Document:

EX-10.3

EXHIBIT 10.3

USEC Inc.

Non-Employee Director Restricted Stock Unit Award Agreement

(Incentive Restricted Stock Unit Awards)

RESTRICTED STOCK UNIT AWARD AGREEMENT (the “Agreement”) dated as of      between
USEC Inc., a Delaware corporation (the “Company”) and      (the “Participant”):

R E C I T A L S:

The Company has adopted and maintains the USEC Inc. 1999 Equity Incentive Plan as amended from
time to time (the “Plan”), which Plan as amended from time to time is incorporated herein by
reference and made a part of this Agreement. Capitalized terms not otherwise defined herein shall
have the same meanings as in the Plan.

The Committee has determined that it is in the best interests of the Company and its
shareholders to grant the restricted stock unit awards provided for herein to the Participant
pursuant to the Plan and the terms set forth herein to further align the interests of non-employee
directors of the Company to the interests of shareholders.

This Agreement shall apply to restricted stock unit awards made from time to time after the
date hereof representing Participant’s incentive restricted stock unit awards, as set forth on
Exhibit A hereto as such Exhibit A may be augmented from time to time.

NOW THEREFORE, in consideration of the mutual covenants hereinafter set forth, the parties
hereto agree as follows:

1. Grant of the Award(a) . (a) The Company from time to time will grant to the
Participant Awards (the “Awards”) of Restricted Stock Units (the “Restricted Stock Units”) in the
amounts, on the dates of grant, and labeled as “incentive restricted stock unit awards,” in each
case as set forth in Exhibit A hereto, subject to the terms and conditions set forth in this
Agreement and the Plan.

(b) In addition, as of each date as of which the Company pays a dividend on Shares before the
date (the “Payment Date”) payment is due in respect of the Restricted Stock Units in accordance
with Section 2(a) hereof, the Company will grant to the Participant an additional number of
Restricted Stock Units (the “Dividend Equivalent Restricted Stock Units”) equal to (a) the product
of (i) the dividend per Share payable on the record date relating to such dividend payment date,
and (ii) the number of Restricted Stock Units held by the Participant on such dividend payment
date, divided by (b) the Fair Market Value of a Share on the dividend payment date. Dividend
Equivalent Restricted Stock Units shall become vested (or be forfeited) at the same time and on the
same conditions as the Restricted Stock Units to which they relate. Except as provided in this
Section 1(b) Dividend Equivalent Restricted Stock Units will be subject to all of the terms and
conditions of this Agreement and all references in this Agreement to Restricted Stock Units shall
include Dividend Equivalent Restricted Stock Units unless the context requires otherwise.

(c) The number of Restricted Stock Units and any Dividend Equivalent Restricted Stock Units
shall be subject to adjustment as provided in Section 4(b) of the Plan.

2. Vesting.

(a) Subject to subsection (b) below, the Participant’s rights in his or her Restricted Stock
Units shall become vested and nonforfeitable upon the first to occur of (i) the third annual
anniversary of the date of grant of such Restricted Stock Units, (ii) the date the Participant
attains eligibility for Retirement, (iii) the date the Participant has a Termination of Service
(defined below) by reason of death or Disability, or (iv) the date of a Change in Control of the
Company. Restricted Stock Units that are granted to a Participant on or after attainment of
eligibility for Retirement shall be vested and nonforfeitable immediately upon the date of grant.

(b) Notwithstanding subsection (a) above, in the event that the Participant has a Termination
of Service for Cause, all Restricted Stock Units held by the Participant as of the date of such
termination of service shall be canceled and forfeited for no consideration on the date of the
Participant’s Termination of Service.

3. Settlement of Restricted Stock Units.

(a) As soon as practicable after the Participant’s Termination of Service, or if earlier as
soon as practicable after a Change in Control, the Company shall pay to the Participant (or his or
her beneficiary, if applicable) other than following a Change in Control, Shares (or if applicable,
the per-Share equivalents of securities of the surviving entity of any merger, consolidation or
other transaction or event having a similar effect, which are substituted for a Shares pursuant to
Section 4(b) of the Plan) equal to the aggregate number of Restricted Stock Units then held by the
Participant.

(b) For purposes of this Agreement a “Termination of Service” means that the Participant is no
longer a member of the Board and has undergone a good-faith and complete termination of all
arrangements to perform services for the Company in any capacity, which termination constitutes a
“separation from service” within the meaning of Section 409A(a)(2)(i) of the Code.

4. Nontransferability. Except under the laws of descent and distribution, the
Participant shall not be permitted to sell, transfer, pledge or assign the Restricted Stock Units
or any rights under this Agreement. Without limiting the generality of the foregoing, the
Restricted Stock Units and the Participant’s rights under this Agreement may not be assigned,
transferred, pledged, hypothecated or disposed of in any way, shall not be assignable by operation
of law, and shall not be subject to execution, attachment or similar process. Any attempted
assignment, transfer, pledge, hypothecation or other disposition of the Restricted Stock Units of
the Participant’s rights under this Agreement contrary to the provisions hereof, and the levy of
any execution, attachment or similar process upon them, shall be null and void and without effect.

5. Beneficiary. The Participant may designate a beneficiary or beneficiaries (which
beneficiary may be an entity other than a natural person) to receive any payments hereunder which
may be made following the Participant’s death. Such designation may be changed or canceled at any
time without the consent of any such beneficiary. Any such designation, change or cancellation
must be made in a form and manner established by the Committee and shall not be effective unless
and until received by the Committee during the Participant’s lifetime. If no beneficiary has been
named, or the designated beneficiary or beneficiaries shall have predeceased the Participant or (if
other than a natural person) failed or ceased to exist, the beneficiary shall be the Participant’s
spouse or, if no spouse survives the Participant, the Participant’s estate. If the Participant
designates more than one beneficiary, the rights of such beneficiaries shall be payable in equal
shares with right of survivorship, unless the Participant has designated otherwise.

6. No Rights as Stockholder. A Participant shall have no right to vote Shares
represented by Restricted Stock Units and shall have no rights as a stockholder of the Company with
respect to Restricted Stock Units unless and until Shares are delivered to the Participant in
settlement of the Restricted Stock Units pursuant to Section 3.

7. No Right to Continued Service. Neither the Plan nor this Agreement shall confer on
the Participant any right to continued service with the Company.

8. Legal Requirements. The Company shall not be obligated to make any payment
hereunder if the Committee, in its sole discretion, determines that the issuance or transfer of
such cash, Shares or other consideration might violate any applicable law or regulation (including
applicable non-U.S. laws or regulations) or entitled the Company to recover the same under Section
16. Without limiting the generality of the foregoing, no Award granted hereunder shall be
construed as an offer to sell securities of the Company, and no such offer shall be outstanding,
unless and until the Committee in its sole discretion has determined that any such offer, if made,
would be in compliance with all applicable requirements of the U.S. federal or non-federal
securities laws and any other laws to which such offer, if made, would be subject. The Company
shall be under no obligation to register any Shares or other property pursuant to the Securities
Act of 1933, as amended, or any other federal or state securities laws on account of the
transactions contemplated by this Agreement.

9. No Trust Fund Created. Neither this Agreement nor any of the transactions
contemplated hereby shall create or be construed to create a trust or separate fund of any kind or
a fiduciary relationship between the Company or any Affiliate and the Participant or any other
Person. To the extent that any Person acquires a right to receive payments from the Company or any
Affiliate pursuant to this Agreement, such right shall be no greater than the right of any
unsecured general creditor of the Company or any Affiliate.

10. No Fractional Shares. Dividend Equivalent Restricted Stock Units shall be
determined and granted in fractional Restricted Stock Units where required by Section 1(b) but no
fractional Shares shall be issued or delivered pursuant to this Agreement; and on settlement of a
Participant’s Restricted Stock Units the value of any fractional shares shall be paid to the
Participant in cash.

11. Governing Law. This Agreement shall be governed by and construed in accordance
with the laws of the State of Delaware, without regard to the conflicts of laws provisions thereof.

12. Amendments. This Agreement may be amended or modified at any time by an
instrument in writing signed by the parties hereto, or by an instrument in writing signed
unilaterally by the Company if the Company determines that such amendment is required by law
(including any amendment necessary or desirable to avoid the gross income inclusion set forth
within Section 409A(a)(1)(A) of the Code or the interest and additional tax set forth within
Section 409A(a)(1)(B) of the Code, or otherwise to comply with or obtain for the Participant or the
Company any benefits, or avoid for the Participant or the Company any penalties or additional
taxes, under the Code or other revenue law).

13. Notices. Any notice, request, instruction or other document given under this
Agreement shall be in writing and shall be addressed and delivered, in the case of the Company, to
the Secretary of the Company at the principal office of the Company and, in the case of the
Participant, to the Participant’s address as shown in the records of the Company. Either the
Participant or the Company may change such party’s address for notices by notice duly given
pursuant to this Section.

14. Counterparts. This Agreement may be executed in two or more counterparts, each of
which shall be an original but all of which together shall represent one and the same agreement.

IN WITNESS WHEREOF, the parties hereto have executed and delivered this Agreement. By
execution and delivery of this Agreement, the Participant acknowledges receipt of a copy of the
Plan.

USEC Inc.

By:

Its:

Participant Signature

Print NameTerms of Employment

    
      
        

      

      
        

      

    

    EXHIBIT
      10.1

     

    TERMS
      OF EMPLOYMENT

    

    PATRICIA
      A. WOERTZ (“EXECUTIVE”) AND

    ARCHER-DANIELS-MIDLAND
      CO. (“COMPANY”)

    

    Executive
      and the Company hereby agree to the following terms of Executive’s employment
      with the Company:

    

    
      	
              1.

            	
              Title
                of
                Chief Executive Officer & President, reporting directly to the Board
                of Directors. As of the Start Date, Executive will serve as a member
                of
                the Board.

            

    

    

    
      	
              2.

            	
              Start
                date
                on
                May 1, 2006.

            

    

    

    
      	
              3.

            	
              Annual
                base salary
                of
                $1,200,000 to be reviewed annually on the same schedule as other
                senior
                executives, but initially not before 12 months. There shall be no
                salary
                reduction below the amount in effect on the date hereof as a result
                of
                subsequent salary reviews. Salary shall be paid according to the
                regular
                Company payroll process.

            

    

    

    
      	
              4.

            	
              A
                target annual bonus
                of
                at least 125% of base salary. Payment of a target bonus shall be
                guaranteed for (i) the remainder of fiscal 2006 prorated for the
                number of
                months employed as a fraction of 12, and (ii) for fiscal 2007. Any
                additional annual bonus awards for exceptional performance would
                be as
                determined in the discretion of the
                Board.

            

    

    

    
      	
              5.

            	
              An
                annual long-term incentive grant
                the
                first of which shall have a present value of at least $6.5 million
                effective on the date of commencement of Executive’s employment and
                allocated approximately 25% in stock options (based on the Black-Scholes
                value as of April 27, 2006) and 75% in restricted shares (based on
                the
                Black-Scholes value as of April 27, 2006) pursuant to the Company’s 2002
                Incentive Compensation Plan
                (“Plan”).

            

    

    

    
      	 	
              (a)

            	
              Option
                terms and provisions shall be as specified under the Company’s stock
                option agreement as applicable to other senior executives under the
                Plan
                including a 10-year term, five-year installment vesting (20% on each
                anniversary of the grant date), continued vesting and full-term to
                exercise following “retirement” or “disability” (as defined in the Plan),
                full vesting upon a Change in Control (as defined in the Plan), and
                full
                vesting and full-term to exercise upon
                death.

            

    

    

    
      	 	
              (b)

            	
              Restricted
                stock terms and provisions shall be as specified under the Company’s
                restricted stock award agreement as applicable to other senior executives
                under the Plan, including voting rights and cash dividends from the
                grant
                date, 100% cliff-vesting for continued employment through the third
                anniversary of the grant date, continued vesting following retirement
                or
                disability, and full vesting upon death or upon a Change in
                Control.

            

    

    

    
      	
              6.

            	
              Commencing
                with annual grants awarded in 2007,
                an
                annual long-term incentive grant as determined in the discretion
                of the
                Compensation Committee commensurate with Executive’s position relative to
                grants awarded to other senior officers of the Company, with a vesting
                schedule and other terms and conditions applicable generally to grants
                to
                other senior officers.

            

    

    

    
      
        
        

      

      
        
          

        

      

      
        
        

      

    

    
      	
              7.

            	
              A
                one-time sign-on grant
                of
                $1.5 million, comprised one-third of cash payable with the Executive’s
                first regular payroll check and two-thirds of restricted stock valued
                on
                the date of commencement of Executive’s employment in the manner provided
                at 5, above. These restricted shares will vest fully if Executive
                is
                continuously employed through the first anniversary of the Start
                Date and
                otherwise be subject to the terms and conditions at 5(b),
                above.

            

    

    

    
      	
              8.

            	
              Pension
                benefit
                calculated under the same provisions as for other senior executives,
                but
                with (i) the total benefit, based on covered compensation defined
                as
                Executive’s base salary plus target annual bonus for, the 60 highest
                average consecutive months of the last 180 months employed, (ii)
                the
                non-qualified portion shall be fully vested to the extent of the
                Executive’s accrued benefit, and (iii) the non-qualified portion shall be
                payable in a lump-sum six months after Executive’s separation of service
                unless voluntarily deferred by Executive in compliance with rules
                under
                Internal Revenue Code Section 409A.

            

    

    

    
      	 	
              (a)

            	
              The
                lump-sum payment will be calculated using the qualified plan statutory
                lump-sum method (Code Section 417(e)(3)), which currently stipulates
                the
                30-year Treasury rate and GAM 1994 Unisex Mortality Table after first
                giving effect to any applicable early retirement subsidies set forth
                in
                the plan.

            

    

    

    
      	
              9.

            	
              Other
                benefits and perquisites
                comparable to the predecessor CEO or, if more favorable, other senior
                officers.

            

    

    

    
      	
              10.

            	
              Reimbursement
                for reasonable relocation expenses.
                The place of the Executive’s employment shall be in the state of Illinois
                and the Executive is required to immediately relocate to Illinois
                in
                connection with accepting employment with the Company. Accordingly,
                Executive shall be provided reimbursement for reasonable relocation
                expenses including, but not be limited to, provision for a suitable
                furnished apartment for transition housing for up to 12 months. Any
                amount
                that is taxable to the Executive shall be grossed-up by the
                Company.

            

    

    

    
      	
              11.

            	
              Severance
                upon a covered termination as
                follows:

            

    

    

    
      	 	
              (a)

            	
              If
                unrelated to a Change in Control, two years’ base salary plus target
                annual bonus amount paid in equal installments on the regular payroll
                schedule, two years of benefit continuation, two years of accelerated
                equity vesting, and two years of pension coverage (age, service,
                and
                imputed covered compensation under the applicable plan at current
                rate for
                severance period).

            

    

    

    
      	 	
              (b)

            	
              If
                related to (i.e.,
                prior to and in connection with, or within two years following) a
                Change
                in Control, one additional year of severance (i.e.,
                three times the sum of base salary and target bonus) with the total
                severance amount payable in a lump-sum at termination, full vesting
                of
                equity, gross-up for excise tax under Internal Revenue Code Section
                280G,
                three years of benefit continuation, and three years of pension coverage
                (age, service, and imputed covered compensation under the applicable
                plan
                at current rate for severance period), and other terms and provisions
                to
                be developed with the Board.

            

    

    

    
      
        
        

      

      
        
          

        

      

      
        
        

      

    

    
      	 	
              (c)

            	
              “Covered
                termination” to include any involuntary termination by the Board except
                for “cause,” and voluntary termination by the executive for “good reason,”
                as defined on the Attachment.

            

    

    

    
      	 	
              (d)

            	
              As
                a
                condition for receiving severance, Executive shall agree to release
                the
                Company from all claims as well as to abide by reasonable post-employment
                restrictive covenants (e.g.,
                non-competition with principal direct competitors, and non-solicitation
                of
                employees, customers and suppliers, in each case for two years following
                employment termination; non-disparagement of the Company and Board;
                etc.).

            

    

    

    
      	
              12.

            	
              Approval
                -
                To be effective, these terms of employment shall be subject to approval
                by
                the Board of Directors.

            

    

    

    
      	
              13.

            	
              Other
                miscellaneous
                points, as follows:

            

    

    

    
      	 	
              (a)

            	
              Executive
                will be covered by D&O insurance comparable to that provided to the
                predecessor CEO, and in no event less than provided to other directors.
                Such insurance coverage shall continue in effect both during the
                employment period and, while potential liability exists, thereafter,
                to
                the same extent as provided to directors after cessation of Board
                membership.

            

    

    

    
      	 	
              (b)

            	
              The
                Company shall indemnify the Executive and hold her harmless to the
                fullest
                extent permitted by law and under the by-laws of the Company against,
                and
                in respect to, any and all actions, suits, proceedings, claims, demands,
                judgments, costs, expenses (including reasonable attorney fees),
                losses
                and damages resulting from the Executive’s good faith performance of her
                duties and obligations with the Company and reasonable belief that
                such
                performance is in, and not opposed to, the best interests of the
                Company.

            

    

    

    
      	 	
              (c)

            	
              All
                amounts payable hereunder are subject to modification to comply with
                Section 409A.

            

    

    

    
      	 	
              (d)

            	
              These
                terms of employment may be executed in counterparts, taken together
                constituting one and the same
                agreement.

            

    

    

    
      	 	
              (e)

            	
              This
                agreement shall inure to the benefit of and be enforceable by the
                Executive’s legal representatives. This agreement shall inure to the
                benefit of and be binding upon the Company and its successors and
                assigns.

            

    

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    
      	 	
              (f)

            	
              This
                agreement shall be governed by and construed in accordance with the
                laws
                of the State of Illinois, without regard to any state’s principles of
                conflict of laws.

            

    

    

    Agreed
      and
      accepted by the parties hereto:

    

    April
      27,
      2006

    

    Archer-Daniels-Midland
      Co.

    

    

    By:
      /s/
      Kelvin R. Westbrook

    

    Its:
      Chairman,
      Select Committee

    

    

    

    Executive

    

    /s/
      Patricia A. Woertz

    Patricia
      A. Woertz

    

    
      
         

        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    ATTACHMENT

    

    DEFINITIONS

    

    

    “Cause”
shall
      mean:

    

    (a)
      Executive’s indictment for or conviction of (or a plea of guilty or nolo
      contendere to) a felony or any crime involving dishonesty, fraud, theft or
      financial impropriety; provided, any termination ostensibly for Cause based
      such
      an indictment that does not result in a conviction of (or a plea of guilty
      or
      nolo contendere to) a felony or other such crime, above, shall be deemed a
      termination without Cause as of the date of such termination; or

    

    (b)
      a
      determination by the Board that Executive has (i) willfully and continuously
      failed to perform substantially her duties (other than any such failure
      resulting from the Executive’s disability or incapacity due to bodily injury or
      physical or mental illness), which failure has continued for a period of at
      least thirty days following delivery of a written demand for substantial
      performance is delivered to Executive by the Board which specifically identifies
      the manner in which the Board believes that Executive has not substantially
      performed her duties, (ii) engaged in a material act of dishonesty, or gross
      misconduct in the cause of her employment injurious to the Company, or (iii)
      willfully violated a material requirement of the Company’s code of conduct or
      her fiduciary duty to the Company. No act or failure to act on Executive’s part
      shall be considered “willful” unless it is done, or omitted to be done, by
      Executive in bad faith or without reasonable belief that Executive’s action or
      omission was in, and not opposed to, the best interests of the
      Company.

    

    (c)
      Notwithstanding the foregoing, the Company may not terminate Executive’s
      employment for Cause unless and until (i) Executive is given three days advance
      written notice of the Board meeting called to make such determination, (ii)
      Executive and her legal counsel are given the opportunity to address such
      meeting, and (iii) a majority of the Company’s Board determines that Cause
      exists (specifying the particulars thereof), and approves the termination of
      Executive for Cause.

    

    “Good
      Reason”
shall
      mean, without Executive’s express written consent, the occurrence of any of the
      following events:

    

    (a) an
      adverse
      change in Executive’s status or positions as President and Chief Executive
      Officer of the Company (including as a result of a material diminution in
      Executive’s duties or responsibilities), or any removal of Executive from or any
      failure to reappoint or reelect Executive to such positions (except in
      connection with the termination of Executive’s employment for Cause or
      disability, as a result of Executive’s death or by Executive other than for Good
      Reason);

    

    (b) any
      reduction in Executive’s base salary or target annual bonus;

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    (c) Executive
      being required to relocate to a principal place of employment more than 50
      miles
      from the Company’s headquarters;

    

    (d) the
      failure by the shareholders of the Company to elect or to reelect Executive
      as a
      director or the removal of Executive from such position; or

    

    (e) the
      failure of the Company to obtain an agreement from any successor to all or
      substantially all of the assets or business of the Company to assume and agree
      to perform this Agreement within fifteen days after a merger, consolidation,
      sale or similar transaction.

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