EX-10.3



 Exhibit 10.3 

CENTRUS ENERGY CORP. 

EXECUTIVE SEVERANCE PLAN 

Amended and Restated 

Effective September 30, 2014 







 CENTRUS ENERGY CORP. 

EXECUTIVE SEVERANCE PLAN 

ARTICLE 1 
 ESTABLISHMENT,
PURPOSE AND INTENT 
 1.1 Establishment, Purpose and Intent. Centrus Energy Corp. (formerly known as USEC Inc.), a Delaware
corporation with its principal place of business in Bethesda, Maryland originally adopted the USEC Inc. Executive Severance Plan (the “Plan”) effective as of July 31, 2008. This Plan has been amended and restated, effective
January 1, 2013, and is further amended and restated as set forth herein, effective as of the Effective Date. The Plan is intended to protect key executive employees of Centrus Energy Corp. and its subsidiaries and affiliates (individually and
collectively, the “Company”) against an involuntary loss of employment so as to attract and retain such employees, and motivate them to enhance the value of the Company. The Plan is intended to be an unfunded welfare plan subject to
the Employee Retirement Income Security Act of 1974, as amended (“ERISA”); or to the extent it is a pension plan subject to ERISA, an unfunded pension plan maintained primarily for the purpose of providing deferred compensation to a
select group of management or highly compensated employees. Words and phrases used with initial capitals in the Plan and not otherwise defined in the Plan have the meanings defined for them in Article 7. 

1.2 Company Obligation. The amounts payable and the benefits to be provided hereunder shall be a joint and several obligation of the
Company and United States Enrichment Corporation (“Enrichment”), a wholly owned subsidiary of the Company; provided, that Enrichment’s obligations under this Plan shall be subordinated to all Designated Senior Claims (as such
term is defined in the Indenture dated as of September 30, 2014 pursuant to which the Company issued 8.0% PIK Toggle Notes due 2019/2024 (the “Indenture”)) to the extent and in the same manner as provided in the Indenture. 

ARTICLE 2 
 ELIGIBILITY AND
PARTICIPATION 
 2.1 Participation. Each Executive shall become a Participant upon the later of July 31, 2008 or the date he
or she becomes an Executive. 
 2.2 Termination of Participation. A Participant’s participation in the Plan shall automatically
terminate, without notice to or consent of the Participant, upon termination of the Participant’s employment with the Company for any reason (including but not limited to death or Disability) that is not an Eligible Separation from Service (as
defined in Section 3.1). 







 ARTICLE 3 

SEVERANCE BENEFITS 
 3.1
Eligible Separation from Service. Each Participant shall be entitled to severance and other benefits under the Plan in the amount set forth in Sections 3.2 and 3.3 below (“Severance Benefits”) if the Participant incurs an
Eligible Separation from Service. Entitlement to Severance Benefits is subject to the Participant’s compliance with Sections 3.6 and 3.7 of the Plan and the other terms and conditions of the Plan, and subject to the execution and delivery of a
valid and unrevoked Waiver and Release Agreement as required by Section 3.5 and to the other conditions set forth below. For this purpose an “Eligible Separation from Service” is a Separation from Service by reason of a
termination of the Participant’s employment by the Company for any reason other than death, Disability, or Cause, but shall not include a Separation from Service that entitles the Participant to benefits under an individual change in control
agreement. An “Eligible Separation from Service” is also a Separation from Service by reason of a termination of the Participant’s employment for Good Reason based on a Good Reason event that occurs within the Protected Period.

 No Severance Benefits shall be payable in respect of a Separation from Service that is not an Eligible Separation from Service. For avoidance of doubt,
none of the following shall be an Eligible Separation from Service: (i) termination of the Participant’s employment upon death or Disability, (ii) termination of the Participant’s employment by the Company for Cause, or
(iii) any voluntary resignation, including retirement. 
 3.2 Amount of Severance Pay. 

(a) The amount of severance pay (“Severance Pay”) to which a Participant is entitled under the Plan shall be
the sum of the amount described in (i) and the amount described in (ii), reduced by the amount described in (iii): 

(i) two (2) times the Participant’s Final Eligible Compensation; provided, however, that the multiplier or period of
years used to determine the benefits (i.e., two) shall be reduced to one (1), effective January 1, 2015, provided that the Participant has not experienced a Separation from Service prior to such date; 

(ii) the Participant’s Prorated Performance Bonus; 

(iii) the sum of (A) severance or similar payments made pursuant to any Federal, state or local law, including but not
limited to payments under the Federal Worker Adjustment and Retraining Notification Act (WARN), and (B) any termination or severance payments under any other termination or severance plans, policies or programs of the Company that the
Participant receives notwithstanding Section 3.2(b) below. 
 (b) There shall be no duplication of severance benefits in
any manner. Severance Pay under this Plan shall be in lieu of any termination or severance payments to which the Participant may be entitled under any other termination or severance plans, policies or programs of the Company. No Participant shall be
entitled to Severance Pay hereunder for more than one position with the Company. 

  
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 3.3 Other Benefits. 

(a) A Participant entitled to Severance Pay pursuant to Section 3.2 shall be entitled to continue the following additional
benefits during the applicable Severance Period described in subsection (d) below: 
 (i) continued participation for
him or her (and for his or her eligible dependents) in the Company’s medical, dental and life insurance benefit plans on the same basis as applies to active employees from time to time, except at no cost to the Participant; provided that this
coverage shall terminate prior to the end of the Severance Period when the Participant (or his or her eligible dependents, as applicable) becomes eligible for medical, dental and life insurance benefit plan coverage, respectively (whether or not
comparable to plans of the Company), from any successor employer; and 
 (ii) continued eligibility for participation in the
USEC Employee Assistance Plan during the Severance Period. 
 Neither the Participant nor his or her dependents shall be eligible for continued
participation in any disability income plan, travel accident insurance plan or tax-qualified retirement plan. Nothing herein shall be deemed to restrict the right of the Company to amend or terminate any plan in a manner generally applicable to
active employees. 
 (a) The continuation of group health coverage during the Severance Period shall be applied toward the
Company’s obligation to make continuation coverage available under Section 601 et seq. of ERISA (“COBRA”), and the Participant and the Participant’s eligible dependents shall be entitled to maintain such COBRA
coverage, at their expense, for the balance of the period required by COBRA, if any, following such continuation of coverage. Notwithstanding the foregoing, in the event that the payment by the Company of (or reimbursements for) premiums benefits
under this Plan results or could reasonably be expected to result in taxes to the Company or its affiliates under Section 4980D of the Code, or other adverse tax, ERISA or other legal consequences under applicable law, the Company and
Participant agree in good faith to amend or substitute such payment or reimbursement arrangement to avoid such taxes or adverse consequences in a substantially similar economic manner (including, as would not result in such taxes or adverse
consequences, paying cash payments to Participant equal to the Company’s share of premiums that would have been paid on the Participant’s behalf on the same schedule as such premiums would have been paid); provided, that if in the good
faith determination of the Company’s accountants, no such substitute or amended arrangement could avoid such taxes/consequences, the Company will not be obligated to pay, reimburse or otherwise compensate the Participant for such premiums and
such right hereunder shall immediately cease and be forfeited by the Participant without compensation therefor. 
 (b)
Eligible Participants shall be entitled to reimbursement for outplacement assistance services through an outplacement provider retained by the Company or an 

  
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outplacement provider selected by the Participant, for a period not to exceed six months after termination of employment, provided the cost shall not exceed $15,000 and in no event will the
Company provide cash in lieu of outplacement assistance services. 
 (c) The Severance Period shall be the two year period
following Separation from Service, provided, however, that, effective January 1, 2015, the Severance Period shall be reduced to the one year period following Separation from Service, provided that the Participant has not experienced a
Separation from Service prior to such date. 
 3.4 Payment. Subject to Section 3.5 below, the Participant’s Prorated
Performance Bonus, if any, shall be payable in a lump sum after the end of the performance period at such time as bonuses under the Annual Incentive Program or Quarterly Incentive Plan, as applicable, are paid to other executives of the Company but
in any event no later than March 15th of the following calendar year. Subject to Section 3.5 below, all other Severance Pay shall be payable in a lump sum as soon as practicable after
the Eligible Separation from Service, but in any event no later than March 15th of the calendar year after the year in which the Eligible Separation from Service occurs. Notwithstanding the
preceding sentences, in the event Severance Pay or any other payment or distribution of a benefit under this Plan is deferred compensation subject to additional taxes or penalties under Section 409A of the Code if paid on or commencing on the
date specified in this Plan, because the Participant is a Specified Employee within the meaning of the Section 409A regulations, such payment or distribution shall be deferred and made on the earliest date on which Section 409A permits
such payment or commencement without additional taxes or penalties under Section 409A (i.e., the first business day following the 6-month anniversary of the Participant’s separation from service, or if earlier his or her death). In the
event payment is deferred under the preceding sentence, any amount that would have been paid prior to the deferred payment date but for Section 409A shall be paid in a single lump sum on such earliest payment date, without interest. 

3.5 Waiver and Release. In order to receive benefits under the Plan, a Participant must execute and deliver to the Company a valid
Waiver and Release Agreement in a form tendered by the Company, which shall be substantially in the form of the Waiver and Release Agreement attached hereto as Exhibit A, with any changes thereto approved by the Company’s General Counsel
(or in the case of the General Counsel, the Chief Executive Officer) prior to execution. No benefits shall be paid under the Plan until the Participant has executed his or her Waiver and Release Agreement within the time period specified by the
Company in the Waiver and Release Agreement (which shall not be more than 45 days after such agreement is tendered to the Participant unless otherwise required by law), and the period within which a Participant may revoke his or her Waiver and
Release Agreement has expired without revocation. A Participant may revoke his or her signed Waiver and Release Agreement within seven (7) days (or such other period provided by law) after his or her signing the Waiver and Release Agreement.
Any such revocation must be made in writing and must be received by the Company within such seven (7) day (or such other) period. A Participant who does not timely submit a signed Waiver and Release Agreement to the Company shall not be
eligible to receive any Severance Benefits under the Plan. A Participant who timely revokes his or her Waiver and Release Agreement shall not be eligible to receive any Severance Benefits under the Plan. Notwithstanding the foregoing, if the
expiration of the revocation period described above could 

  
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occur in a calendar year later than the calendar year in which the Waiver and Release Agreement is tendered to the Participant for execution, then in no event will benefits under the Plan that
are conditioned upon the effectiveness of the Waiver and Release Agreement be paid prior to the beginning of such later calendar year. 

3.6 Restrictive Covenants. As a condition of participation in this Plan each Participant agrees as follows: 

(a) Confidentiality. The Participant shall hold in a fiduciary capacity for the benefit of the Company all secret,
proprietary, or confidential materials, knowledge, data or any other information relating to the Company or any of its affiliated companies, and their respective businesses (“Confidential Information”), which shall have been
obtained by the Participant during the Participant’s employment by the Company or any of its affiliated companies and that shall not have been or now or hereafter have become public knowledge (other than by acts by the Participant or
representatives of the Participant in violation of this Section 3.6). While employed by the Company or an affiliated company and (a) for a period of five years thereafter with respect to Confidential Information that does not include trade
secrets, and (b) any time thereafter with respect to Confidential Information that does include trade secrets, the Participant shall not, without the prior written consent of the Company or as may otherwise be required by law or legal process,
communicate or divulge any Confidential Information to anyone other than the Company and those designated by it. 
 (b)
Non-Competition and Non-Solicitation. The Participant shall not, at any time while employed by the Company and during the Severance Period, (i) engage or become interested as an owner or stockholder (other than as an owner or stockholder
of less than five percent (5%) of the stock of a publicly owned company), partner, director, officer, employee (in an executive capacity), consultant or otherwise in any business that is competitive with the uranium enrichment business
conducted by the Company or any of its affiliated companies during the term of the Plan or as of the date of the Participant’s termination of employment, as applicable; (ii) engage in any activity in competition with or against the uranium
enrichment business conducted by the Company or any of its affiliated companies during the term of the Plan or as of the date of the Participant’s termination of employment, as applicable; or (iii) recruit, solicit for employment, hire or
engage any employee or consultant of the Company or any of its affiliated companies or any person who was an employee or consultant of the Company or any of its affiliated companies during the two (2) years prior to the date of the
Participant’s termination of employment. For purposes of this Section 3.6, a business that is competitive with the uranium enrichment business conducted by the Company or any of its affiliated companies shall include, but not be limited
to, URENCO USA (f/k/a Louisiana Energy Services Inc. (LES)), AREVA SA, AREVA, Inc., Urenco Ltd., Urenco, Inc., Cogema, Enrichment Technology Company Limited, TENEX, GLE (Global Laser Enrichment), Cameco, and any subsidiary or affiliate thereof
engaged in a business that is competitive with the uranium enrichment business conducted by the Company or any of its affiliated companies, and any contractor or subcontractor to any of these businesses (with respect to activities by such contractor
or subcontractor that are competitive with the uranium enrichment business conducted by the Company or any of its affiliated companies). The Participant acknowledges that these provisions are necessary for the Company’s protection and are not
unreasonable, 

  
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since the Participant would be able to obtain employment with companies whose businesses are not competitive with the uranium enrichment business of the Company and its affiliated companies and
would be able to recruit and hire personnel other than employees of the Company or any of its affiliated companies. The duration and scope of these restrictions on the Participant’s activities are divisible, so that if any provision of this
paragraph is held or deemed to be invalid, that provision shall be automatically modified to the extent necessary to make it valid. 

(c) Non-Disparagement. The Participant agrees that, subject to Section 3.6(d) below, he or she will not, nor will
he or she cause or assist any other person to, make any statement to a third party or take any action which is intended to or would reasonably have the effect of disparaging or harming the Company or the business reputation of the Company’s
present or former officers, directors, employees, or agents. 
 (d) Nuclear, Workplace, Public Safety and Sarbanes-Oxley
Concerns. The Participant understands and acknowledges that nothing in the Plan prohibits, penalizes, or otherwise discourages the Participant from reporting, providing testimony regarding, or otherwise communicating any nuclear safety concern,
workplace safety concern, public safety concern, or concern of any sort, to the U.S. Nuclear Regulatory Commission, the U.S. Department of Labor, or any federal or state government agency. The Participant further understands and acknowledges that
nothing in this Plan conditions or restricts the Participant’s communication with, or full cooperation in proceedings or investigations by, any federal or state agency. The Participant also understands and acknowledges that nothing in this Plan
shall be construed to prohibit him or her from engaging in any activity protected by the Sarbanes-Oxley Act, 18 U.S.C. Section 1514A or Section 211 of the Energy Reorganization Act of 1974, as amended. 

(e) No Effect on Other Restrictive Covenants. The provisions of this Section 3.6 shall not affect any restrictive covenants
relating to confidentiality, non-competition, non-solicitation, non-disparagement or other matters contained in any individual change in control agreement, employment agreement or other agreement between the Participant and the Company, which
restrictive covenants shall remain in full force and effect in accordance with their terms and may be for a period of time that exceeds the Severance Period. 

3.7 Return of Consideration. 

(a) If at any time a Participant breaches any provision of Section 3.6 or Section 3.10, then: (i) the Company
shall cease to provide any further Severance Pay or other benefits under Section 3.2 or Section 3.3 (other than pursuant to COBRA) and the Participant shall repay to the Company all Severance Pay and other benefits previously received
under Section 3.2 or Section 3.3; (ii) all unexercised Company stock options under any Designated Plan (as defined below) whether or not otherwise vested shall cease to be exercisable and shall immediately terminate; (iii) the
Participant shall forfeit any outstanding restricted stock or other outstanding equity award made under any Designated Plan and not otherwise vested on the date of breach; and (iv) the Participant shall pay to the Company (A) for each
share of common stock of the Company (“Common Share”) acquired on exercise of an option under a Designated 

  
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Plan within the 24 months prior to such breach, the excess of the greater of the fair market value of a Common Share (I) on the date of exercise or (II) on the date of such payment to the
Company, over the exercise price paid for such Common Share, and (B) for each share of restricted stock that became vested under any Designated Plan within the 24 months prior to such breach, the greater of the fair market value of a Common
Share (I) on the date of vesting, or (II) on the date of such payment to the Company. Any amount to be repaid pursuant to this Section 3.7 shall be held by the Participant in constructive trust for the benefit of the Company and shall be
paid by the Participant to the Company with interest at the prime rate (as published in The Wall Street Journal) as of the date of breach plus two (2) percentage points; or, if less, then the maximum interest rate permitted by law, upon
written notice from the Committee, within 10 days of such notice. 
 (b) The amount to be repaid pursuant to this
Section 3.7 shall be determined on a gross basis, without reduction for any taxes incurred. The Company shall have the right to offset such amount against any amounts otherwise owed to the Participant by the Company (whether as wages, vacation
pay, or pursuant to any benefit plan or other compensatory arrangement). 
 (c) For purposes of this Section 3.7, a
“Designated Plan” is the Equity Incentive Plan and each other equity compensation or long-term incentive compensation plan, deferred compensation plan, or supplemental retirement plan, of the Company. 

(d) The provisions of this Section 3.7 shall apply to awards described in clauses (i), (ii), (iii), and (iv) of
Section 3.7(a) earned or made after the date the Executive becomes a Participant in this Plan. 
 3.8 Equitable Relief and Other
Remedies. As a condition of participation in this Plan: 
 (a) The Participant acknowledges that each of the provisions
of Section 3.6 and 3.7 of the Plan are reasonable and necessary to preserve the legitimate business interests of the Company, its present and potential business activities and the economic benefits derived therefrom; that they will not prevent
him or her from earning a livelihood in the Participant’s chosen business and are not an undue restraint on the trade of the Participant, or any of the public interests which may be involved. 

(b) The Participant agrees that beyond the amounts otherwise to be provided under this Plan, the Company will be damaged by a
violation of the terms of this Plan and the amount of such damage may be difficult to measure. The Participant agrees that if the Participant commits or threatens to commit a breach of any of the covenants and agreements contained in Sections 3.6 or
3.10, then the Company shall have the right to seek and obtain all appropriate injunctive and other equitable remedies, without posting bond therefor, except as required by law, in addition to any other rights and remedies that may be available at
law or under this Plan, it being acknowledged and agreed that any such breach would cause irreparable injury to the Company and that money damages would not provide an adequate remedy. 

(c) The parties agree that the covenants contained herein are severable. If an arbitrator or court shall hold that the
duration, scope, area or activity restrictions stated herein 

  
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are unreasonable under circumstances then existing, the parties agree that the maximum duration, scope, area or activity restrictions reasonable and enforceable under such circumstances shall be
substituted for the stated duration, scope, area or activity restrictions to the maximum extent permitted by law. The parties further agree that the Company’s rights under Section 3.7 should be enforced to the fullest extent permitted by
law irrespective of whether the Company seeks equitable relief in addition to relief provided therein or if the arbitrator or court deems equitable relief to be inappropriate. 

3.9 Survival of Provisions. The obligations contained in Sections 3.6, 3.7, 3.8 and Section 3.10 below shall survive the
Participant’s employment with the Company and shall be fully enforceable thereafter. 
 3.10 Cooperation. Upon the receipt of
reasonable notice from the Company (including from outside counsel to the Company), the Participant agrees that while employed by the Company and for two years (or, if longer, for so long as any claim referred to in this Section remains pending)
after the termination of Participant’s employment for any reason, the Participant will respond and provide information with regard to matters in which the Participant has knowledge as a result of the Participant’s employment with the
Company, and will provide reasonable assistance to the Company and its representatives in defense of any claims that may be made against the Company, and will assist the Company in the prosecution of any claims that may be made by the Company to the
extent that such claims may relate to the period of the Participant’s employment with the Company (or any predecessor); provided, that with respect to periods after the termination of the Participant’s employment, the Company shall
reimburse the Participant for any out-of-pocket expenses incurred in providing such assistance and if the Participant is required to provide more than ten (10) hours of assistance per week after his or her termination of employment then the
Company shall pay the Participant a reasonable amount of money for his or her services at a rate agreed to between the Company and the Participant; and provided further that after the Participant’s termination of employment with the Company
such assistance shall not unreasonably interfere with the Participant’s business or personal obligations. The Participant agrees to promptly inform the Company if the Participant becomes aware of any lawsuits involving such claims that may be
filed or threatened against the Company. Subject to Section 3.6(d), the Participant also agrees to promptly inform the Company (to the extent the Participant is legally permitted to do so) if the Participant is asked to assist in any
investigation of the Company (or its actions), regardless of whether a lawsuit or other proceeding has then been filed against the Company with respect to such investigation, and shall not do so unless legally required. 

ARTICLE 4 
 CLAIMS 

4.1 Competition Determinations. Any Participant may apply to the Committee for written confirmation that specified activities proposed
to be undertaken by the Participant will not violate Section 3.6 of the Plan. The Committee shall confirm or deny in writing that specified activities proposed to be undertaken by the Participant will not violate Section 3.6 of the Plan
within 21 days of receipt of any such application unless the Committee determines that it has insufficient facts on which to make that determination, in which event the Committee shall 

  
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advise the Participant of information necessary for the Committee to make such determination. Any confirmation that specified activities to be undertaken by the Participant will not violate
Section 3.6 of the Plan shall be binding on the Company provided that all material facts have been disclosed to the Committee and there is no change in the material facts. 

4.2 Claims Procedure. If any Participant has (a) a claim for compensation or benefits which are not being paid under the Plan,
(b) another claim for benefits under the Plan, (c) a claim for clarification of his or her rights under the Plan (to the extent not provided for in Section 4.1), then the Participant (or his or her designee) (a
“Claimant”) may file with the Committee a written claim setting forth the amount and nature of the claim, supporting facts, and the Claimant’s address. A claim shall be filed within six (6) months of (i) the date on
which the claim first arises or (ii) if later, the earliest date on which the Participant knows or should know of the facts giving rise to a claim. The Committee shall notify each Claimant of its decision in writing by registered or certified
mail within 90 days after its receipt of a claim, unless otherwise agreed by the Claimant. In special circumstances the Committee may extend for a further 90 days the deadline for its decision, provided the Committee notifies the Claimant of the
need for the extension within 90 days after its receipt of a claim. If a claim is denied, the written notice of denial shall set forth the reasons for such denial, refer to pertinent provisions of the Plan on which the denial is based, describe any
additional material or information necessary for the Claimant to realize the claim, and explain the claim review procedure under the Plan. 

4.3 Claims Review Procedure. A Claimant whose claim has been denied or such Claimant’s duly authorized representative may file,
within 60 days after notice of such denial is received by the Claimant, a written request for review of such claim by the Committee. If a request is so filed, the Committee shall review the claim and notify the Claimant in writing of its decision
within 60 days after receipt of such request, unless otherwise agreed by the Claimant. In special circumstances, the Committee may extend for up to 60 additional days the deadline for its decision, provided the Committee notifies the Claimant of the
need for the extension within 60 days after its receipt of the request for review. The notice of the final decision of the Committee shall include the reasons for its decision and specific references to the Plan on which the decision is based. The
decision of the Committee shall be final and binding on all parties in accordance with but subject to Section 4.4(a) below. 
 4.4
Arbitration. 
 (a) In the event of any dispute arising out of or relating to this Plan, the determinations of fact
and the construction of this Plan or any other determination by the Committee in its sole and absolute discretion pursuant to Section 5.3 of the Plan shall be final and binding on all persons and may not be overturned in any arbitration or any
other proceeding unless the party challenging the Committee’s determination can demonstrate by clear and convincing evidence that a determination of fact is clearly erroneous or any other determination by the Committee is arbitrary and
capricious. 
 (b) Any dispute arising out of or relating to this Plan shall first be presented to the Committee pursuant to
the claims procedure set forth in Section 4.2 of the Plan and the claims review procedure of Section 4.3 of the Plan within the times therein provided. In the event of 

  
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any failure timely to use and exhaust such claims procedure and the claims review procedures, the decision of the Committee on any matter respecting the Plan shall be final and binding and may
not be challenged by further arbitration, or any other proceeding. 
 (c) Any dispute arising out of or relating to this Plan
which has not been resolved as provided in Section 4.4(b) shall be finally resolved by arbitration in accordance with the CPR Rules for Non-Administered Arbitration then currently in effect, by a sole arbitrator. The Company shall be initially
responsible for the payment of any filing fee and advance in costs required by CPR or the arbitrator, provided, however, if the Participant initiates the claim, the Participant will contribute an amount not to exceed $250.00 for these purposes.
During the arbitration, each party shall pay for its own costs and attorneys fees, if any. Attorneys fees and costs shall be awarded by the arbitrator to the prevailing party pursuant to Section 4.4(h) below. 

(d) The arbitration shall be governed by the Federal Arbitration Act, 9 U.S.C.
§§ 1-16 and judgment upon the award rendered by the arbitrator may be entered by any court having jurisdiction thereof. The arbitrator shall not have the right to award speculative damages or
punitive damages to either party except as expressly permitted by statute (notwithstanding this provision by which both parties hereto waive the right to such damages) and shall not have the power to amend this Plan. The arbitrator shall be required
to follow applicable law. The place of arbitration shall be Bethesda, Maryland. Any application to enforce or set aside the arbitration award shall be filed in a state or federal court located in Maryland. 

(e) Any demand for arbitration must be made or any other proceeding filed within six (6) months after the date of the
Committee’s decision on review pursuant to Section 4.3. 
 (f) Notwithstanding the foregoing provisions of this
Section, an action to enforce the Plan shall be filed within eighteen (18) months after the party seeking relief had actual or constructive knowledge of the alleged violation of the Plan in question or any party shall be able to seek immediate,
temporary, or preliminary injunctive or equitable relief from a court of law or equity if, in its judgment, such relief is necessary to avoid irreparable damage. To the extent that any party wishes to seek such relief from a court, the parties agree
to the following with respect to the location of such actions. Such actions brought by the Participant shall be brought in a state or federal court located in Maryland. Such actions brought by the Company shall be brought in a state or federal court
located in Maryland; the Participant’s state of residency; or any other forum in which the Participant is subject to personal jurisdiction. The Participant specifically consents to personal jurisdiction in the State of Maryland for such
purposes. 
 (g) IF FOR ANY REASON THIS ARBITRATION CLAUSE BECOMES NOT APPLICABLE, THEN EACH PARTY, TO THE FULLEST EXTENT
PERMITTED BY APPLICABLE LAW, HEREBY IRREVOCABLY WAIVES ALL RIGHT TO TRIAL BY JURY AS TO ANY ISSUE RELATING HERETO IN ANY ACTION, PROCEEDING, OR COUNTERCLAIM ARISING OUT OF OR RELATING TO THIS PLAN OR ANY OTHER MATTER INVOLVING THE PARTIES HERETO.

 (h) In the event of any contest arising under or in connection with this Plan, the arbitrator or court, as applicable,
shall award the prevailing party attorneys’ fees and costs to the extent permitted by applicable law. 

  
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 ARTICLE 5 

ADMINISTRATION 
 5.1
Committee. The Committee shall administer this Plan. Members of the Committee may but need not be employees of the Company and may but need not be Participants in the Plan, but a member of the Committee who is a Participant shall not vote or
act upon any matter which relates solely to such member as a Participant. All decisions of the Committee shall be by a vote or written evidence of intention of the majority of its members and all decisions of the Committee shall be final and binding
except as provided in Section 4.4(a). 
 5.2 Duties. The Committee shall have the power and duty in its sole and absolute
discretion to do all things necessary or convenient to effect the intent and purposes of the Plan, whether or not such powers and duties are specifically set forth herein, and, by way of amplification and not limitation of the foregoing, the
Committee shall have the power in its sole and absolute discretion to: 
 (a) provide rules for the management, operation and
administration of the Plan, and, from time to time, amend or supplement such rules; 
 (b) construe the Plan in its sole and
absolute discretion to the fullest extent permitted by law, which construction shall be final and conclusive upon all persons except as provided in Section 4.4(a); 

(c) correct any defect, supply any omission, or reconcile any inconsistency in the Plan in such manner and to such extent as it
shall deem appropriate in its sole discretion to carry the same into effect; 
 (d) make all determinations relevant to a
Participant’s eligibility for benefits under the Plan, including determinations as to Separation from Service, Cause, and the Participant’s compliance or not with Sections 3.6, 3.7, 3.8 and 3.10 of the Plan; 

(e) to enforce the Plan in accordance with its terms and the Committee’s construction of the Plan as provided in
Section 5.2(b) above; 
 (f) do all other acts and things necessary or proper in its judgment to carry out the purposes
of the Plan in accordance with its terms and intent. 
 5.3 Binding Authority. The decisions of the Committee or its duly authorized
delegate within the powers conferred by the Plan shall be final and conclusive for all purposes of the Plan, and shall not be subject to any appeal or review other than pursuant to Article 4. 

5.4 Exculpation. No member of the Committee nor any delegate of the Committee serving as Plan Administrator nor any other officer or
employee of the Company acting on 

  
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behalf of the Company with respect to this Plan shall be directly or indirectly responsible or otherwise liable by reason of any action or default as a member of that Committee, Plan
Administrator or other officer or employee of the Company acting on behalf of the Company with respect to this Plan, or by reason of the exercise of or failure to exercise any power or discretion as such person, except for any action, default,
exercise or failure to exercise resulting from such person’s gross negligence or willful misconduct. No member of the Committee shall be liable in any way for the acts or defaults of any other member of the Committee, or any of its advisors,
agents or representatives. 
 5.5 Indemnification. The Company shall indemnify and hold harmless each member of the Committee, any
delegate of the Committee serving as Plan Administrator, and each other officer or employee of the Company acting on behalf of the Company with respect to this Plan, against any and all expenses and liabilities arising out of his or her own
membership on the Committee, service as Plan Administrator, or other actions respecting this Plan on behalf of the Company, except for expenses and liabilities arising out of such person’s gross negligence or willful misconduct. A person
indemnified under this Section who seeks indemnification hereunder (“Indemnitee”) shall tender to the Company a request that the Company defend any claim with respect to which the Indemnitee seeks indemnification under this Section
and shall fully cooperate with the Company in the defense of such claim. If the Company shall fail to timely assume the defense of such claim then the Indemnitee may control the defense of such claim. However, no settlement of any claim otherwise
indemnified under this Section shall be subject to indemnity hereunder unless the Company consents in writing to such settlement. 
 ARTICLE
6 
 GENERAL PROVISIONS 

6.1 No Property Interest. The Plan is unfunded. Severance pay shall be paid exclusively from the general assets of the Company and any
liability of the Company to any person with respect to benefits payable under the Plan shall give rise solely to a claim as an unsecured creditor against the general assets of the Company. Any Participant who may have or claim any interest in or
right to any compensation, payment or benefit payable hereunder, shall rely solely upon the unsecured promise of the Company for the payment thereof, and nothing herein contained shall be construed to give to or vest in the Participant or any other
person now or at any time in the future, any right, title, interest or claim in or to any specific asset, fund, reserve, account, insurance or annuity policy or contract, or other property of any kind whatsoever owned by the Company, or in which the
Company may have any right, title or interest now or at any time in the future. 
 6.2 Other Rights. Except as provided in Sections
3.2(a), 3.7 and 6.8, the Plan shall not affect or impair the rights or obligations of the Company or a Participant under any other written plan, contract, arrangement, or pension, profit sharing or other compensation plan, including, but not limited
to, any acceleration of vesting of any stock options, restricted stock or other equity awards under the Equity Incentive Plan upon termination of employment in accordance with the terms of the applicable award agreements governing such awards. 

  
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 6.3 Amendment or Termination. The Board of Directors or the Compensation Committee of the
Board of Directors may unilaterally amend, alter, suspend, discontinue or terminate the Plan at any time; provided, however, that no such amendment, alteration, suspension, discontinuance, or termination shall be made during the Protected Period;
and provided further that no such amendment, alteration, suspension, discontinuance, or termination shall adversely affect the rights of any Participant who has incurred an Eligible Separation from Service on or prior to the date of the amendment or
termination unless: (i) the affected Participant approves such amendment in writing, or (ii) the amendment is required (as determined by the Committee) by law (including any provision of the Code) whether such requirement impacts the
Company or any Participant. Amendment or termination of the Plan shall not accelerate (or defer) the time of any payment under the Plan that is deferred compensation subject to Section 409A of the Code if such acceleration (or deferral) would
subject such deferred compensation to additional tax or penalties under Section 409A. 
 6.4 Severability. If any term or
condition of the Plan shall be invalid or unenforceable to any extent or in any application, then the remainder of the Plan, with the exception of such invalid or unenforceable provision, shall not be affected thereby and shall continue in effect
and application to its fullest extent. If, however, the Committee determines in its sole discretion that any term or condition of the Plan which is invalid or unenforceable is material to the interests of the Company, the Committee may declare the
Plan null and void in its entirety. 
 6.5 No Employment Rights. Neither the establishment of the Plan, any provisions of the Plan,
nor any action of the Committee shall be held or construed to confer upon any employee the right to a continuation of employment by the Company. The Company reserves the right to dismiss any employee, or otherwise deal with any employee to the same
extent as though the Plan had not been adopted. 
 6.6 Transferability of Rights. The Company shall have the right to transfer all of
its obligations under the Plan with respect to one or more Participants without the consent of any Participant. No Participant or spouse of a Participant shall have any right to commute, encumber, transfer or otherwise dispose of or alienate any
present or future right or expectancy which the Participant or such spouse may have at any time to receive payments of benefits hereunder, which benefits and the right thereto are expressly declared to be non-assignable and nontransferable, except
to the extent required by law. Any attempt to transfer or assign a benefit, or any rights granted hereunder, by a Participant or the spouse of a Participant shall, in the sole discretion of the Committee (after consideration of such facts as it
deems pertinent), be grounds for terminating any rights of the Participant or his or her spouse to any portion of the Plan benefits not previously paid. 

6.7 Beneficiary. Any payment due under this Plan after the death of the Participant shall be paid to such person or persons, jointly or
successively, as the Participant may designate, in writing filed by Participant with the Committee during the Participant’s lifetime in a form acceptable to the Committee, which the Participant may change without the consent of any beneficiary
by filing a new designation of beneficiary in like manner. If no designation of beneficiary is on file with the Committee or no designated beneficiary is living or in existence 

  
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upon the death of the Participant, such payments shall be made to the surviving spouse of the Participant, if any, or if none to the Participant’s estate. Any Severance Pay payable after the
death of a Participant shall be accelerated and paid in a single lump sum to the Participant’s designated beneficiary. 
 6.8 Entire
Document. The Plan as set forth herein, supersedes any and all prior practices, understandings, agreements, descriptions or other non-written arrangements respecting severance, except for written employment or severance contracts signed by the
Company with individuals other than Participants. 
 6.9 Plan Year. The fiscal records of the Plan shall be kept on the basis of a
plan year which is the calendar year. 
 6.10 Governing Law. This is an employee benefit plan subject to ERISA and shall be governed
by and construed in accordance with ERISA and, to the extent applicable and not preempted by ERISA, the law of the State of Maryland applicable to contracts made and to be performed entirely within that State, without regard to its conflict of law
principal. 
 6.11 In-Kind Benefits and Reimbursements. In-kind benefits and reimbursements provided under this Plan during any tax
year of the Participant shall not affect in-kind benefits or reimbursements to be provided in any other tax year of the Participant and are not subject to liquidation or exchange for another benefit. Notwithstanding any other provision of this Plan,
reimbursements must be made on or before the last day of the Participant’s taxable year following the taxable year in which the expense was incurred. 

6.12 Interpretation and Construction. This Plan is intended to be written, and shall be construed and operated in a manner that
complies with Section 409A, such that no amounts payable hereunder shall become subject to income inclusion, additional taxes or interest under Section 409A of the Code (collectively “409A Penalties”). In no event shall
the Company be required to provide any Participant a tax gross-up payment with respect to, or to pay, any 409A Penalties. Notwithstanding anything in this Plan to the contrary, each payment payable hereunder shall be treated as a right to receive a
series of separate payments in accordance with Section 409A of the Code. 
 ARTICLE 7 

DEFINITIONS 
 7.1
Definitions. The following words and phrases as used herein shall have the following meanings, unless a different meaning is required by the context: 

7.1.1 “Annual Incentive Program” means the Centrus Energy Corp. Annual Incentive Program under the Equity Incentive Plan, as
may be amended from time to time or any successor plan or program. 
 7.1.2 “Bankruptcy Court” has the meaning ascribed to
it in Section 7.1.5. 

  
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 7.1.3 “Board of Directors” means the Board of Directors of the Company. 

7.1.4 “Cause”, unless otherwise defined for purposes of termination of employment in a written employment agreement between
the Company and the Participant, shall mean any act or failure to act on the part of the Participant which constitutes: 

(i) fraud, embezzlement, theft or dishonesty against the Company; 

(ii) material violation of law in connection with or in the course of the Participant’s duties or employment with the
Company, 
 (iii) commission of any felony or crime involving moral turpitude; 

(iv) any violation of Section 3.6 of the Plan; 

(v) any other material breach of the terms and conditions of employment; 

(vi) material breach of any written employment policy of the Company; 

(vii) conduct which tends to bring the Company into substantial public disgrace or disrepute; or 

(viii) the Participant’s failure to promptly and adequately perform the duties assigned to the Participant by the Company,
such performance to be judged in good faith at the discretion of the Company. 
 7.1.5 “Chapter 11 Case” means the
voluntary Chapter 11 case filed by the Company in the United States Bankruptcy Court for the District of Delaware (the “Bankruptcy Court”) on March 5, 2014. 

7.1.6 “Code” means the Internal Revenue Code of 1986, as amended from time to time. 

7.1.7 “Committee” means the Centrus Energy Corp. Benefit Plan Administrative Committee. 

7.1.8 “Disability” means a mental or physical condition which renders the Participant unable or incompetent, with reasonable
accommodation, to carry out the material job responsibilities which such Participant held or the material duties to which the Participant was assigned at the time the Disability was incurred, which has continued for at least six months. 

7.1.9 “Effective Date” means the date on which the plan of reorganization of the Company, following entry of the order of
confirmation by the Bankruptcy Court in the Chapter 11 Case, becomes effective in accordance with its terms. 
 7.1.10 “Equity
Incentive Plan” means the USEC Inc. 2009 Equity Incentive Plan, as such plan was in effect on the Effective Date and the Centrus Energy Corp. 2014 Equity Incentive Plan as may be amended from time to time or any successor plan. 

  
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 7.1.11 “Executive” means the Chief Executive Officer and any officer employed
by the Company in a position of Senior Vice President or Vice President, and any other key executive of the Company whom the Chief Executive Officer of the Company expressly determines shall be eligible to be a Participant in this Plan. 

7.1.12 “Final Average Bonus” means the Participant’s target annualized Part A award opportunity under the Quarterly
Incentive Plan or target annual award opportunity under the Annual Incentive Plan for the year of termination, whichever is then in effect (disregarding any reduction thereof that is part of a Good Reason under Section 7.1.15(d)), or, if
higher, the average of the bonuses paid to the Participant with respect to a calendar year (an “annual bonus”) for the three years prior to the date of termination, whether such bonuses are paid in the form of cash or in grants of
restricted common stock of the Company or other awards under the Annual Incentive Program; provided, however, that (i) any annual bonus paid to the Participant that was pro-rated or otherwise adjusted because the Participant was
not employed by the Company during the entire period to which such bonus related shall be annualized for purposes of the calculation of the Participant’s Final Average Bonus; (ii) if the Participant has experienced a change in position
that has increased the Participant’s annual bonus opportunity (whether or not such change in position is accompanied by a change in title), any annual bonus paid to the Participant with respect to a period prior to such change in position shall
not be included in the calculation of the Participant’s Final Average Bonus; (iii) if the Participant shall not have been paid at least three annual bonuses prior to the date of termination that are includable in the calculation of the
Participant’s Final Average Bonus, then the Participant’s Final Average Bonus shall be an amount equal to the average of such lesser number of annual bonuses (or, if just one annual bonus, an amount equal to such bonus); and (iv) if
the Participant shall not have been paid at least one annual bonus prior to the date of termination that is includable in the calculation of the Participant’s Final Average Bonus, the Participant’s Final Average Bonus shall be an amount
equal to the Participant’s annual target bonus as in effect on the date of termination. Final Average Bonus shall not include any amount of cash or equity paid or granted as part of any long term incentive plan or program that the Company in
its sole discretion may elect to maintain from time to time. Except as set forth above, Final Average Bonus shall also not include the amount of any quarterly incentive awards paid or granted under the Quarterly Incentive Plan or any other quarterly
incentive plan or program that the Company in its sole discretion may elect to maintain from time to time, or the amount of any other award which is intended to represent a portion of an executive’s historical long-term incentive compensation
opportunity. 
 7.1.13 “Final Eligible Compensation” means the sum of the Participant’s Final Salary and Final
Average Bonus. 
 7.1.14 “Final Salary” means the Participant’s annual base salary as in effect on the date of
termination, disregarding any reduction thereof that is part of a Good Reason under Section 7.1.15(d). 
 7.1.15 “Good
Reason” shall mean, without the Executive’s express written consent, any of the following occurring within the Protected Period, unless such act or failure to act is corrected prior to the date of Separation from Service specified in
the Notice of Termination (described below) given in respect thereof: 
 (a) the Executive is removed from the
Executive’s position (with the Company or any Material Subsidiary) as in effect immediately prior to the commencement of the Protected Period for any reason other than (A) by reason of death, Disability or Retirement or (B) for Cause;
provided that such action results in a material diminution of Executive’s authority, duties or responsibilities with the Company and its subsidiaries, taken as a whole; 

  
 16 








 (b) the Executive is assigned any duties inconsistent in a material respect with
the Executive’s position (including status, offices, and reporting relationships with the Company or any Material Subsidiary), authority, duties or responsibilities as in effect immediately prior to the start of the Protected Period (or
thereafter if increased) if such assignment results in a material diminution of such Executive’s authority, duties or responsibilities with the Company and its subsidiaries, taken as a whole; 

(c) the Company materially breaches the agreement under which the Executive provides services; 

(d) the Executive’s annual base salary or annual bonus opportunity (determined on an aggregate basis for the Company and
its subsidiaries) as in effect immediately prior to the start of the Protected Period (or thereafter if higher) is materially reduced (disregarding any reduction in annual bonus opportunity occurring prior to or with respect to any period prior to
the Effective Date); 
 (e) the failure of the Company to require a successor to assume the obligations of the Company under
this Plan; or 
 (f) any relocation of the Executive’s principal place of business from its location as of the date
immediately preceding the start of the Protected Period, by more than fifty (50) miles. 
 Notwithstanding the foregoing, a Separation
from Service shall not be treated as a termination for Good Reason unless the Executive delivers a written notice (“Notice of Termination”) to the Company, stating that the Executive intends to terminate employment for Good Reason within
ninety (90) days of the date of the Notice of Termination, which Notice of Termination shall be delivered no later than 90 days of the Executive’s having actual knowledge of the initial occurrence of one or more of such events, provided,
in each such event, the Company fails to cure within thirty (30) days of receipt of such Notice of Termination, and provided further that the Executive’s Separation from Service on account of a termination for Good Reason shall occur no
more than 180 days following the end of the Protected Period. For purposes of this Plan, any good faith determination of “Good Reason” or good faith determination of the Company’s failure to cure within the thirty (30) day period
made by the Executive shall be conclusive. 
 7.1.16 “Material Subsidiary” means any subsidiary of the Company
(a) whose total assets represent forty percent (40%) or more of the total gross fair market value of all of the assets of the Company and its subsidiaries (taken as a whole) at any time in the current fiscal year or in any of the two most
recently completed fiscal years or (b) credited under GAAP with forty percent (40%) or more of the total revenues of the Company and its subsidiaries (taken as a whole) in the current fiscal year or in any of the two most recently
completed fiscal years. 

  
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 7.1.17 “Participant” means any Executive who is eligible to participate in the
Plan and has become a Participant in accordance with Section 2.1, and has not had such participation terminated pursuant to Section 2.2. 

7.1.18 “Prorated Performance Bonus” means the award to which the Participant would have been entitled under the Annual
Incentive Program, if any, at the end of the then current performance period based on actual performance during the performance period, prorated by multiplying such award by a fraction, the numerator of which is the number of days during the
performance period that the Participant is employed by the Company and the denominator of which is the total number of days in the performance period. In addition, Prorated Performance Bonus shall include any amounts to which the Participant is
entitled under the Quarterly Incentive Plan upon termination of employment in accordance with the terms of such plan. 
 7.1.19
“Protected Period” means the period commencing with the Effective Date and ending 12-months following the Effective Date. 

7.1.20 “Quarterly Incentive Plan” means the Centrus Energy Corp. Quarterly Incentive Plan under the Equity Incentive Plan,
as may be amended from time to time or any successor plan or program. 
 7.1.21 “Separation from Service” means a
termination of the Participant’s employment with the Company which constitutes a “separation from service” within the meaning of Section 409A(a)(2)(A)(i) of the Code. Notwithstanding the preceding sentence a Separation from
Service shall not include the disposition by the Company of the subsidiary or affiliate which employs the Participant if such employing subsidiary or affiliate adopts this Plan and continues (by assignment or otherwise) to be the employer of the
Participant. 

  
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 IN WITNESS WHEREOF the Company and United States Enrichment Corporation have caused this Plan
document to be executed on their behalf by their respective authorized officers as of the 30th day of September, 2014. 
  

			
	CENTRUS ENERGY CORP.
		
	By:	 	 /s/ Richard V. Rowland

	Name:	 	Richard V. Rowland
	Title:	 	Vice President, Human Resources
	
	UNITED STATES ENRICHMENT CORPORATION
		
	By:	 	 /s/ Stephen S. Greene

		
	Name:	 	Stephen S. Greene
		
	Title:	 	Vice President, Finance & Treasurer



  
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 EXHIBIT A 

WAIVER AND RELEASE 

This is a Waiver and Release (“Release”) between
                     (“Executive”) and Centrus Energy Corp. (the “Company”). The Company and the Executive agree
that they have entered into this Release voluntarily, and that it is intended to be a legally binding commitment between them. 
 1. In
consideration for the promises made herein by the Executive, the Company agrees as follows: 
 (a) Severance Pay. The
Company will pay to the Executive severance payments in the amount set forth in the Centrus Energy Corp. Executive Severance Plan (the “Severance Plan”). The Company will also pay Executive accrued but unused vacation pay in the amount of
$         representing      days of accrued but unused vacation. 

(b) Other Benefits. The Executive will be eligible to receive other benefits as described in the Severance Plan. 

(c) Unemployment Compensation. The Company will not contest the decision of the appropriate regulatory commission
regarding unemployment compensation that may be due to the Executive. 
 2. In consideration for and contingent upon the Executive’s
right to receive the severance pay and other benefits described in the Severance Plan and this Release, Executive hereby agrees as follows: 

(a) General Waiver and Release. Except as provided in Paragraph 2(e) below, Executive and any person acting through or
under the Executive hereby release, waive and forever discharge the Company, its past subsidiaries and its past and present subsidiaries and affiliates, and their respective successors and assigns, and their respective present or past officers,
trustees, directors, shareholders, executives and agents of each of them, from any and all claims, demands, actions, liabilities and other claims for relief and remuneration whatsoever (including without limitation attorneys’ fees and
expenses), whether known or unknown, absolute, contingent or otherwise (each, a “Claim”), arising or which could have arisen up to and including the date of his execution of this Release, including without limitation those arising out of
or relating to Executive’s employment or cessation and termination of employment, or any other written or oral agreement, any change in Executive’s employment status, any benefits or compensation, any tortious injury, breach of contract,
wrongful discharge (including any Claim for constructive discharge), infliction of emotional distress, slander, libel or defamation of character, and any Claims arising under the United States Constitution, the Maryland Constitution, Title VII of
the Civil Rights Act of 1964 (as amended by the Civil Rights Act of 1991), the Americans With Disabilities Act, the Rehabilitation Act of 1973, the 







 
Fair Labor Standards Act, the Family and Medical Leave Act, the National Labor Relations Act, the Labor-Management Relations Act, the Equal Pay Act, the Older Workers Benefits Protection Act, the
Workers Retraining and Notification Act, the Age Discrimination in Employment Act, the Employee Retirement Income Security Act of 1974, Section 211 of the Energy Reorganization Act of 1974, the Maryland Human Rights Act, or any other federal,
state or local statute, law, ordinance, regulation, rule or executive order, any tort or contract claims, and any of the claims, matters and issues which could have been asserted by Executive against the Company or its subsidiaries and affiliates in
any legal, administrative or other proceeding. Executive agrees that if any action is brought in his or her name before any court or administrative body, Executive will not accept any payment of monies in connection therewith. 

(b) Miscellaneous. Executive agrees that this Release specifies payment from the Company to himself or herself, the
total of which meets or exceeds any and all funds due him or her by the Company, and that he or she will not seek to obtain any additional funds from the Company or any of its subsidiaries or affiliates with the exception of non-reimbursed business
expenses. (This covenant does not preclude the Executive from seeking workers compensation, unemployment compensation, or benefit payments from Company’s insurance carriers that could be due him or her.) 

(c) Non-Competition, Non-Solicitation and Confidential Information. Executive warrants that Executive has, and will
continue to comply fully with the requirements of the Severance Plan. 
 (d) THE COMPANY AND THE EXECUTIVE AGREE THAT THE
SEVERANCE PAY AND BENEFITS DESCRIBED IN THIS RELEASE AND THE SEVERANCE PLAN ARE CONTINGENT UPON THE EXECUTIVE SIGNING THIS RELEASE. THE EXECUTIVE FURTHER UNDERSTANDS AND AGREES THAT IN SIGNING THIS RELEASE, EXECUTIVE IS RELEASING POTENTIAL LEGAL
CLAIMS AGAINST THE COMPANY, ITS SUBSIDIARIES AND AFFILIATES. THE EXECUTIVE UNDERSTANDS AND AGREES THAT IF HE OR SHE DECIDES NOT TO SIGN THIS RELEASE, OR IF HE OR SHE REVOKES THIS RELEASE, THAT HE OR SHE WILL IMMEDIATELY REFUND TO THE COMPANY ANY AND
ALL SEVERANCE PAYMENTS AND OTHER BENEFITS HE OR SHE MAY HAVE ALREADY RECEIVED. 
 (e) The waiver contained in
Section 2(a) above does not apply to any Claims with respect to: 
 (i) Any claims under employee benefit plans subject
to the Employee Retirement Income Security Act of 1974 (“ERISA”) in accordance with the terms of the applicable employee benefit plan, 

(ii) Any Claim under or based on a breach of this Release, 

  
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 (iii) Rights or Claims that may arise under the Age Discrimination in Employment
Act after the date that Executive signs this Release, 
 (iv) Any right to indemnification or directors and officers
liability insurance coverage to which the Executive is otherwise entitled in accordance with the Company’s or any subsidiary’s certificate of incorporation or by-laws or an individual indemnification agreement. 

(f) EXECUTIVE ACKNOWLEDGES THAT HE OR SHE HAS READ AND IS VOLUNTARILY SIGNING THIS RELEASE. EXECUTIVE ALSO ACKNOWLEDGES THAT
HE OR SHE IS HEREBY ADVISED TO CONSULT WITH AN ATTORNEY, HE OR SHE HAS BEEN GIVEN AT LEAST [45 DAYS - if group layoff] [21 DAYS - if individual termination] TO CONSIDER THIS RELEASE BEFORE THE DEADLINE FOR SIGNING IT, AND HE OR SHE UNDERSTANDS THAT
HE OR SHE MAY REVOKE THE RELEASE WITHIN SEVEN (7) DAYS AFTER SIGNING IT. IF NOT REVOKED WITHIN SUCH PERIOD, THIS RELEASE WILL BECOME EFFECTIVE ON THE EIGHTH (8) DAY AFTER IT IS SIGNED BY EXECUTIVE. 

BY SIGNING BELOW, BOTH THE COMPANY AND EXECUTIVE AGREE THAT THEY UNDERSTAND AND ACCEPT EACH PART OF THIS RELEASE. 

 

							
	  
	 		 	  

		 	(Executive)	 		 	DATE
			
	CENTRUS ENERGY CORP.	 		 	
				
	By:	 	  
	 		 	  

		 		 		 	DATE


  
 3