<PAGE>
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of
the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): February 20, 1996
Commission Registrant; State of Incorporation; IRS Employer
File Number Address; and Telephone Number Identification No.
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1-11375 UNICOM CORPORATION 36-3961038
(an Illinois corporation)
37th Floor, 10 South Dearborn Street
Post Office Box A-3005
Chicago, Illinois 60690-3005
312/394-7399
1-1839 COMMONWEALTH EDISON COMPANY 36-0938600
(an Illinois corporation)
37th Floor, 10 South Dearborn Street
Post Office Box 767
Chicago, Illinois 60690-0767
312/394-4321
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ITEM 5. OTHER EVENTS.
On February 20, 1996, Commonwealth Edison Company ("ComEd") announced
that it had reached agreement with Local 15 of the International Brotherhood
of Electrical Workers ("IBEW") with respect to the terms of a new collective
bargaining agreement. The IBEW is ComEd's principal union and represents
approximately half of ComEd's employees. Subject to ratification by the
union membership, the new agreement provides, among other things, for a term
expiring on September 30, 1997, a retroactive wage increase to April 1, 1995
(substantially all of which had been accrued on the Company's books as of
December 31, 1995), a further wage increase ranging from 2 to 2.7% effective
on April 1, 1996 and an incentive pay arrangement dependent upon the
achievement of certain corporate and individual goals; and reflects the
previously implemented voluntary separation offer that was made for
employees who accepted and left ComEd's employ by year-end 1995. A copy of
the press release issued by ComEd is filed as Exhibit I to this Current
Report on Form 8-K. For additional information regarding the effects of the
previously implemented voluntary separation offer, see "Management's
Discussion and Analysis of Financial Condition and Results of Operations,"
subcaption "Liquidity and Capital Resources," in ComEd's Current Report on
Form 8-K dated January 26, 1996.
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934,
the registrants have duly caused this report to be signed on their behalf
by the undersigned thereunto duly authorized.
UNICOM CORPORATION
(Registrant)
Date: February 21, 1996 By: John C. Bukovski
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John C. Bukovski
Vice President
COMMONWEALTH EDISON COMPANY
(Registrant)
Date: February 21, 1996 By: John C. Bukovski
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John C. Bukovski
Vice President
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Exhibit I
Unicom Corporation
Commonwealth Edison Company
File Nos. 1-11375 and 1-1839
News Release
[ComEd logo]
From: Communications Services
One First National Plaza
P.O. Box 767
Chicago, IL 60690
Contact: Art Massa FOR IMMEDIATE RELEASE
(312) 394-3003 Tuesday, February 20, 1996
AGREEMENT REACHED BETWEEN COMED & IBEW LOCAL 15
CHICAGO -- Ten months of negotiations ended today, as leadership of
ComEd and IBEW Local 15 were able to work through a number of critical issues
and reach an agreement. "We have an agreement that allows the Company to
utilize our employees effectively, while providing ComEd with the flexibility
to also utilize contractors in meeting the demands of a competitive industry,"
said ComEd Vice President Stan Graves.
This comprehensive package also includes a new compensation system
providing for pay-for-performance incentives and a distinction in wage
increases for categories of employees based on market factors.
Under the new agreement, certain provisions associated with the so-called
Valtin Arbitration Award, which applies when the Company contracts certain
work, have been redefined for the term. The new agreement calls for an
exchange of the former overtime obligations for a premium applied to basic
straight time hours worked by affected IBEW employees.
The Union also recognized that the Company may need to accomplish certain
work entirely through contractors in order to meet the competitive pressures
of a deregulated environment. The parties, however, also pledged to find ways
to increase the flexibility in continual training and development of its union
employees to remain competitive.
"Both sides left negotiations with a renewed sense of purpose," said
Graves. "It is time to move our energies away from the bargaining table and
approach the changing energy marketplace as an effective, unified force."
Terms of the agreement will be two and one-half years -- retroactive to
April 1995 and expiring September 30, 1997. In addition, a seniority proposal
will be submitted to the membership for ratification as part of the general
contract vote.
