exv10w3



 




Exhibit
10.3



FIRST AMENDMENT TO CHANGE IN CONTROL AGREEMENT




     Amendment (this “Amendment”) to the change in control agreement (the “Agreement”) dated as of
___, ___, by and between USEC Inc. (the “Company”) and ___(the “Executive”). This
Amendment is made as of ___, 2006.



     The parties intending to be legally bound hereby agree as follows:




	1.	 	Section 4(b) of the Agreement is amended to read in its entirety as follows:





     “(b) A cash lump sum payment (payable within ten days of the Date of Termination) equal to
two times the sum of the Final Salary and the Final Average Bonus. “Final Salary” means the
Executive’s annual base salary as in effect on the Date of Termination or, if higher, the
Executive’s annual base salary in effect immediately prior to the reduction giving rise (pursuant
to clause (iv) of the definition of Good Reason) to such termination. “Final Average Bonus” means
the average of the three most recent annual bonuses paid to Executive prior to the Date of
Termination, whether such annual bonuses are paid in the form of cash or in grants of restricted
common stock of the Company under the USEC Inc. Annual Incentive Program (which, under the USEC
Inc. Annual Incentive Program, generally vests one year after the date of grant); provided,
however, that (A) any annual bonus paid to Executive that was pro-rated or otherwise
adjusted because Executive 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 Executive’s Final Average
Bonus; (B) if Executive has experienced a change in position that has affected Executive’s annual
bonus opportunity (whether or not such change in position is accompanied by a change in title), any
annual bonus paid to Executive with respect to a period prior to such change in position shall not
be include in the calculation of the Executive’s Final Average Bonus; (C) if Executive shall not
have been paid at least three annual bonuses prior to the Date of Termination that are includable
in the calculation of Executive’s Final Average Bonus, then Executive’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 (D) if Executive shall not have been paid at least one
annual bonus prior to the Date of Termination that is includable in the calculation of Executive’s
Final Average Bonus, Executive’s Final Average Bonus shall be an amount equal to Executive’s annual
target bonus as in effect on the Date of Termination or, if higher, the Executive’s annual target
bonus in effect immediately prior to the reduction giving rise (pursuant to clause (iv) of the
definition of Good Reason) to such 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.”



2. The Agreement, as amended by this Amendment, shall remain in full force and effect.



 









 





     IN WITNESS WHEREOF, each of the parties hereto has caused this Amendment to be duly executed
and delivered as of the date first above written.



	 	 	 	 	 	 	 
	 	 	 	 	USEC INC.
	 
	 	 	 	 	 	 
	 

	 	 	 	By:	 	 
	 

	 	 	 	 	 	 
	 

	 	 	 	Name:	 	 
	 

	 	 	 	Title:	 	 
	 
	 	 	 	 	 	 
	AGREED AND ACCEPTED:
	 	 	 	 	 	 
	 
	 	 	 	 	 	 
	 

By: