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Public Service Enterprise Group Incorporated (“Company”) hereby establishes the Public Service Enterprise Group Incorporated Equity Deferral Plan (“Deferral Plan”) effective as of November 1, 2011. The Company maintains the Equity Deferral Plan for a select group of management and highly compensated employees as a means of deferring the receipt of certain equity granted under the Public Service Enterprise Group Incorporated 2004 Long-term Incentive Plan and the Public Service Enterprise Group Incorporated 2021 Long-term Incentive Plan (collectively “LTIP”).

The Deferral Plan is intended to be administered, interpreted and to comply in all respects with Section 409A of the Internal Revenue Code of 1986, as amended (“Section 409A”), and those provisions of the Employee Retirement Income Security Act of 1974, as amended (“ERISA”) applicable to an unfunded plan maintained primarily to provide deferred compensation benefits for a select group of management or highly compensated employees.

1.7 “Deferral Election” shall mean the forms (including electronic forms) by which an LTIP Participant makes their election to defer the receipt of shares underlying the grant of Restricted Stock Units and Performance Stock Units.

1.9 “Effective Date” of the Deferral Plan, as originally adopted, is November 1, 2011. The Deferral Plan was amended and restated effective January 1, 2019. The Deferral Plan is being amended and restated effective October 21, 2021.

1.11 “LTIP” shall mean the Public Service Enterprise Group Incorporated 2004 Long-Term Incentive Plan and the Public Service Enterprise Group Incorporated 2021 Long-Term Incentive Plan.

1.13 “Participant” shall mean an LTIP Participant who has made a Deferral Election to defer the receipt of shares underlying Restricted Stock Unit awards or Performance Stock Unit awards granted under the LTIP.

1.14 “Termination of Employment” shall have the same meaning as such term has under the Supplemental Executive Retirement Income Plan for Non-Represented Employees of Public Service Enterprise Group Incorporated and Its Affiliates (“SERP”). Whether a Termination of Employment has occurred shall be based on the facts and circumstances and determined in accordance with Section 409A.

(b) An LTIP Participant may elect to defer the receipt of all or a portion of the shares attributable to the underlying Restricted Stock Unit awards by completing and submitting a Deferral Election.

(c) An LTIP Participant must make their Deferral Election under this Section 3.1 no later than December 31 of the calendar year prior to the calendar year for which the Restricted Stock Unit award relates (or such earlier date that the Administrator may specify). For example, on December 20, 2011, an LTIP Participant receives a Restricted Stock Unit award attributable to the 2012 Plan Year. The LTIP Participant must make a Deferral Election to defer the receipt of the shares underlying the Restricted Stock award no later than December 31, 2011 (or such earlier date that the Administrator may specify).

(d) Notwithstanding Section 3.1(c), in the case of an Officer who first becomes eligible to participate in the LTIP after the beginning of the Plan Year and receives a Restricted Stock Unit award and who has not been a participant in a nonqualified deferred compensation plan that is required to be aggregated with the Deferral Plan under Section 409A of the Code, such Officer must file a Deferral Election within thirty (30) days of the date that the Officer first becomes eligible to participate in the LTIP (for the avoidance of any doubt, the Officer is not eligible to participate in the LTIP until the award is granted).

(e) An LTIP Participant Deferral Election must specify whether they elect to defer all or a portion (and what portion) of the shares underlying the Restricted Stock Unit award. The LTIP Participant’s election must be in whole percentages from 10% to 100%. The percentage of shares that will be deferred is based on the number of shares awarded.

(f) The LTIP Participant must also elect the deferral period, subject to Section 4. An LTIP Participant may elect to defer receipt of all or a portion of the shares underlying the Restricted Stock Unit award:

(i) To a date occurring between the third anniversary and the fifteenth anniversary of the date that the shares otherwise would have been distributed to the Participant if they had not been deferred under the Deferral Plan;

(g) Effective for Restricted Stock Unit awards relating to 2019 and subsequent Plan Years, to the extent permitted by the Administrator, a LTIP Participant may elect to have the shares underlying such award distributed in a lump sum or annual installments over a three to fifteen year period.

(h) An LTIP Participant’s Deferral Election to defer the receipt of shares underlying the Restricted Stock Unit award is irrevocable for that grant. Such a Deferral Election shall not apply to future grants of Restricted Stock Units.

(a) This Section 3.2 shall apply to Performance Stock Unit awards granted after the Effective Date of the Equity Deferral Plan. Notwithstanding the foregoing, Section 3.2(h) shall apply to Performance Stock Units awards granted before the Effective Date for the 2010 and 2011 Plan Years.

(b) Each LTIP Participant may elect to defer the receipt of all or a portion of the shares attributable to underlying Performance Stock Unit awards by completing and submitting a Deferral Election.

(c) A must make their Deferral Election under this Section 3.2 no later than December 31 of the calendar year prior to the calendar year for which the Performance Stock Unit award relates (or such earlier date that the Administrator may specify). For example, on December 20, 2011, an Employee receives a Performance Stock Unit award attributable to the 2012 Plan Year. The Employee must make a Deferral Election to defer the receipt of the shares underlying the Performance Stock Unit award no later than December 31, 2011 (or such earlier date that the Administrator may specify).

(d) Notwithstanding Section 3.1(c), in the case of an Officer who first becomes eligible to participate in the LTIP after the beginning of the Plan Year and receives a Performance Stock Unit award and who has not been a participant in a nonqualified deferred compensation plan that is required to be aggregated with the Deferral Plan under Section 409A of the Code, such Officer must file a Deferral Election within thirty (30) days of the date that the Officer first becomes eligible to participate in the LTIP (for the avoidance of any doubt, the Officer is not eligible until the award is granted under the LTIP).

(e) An LTIP Participant’s Deferral election to defer the receipt of shares underlying the grant of Performance Stock Units is irrevocable for that grant. Such an election shall not apply to future grants of Performance Stock Units.

(f) An LTIP Participant’s Deferral Election must specify whether they elect to defer all or a portion (and what portion) of the shares underlying the Performance Stock Unit award. The LTIP Participant’s election must be in whole percentages from 10% to 100%. The percentage of shares that will be deferred is based on the number of shares awarded.

(g) The LTIP Participant must also elect the deferral period, subject to Section 4. An LTIP Participant may elect to defer receipt of the shares underlying the Performance Restricted Stock Unit award:

(h) Effective for Performance Stock Unit awards relating to 2019 and subsequent Plan Years, to the extent permitted by the Administrator, a LTIP Participant may elect to have the shares underlying such award distributed in a lump sum or annual installments over a three to fifteen year period.

(i) For the 2010 and 2011 Plan Year, an LTIP Participant may elect to defer the receipt of the shares underlying the Performance Stock Unit award by making a Deferral Election no later than December 31, 2011 (or such earlier date that the

(j) An Employee may make a Deferral Election pursuant to Section 3.2(h) provided that such Employee performs services continuously from the later of the beginning of the performance period specified in the Performance Stock Unit award or the date the performance criteria are established through the date a Deferral Election is made, and provided further that in no event may an election to defer the shares under the Performance Stock Unit award be made after such award has become readily ascertainable (as determined in accordance with Section 409A).

(a) Participants may, by notice, in the manner prescribed by the Administrator, make changes to their prior Deferral Elections as long as (A) any such new election is made at least one year prior to the date that the commencement of the distribution would otherwise have occurred and (B) the revised commencement date is at least five years later than the date that the commencement of the distribution would otherwise have occurred. Installment payments shall be treated as one payment.

(a) Special One-Time Election - Participants may, by notice, in the manner prescribed by the Administrator prior to December 31, 2018, make a one-time election to change a Deferral Election for the awards relating to any one or more of the 2012-2018 Plan Years in accordance with Section 3.4(b).

(b) A Participant may elect to change a Deferral Election pursuant to Section 3.4(a) as long as (1) any such new election is made at least one year prior to the date that the commencement of the distribution would otherwise have occurred and (2) the revised commencement date is at least five years later than the date that the commencement of the distribution would otherwise have occurred. Installment payments shall be treated as one payment.

4.1 Deferral Period. If the Participant elects on the Deferral Election to have the shares underlying the Restricted Stock Unit award and/or Performance Stock Unit award deferred for a specified period, the shares shall be distributed, or commence to be distributed, within 30 days of the end of specified period as elected by the Participant. For example, if a Participant elects to have the shares underlying the 2013 grant of Restricted Stock Units which vest on December 31, 2015 deferred for 3 years, the shares shall be distributed within 30 days following December 31, 2018. If the Participant incurs a Termination of

Employment prior to the end of the elected deferral period, the shares underlying the Restricted Stock Unit award and/or Performance Stock Unit award shall be distributed, or commence to be distributed, within 30 days following the end of the elected deferral period (the Termination of Employment is not a distribution event under this Section 4.1).

4.2 Termination of Employment. In the event that a Participant elects on the Election Form to have their shares underlying the Restricted Stock Unit award and/or Performance Stock Unit award distributed, or commence to be distributed, upon Termination of Employment, such shares shall be distributed, or commenced to be distributed, to the Participant within 30 days of their Termination of Employment. Notwithstanding the foregoing, in the event that the Participant is a Specified Employee (as such term is defined in the SERP), distribution, or commencement, of the shares underlying the Restricted Stock Unit award and/or Performance Stock Unit award shall occur within 30 days following the date that is six months after the date of the Participant’s Termination of Employment.

4.3 Earlier of End of Deferral Period or Termination of Employment. If the Participant elects on the Deferral Election to have the shares underlying the Restricted Stock Unit award and/or Performance Stock Unit award deferred until the earlier of the end of a specified period or Termination of Employment, the shares shall be distributed, or commenced to be distributed, within 30 days of the earlier of the end of specified period or Termination of Employment. Notwithstanding the foregoing, in the event that the Participant is a Specified Employee (as such term is defined in the SERP) and distribution of the shares will be made upon Termination of Employment, distribution, or commencement, shall occur within 30 days following the date that is six months after the date of the Participant’s Termination of Employment.

4.4 Death of a Participant. In the event that a Participant dies prior to the date that all shares underlying the Restricted Stock Unit award and/or Performance Stock Unit award have been distributed (whether because payment has not yet begun or installments have not been completed), such shares shall be distributed to the Participant’s estate within 30 days of the date of their death.

4.5 Change in Control. In the event a Change in Control occurs prior to the date that the Participant elects on the Election Form to have shares underlying the Restricted Stock Unit award and/or Performance Stock Unit award distributed, such shares shall be distributed in a lump sum to the Participant within 30 days of the Change in Control provided that the Change in Control constitutes a change in control under Section 409A. If the Change in Control does not constitute a change in control under Section 409A, the shares underlying the Restricted Stock Unit award and/or Performance Stock Unit award shall be distributed, or commence to be distributed, in accordance with Sections 4.1 through 4.4 of the Deferral Plan.

4.6 Installments. If a Participant elects distribution in the form of instalment payments, the installments shall be calculated using the declining account balance method. The distribution of each installment, except the last installment, shall be in whole shares (rounded down). Any fractional shares shall be distributed with the last installment.

The Participant’s shares underlying the Restricted Stock Unit award and/or Performance Stock Unit award that are deferred under the Deferral Plan shall be fully vested. For the avoidance of any doubt, if the Participant does not satisfy the vesting requirements under the Restricted Stock Unit award and/or Performance Stock Unit award, no shares shall be deferred under the Deferral Plan.

6.1 Deferred Shares. The shares underlying the Participant’s Restricted Stock Unit award and/or Performance Stock Unit award that are deferred under the Deferral Plan shall be issued under the LTIP and held in a rabbi trust until such shares are distributed.

6.2 Dividends and Voting. The dividends attributable to the shares underlying the Participant’s Restricted Stock Unit award and Performance Stock Unit award shall be reinvested in company stock and distributed to the Participant when such shares are paid. A Participant shall not be permitted to direct the trustee of the rabbi trust to vote the shares underlying the Participant’s Restricted Stock Unit award and/or Performance Stock Unit award that are deferred under the Deferral Plan.

6.3 Stock-Splits and Stock Dividends. The number of shares subject to the Deferral Plan and outstanding awards will be adjusted to reflect any change in corporate capitalization, such as a stock-split, stock dividend, corporate transaction and similar events

6.5 Amendment or Termination of the Deferral Plan. The Board of Directors may amend the Deferral Plan as it shall deem advisable. The Board of Directors may, in its discretion, terminate the Deferral Plan at any time and pay installments out in a lump sum even when installments have already begun and/or the Participant has terminated employment.

6.6 Unsecured Creditor Status and Assignment Prohibition. No Participant, beneficiary or any other person shall have any interest in any particular assets of the Company by reason of the right to receive the shares that are deferred under the Deferral Plan and any such Participant, beneficiary or other person shall have only the rights of a general unsecured creditor with respect to any deferred shares.

Prior to the distribution date, no interest of any person or entity in, or right to receive the shares underlying the award shall be subject in any manner to sale, transfer, assignment, pledge, attachment, garnishment or other alienation or encumbrance of any kind; nor any such interest or right to receive a benefit be taken, either voluntarily or involuntarily, for the satisfaction of the debts of, or other obligations or claims against, such person or entity,

6.7 Income Taxes. On the distribution date of the deferred shares, the Company shall retain or sell, without notice, a sufficient number of shares to cover the amount needed to fulfill its withholding requirements for Federal, state and local income taxes, and other taxes.

6.8 Successors of the Company. The rights and obligations of the Company under the Deferral Plan shall inure to the benefit of, and shall be binding upon, the successors and assigns of the Company. In addition to any obligations imposed by law upon any successor to the Company, the Company shall require any successor (whether direct or indirect, by purchase, merger, consolidation or otherwise) to all or substantially all of the business or assets of the Company, to expressly assume and agree to perform the requirements set forth in the Deferral Plan.

6.9 Gender, Singular and Plural. All pronouns and any variations thereof shall be deemed to refer to the masculine, feminine, or neuter, as the identity of the person or persons may require. As the context may require, the singular may be read as the plural and the plural as the singular.

6.10 Governing Law. In the event any provision of, or legal issue relating to, the Deferral Plan is not fully preempted by federal law, such issue or provision shall be governed by the laws of the State of New Jersey without reference to conflicts of law principles.