**EXHIBIT 10.14.2**

 

**THIRD AMENDMENT TO**

**EXECUTIVE EMPLOYMENT AND NON-COMPETITION AGREEMENT**

 

THIS THIRD AMENDMENT TOEXECUTIVE EMPLOYMENT AND NON-COMPETITION AGREEMENT (this “Third Amendment”),dated as of March 3, 2008, is entered into by and between Energy*Solutions*, LLC, a Utah limited liability company (the “Company”),ENV Holdings LLC (“ENV Holdings”), and **VAL JOHNCHRISTENSEN** (the “Executive”).  This Amendment amends that certain ExecutiveEmployment and Non-competition Agreement between the Company and the Executivedated June 26, 2006, as amended pursuant to the First Amendment toExecutive Employment and Non-Competition Agreement dated March 19, 2007,and as further amended pursuant to the Second Amendment to Executive Employmentand Non-Competition Agreement dated October 30, 2007 (collectively, the “Agreement”),as follows:

 

1.                                     Section 2 of the Agreement is herebydeleted in its entirety and the following is substituted in place thereof:

 

2.                                      Term.  The term ofthis Agreement shall begin on the date hereof and, unless sooner terminated asprovided in Section 6, shall conclude on December 31, 2011 (the “EmploymentTerm”).

 

2.                                      Section 4(a) of the Agreementis hereby deleted in its entirety and the following is substituted in placethereof:

 

(a)                                 Salary.  In considerationof the services rendered by the Executive under this Agreement, the Companyshall pay the Executive a base salary (the “Base Salary”) at the rate of$350,000 per calendar year.  The BaseSalary shall be paid in such installments and at such times as the Company paysits regularly salaried executives and shall be subject to all necessarywithholding taxes, FICA contributions and similar deductions, as well asset-off against any amounts Executive owes the Company or its affiliates. Inaddition, if the Company at any time increases the salaries or hourly wages ofother employees of the Company generally by a percentage equally applied toreflect a “cost-of-living increase”, the Base Salary shall be increased by thesame percentage cost-of-living increase at the time and in the same manner itis given to other employees of the Company.

 

3.                                      Section 4(b) of the Agreementis hereby deleted in its entirety and the following is substituted in placethereof:

 

(b)                                Target Bonus. During the Employment Term, the Company from time to time, but in anyevent no later than the time the Company pays its bonuses in accordance withits general payroll policies following the end of each fiscal year, shall paythe Executive an annual bonus (the “Target Bonus”) of up to 120% of theBase Salary.  The Target Bonus shall becalculated and payable in accordance with and based on the Actual EBITDA of theCompany by reference to the Budgeted EBITDA. The Target Bonus shall be calculated and payable as described in Schedule2 hereto.

 

For purposes ofthis Agreement, (i) “EBITDA” shall mean the earnings of the Companyand its consolidated subsidiaries before interest, taxes, depreciation,accretion and amortization, calculated in accordance with generally acceptedaccounting principles; (ii) “Actual EBITDA” shall mean, for anyfiscal year of the Company, the EBITDA of the Company and its consolidatedsubsidiaries for such fiscal year as reflected on the Company’s financialstatements for such fiscal year; and (iii) “Budgeted EBITDA” shallmean, for any fiscal year of the Company, the EBITDA for the Company and itsconsolidated subsidiaries for such fiscal year set forth in the budget for suchfiscal year adopted by the Board.

 

4.                                      Section 4(d) of the Agreementis hereby deleted in its entirety.

 

5.                                     Schedule 1 to the Agreement is herebydeleted in its entirety and the Schedule 1 attached hereto and by thisreference incorporated herein is substituted in place thereof.

 

6.                                     The parties hereby ratify and confirm allterms and conditions set forth in the Agreement that are not expressly modifiedby this Third Amendment. This Third Amendment and the Agreement shall beconsidered, for all intents and purposes, as one agreement.  In the event of any conflict between theterms and provisions of this Third Amendment and the terms and provisions ofthe Agreement, the terms and provisions of this Third Amendment shall, in allinstances, prevail.

 

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IN WITNESS WHEREOF, theparties hereto have duly executed this Third Amendment as of the day and yearfirst above written.

 
| ENERGY*SOLUTIONS*, LLC. |                     | ENV HOLDINGS LLC |
|-------------------------|--------------------------|------------------|
|                    |                     |             |
|                    |                     |             |
| By                      | /s/ R Steve Creamer      |             | By | /s/ R Steve Creamer |
|                    | R Steve Creamer          |             |   | R Steve Creamer |
|                    | Chief Executive Officer  |             |   | Manager |
|                    |                     |             |   |   |
|                    |                     |             |   |   |
|                    | /s/ Val John Christensen |             |   |   |
| Val John Christensen    |                     |             |   |

 

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**Schedule1**

 

Target Bonus

 
| ** **                                   | ** ** | **Percentage that Actual EBITDA for a fiscal year  represents of Budgeted EBITDA for such fiscal year** | ** ** |
|----------------------------------------------|------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|------------|
| ** **                                   | ** ** | ** **                                                                                                                                                                    | ** ** |
|                                         |       | 90                                                                                                                                                                            | %          | 100 | % | 110 | % |
|                                         |       |                                                                                                                                                                          |       |   |   |   |   |
| Percentage of Base Salary payable as a Bonus |       | 20                                                                                                                                                                            | %          | 80 | % | 120 | % |

 

The Bonus payable to theExecutive hereunder for each fiscal year is to be interpolated for ActualEBITDA between 90% and 100% or between 100% and 110% of Budgeted EBITDA.

 

For example, if ActualEBITDA represents 95% of Budgeted EBITDA, a Bonus of 50% of the Executive’sBase Salary would be payable, calculated as follows:

 

(1)           The increase of Actual EBITDA over the90% of Budgeted EBITDA benchmark, which in this case equals 5%, is divided bythe difference between (a) 100% and (b) 90% (the two applicableBudgeted EBITDA benchmarks), yielding 50%;

 

(2)           This amount (50%) is then multiplied bythe difference between (x) 80% (the Bonus at 100% of Budgeted EBITDA) and (y) 20%(the Bonus at 90% of Budgeted EBITDA), which equals 30% of the Executive’s BaseSalary as the Target Bonus. This incremental 30% is added to the 20% BaseSalary Target Bonus at 90% of Budgeted EBITDA for a total Target Bonus equal to50% of Base Salary.

 

On the other hand, ifActual EBITDA represents 105% of Budgeted EBITDA, then a Bonus of 100% of theExecutive’s Base Salary would be payable, calculated as follows:

 

(1)           The increase of Actual EBITDA over the100% of Budgeted EBITDA benchmark, which in this case equals 5%, is divided bythe difference between (a) 110% and (b) 100% (the two applicable BudgetedEBITDA benchmarks), yielding 50%;

 

(2)           This amount (50%) is then multiplied bythe difference between (x) 120% (the Target Bonus at 110% of BudgetedEBITDA) and (y) 80% (the Target Bonus at 100% of Budgeted EBITDA),resulting in a 20% incremental increase in the Target Bonus, which when addedto the 80% of Base Salary payable when Actual EBITDA equals 100% of BudgetedEBITDA Benchmark, yields an aggregate bonus equal to 100% of the Executive’sBase Salary.

 

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