named-executive target in the 2025 table.
Robert Kleczynski Incoming Executive Vice President and Chief Financial Officer	$1,765,000	67 percent performance shares and 33 percent restricted stock units from the 2027 grant, roughly 39,770 share equivalents at $44.38.
Andrew Plenge ComEd Senior Vice President, Chief Financial Officer and Treasurer	$372,000	A senior utility executive package effective 1 January 2027, roughly 8,382 share equivalents at $44.38.
Caroline Fulginiti Vice President and Controller	$226,000	The lowest disclosed officer long-term incentive target at Exelon, roughly 5,092 share equivalents at $44.38. The vehicle mix is not separately stated.

VerifiedExelon runs an employee stock purchase plan with payroll deductions and quarterly purchase dates at a discount, and the 2026 proxy confirms that it exists and that a discount applies. It does not restate the current discount percentage, the contribution ceiling, the lookback treatment or the annual purchase limit, and no current accessible plan document was located in the research bundle. That matters, because for most Exelon employees below senior manager the purchase plan is the only stock channel there is. Treat any specific discount figure quoted elsewhere as unverified against current disclosure.

Benchmark your equity

Executive Compensation

Exelon discloses executive pay twice over, once as a target package and once as a Summary Compensation Table outcome, and the two differ by more than a million dollars for the chief executive. The target view is the useful one for understanding design: 9.7 percent salary, 14.6 percent annual incentive and 75.7 percent long-term incentive. The reported view adds the actual incentive result, the grant-date accounting value of stock and a change in pension value that no other named officer except the chief operating officer carries at any scale.

CEO total — Calvin G. Butler Jr.

$15.60M

Stock awards are 69.9% of the reported total; salary 9% and non-equity incentive 17%

17%

70%

Salary $1.38M

Incentive $2.67M

Equity $10.90M

Salary$1,379,000

Annual incentive plan payout$2,665,719

Stock awards, grant-date value$10,900,024

Change in pension value$400,595

All other compensation$256,567

Reported total$15,601,905

Reading the package

On a target basis Calvin Butler's package is 9.7 percent salary, 14.6 percent annual incentive and 75.7 percent long-term incentive, so about 90 percent of target pay depends on performance. The reported 2025 outcome of $15,601,905 exceeded the $14.40 million target mainly because the annual incentive paid at roughly 129 percent even after five points of negative discretion, and because a $400,595 change in pension value and $256,567 of other compensation sit in the reported figure but not in the target. The $10,900,024 stock line is a grant-date accounting value, not cash received.

CEO-to-median-employee ratio

103:1

Median employee $150,905 · The 2026 proxy identifies a median employee with total compensation of $150,905 against a chief executive total of $15,601,905. That median is high for a company of this size, and the reason is structural: roughly 42 percent of Exelon employees are covered by a collective bargaining agreement in craft and field roles where overtime, shift premium and storm-restoration hours push annual cash well above base. A utility with a smaller represented workforce reports a lower median and therefore a higher ratio on identical executive pay..

Peer CEO comparison

American Electric Power · William Fehrman · 2025$36.60M

AEP 2026 proxy statement; median employee $140,432 for a 261 to 1 ratio

Constellation Energy · Joe Dominguez · 2025$17.11M

Constellation 2026 proxy statement; median employee $122,610 for a 140 to 1 ratio

Xcel Energy · Bob Frenzel · 2025$16.00M

Xcel 2026 proxy statement; median employee $147,664 for a 108 to 1 ratio

Duke Energy · Harry Sideris · 2025$13.65M

Duke 2026 proxy statement; median employee $132,604 for a 106 to 1 ratio, on a reported figure of about $14.032 million annualised

Exelon's chief executive is paid less than three of the four utility comparators and its ratio is the lowest of the group, but the comparison is fragile in both directions. American Electric Power's $36.6 million reflects sign-on and transition awards for a newly appointed chief executive, and Duke Energy's figure covers a partial year on a transition. Constellation, the business Exelon separated in February 2022, pays its chief executive more than Exelon does on a workforce with a much lower median, which is exactly what a competitive generation business looks like next to a regulated wires business. Regional and utility-president compensation is not separately disclosed by any of these issuers unless the person becomes a named executive officer or appears in an appointment filing.

Named Executive Officers & Board

Exelon's officer bench is mid-transition. Three appointment packages were disclosed on 25 August 2026, the chief financial officer role changes hands on 5 October 2026, and the chief operating officer is expected to leave in 2027 on a date still to be determined.

Calvin G. Butler Jr. · President and Chief Executive Officer$15.60M

Salary $1.38M · Cash incentive $2.67M · Stock $10.90M · Other $657K · Equity 69.9%

Michael Innocenzo · Executive Vice President and Chief Operating Officer$4.79M

Salary $735K · Cash incentive $948K · Stock $2.75M · Other $357K · Equity 57.4%

Jeanne M. Jones · Executive Vice President, Chief Financial Officer, Audit and Risk$4.51M

Salary $749K · Cash incentive $1.01M · Stock $2.50M · Other $251K · Equity 55.4%

Colette D. Honorable · Executive Vice President, Chief Legal Officer, Compliance and Corporate Secretary$3.20M

Salary $668K · Cash incentive $727K · Stock $1.70M · Other $103K · Equity 53.2%

David Glockner · Former Executive Vice President, Compliance, Audit and Risk$2.95M

Salary $682K · Cash incentive $733K · Stock $1.42M · Other $110K · Equity 48.2%

The other compensation column shown here combines the proxy's all other compensation with the change in pension value and non-qualified deferred compensation earnings, so that salary plus incentive plus stock plus other reconciles exactly to the disclosed Summary Compensation Table total on every row. For the chief executive that is $256,567 of other compensation plus a $400,595 pension change. Colette Honorable and David Glockner carry no pension change at all, which is the clearest sign that Exelon's cash-balance pension is a legacy population rather than a universal officer benefit. Named executive salaries are reviewed each January and February and changes take effect on 1 March; 2025 increases ranged from 3 to 10 percent with the chief executive at 7.6 percent, which is why salary actually paid differs from the salary rate used to compute the target.

Board compensation framework

Element	Amount	Notes
Annual equity retainer for 2026	$175,000	Restricted stock units vesting at the next annual meeting, replacing the quarterly deferred stock units used for 2025 grants.
Annual equity retainer for 2025	$165,000	Paid to six of the nine directors listed for a full year of service; Anthony DeWalt received $133,833 and John Young $54,396 for partial service.
Board chair cash retainer for 2026	$200,000	Increased from $180,000. The chair, Paul Bowers, took $274,327 of cash in 2025.
Highest 2025 director total	$439,327	Paul Bowers as chair, being $274,327 of cash and $165,000 of equity with no other compensation.
Typical 2025 non-chair total	$290,000 to $351,000	Five directors sat in this range on cash retainers of $125,000 to $171,000 plus the $165,000 equity award.
Charitable matching item	$15,000	Marjorie Rodgers Cheshire, Linda Jojo and Charisse Lillie each show a $15,000 other-compensation item for 2025.
One-off charitable contribution	$500,000	Recorded against John Young, taking his 2025 total to $661,539 despite the smallest equity award on the board.

Director pay is a governance package rather than an employment band and it is excluded from the pay ladder. The structural change worth noting is the 2026 shift from quarterly deferred stock units to a single annual restricted stock unit award vesting at the next annual meeting, alongside a $10,000 increase in the equity retainer and a $20,000 increase in the chair's cash retainer.

Regional heads and other officers

Below the five named officers, Exelon discloses nothing on a recurring basis. The only public window is a Form 8-K appointment, and the 25 August 2026 filing opened it wider than usual: Robert Kleczynski becomes Executive Vice President and Chief Financial Officer on 5 October 2026 at $650,000 of base, a 90 percent annual incentive target and a $1.765 million long-term incentive target; Caroline Fulginiti becomes Vice President and Controller the same day at $325,000, 40 percent and $226,000; and Andrew Plenge becomes ComEd Senior Vice President, Chief Financial Officer and Treasurer on 1 January 2027 at $375,000, 50 percent and $372,000. Jeanne Jones moves to Executive Vice President of Finance and Strategy, and Michael Innocenzo is expected to depart his Exelon, PECO and ComEd roles during 2027. Those three packages are the only evidence anywhere for what a vice president or a utility senior vice president is paid at Exelon.

Insider Trades — SEC Forms 3/4/5

Exelon is a Nasdaq-listed United States issuer, so Forms 3, 4, 5, 13D and 13G are the correct record and Indian promoter or SEBI takeover concepts do not apply. Almost every large transaction below is a compensation event rather than a market view: the annual cycle settles and grants on the same early-February date, and the share counts that follow are statutory tax withholding under Form 4 transaction code F.

Date	Person	Transaction	Shares	Price	Value
2026-02-02	Calvin G. Butler Jr. President and Chief Executive Officer	Settlement Units and shares converted on the annual cycle date. Reported at a zero conversion price; this is equity compensation settling, not a purchase.	198,151	—	$0
2026-02-02	Calvin G. Butler Jr. President and Chief Executive Officer	Award New derivative awards granted on the same day the prior cycle settled, consistent with the $10.90 million annual long-term incentive target.	200,262	—	$0
2026-02-02	Calvin G. Butler Jr. President and Chief Executive Officer	Withholding Form 4 transaction code F. Shares surrendered to cover tax on the settlement, not a discretionary sale.	82,268	$43.91	$3.61M
2026-02-02	Calvin G. Butler Jr. President and Chief Executive Officer	Sale The genuine disposition in the 2026 cycle, and about a quarter of the size of the tax withholding on the same day.	31,793	$43.91	$1.40M
2026-02-02	Jeanne M. Jones Executive Vice President and Chief Financial Officer	Award Restricted stock units granted on the annual cycle date, the 33 percent time-vested portion of her long-term incentive.	18,789	—	$0
2026-02-02	Jeanne M. Jones Executive Vice President and Chief Financial Officer	Award Performance shares granted the same day, the 67 percent at-risk portion settling on the 2026 to 2028 scorecard.	24,701	—	$0
2026-02-02	Jeanne M. Jones Executive Vice President and Chief Financial Officer	Withholding Tax settlement on the vesting portion of the same cycle.	16,051	$43.91	$705K
2026-02-02	Jeanne M. Jones Executive Vice President and Chief Financial Officer	Sale Reported disposition following the settlement and withholding.	7,154	$43.91	$314K
2025-02-03	Calvin G. Butler Jr. President and Chief Executive Officer	Settlement The 2025 cycle settlement, about half the 2026 share count, reflecting a smaller prior-cycle grant and a lower vest-date price.	104,323	—	$0
2025-02-03	Calvin G. Butler Jr. President and Chief Executive Officer	Withholding Form 4 transaction code F at the 2025 vest-date price of $40.57.	40,978	$40.57	$1.66M
2025-02-03	Calvin G. Butler Jr. President and Chief Executive Officer	Sale The 2025 discretionary disposition, less than half the 2026 equivalent.	11,996	$40.57	$487K
2025-02-03	Jeanne M. Jones Executive Vice President and Chief Financial Officer	Settlement Share count from the 2026 proxy vesting table. The proxy dollar value is computed on vest-date prices and is not restated here.	19,197	—	$0
2025-02-03	Michael Innocenzo Executive Vice President and Chief Operating Officer	Settlement Share count from the 2026 proxy vesting table for the 2025 cycle.	20,986	—	$0
2025-02-03	David Glockner Former Executive Vice President, Compliance, Audit and Risk	Settlement The largest non-chief-executive 2025 vesting, larger than either sitting executive vice president despite the smallest grant target.	31,171	—	$0
2025-02-03	Colette D. Honorable Executive Vice President and Chief Legal Officer	Settlement A small settlement consistent with a short tenure of accumulated grants at the officer layer.	3,734	—	$0
2025-04-30	Colette D. Honorable Executive Vice President and Chief Legal Officer	Withholding An amended Form 4/A corrected this transaction from code S to code F, which is the clearest single illustration of why raw Exelon insider feeds overstate selling.	1,463	$40.57	$59K

Reading guide

Read the transaction code before the headlineCode F is statutory tax withholding on a vesting event and the company takes the shares; code S is a discretionary sale. Exelon filed an amendment in April 2025 specifically to correct an S to an F, so even the primary record needed fixing.

The calendar is compensation, not convictionSettlements, grants and withholdings all land on the same early-February date each year, so an apparent burst of insider activity in the first week of February is the annual long-term incentive cycle running.

Withholding dwarfs sellingIn the 2026 cycle the chief executive surrendered 82,268 shares worth $3.61 million to tax and disposed of 31,793 worth $1.40 million. Treating both as selling overstates the discretionary figure by about two and a half times.

No controlling-holder activityNo Schedule 13D-style controlling transaction was identified. Institutional ownership changes at Exelon should be read through 13D and 13G filings rather than through officer Forms 4.

Benchmark your package

Benefits & Perks

Exelon's benefit disclosure is lopsided in a useful way. The health, leave and education categories are confirmed only by category on the careers page, with no carrier, no premium share, no leave weeks and no paid-time-off day count anywhere. Retirement, by contrast, is quantified in detail in the Employee Savings Plan Form 11-K, and that filing is where the real structure shows: the match is not uniform across the group. The split below follows the operating utilities rather than geography, because at Exelon the employing entity, not the state, is what changes the terms.

Illinois — ComEd and Exelon corporate

Population — ComEd employs 6,688 people, the largest Exelon registrant. Chicago also carries the corporate headquarters and most of the roughly 2,900-person Exelon Business Services population that is not attributed to any utility registrant. [official]
Retirement — Standard non-represented fixed match of 60 percent on the first 5 percent. Capped at 3 percent of eligible pay, plus a performance-based variable match of up to a further 3 percent generally credited after year end. A 5 percent contributor can therefore attract up to 6 percent. [official]
Retirement — Automatic 4 percent contribution for qualifying newer employees. Available to qualifying newer non-pension, non-represented, non-craft employees regardless of whether they defer anything, and stacked on top of the match rather than replacing it. [official]
Bargaining — Represented ComEd employees follow their local agreement. Match, profit-sharing and fixed-contribution provisions vary by collective agreement, and no current bargained schedule appears in any Exelon filing. [npd]
Pension — Cash-balance pension for eligible legacy populations. Coverage depends on hire date and employing entity and is not universal. The clearest evidence that it is a legacy population is that two of the five named executive officers report no change in pension value at all. [official]

Global programs

Health — Medical, dental and vision cover. Confirmed as categories on the careers page and in job advertisements. Carrier, employer premium share, deductible, coverage tiers and actuarial value are not disclosed anywhere. [official]
Income protection — Life and disability insurance. Confirmed as a category. The salary multiple, elimination period and benefit percentage are not published. [official]
Retirement — 401(k) contributions of 1 to 50 percent of eligible pay. Pre-tax, Roth and after-tax contributions are permitted subject to Internal Revenue Service and plan limits, so the plan supports mega-backdoor style after-tax saving in principle. [official]
Retirement — Potential employer commitment of up to 10 percent of pay. For a qualifying newer non-pension, non-represented, non-craft employee contributing 5 percent: 3 percent fixed match, up to 3 percent variable match and a 4 percent automatic contribution. That is a materially better retirement package than the headline match suggests. [official]
Time off — Vacation, sick, floating and fixed holidays. Confirmed as categories. The number of days at any service length is not centrally published, and represented schedules are set by collective agreement. [npd]
Family — Maternity, bonding, primary caregiver and parental leave. Confirmed as categories on the careers page. The number of paid weeks for any of them is not disclosed in any reviewed source. [npd]
Family — Adoption and surrogacy assistance. Confirmed as a benefit. The financial limit is not published. [npd]
Education — Tuition reimbursement. Confirmed as a benefit. The annual cap, eligible programmes and any service-repayment clause are not published. [npd]
Wellbeing — Employee assistance programme, emotional-health support and fitness reimbursement. Confirmed as categories. Vendors and reimbursement limits are not published. [npd]
Health access — Health-care travel support where covered care is unavailable locally. Confirmed on the careers benefits page and dependent on plan terms. Notable for a utility whose service territories span dense urban and rural areas. [official]
Referral — Employee referral bonus. Referenced in job advertisements. Role eligibility and the amount are not centrally published. [official]
Work model — Hybrid working described role by role. Advertisements frequently describe hybrid arrangements, but no universal enterprise policy on office days was found, and field and represented roles are shift-bound. [npd]
Development — Leadership development, technical training, mentoring and annual development plans. Described in the 2025 Form 10-K human-capital disclosure. Learning platforms, certification budgets, sabbaticals and relocation schedules are not disclosed. [official]

Benefit fields not publicly quantified

The gap between what Exelon confirms and what it quantifies is unusually wide on benefits. Every health, leave, education and wellbeing item above is confirmed as a category and unquantified as a value, which means a candidate cannot compare an Exelon offer on paid parental weeks, holiday entitlement or tuition cap without asking. The one part of the package that is genuinely quantified is retirement, and it is quantified in a Form 11-K rather than on a careers page. Statutory leave entitlements in Illinois, the District of Columbia, Delaware and New Jersey apply to Exelon employees as they do to any employer in those jurisdictions, but they are government rules and are not presented here as Exelon benefits.

Performance Review & Pay Progression

Exelon discloses the executive review calendar, the executive scorecard and the equity vesting conditions, and discloses almost nothing about how an ordinary employee is rated or how a rating becomes money. It says ratings are linked to compensation outcomes and that market benchmarking informs pay, and then stops. The progression figures below are an interface model, not company policy.

Not publicly disclosed

No enterprise rating scale, rating labels or number of rating levels appears in any reviewed source.

No forced distribution, bell curve or calibration quota was located, and no statement was found either confirming or ruling one out.

No rating-to-increase merit matrix, standard promotion increase or annual merit budget is published for any grade.

There is no single enterprise merit-effective date. Only the executive calendar is disclosed: an annual January and February review with salary changes effective 1 March.

Probation duration, confirmation terms and any companywide waiting period before promotion are not published.

The gap between an external advertised range and what an incumbent at the same grade actually earns is not disclosed, so internal equity cannot be assessed from public sources.

Pay-equity analysis is described as recurring, but no current adjusted pay-gap percentage, remediation budget or representation-linked pay metric was found.

No enterprise-wide announcement of a 2025 or 2026 employee merit increase, pay freeze, salary cut, campus-offer revision or delayed joining programme was located. Absence from public sources is not proof that no local or individual adjustment occurred.

Modeled promotion planning timeline

Band	Years to next scope	Promotion hike	Status
REP · Represented craft, field and clerical	Bargained wage steps and apprenticeship milestones rather than grade promotion; no corporate time-in-grade applies	Not disclosed	Modeled planning interval
E01 · Entry professional, analyst or engineer I	About 2 years to E02	Not disclosed	Modeled planning interval
E02 · Professional or engineer II	About 3 more years, roughly 5 in total, to E03	Not disclosed	Modeled planning interval
E03 · Senior professional or first-line supervisor	About 2 to 4 years to E04	Not disclosed	Modeled planning interval
E04 · Principal or manager	About 3 to 5 years to E05	Not disclosed	Modeled planning interval
E05 · Senior manager or key functional leader	About 2 to 4 years to E06	Not disclosed	Modeled planning interval
E06 · Director or senior functional leader	Highly selective; no standard time in grade exists between director and the executive layer	Not disclosed	Modeled planning interval
E07-8 · Executive director or senior utility leader	Not disclosed; movement into the officer layer is an appointment rather than a promotion	Not disclosed	Modeled planning interval
E09 · Vice President	Board and committee appointment; no time-in-grade norm applies	Not disclosed	Modeled planning interval
SVP · Senior Vice President	Board and committee appointment; no time-in-grade norm applies	Not disclosed	Modeled planning interval
EVP · Executive Vice President and named executive officer	Board and committee succession decision	Not disclosed	Modeled planning interval
CEO · President and Chief Executive Officer	Board and committee succession decision	Not disclosed	Modeled planning interval

The strongest evidenced progression facts at Exelon are the incentive target and the long-term incentive threshold, not the timing. Moving from E04 to E05 raises the bonus target from 20 to 25 percent and, more importantly, adds a $25,000 annual long-term incentive that did not exist at any lower grade; moving from E05 to E06 raises the target to 30 percent and doubles the long-term incentive to $50,000. Those two steps are worth far more than the base increase alone. Timing is inferred from the experience requirements printed in the advertisements themselves: 0 to 2 years at E01, 2 to 5 at E02, 5 to 8 at E03, 7 to 12 at E04, 10 to 15 at E05 and 12 to 18 at E06. Represented progression runs on apprenticeship milestones and bargained wage steps instead, and the current wage tables are not public.

Pay progression evidence

Modelled progression, not Exelon policy: E01 to E02 takes about two years for a modelled 8 to 15 percent increase; E02 to E03 about three further years, roughly five in total, for 8 to 15 percent; E03 to E04 two to four years for 10 to 18 percent; E04 to E05 three to five years for 12 to 20 percent and the first routinely observed equity; E05 to E06 two to four years for 12 to 20 percent and a doubled long-term incentive. Above E06 there is no norm at all, because the move into the officer layer is an appointment priced against the market rather than a promotion against a matrix. Every percentage in this paragraph is an implementation assumption; Exelon publishes no promotion increase for any grade.

Negotiate your raise

H-1B / LCA Visa Footprint — United States

Exelon sponsors H-1B workers, but the parent name is not a complete search. Filings appear under Exelon Business Services Company LLC, Commonwealth Edison, Baltimore Gas & Electric, PECO Energy and PHI Service Company, because Exelon Corporation itself employs almost nobody. Across all five entities FY2025 produced 74 certified labour condition applications against 20,571 employees, so this is a real but marginal channel concentrated in technology, engineering, architecture, data and project roles. Labour condition applications are offered base salaries covering new hires, extensions, amendments and transfers alike, and they are not unique-hire counts.

FY2025 certified applications

Exelon Business Services 41, ComEd 21, BGE 8, PECO 3 and PHI Service Company 1.

Share of workforce

~0.4%

74 applications against 20,571 employees, and applications overstate hires because extensions and amendments are counted.

FY2025 median wage

$124,738

The Exelon Business Services median in the H1BData extract across 32 records, 88 percent of which sat between $100,000 and $150,000.

FY2025 average offered salary

$145,097

The MyVisaJobs average across 41 Exelon Business Services applications, up from $143,319 in FY2024 and $136,099 in FY2023.

FY2025 petition outcome

34 approvals, 0 denials

For Exelon Business Services. FY2026 through 18 August 2026 showed 4 approvals and 0 denials at the same entity, 5 and 0 at ComEd.

Wage band

E03 to E05

The observed salaries map onto the senior professional, principal and senior manager grades rather than entry professional roles.

Dataset summary

Dataset	Result	Interpretation
H1BData, Exelon Business Services FY2025	32 records, median $124,738	The most granular title-and-city dataset available. Quartiles are not published and 88 percent of records sit between $100,000 and $150,000.
MyVisaJobs, Exelon Business Services FY2025	41 applications, average offered salary $145,097	A larger record set than H1BData over a different window, and averages computed on range midpoints rather than medians. The two centre measures differ for that reason.
MyVisaJobs, Exelon Business Services FY2024	28 certified plus 2 withdrawn, average $143,319	The withdrawal count matters: withdrawn applications appear in some third-party totals and not others.
MyVisaJobs, Exelon Business Services FY2023	28 certified, average $136,099	Average offered base salary has risen about 6.6 percent over two years on a flat application count.
H1BGrader, cited window	Median $128,000, average $130,707	A third centre measure on a different window again. It is quoted here only to show the spread between sources, not used in the city table.
Entity split, FY2026 through 18 August 2026	Exelon Business Services 21, ComEd 12, PECO 10, BGE 8	PECO's FY2026 count is already more than triple its FY2025 total of 3, the largest proportional shift among the entities.

City-level H-1B wage history

City	P25	Median	P75	Records
Oakbrook Terrace, IL The densest technology market in the record and the only city with a defensible spread. Manager IT, principal IT architect and senior manager IT titles.	$107K	$130,707	$149K	9
Baltimore, MD Senior software engineer and senior architect roles at the BGE and shared-services campus.	$125K	$124,738	$136K	7
Carneys Point, NJ Senior software engineer I and II roles. The median prices above the city index would suggest, which points to national rather than local pricing for shared-services technology.	$132K	$131,602	$135K	4
Chicago, IL Senior architect, senior data scientist and support analyst. A small sample for the headquarters city, which reflects where technology work actually sits.	$107K	$111,446	$116K	3
Bethesda, MD Senior systems engineer roles at PHI Service Company. Two records only.	$123K	$122,699	$123K	2
Washington, DC A single principal quantitative engineer record at $154,024, the highest individual wage in the FY2025 extract.	$154K	$154,024	$154K	1
Philadelphia, PA A single senior engineer record. No percentile can be computed from one observation.	$107K	$106,808	$107K	1
Newark, DE A single senior systems engineer record at the Delmarva shared-services site.	$110K	$109,845	$110K	1

All-years aggregates. P25/P75 are rounded reconstruction values marked modeled; medians and record counts are the stronger fields.

Selected title / worksite records

Title	Worksite	Proffered wage	Notes
Senior Manager IT	Oakbrook Terrace, IL	$168,200	The highest management-track wage in the FY2025 record and consistent with the E05 senior-manager envelope.
Principal Quantitative Engineer	Washington, DC	$154,024	The highest individual wage in the extract, at the E04 to E05 boundary in the highest-index market.
Principal IT Architect	Oakbrook Terrace, IL	$148,949	An E04 to E05 technical role, above the modelled E04 Chicago base of $137,800.
Manager, IT	Oakbrook Terrace, IL	$137,758	Almost exactly the modelled E04 anchor base, which is the closest single corroboration of the ladder in the visa data.
Senior Architect	Baltimore, MD	$135,782	An E04 technical role in a market indexed at 0.98 times Chicago.
Senior Software Engineer II	Carneys Point, NJ	$135,408	Above the Baltimore and Chicago equivalents despite the lowest city index in the model.
Senior Software Engineer	Baltimore, MD	$124,738	The exact Exelon Business Services FY2025 median, sitting at the E03 to E04 boundary.
Senior Systems Engineer	Bethesda, MD	$122,699	An E03 to E04 role at PHI Service Company.
Senior Data Scientist	Chicago, IL	$116,334	Comfortably inside the E03 advertised range of $88,800 to $141,900 at the anchor city.
Senior Systems Engineer	Newark, DE	$109,845	An E03 role in the lowest-indexed market in the model.
Senior Engineer	Philadelphia, PA	$106,808	Below the modelled E03 Chicago median of $115,300 despite an index of 1.00, which is a reminder that a single record is not a market.
Senior Architect	Chicago, IL	$106,558	The lowest architect wage in the record and the 25th percentile marker for both Chicago and Oakbrook Terrace.

Reading the data correctly

These are offered base salaries. They exclude the annual incentive, any long-term incentive, overtime and every benefit, so an E05 record at $168,200 carries a further 25 percent target bonus and $25,000 of long-term incentive that the visa filing never shows.
A labour condition application is not a hire. It can cover an extension, an amendment or a transfer, and one worker can generate several across a career, so the 74 FY2025 applications overstate new sponsorship.
Searching the parent name alone misses most of the record. Five separate legal entities file, and Exelon Business Services Company LLC is the largest of them by a wide margin.
City percentiles are not statistically defensible where only one or two records exist. Washington, Philadelphia, Newark and Bethesda are shown with their record counts precisely so the reader can discount them.
The FY2025 centre measures differ by source because the record sets and the statistics differ: $124,738 is a median across 32 H1BData records, $145,097 is an average across 41 MyVisaJobs records, and $128,000 is a median on a third window. None of them is wrong; they are answering different questions.
Sponsorship is concentrated in technology, engineering, architecture, data and project roles. Nothing in the record suggests H-1B use in the represented craft and field population, which is where 42 percent of Exelon employees work.

Compare onsite vs offshore

Key Nuances & Insights

01The job advertisement is the disclosure

Exelon publishes no salary structure, yet its advertisements print a base range, a bonus target and, from senior manager upward, an annual long-term incentive value. Fourteen current advertisements were enough to reconstruct a coherent E01 to E06 ladder with the incentive staircase attached. Very few large employers leak their grade economics this cleanly, and it means an Exelon candidate can calibrate an offer against the company's own published numbers rather than against an aggregator.

02The equity cliff sits at senior manager, not at manager

No routine employer long-term incentive appeared in any sampled advertisement below E05. A principal engineer at $137,800 and a first-time manager at the same grade are both all-cash on target. The step to E05 adds $25,000 of annual long-term incentive on top of moving the bonus target from 20 to 25 percent, and E06 doubles it to $50,000. Framed as a percentage of target direct compensation, the E04 to E05 move is worth about 46 percent, far more than the base increase alone implies.

03A high median employee flatters the pay ratio

Exelon's 103 to 1 ratio is the lowest of the four utility peers checked, but that is mostly a workforce-mix fact rather than a restraint fact. The $150,905 median is above every peer, including Xcel at $147,664, Duke at $132,604 and Constellation at $122,610, because roughly 42 percent of Exelon employees are represented craft and field workers whose overtime, shift premium and storm-restoration hours land in the pay-ratio calculation. Identical executive pay at a company with a leaner represented workforce would produce a visibly worse ratio.

04The employing entity, not the state, sets the retirement deal

The Employee Savings Plan Form 11-K records a materially different fixed match for PECO craft and clerical employees: 100 percent of the first 5 percent contributed, against 60 percent of the first 5 percent for most non-represented employees elsewhere in the group. That is a two-percentage-point-of-pay difference driven entirely by which Exelon subsidiary employs you and in what classification, and it is invisible on any careers page.

05The employer retirement commitment can reach ten percent of pay

For a qualifying newer non-pension, non-represented, non-craft employee contributing 5 percent, the arithmetic runs 3 percent fixed match, up to 3 percent performance-based variable match and a 4 percent automatic contribution paid whether or not the employee defers anything. That is a genuinely strong package for a utility and it is documented in a Form 11-K rather than in recruitment material, so most candidates never see it.

06Nearly half the company is not on this ladder at all

About 42 percent of employees are covered by a collective bargaining agreement. Their pay progression, overtime rules, shift differentials and retirement terms are set by local agreements whose current wage tables appear in no Exelon filing. A represented Building Electrician B advertisement showed $41.95 an hour with a 4 percent bonus, which annualises to roughly $87,000 before any overtime, but that is one classification in one local and cannot be generalised.

07Exelon Corporation employs almost nobody

Staff are employed by Exelon Business Services Company, PHI Service Company and the six operating utilities. That is why visa sponsorship, savings-plan provisions and bargaining coverage all vary by legal entity, why a search for H-1B filings under the parent name misses most of the record, and why an offer letter may name a company the candidate has never heard of. Registrant headcounts are ComEd 6,688, PHI 4,422, BGE 3,383 and PECO 3,169, leaving roughly 2,900 in the shared-services population.

08Forty percent of the executive scorecard is reliability and customers

The 2025 annual incentive weighted adjusted operating earnings per share at 60 percent, SAIDI at 15 percent, SAIFI at 15 percent and customer service at 10 percent. Earnings beat target at $2.77 against $2.69 and still the overall factor came in at 133.62 percent rather than near the maximum, because customer service at 7.46 fell below its 7.55 threshold and scored zero. At Exelon a strong financial year does not by itself produce a strong bonus.

09Negative discretion is used, not just reserved

The compensation committee applied five points of negative discretion to the chief executive and chief operating officer in 2025, taking their attainment to roughly 128.9 percent while the other named officers paid between 134 and 136 percent. Many issuers describe a discretion power they never exercise; Exelon's is live and it separated officers within the same certified scorecard year.

10The only vice-president pay evidence sits below the model

Exelon discloses nothing about vice-president or senior vice-president pay on a recurring basis, so the three packages in the 25 August 2026 Form 8-K carry the entire weight of the E09 and SVP rows. Two of the three are small: a vice president and controller at $325,000 of base with a 40 percent target and $226,000 of long-term incentive, and a ComEd senior vice president, chief financial officer and treasurer at $375,000, 50 percent and $372,000. Both sit at or below the bottom of the modelled envelope, which is a warning that the midpoints shown here are optimistic for smaller officer roles.

11The Constellation separation broke the historical series

Exelon completed the separation of Constellation on 2 February 2022, taking generation and competitive energy out of the group. Pre-2022 grade references, pay ratios and peer comparisons do not map cleanly onto the current regulated wires business, and the separated business is now the most expensive comparator on the peer table: Constellation's chief executive was paid $17.115 million against Exelon's $15.602 million, on a median employee of $122,610 against $150,905.

12Geography is the least important variable in an Exelon offer

The entire modelled spread runs from Newark, Delaware and Carneys Point at 0.96 to Washington at 1.06, about ten percentage points end to end, and Exelon publishes no geographic differential at all. Public ranges overlap heavily across Chicago, Baltimore and Philadelphia. Grade, job family and represented status move an Exelon package far more than which of six states it is written in, and the Carneys Point technology wages, which price above the local index, suggest shared-services roles are benchmarked nationally anyway.

13The one broad stock channel is the least documented

For everyone below senior manager the employee stock purchase plan is the only equity there is, and it is the plan Exelon says least about. The 2026 proxy confirms the plan, the payroll deductions, the quarterly purchase dates and the existence of a discount, but does not restate the discount percentage, the contribution ceiling, any lookback or the annual purchase limit. Historic terms are deliberately not carried forward here, so a candidate weighing an Exelon offer on its purchase-plan value has to ask.

14Retirement is nearly half of all departures

Average turnover across 2023 to 2025 was 5.93 percent, of which 2.39 points were retirement, 2.58 voluntary and 0.96 non-voluntary. Retirement is almost as large as voluntary attrition, which is a demographic signature specific to an ageing utility craft workforce. It also explains why succession planning and apprenticeship pipelines appear in the human-capital disclosure ahead of any retention-pay discussion.

Research control

Against the four utility comparators in the source register, Exelon is a middle-of-the-pack payer at the top and an above-median payer at the median. Its chief executive total of $15.602 million sits below Constellation at $17.115 million and American Electric Power at $36.602 million, roughly level with Xcel at about $15.999 million and above Duke at $13.653 million reported. Its 103 to 1 ratio is the lowest of the group. On employee pay the comparison inverts: the $150,905 median is the highest of the five companies, which is what a workforce that is 42 percent represented does to a median. The right conclusion is not that Exelon pays professionals better than its peers, for which there is no evidence, but that its workforce mix is more heavily weighted to well-paid unionised field roles than theirs.

Evidence classification

Label	Meaning	Examples and permitted use
Verified	An Exelon or SEC filing, the Employee Savings Plan Form 11-K, the official careers benefits page, a government rule, or a current Exelon-family job advertisement that states the figure itself.	Quote directly. This covers every executive figure, the retirement match structure, the incentive targets and the advertised base ranges and long-term incentive values.
Reported	A labour condition application wage record, an employee-submitted salary record, or a third-party aggregator observation from Levels.fyi, Glassdoor, PayScale or Indeed.	Use as corroboration and never as the primary anchor. The visa records are base only and the aggregator figures carry unknown sample composition.
Modeled	The Chicago anchor multiplied by a city index, or an interpolation between two disclosed points such as the E07 to E08 row and the upper end of the vice-president and senior vice-president envelopes.	Treat as a planning envelope. These figures are transparent and replaceable and are not Exelon policy in any form.
Not publicly disclosed	No public source supports the figure. Recorded as an explicit gap rather than filled with a plausible number.	Ask in the process. Paid leave weeks, holiday days, the tuition cap, insurance coverage amounts, the rating scale and the merit matrix all sit here.

Explicit “Not publicly disclosed” index

The current official E01 to E09 salary structure: no minimum, midpoint or maximum for any grade is published anywhere.

E07 and E08 titles. No public source names a role at either grade, so the row is an interpolation and is labelled as one.

The non-executive annual incentive formula: business-unit weighting, individual multiplier, threshold and maximum schedule and payout date.

Employee merit-increase percentages, the enterprise merit-effective date and any promotion increase norm.

The rating scale, rating labels, forced distribution and calibration process for ordinary employees.

The current employee stock purchase plan discount, contribution ceiling, lookback and annual purchase limit.

The current remaining pool and dilution percentage under the 2020 Long-Term Incentive Plan.

The delivery vehicle behind the advertised $25,000 and $50,000 senior-manager and director long-term incentive values.

Insurance carriers, coverage multiples, premium shares and deductibles for medical, dental, vision, life and disability.

Paid-time-off day counts and paid parental, maternity and caregiver leave weeks.

The tuition reimbursement cap, adoption and surrogacy assistance limits, and any service-repayment terms.

Current collective bargaining agreement wage schedules, overtime multipliers and shift differentials for the represented population.

City-level headcount. Exelon reports by registrant only, so no market on the location table carries a disclosed employee count.

Any current enterprise adjusted pay-gap percentage or pay-equity remediation figure.

Known gaps and diligence before relying on a cell

1The two chief executive figures on this page differ deliberately. The CEO band row carries the $14.40 million target direct compensation from the 2026 proxy so that it is comparable with the other bands, which are also target values, while the executive section carries the $15,601,905 Summary Compensation Table total. Neither is wrong and neither should be quoted as the other.
2The executive vice-president and chief-executive rows are national proxy disclosures, not city-scaled pay. The ladder view applies a city index uniformly, so those two rows should be read as national values wherever the city selector sits. They are marked as excluded from the range chart for the same reason.
3Because every location factor is flat across the ladder, no top-of-ladder factor is set anywhere and the executive rows cannot distort the interpolation for junior bands. This is a domestic single-country report and no geographic compression pattern exists in the sources.
4The other compensation column in the executive table combines the proxy's all other compensation with the change in pension value so that the components reconcile exactly to the disclosed total. The two elements are shown separately in the chief-executive breakdown.
5Two named-executive totals reconcile a dollar short on the disclosed component figures, which is a rounding artefact in the source. The other compensation figure carries the residual dollar so that each row sums to the disclosed Summary Compensation Table total.
6No employer benefit load is included anywhere in total compensation. Several research bundles in this corpus add a notional 8 to 15 percent benefit value to produce a total reward figure; that is employer cost, not pay, and total compensation here is rebuilt from base, bonus and equity so that it reconciles.
7The represented population is carried as one wide band rather than as a bargained scale, and is excluded from the location factor logic in spirit even though the table applies the index uniformly. Represented pay moves with local agreements and overtime, not with a corporate city index.
8The FY2025 visa city records total 28 while the Exelon Business Services record count for the year is 32. The difference is records without a resolved worksite in the extract, and no attempt is made to allocate them.
9Two centre measures for FY2025 visa wages differ across sources, $124,738 as a median of 32 records and $145,097 as an average of 41. Both are shown rather than reconciled, because the record sets and statistics genuinely differ.
10FY2025 revenue of about $24.3 billion appears only in the bundle's structured data file rather than in the narrative report, so it is carried as an approximate figure. Adjusted operating earnings per share of $2.77 and 2026 guidance of $2.81 to $2.91 are directly evidenced.
11No non-United States Exelon employee population was verified anywhere. The research brief behind the bundle assumed offices in India, Australia, Canada, the United Kingdom, New Zealand, Germany, Singapore and the United Arab Emirates; none exists, and this report models no international market rather than filling those rows with invented figures.

Source register — 30 sources

S1	About Exelon · Exelon Corporation · 2026-08-27. Current footprint, the six regulated utilities and almost 11 million customers.
S2	Exelon completes separation of Constellation · Exelon Corporation newsroom · 2022-02-02. Entity history and the post-separation regulated-utility scope.
S3	2025 Form 10-K · Exelon Corporation via SEC EDGAR · 2026-02-12. Headcount of 20,571, registrant headcounts, 42 percent bargaining coverage, turnover, the all-employee annual incentive statement and revenue.
S4	2026 proxy statement · Exelon Corporation via SEC EDGAR · 2026-03-18. Executive target and actual compensation, the 2025 incentive scorecard, long-term incentive design, director pay and the 103 to 1 pay ratio.
S5	2020 proxy statement approving the 2020 Long-Term Incentive Plan · Exelon Corporation via SEC EDGAR · 2020-03-18. Plan authorisation of 21.9 million new shares, eligible participants and the 7,095,559 prior-plan shares carried forward.
S6	Joint Form 8-K on leadership changes · Exelon Corporation via SEC EDGAR · 2026-08-25. The Kleczynski, Fulginiti and Plenge packages, the Jones role change and the planned Innocenzo departure.
S7	Employee Savings Plan Form 11-K for 2025 · Exelon Business Services Company via SEC EDGAR · 2026-06-23. 401(k) contribution limits, the fixed and variable match, the automatic contribution and the PECO craft and clerical difference.
S8	Careers benefits page · Exelon Corporation · 2026-08-27. Medical, dental, vision, retirement, paid time off, parental leave, tuition, adoption and health-care travel categories.
S9	Job advertisement: Engineer, Chicago · Exelon via LinkedIn · 2026-08-27. Base $84,800 to $116,600 with a 10 percent annual bonus; the lower E02 anchor.
S10	Job advertisement: Principal Engineer, Kennett Square · Exelon via LinkedIn · 2026-08-27. Base $122,400 to $168,300 with a 20 percent annual bonus and no long-term incentive; the E04 anchor.
S11	Job advertisement: Senior Manager, Corporate Physical Security, Chicago · Exelon via LinkedIn · 2026-08-27. Base $150,400 to $206,800, a 25 percent bonus and a $25,000 long-term incentive; an E05 anchor.
S12	Job advertisement: Director, External Affairs · Exelon via pac.org · 2026-08-27. Base $176,000 to $242,000, a 30 percent bonus and a $50,000 long-term incentive; the E06 anchor.
S13	Job advertisement: Director, Enterprise Transformation Enablement · Exelon via LinkedIn · 2026-08-27. Names E03, E04 and E05 direct reports and identifies a vice president of talent as E09; the grade-code evidence.
S14	Job advertisement: Building Electrician B, Rockville · Exelon via LinkedIn · 2026-08-27. Represented hourly rate of $41.95 with a 4 percent bonus and the represented benefits list.
S15	Job advertisement: Senior Manager, Audit Services, Baltimore · Exelon via Monster · 2026-08-27. Base $139,200 to $191,400, a 25 percent bonus and a $25,000 long-term incentive; the lower E05 anchor.
S16	Job advertisement: Associate General Counsel, FERC, Baltimore · Exelon via Legal.io · 2026-08-27. Base $212,800 to $292,600, a 30 percent bonus and a $50,000 long-term incentive; the specialist E06 anchor.
S17	Form 4 history for Calvin Butler · SEC Form 4 index via secform4.com · 2026-08-27. The 2025 and 2026 annual cycle settlements, grants, code F withholdings and dispositions.
S18	Form 4/A for Colette Honorable · Exelon Corporation via SEC EDGAR · 2025-04-30. The amendment correcting a code S sale to a code F tax withholding.
S19	Exelon Business Services FY2025 labour condition applications · H1BData, from Department of Labor disclosure data · 2026-08-27. 32 wage records with titles and worksites, and the $124,738 median.
S20	Exelon Business Services employer profile · MyVisaJobs · 2026-08-18. Application counts by entity and fiscal year, petition approvals and denials, and average offered salaries.
S21	2024 proxy statement · Exelon Corporation via SEC EDGAR · 2024-03-20. The 2023 incentive factor of 129.48 percent and post-separation long-term incentive treatment.
S22	2023 proxy statement · Exelon Corporation via SEC EDGAR · 2023-03-21. The 2022 incentive factor of 110.75 percent on the first post-separation scorecard.
S23	SEC filings index · Exelon investor relations · 2026-08-27. Filing chronology, the 2024 incentive factor of 136.64 percent and access to the underlying documents.
S24	USD to INR historical quote · Yahoo Finance · 2026-08-26. The foreign-exchange snapshot in the source bundle. No conversion is applied in this report because every figure is in United States dollars.
S25	EXC historic price lookup · Exelon investor relations · 2026-08-26. The $44.38 reference share price used for every share-equivalent illustration.
S26	Duke Energy 2026 proxy statement · Duke Energy via SEC EDGAR · 2026. Peer chief executive compensation of $13.653 million and a 106 to 1 ratio on a $132,604 median.
S27	American Electric Power 2026 proxy statement · American Electric Power via SEC EDGAR · 2026. Peer chief executive compensation of $36.602 million and a 261 to 1 ratio on a $140,432 median.
S28	Xcel Energy 2026 proxy statement · Xcel Energy via SEC EDGAR · 2026. Peer chief executive compensation of about $15.999 million and a 108 to 1 ratio on a $147,664 median.
S29	Constellation Energy 2026 proxy statement · Constellation Energy via SEC EDGAR · 2026. Peer chief executive compensation of $17.115 million and a 140 to 1 ratio on a $122,610 median, for the business separated from Exelon in 2022.
S30	Third-party salary records · Levels.fyi, Glassdoor, PayScale and Indeed · 2026-08-27. Corroboration only: a $112,000 software engineer median, a $169,933 data scientist median, a $94,000 company average base with $11,000 average bonus, a $148,000 to $203,000 Chicago senior engineer total pay range and a $108,804 senior engineer average salary.

Negotiate your offer

Recent News & Workforce Trend

Exelon's compensation news over the last four years is dominated by two things: the February 2022 separation of Constellation, which redefined what the company is, and an officer transition announced in August 2026 that changes the chief financial officer, the controller and the ComEd finance leadership within a single quarter. Nothing in the public record shows an enterprise-wide merit increase, pay freeze or salary cut for ordinary employees in 2025 or 2026.

20,014

2024 employees

Year-end headcount reported in the prior Form 10-K, on a comparable post-separation basis.

20,571

2025 employees

Year-end headcount, a net increase of 557 people or 2.8 percent, with roughly 42 percent of the workforce covered by a collective bargaining agreement.

Exelon reports headcount by SEC registrant rather than by city or function: ComEd 6,688, PHI 4,422 including Pepco 1,374, Delmarva Power 945 and Atlantic City Electric 630, BGE 3,383 and PECO 3,169. Those registrants account for 17,662 people, so roughly 2,900 sit in the Exelon Business Services and corporate population that employs most of the technology, finance, legal and audit roles priced on this page. A registrant total is not a city total. Average turnover across 2023 to 2025 was 5.93 percent, split as 2.39 percent retirement, 2.58 percent voluntary and 0.96 percent non-voluntary.

2 Feb 2022

Exelon completes the separation of Constellation

Generation and competitive energy left the group, leaving a United States regulated transmission-and-distribution holding company with six utilities. Pre-2022 grade references, pay ratios and peer comparisons do not map cleanly onto the current business, and Constellation is now one of the peer comparators on Exelon's own pay table.

Exelon newsroom

31 Dec 2025

Headcount reaches 20,571 with 42 percent bargaining coverage

Up from 20,014 a year earlier. The 2025 Form 10-K also gives the registrant split, the 5.93 percent average turnover across 2023 to 2025 and the statement that all employees participate in an annual incentive programme.

2025 Form 10-K

1 Feb 2026

2025 annual incentive certified at 133.62 percent

Adjusted operating earnings per share contributed 105.00 percent on a 60 percent weight, SAIDI 14.50 percent and SAIFI 14.12 percent on 15 percent weights each, and customer service scored zero after coming in at 7.46 against a 7.55 threshold. The chief executive and chief operating officer each absorbed five points of negative committee discretion.

2026 proxy statement

2 Feb 2026

Annual long-term incentive cycle settles and grants on the same day

Calvin Butler settled 198,151 units and received 200,262 new derivative awards, with 82,268 shares withheld at $43.91 for tax and 31,793 disposed. Jeanne Jones received 18,789 restricted stock units and 24,701 performance shares. This single date accounts for most of Exelon's annual insider-transaction volume.

SEC Forms 4

12 Feb 2026

FY2025 results and 2026 guidance

Adjusted operating earnings per share of $2.77 against the $2.69 incentive target, with 2026 guidance of $2.81 to $2.91. The guidance range matters for compensation because the earnings measure carries 60 percent of the executive scorecard weight.

2025 Form 10-K and earnings release

18 Mar 2026

2026 proxy discloses a $15.60 million chief executive package at 103 to 1

Calvin Butler's Summary Compensation Table total was $15,601,905 against a $150,905 median employee. The proxy also sets out the 2025 to 2027 performance-share design weighting adjusted earnings per share, operating return on equity, cash from operations to debt and relative total shareholder return at 25 percent each.

2026 proxy statement

1 Mar 2026

Executive salary changes take effect

Named executive salaries are reviewed each January and February with changes effective 1 March. The 2025 round ranged from 3 to 10 percent, with the chief executive at 7.6 percent. No equivalent enterprise merit-effective date is published for the wider workforce.

2026 proxy statement

28 Apr 2026

Director pay structure changes for 2026

The annual director equity award rises to $175,000 of restricted stock units vesting at the next annual meeting, replacing quarterly deferred stock units, and the board chair cash retainer rises from $180,000 to $200,000.

2026 proxy statement and annual meeting materials

23 Jun 2026

Employee Savings Plan Form 11-K quantifies the retirement package

The filing sets out the 1 to 50 percent contribution range, the 60 percent fixed match on the first 5 percent, the performance-based variable match of up to 3 percent, the 4 percent automatic contribution for qualifying newer employees and the separate PECO craft and clerical provision of 100 percent of the first 5 percent.

Employee Savings Plan Form 11-K for 2025

18 Aug 2026

FY2026 visa filings run ahead of FY2025 at PECO

Through 18 August 2026 the group had filed 21 applications at Exelon Business Services, 12 at ComEd, 10 at PECO and 8 at BGE. PECO's part-year count already more than triples its FY2025 total of three, the largest proportional shift among the sponsoring entities.

MyVisaJobs employer profile

25 Aug 2026

Three officer packages disclosed in a single Form 8-K

Robert Kleczynski becomes Executive Vice President and Chief Financial Officer on 5 October 2026 at $650,000 of base, a 90 percent incentive target and $1.765 million of long-term incentive; Caroline Fulginiti becomes Vice President and Controller the same day at $325,000, 40 percent and $226,000; Andrew Plenge becomes ComEd Senior Vice President, Chief Financial Officer and Treasurer on 1 January 2027 at $375,000, 50 percent and $372,000. Jeanne Jones moves to Executive Vice President of Finance and Strategy and Michael Innocenzo is expected to depart during 2027.

Joint Form 8-K

27 Aug 2026

Current advertisements confirm the incentive staircase

Fourteen live Exelon-family advertisements captured on the report date show 4 percent on a represented electrician role, 7 percent at entry professional, 10 and 15 percent inside the professional grade, 20 percent at principal and manager, 25 percent plus $25,000 of long-term incentive at senior manager and 30 percent plus $50,000 at director.

Exelon job advertisements and posting mirrors

Talk to Athena