Document:

EX-10.1

 Exhibit 10.1 

Centrus Energy Corp. 

2014 Equity Incentive Plan 

 CONTENTS 
  

							
	Clause	 	 	  	Page	 
			
	 1.
	 	 Establishment, Duration and Purpose of Plan
	  	 	1	  
			
	 2.
	 	 Definitions
	  	 	1	  
			
	 3.
	 	 Administration
	  	 	7	  
			
	 4.
	 	 Shares Subject to Plan
	  	 	9	  
			
	 5.
	 	 Eligibility and Participation
	  	 	10	  
			
	 6.
	 	 Stock Options
	  	 	10	  
			
	 7.
	 	 Stock Appreciation Rights
	  	 	13	  
			
	 8.
	 	 Restricted Stock
	  	 	14	  
			
	 9.
	 	 Restricted Stock Units
	  	 	15	  
			
	 10.
	 	 Performance Awards
	  	 	16	  
			
	 11.
	 	 Cash-Based Awards and Other Stock-Based Awards
	  	 	19	  
			
	 12.
	 	 Non-Employee Director Awards
	  	 	19	  
			
	 13.
	 	 Vesting Limits and Change in Control
	  	 	19	  
			
	 14.
	 	 Compliance with Securities Law
	  	 	20	  
			
	 15.
	 	 Tax Withholding
	  	 	20	  
			
	 16.
	 	 Adjustments for Corporate Transactions and Other Events
	  	 	21	  
			
	 17.
	 	 Amendment or Termination of Plan
	  	 	22	  
			
	 18.
	 	 Section 409A
	  	 	23	  
			
	 19.
	 	 Miscellaneous Provisions
	  	 	23	  

 Centrus Energy Corp. 

2014 Equity Incentive Plan 

1. Establishment, Duration and Purpose of Plan. 

1.1 Establishment and Duration of Plan. Centrus Energy Corp., a Delaware corporation (the “Company”), hereby
establishes the Centrus Energy Corp. 2014 Equity Incentive Plan (the “Plan”). The Plan’s effective date (“Effective Date”) is the date, following entry of the order of confirmation by the
United States Bankruptcy Court for the District of Delaware (the “Bankruptcy Court”) with respect to the Company’s voluntary Chapter 11 case filed on March 5, 2014, on which the plan of reorganization of the Company,
becomes effective in accordance with its terms, with such approval of such Bankruptcy Court being in lieu of initial approval by shareholders of the Company. The Plan shall continue in effect until its termination by the Committee; provided,
however, that any Award shall be granted, if at all, within ten (10) years from the Effective Date. 
 1.2 Purpose. The
purpose of the Plan is to advance the interests of the Company, its Affiliates and its shareholders by providing incentives to attract, retain and reward individuals performing services for the Company or its Affiliates and by promoting the growth
and profitability of the Company and its Affiliates. The Plan seeks to achieve this purpose by providing for Awards in the form of Options, Stock Appreciation Rights, Restricted Stock Units, Restricted Stock, Performance Awards, Cash-Based Awards
and Other Stock-Based Awards. 
 2. Definitions. Whenever used herein, the following terms shall have their respective
meanings set forth below. 
 2.1 “Affiliate” means (a) an entity that directly, or indirectly through one or more
intermediary entities, controls the Company or (b) an entity that is controlled by the Company directly or indirectly through one or more intermediary entities. For this purpose, the terms “control” and “controlled by” mean
ownership of (i) stock possessing more than fifty percent (50%) of the total combined voting power of all classes of stock entitled to vote, or more than fifty percent (50%) of the total value of all shares of all classes of stock of
such corporation, or (ii) an aggregate of more than fifty percent (50%) of the profits interest or capital interest of a non-corporate entity; provided, that with respect to any entity in which the Company owns at least a twenty
percent (20%) interest but less than or equal to a fifty percent (50%) interest, the Committee may determine that such entity will be an Affiliate for purposes of this Plan or for purposes of any Award under this Plan if the Committee has
determined prior to the granting of such Award that there are legitimate business criteria for treating such entity as an Affiliate. 
 2.2
“Award” means any Option, Stock Appreciation Right, Restricted Stock, Restricted Stock Unit, Performance Award, Cash-Based Award or Other Stock-Based Award. 

2.3 “Award Agreement” means a written agreement, contract, or other instrument evidencing an Award setting forth the terms
and conditions of an Award which shall incorporate the terms of the Plan by reference. 
 2.4 “Board” means the Board of
Directors of the Company. 

 2.5 “Cash-Based Award” means an Award granted to a grantee as described in
Section 11.1. 
 2.6 “Cause” means, unless otherwise defined in the applicable Award Agreement, any of the following:
(a) the engaging by the grantee in willful misconduct that is injurious to the Company or its Affiliates, (b) the embezzlement or misappropriation of funds or material property of the Company or its Affiliates by the grantee, or the
conviction of the grantee of a felony or the entrance of a plea of guilty, or nolo contendere by the grantee to a felony, (c) the willful failure or refusal by the grantee to substantially perform his or her duties or responsibilities
that continues after demand for substantial performance is delivered by the Company to the grantee that specifically identifies the manner in which the Company believes the grantee has not substantially performed his or her duties (other than any
such failure resulting from the grantee’s incapacity due to Disability). For purposes of this definition, no act, or failure to act, on the grantee’s part shall be considered “willful” unless done, or omitted to be done, by him
or her not in good faith and without reasonable belief that his or her action or omission was in the best interest of the Company. Any determination of Cause shall be made by the Committee in its sole discretion. Any such determination shall be
final and binding on a grantee. 
 2.7 “Change in Control” means, unless such term or an equivalent term is otherwise
defined in the applicable Award Agreement, the occurrence of any of the following occurring after the Effective Date: 
 (a) any
“Person,” as such term is used in Sections 13(d) and 14(d) of the Exchange Act or Persons acting as a group (other than (A) the Company, (B) any trustee or other fiduciary holding securities under an employee benefit plan of the
Company, and (C) any corporation owned, directly or indirectly, by the shareholders of the Company in substantially the same proportions as their ownership of Shares), is or becomes the “beneficial owner” (as defined in Rule 13d-3
under the Exchange Act), directly or indirectly, of securities of the Company by reason of having acquired such securities during the 12-month period ending on the date of the most recent acquisition (not including any securities acquired directly
from the Company or its Affiliates) representing thirty percent (30%) or more of the total voting power of the Company’s then outstanding voting securities; 

(b) the majority of members of the Company’s Board is replaced during any 12-month period by directors whose appointment or election is
not endorsed by a majority of the members of the Company’s Board before the date of the appointment; 
 (c) there is consummated a
merger or consolidation of the Company or any subsidiary of the Company with any other corporation or other entity, resulting in a change described in clauses (a), (b), (d), (e) or (f) of this definition, other than (A) a merger or
consolidation that would result in the voting securities of the Company outstanding immediately prior thereto continuing to represent (either by remaining outstanding or by being converted into voting securities of the surviving or parent entity)
more than sixty percent (60%) of the total voting power of the voting securities of the Company or such surviving or parent entity outstanding immediately after such merger or consolidation or (B) a merger or consolidation effected to
implement a recapitalization of the Company (or similar transaction) in which no Person, directly or indirectly, acquired forty percent (40%) or more of the total voting power of the Company’s then outstanding securities (not including any
securities acquired directly from the Company or its Affiliates); 

  
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 (d) a liquidation of the Company involving the sale to any Person or Persons acting as a group
of at least forty percent (40%) of the total gross fair market value of all of the assets of the Company immediately before the liquidation; 

(e) the sale or disposition by the Company or any direct or indirect subsidiary of the Company to any Person or Persons acting as a group
(other than any subsidiary of the Company) of assets that have a total fair market value equal to 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)
immediately before such sale or disposition (or any transaction or related series of transactions having a similar effect), other than a sale or disposition by the Company or any direct or indirect subsidiary of the Company to an entity, at least
sixty percent (60%) of the total voting power of the voting securities of which is beneficially owned by shareholders of the Company in substantially the same proportions as their beneficial ownership of the Company immediately prior to such
sale; 
 (f) the sale or disposition by the Company or any direct or indirect subsidiary of the Company to any Person or Persons acting as
a group (other than any subsidiary of the Company) of a subsidiary or subsidiaries of the Company 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 (or any transaction or related series of transactions having a similar effect), other than a sale or disposition by the Company or any direct or indirect subsidiary of the Company
to an entity, at least sixty percent (60%) of the total voting power of the voting securities of which is beneficially owned by shareholders of the Company in substantially the same proportions as their beneficial ownership of the Company
immediately prior to such sale; or 
 (g) a change of the kind described in clauses (a), (b), (c), or (d) of this definition with
respect to any Material Subsidiary (with such determination made by replacing “Company” with “Material Subsidiary” in each instance in such clauses); provided, however, that for purposes of applying this provision to clause
(a) of this definition, a “Change in Control” shall not be deemed to occur solely as a result of a Person or Persons acting as a group becoming the beneficial owner (as determined under clause (a) of this definition) of less than
fifty percent (50%) of the ownership interests of a Material Subsidiary, but shall be deemed to occur if such Person or Persons acting as a group thereafter become the beneficial owner (as determined under clause (a) of this definition) of
fifty percent (50%) or more of the ownership interests of such Material Subsidiary. 
 2.8 “Code” means the Internal
Revenue Code of 1986, as amended from time to time, and any regulations or administrative guidelines promulgated thereunder. 
 2.9
“Committee” means the Compensation, Nominating and Governance Committee of the Board, or such other committee or subcommittee of the Board as may be duly appointed to administer the Plan and having such powers as shall be specified
herein or by the Board. If, at any time, there is no committee of the Board then authorized or properly constituted 

  
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to administer the Plan, the Board shall exercise all of the powers of the Committee granted herein, and, in any event, the Board may in its discretion exercise any or all of such powers. For
purposes of Awards granted to Non-Employee Directors pursuant to Section 12 of the Plan, references to the Committee shall be deemed to be references to the Board. For purposes of qualifying transactions as exempt under Rule 16b-3, the
Committee shall be the entire Board or a Committee established by the Board of two or more “non-employee directors” within the meaning of Rule 16b-3. To the extent desirable to qualify Awards granted under the Plan for the
Section 162(m) Exemption, the Committee shall consist exclusively of two or more “outside directors” within the meaning of Section 162(m) of the Code. 

2.10 “Company” means Centrus Energy Corp., a Delaware corporation. 

2.11 “Covered Employee” means any employee who is designated by the Committee at the time of any Award or at any subsequent
time as reasonably expected to be a “covered employee” as defined in Section 162(m) of the Code and related regulations, or any successor statute, and related regulations. 

2.12 “Disability” means, unless otherwise defined in the applicable Award Agreement, a disability that would qualify as such
under the Company’s then current long-term disability plan; provided, that with respect to Incentive Stock Options, “Disability” means the permanent and total disability of the grantee, within the meaning of
Section 22(e)(3) of the Code. 
 2.13 “Dividend Equivalent Right” means the right of a grantee, granted at the
discretion of the Committee or as otherwise provided by the Plan or the Award Agreement, to receive a credit for the account of such grantee in an amount equal to the amount of ordinary cash dividends paid on one Share represented by an Award held
by such grantee payable in cash, Shares or other securities or other property as determined by the Committee. Dividend Equivalent Rights shall be forfeited or cancelled if the underlying Award is forfeited or cancelled. 

2.14 “Exchange Act” means the Securities Exchange Act of 1934, as amended. 

2.15 “Exercise Price” means the price at which an Option shall be exercised. 

2.16 “Fair Market Value” with respect to Shares, as of any date, shall mean, as determined by the Committee, (a) the
closing sales price per Share on the New York Stock Exchange (or, if the Shares are no longer traded on the New York Stock Exchange, any other such market on which the Shares are traded) on such date, or in the absence of reported sales on such
date, the closing sales price on the immediately preceding date on which sales were reported, (b) an arithmetic mean of selling prices on all trading days over a specified averaging period or a specified averaging period weighted by volume of
trading on each trading day in the period, that is within thirty (30) days before or thirty (30) days after the applicable date as determined by the Committee in its discretion; provided, that if an arithmetic mean of prices is used
to set an Exercise Price or Strike Price, the commitment to grant such Award based on such arithmetic mean must be irrevocable before the beginning of the specified averaging period in accordance with Treasury Regulation 1.409A-1(b)(5)(iv)(A), or
(c) in the event there is no public market for the Shares, the fair market value as determined, in good faith, by the Committee in its sole discretion; provided, that such manner is consistent with Treasury Regulation
1.409A-1(b)(5)(iv)(B). 

  
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 2.17 “Freestanding SAR” means an SAR granted independently of any Option. 

2.18 “Grant Date” means the date an Award is duly granted by the Committee or the Board or such later date as may be
specified by the Committee or the Board. 
 2.19 “Incentive Stock Option” means an Option that is identified in the Award
Agreement as intended to qualify as an incentive stock option within the meaning of Section 422 of the Code, and that actually does so qualify. 

2.20 “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. 

2.21 “Net Exercise” means a procedure for exercising an Option, subject to Section 19.6, by which the grantee will
receive a number of Shares determined in accordance with the following formula: 
 N = X(A-B)/A, where 

“N” = the number of Shares to be delivered to the grantee upon exercise of the Option, rounded to the next lower whole number of
Shares; 
 “X” = the total number of whole Shares with respect to which the grantee has elected to exercise the Option; 

“A” = the Fair Market Value of one (1) Share on the exercise date; and 

“B” = the Exercise Price per Share 

2.22 “Nonqualified Stock Option” means an option that is not an Incentive Stock Option. 

2.23 “Non-Employee Director” means a member of the Board who is not an employee of the Company or any of its Affiliates. 

2.24 “Option” means an Incentive Stock Option or a Nonqualified Stock Option. 

2.25 “Other Stock-Based Award” means any Award granted under Section 11 of the Plan of unrestricted Shares or other
types of equity-based or equity-related Awards not otherwise described by the terms of this Plan. 

  
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 2.26 “Performance Award” means performance shares or performance units or any
other Award, denominated in cash or Shares in accordance with Section 10 which are based upon the achievement of Performance Goals. 

2.27 “Performance Goals” means the objective performance goals established by the Committee for each performance period.
Performance Goals may be based upon the performance of the Company, of any Affiliate, of a division or unit thereof, or of an individual, or groups of individuals, using one or more of the Performance Measures or performance formulas selected by the
Committee. Performance Goals may be expressed on an absolute and/or relative basis, may be based on or otherwise employ comparisons based on internal targets, the past performance of the Company and/or the past or current performance of other
companies, and in the case of earnings-based measures, may use or employ comparisons relating to capital, shareholders’ equity and/or shares outstanding, or to assets or net assets. With respect to
grantees who are not Covered Employees and for Awards not intended to qualify for the Section 162(m) Exemption, the Committee may establish other subjective or objective goals, including individual Performance Goals, which it deems appropriate.

 2.28 “Performance Measures” means measures of business or financial performance as described in Section 10.3(a) on
which Performance Goals are based. Performance Measures may be expressed on an absolute and/or relative basis, may be based on or otherwise employ comparisons based on internal targets, the past performance of the Company and/or the past or current
performance of other companies, and in the case of earnings-based measures, may use or employ comparisons relating to capital, shareholders’ equity and/or shares outstanding, or to assets or net assets.

 2.29 “Restricted Stock” means any restricted Share granted under Section 8 of the Plan. 

2.30 “Restricted Stock Unit” means any unit granted under Section 9 of the Plan. 

2.31 “Retirement” means, unless otherwise defined in the applicable Award Agreement, the termination of employment of a
grantee with a right to an immediate normal retirement benefit or immediate unreduced early retirement benefit under the terms of the applicable Company tax-qualified retirement plan or, if a grantee is not covered by any such plan, termination of
such grantee’s employment for a reason other than Cause on or after such grantee’s 65th birthday. In the case of non-employee directors, “retirement” shall mean a termination
of service on or after the non-employee director’s 75th birthday. 
 2.32
“Rule 16b-3” means Rule 16b-3 as promulgated under the Exchange Act. 
 2.33 “SAR” or
“Stock Appreciation Right” means an Award granted under Section 7 of the Plan. 
 2.34 “Section 162(m)
Exemption” means the exemption from the limitation on deductibility imposed by Section 162(m)(4)(C) of the Code. 

  
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 2.35 “Section 409A” means Section 409A of the Code and related
regulations, or any successor statute, and related regulations. 
 2.36 “Securities Act” means the Securities Act of 1933,
as amended. 
 2.37 “Shares” means the Class A Common Stock $0.10 par value, of the Company, or such other securities
of the Company as may be designated by the Committee from time to time, and as adjusted from time to time in accordance with Section 16. 

2.38 “Strike Price” means the price with reference to which the value of an SAR is measured. 

2.39 “subsidiary” means, with respect to any Person (the “parent”) at any date, any corporation, limited liability
company, partnership, association or other entity the accounts of which would be consolidated with those of the parent in the parent’s consolidated financial statements if such financial statements were prepared in accordance with GAAP as of
such date, as well as any other corporation, limited liability company, partnership, association or other entity (a) of which securities or other ownership interests representing more than fifty percent (50%) of the equity or more than
fifty percent (50%) of the ordinary voting power or, in the case of a partnership, more than fifty percent (50%) of the general partnership interests are, as of such date, or were, prior to a Change of Control, owned, controlled or held,
or (b) that is, or was prior to a Change of Control, otherwise Controlled, by the parent or one or more subsidiaries of the parent or by the parent and one or more subsidiaries of the parent. For purposes of this paragraph,
“Controlled” shall mean the possession, directly or indirectly, of the power to direct or cause the direction of the management or policies of a Person, whether through the ability to exercise voting power, by contract, or otherwise. 

2.40 “Tandem SAR” means an SAR granted with all or any portion of a related Option. 

3. Administration. 

3.1 Administration by the Committee. The Plan shall be administered by the Committee. Subject to the express provisions of the Plan,
all designations, determinations, interpretations, and other decisions under or with respect to the Plan or any Award shall be within the sole discretion of the Committee, may be made at any time and shall be final, conclusive, and binding upon all
persons, including the Company, any Affiliate, any grantee, any holder or beneficiary of any Award, any employee, any Non-Employee Director and any individual providing bona fide services to or for the Company. 

3.2 Delegation of Authority. The Committee shall have the right, from time to time, to delegate to one or more of its members or to one
or more officers of the Company the authority of the Committee to grant and determine the terms and conditions of Awards granted under the Plan, subject to the requirements of Section 157(c) of the Delaware General Corporation Law (or any
successor provision) and such other limitations as the Committee shall determine. In no event shall any such delegation of authority be permitted with respect to Awards to any members of the Board or to any person who is subject to Rule 16b-3
under the Exchange Act, to any Covered Employee, or to such delegate. The Committee shall also be 

  
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permitted to delegate, to any appropriate officer or employee of the Company, responsibility for performing certain ministerial functions under the Plan. In the event that the Committee’s
authority is delegated to officers or employees in accordance with the foregoing, all provisions of the Plan relating to the Committee shall be interpreted in a manner consistent with the foregoing by treating any such reference as a reference to
such officer or employee for such purpose. Any action undertaken in accordance with the Committee’s delegation of authority hereunder shall have the same force and effect as if such action was undertaken directly by the Committee and shall be
deemed for all purposes of the Plan to have been taken by the Committee. 
 3.3 Powers of the Committee. In addition to any other
powers set forth in the Plan and subject to the express provisions of the Plan, the Committee shall have the full and final power and authority, in its discretion to: (a) determine the persons to whom, and the time or times at which, Awards
shall be granted and the number of Shares, units or monetary value to be subject to each Award; (b) determine the number of Shares to be covered by or with respect to which payments, rights, or other matters are to be calculated in connection
with Awards; (c) determine the type of Awards to be granted; (d) determine the Fair Market Value of Shares or other property; (e) determine the terms and conditions applicable to each Award (which need not be identical) and any Shares
or cash or other property acquired pursuant thereto; (f) determine the exercise or purchase price of Shares pursuant to any Award; (g) determine the method of payment for Shares purchased pursuant to any Award; (h) determine the
method for satisfaction of any tax withholding obligation arising in connection with Award, including by the withholding or delivery of Shares; (i) determine the timing, terms and conditions of the exercisability or vesting of any Award or any
Shares acquired pursuant thereto; (j) determine the Performance Measures, performance period, performance formula and Performance Goals applicable to any Award and to determine and certify the extent to which such Performance Goals have been
attained; (k) determine the time of the expiration of any Award; (l) determine the type and time of the grantee’s termination of service and the effect of such termination on any Award; (m) determine all other terms and
conditions applicable to any Shares acquired pursuant an Award not inconsistent with the terms of the Plan; (n) determine whether and under what circumstances an Award will be settled in Shares, cash, other securities, other Awards or other
property, or any combination thereof, or canceled, forfeited, or suspended, and the method by which Awards may be settled, exercised, canceled, forfeited or suspended; (o) approve one or more forms of Award Agreement; (p) amend, modify,
extend, cancel or renew any Award or waive any restrictions or conditions applicable to any Award or any Shares or other securities acquired pursuant thereto; (q) accelerate, continue, extend or defer the exercisability or vesting of any Award
or any Shares acquired pursuant thereto, including with respect to the period following a grantee’s termination of service; (r) determine whether, to what extent, and under what circumstances amounts payable with respect to an Award shall
be deferred either automatically or at the election of the holder thereof or of the Committee; (s) construe and interpret the Plan, any Award Agreement, and any other document affecting Awards under the Plan or rights under such Awards;
(t) prescribe, amend, suspend, waive or rescind rules, guidelines and policies relating to the Plan, and adopt sub-plans or supplements to, or alternative versions of, the Plan, including, without limitation, as the Committee deems necessary or
desirable to comply with the laws or regulations of or to accommodate the tax policy, accounting principles or custom of, foreign jurisdictions whose citizens or residents may be granted Awards; (u) appoint such agents as it shall deem
appropriate for proper administration of the Plan; (v) correct any defect, supply any omission or reconcile any inconsistency in the Plan or any 

  
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Award Agreement; and (w) to make all other determinations and take such other actions with respect to the Plan or any Award as the Committee may deem advisable to the extent not inconsistent
with the express provisions of the Plan or applicable law. The Committee’s actions and determinations under the Plan need not be uniform and may be made by the Committee selectively among individuals who receive, or are eligible to receive,
Awards under the Plan, whether or not such individuals are similarly situated. 
 3.4 Indemnification. In addition to such other
rights of indemnification as they may have as members of the Board or the Committee or as officers or employees of the Company or its Affiliates and subject to Delaware law, the members of the Committee and individuals to whom authority to act for
the Board, the Committee or the Company is delegated in accordance with Section 3 hereof, shall have no liability for any action taken or determination made in good faith with respect to the Plan or any Award granted hereunder and shall be
indemnified by the Company against all reasonable expenses, including attorneys’ fees, actually and necessarily incurred in connection with the defense of any action, suit or proceeding, or in connection with any appeal therein, to which they
or any of them may be a party by reason of any action taken or failure to act, determination made in good faith under or in connection with the Plan, or any Award or right granted hereunder; provided, however, that within sixty
(60) days after the institution of such action, suit or proceeding, such person shall offer to the Company, in writing, the opportunity at its own expense to handle and defend the same. 

4. Shares Subject to Plan. 

4.1 Maximum Number of Shares. Subject to adjustment as provided in Section 16, the number of Shares reserved for delivery under
the Plan pursuant to Awards settled in Shares shall be one million (1,000,000) Shares. The Shares that may be delivered under the Plan may consist of authorized but unissued Shares or treasury Shares or any combination thereof. 

4.2 Awards Intended to Qualify for the Section 162(m) Exemption. The following limitations shall apply to any Award intended to
qualify for the Section 162(m) Exemption: 
 (i) Options and Freestanding SARs. The maximum aggregate number of Shares
underlying any Option or SAR that may be granted to any one individual within any fiscal year of the Company is 600,000 Shares. 
 (ii)
Restricted Stock and Restricted Stock Units. The maximum aggregate number of Shares underlying any Restricted Stock or Restricted Stock Unit to be settled in Shares that may be granted to any one individual within any fiscal year of the
Company is 600,000 Shares. 
 (iii) Performance Awards. The maximum aggregate number of Shares underlying any Performance Award to
be settled in Shares that may be granted to any one individual in any fiscal year of the Company is 600,000 Shares. 
 (iv) Cash-Based
Awards. The maximum aggregate value as of the Grant Date of any Cash-Based Award or Performance Award payable in cash that may be granted during any fiscal year of the Company to any single employee is U.S. $2,000,000. 

  
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 4.3 Share Counting Rules. If an Award for any reason expires, is forfeited, or
becomes unexercisable without having been exercised in full, any unpurchased Shares which were subject thereto shall become available for future grant under the Plan. Restricted Stock that is forfeited shall become available for future grant or sale
under the Plan, provided no dividends have been paid thereon. Shares that are tendered, whether by physical delivery, by attestation, or by Net Exercise to the Company by the grantee as full or partial payment of the Exercise Price of any Award or
in payment of any applicable withholding for federal, state, local or foreign taxes incurred in connection with the exercise, vesting or settlement of any Award shall become available for future grant under the Plan. Except as otherwise provided in
this Section, the Committee may determine rules for counting Shares. 
 5. Eligibility and Participation. 

5.1 Persons Eligible for Awards. Awards may be granted to employees, officers, directors and other individuals providing bona fide
services to or for, the Company or any Affiliate, as selected by the Committee, in its sole discretion, from time to time; provided, that Non-Employee Directors shall only be eligible to receive Awards granted pursuant to Section 12. The
Committee may also grant Awards to individuals in connection with hiring or other initial engagement, prior to the date the individual first performs services for the Company or an Affiliate, provided, that such Awards shall not become vested
or exercisable, and no Shares shall be delivered to such individual, prior to the date the individual first commences performance of such services. 

5.2 Participation in the Plan. Awards are granted solely at the discretion of the Committee. Eligible persons may be granted more than
one Award. 
 6. Stock Options. 

6.1 Grant. Options shall be evidenced by an Award Agreement specifying the number of Shares subject to the Award, the Exercise Price,
and such other terms and conditions as the Committee shall provide, subject to the provisions of this Section 6 and subject to the vesting limits in Section 13.1. 

6.2 Exercise Price. The Exercise Price for each Option shall be established in the discretion of the Committee; provided,
however, that the Exercise Price per Share shall not be less than the Fair Market Value of a Share on the Grant Date. 
 6.3
Exercisability and Term of Options. Options shall be exercisable at such time or times, or upon such event or events, and subject to such terms and conditions as shall be determined by the Committee and set forth in the Award Agreement;
provided, however, that no Option shall be exercisable after the expiration of ten (10) years after the Grant Date, and no Option shall be exercisable after an act or omission of the Grantee that constitutes Cause (whether before,
coincident with, or after the grantee’s termination of employment). Subject to the foregoing, unless otherwise specified in the Award Agreement, each Option shall terminate ten (10) years after the Grant Date, unless earlier terminated in
accordance with its provisions. 

  
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 6.4 Payment of Exercise Price. Except as otherwise provided in the Award Agreement and
subject to Section 19.6, payment of the Exercise Price for the number of Shares being purchased pursuant to any Option shall be made (i) in cash or by check or cash equivalent, (ii) by tender to the Company, or attestation to the
ownership, of Shares owned by the grantee having a Fair Market Value not less than the Exercise Price, (iii) by delivery of a properly executed notice of exercise together with irrevocable instructions to a broker providing for the assignment
to the Company of the proceeds of a sale or loan with respect to some or all of the Shares being acquired upon the exercise of the Option (including, without limitation, through an exercise complying with the provisions of Regulation T as
promulgated from time to time by the Board of Governors of the Federal Reserve System), (iv) by delivery of a properly executed notice electing a Net Exercise, (v) by such other consideration as may be approved by the Committee from time
to time to the extent permitted by applicable law, or (vi) by any combination thereof. Notwithstanding the foregoing, an Option may not be exercised by tender to the Company, or attestation to the ownership, of Shares to the extent such tender
or attestation would constitute a violation of the provisions of any law, regulation or agreement restricting the redemption of the Shares. 

6.5 Effect of Termination of Service. Subject to earlier termination of the Option as otherwise provided herein and except as otherwise
set forth in the Award Agreement, an Option shall terminate immediately upon the grantee’s termination of service to the extent that it is then unvested and shall be exercisable after the grantee’s termination of service to the extent it
is then vested only during the applicable time period determined in accordance with this section, and thereafter shall terminate. 
 (a)
Death, Disability, Retirement and Termination Without Cause. If the grantee’s service terminates by reason of the death, Disability or Retirement of the grantee, or termination of the grantee’s service by the Company or an
Affiliate for reasons other than for Cause, the portion of the Option that is unvested as of such date shall immediately terminate and the portion of the Option that is vested as of such date may, to the extent unexercised, be exercised by the
grantee (or the grantee’s guardian or legal representative, if applicable) at any time prior to the expiration of (i) in the case of Retirement or termination for reasons other than Cause, three (3) months after the date the
grantee’s service terminates, and (ii) in the case of death or Disability, twelve (12) months after the date the grantee’s service terminates, but in any event no later than the expiration of the term of the Option, and shall
thereafter terminate. 
 (b) Termination for Cause. If the grantee’s service is terminated by the Company or an
Affiliate for Cause, the Option shall terminate in its entirety and cease to be exercisable immediately upon the act or omission of the Grantee that constituted Cause. 

(c) Voluntary Termination of Service. If the grantee voluntarily terminates his or her service for any reason other than
Retirement, the Option, to the extent unexercised and exercisable for vested Shares on the date the grantee’s service terminates, may be exercised by the grantee at any time prior to the expiration of thirty (30) days after the date the
grantee’s service terminates, but in any event no later than the expiration of the term of the Option, and shall thereafter terminate. 

  
 11 

 6.6 Incentive Stock Option Limitations and Terms. 

(a) Persons Eligible. Incentive Stock Options may be granted only to a person who, on the Grant Date, is an employee of the
Company, or any “parent corporation” or a “subsidiary corporation” of the Company as defined in Sections 424(e) and (f) of the Code, respectively. 

(b) $100,000 Limitation. To the extent that Incentive Stock Options (granted under all plans of the Company or any
“subsidiary corporation” become exercisable by a grantee for the first time during any calendar year for Shares having a Fair Market Value greater than One Hundred Thousand Dollars ($100,000), the portion of such Options which exceeds such
amount shall be treated as Nonqualified Stock Options. For purposes of this section, Options designated as Incentive Stock Options shall be taken into account in the order in which they were granted, and the Fair Market Value per Share shall be
determined as of the Grant Date. 
 (c) Exercise Price. No Incentive Stock Option granted to any employee who as of the Grant
Date owns stock possessing more than ten percent (10%) of the total combined voting power of the Company shall have an Exercise Price per Share less than one hundred ten percent (110%) of the Fair Market Value of a Share on the Grant Date
of the Option. Notwithstanding the foregoing, an Option (whether an Incentive Stock Option or a Nonqualified Stock Option) may be granted with an Exercise Price lower than the minimum Exercise Price set forth above if such Option is granted pursuant
to an assumption or substitution for another Option in a manner qualifying under the provisions of Section 424(a) of the Code. 
 (d)
Term. No Incentive Stock Option granted to any employee who as of the Grant Date owns stock possessing more than ten percent (10%) of the total combined voting power of the Company shall be exercisable after the expiration of five
(5) years after the Grant Date of such Option. 
 (e) Transferability. Incentive Stock Options shall not be assignable
or transferable other than by will or the laws of descent and distribution and may be exercised, during the grantee’s lifetime, only by the grantee; provided, however, that the grantee may, to the extent provided in the Plan in any
manner specified by the Committee, designate in writing a beneficiary to exercise his or her Incentive Stock Option after the grantee’s death. 

(f) Notification of Disqualifying Disposition. If any grantee shall make any disposition of Shares delivered pursuant to the
exercise of an Incentive Stock Option under the circumstances described in Section 421(b) of the Code (relating to certain disqualifying dispositions), such grantee shall notify the Company of such disposition within ten (10) days thereof.

  
 12 

 7. Stock Appreciation Rights. 

7.1 Grant. An SAR shall be evidenced by an Award Agreement specifying the number of Shares subject to the Award, the Strike Price and
such other terms and conditions as the Committee shall provide, subject to the provisions of this Section 7 and subject to the vesting limits in Section 13.1. 

7.2 Types of SARs Authorized and Strike Price. Tandem SARs and Freestanding SARs may be granted under the Plan. 

7.3 Strike Price. The Strike Price for each SAR shall be established in the discretion of the Committee on the Grant Date;
provided, however, that (a) the Strike Price per Share subject to a Tandem SAR shall be equal to the Exercise Price per Share under the related Option on the Grant Date, and (b) the Strike Price per Share subject to a
Freestanding SAR shall be not less than the Fair Market Value of a Share on the Grant Date. 
 7.4 Exercisability and Term of SARs.

 (a) Tandem SARs. Tandem SARs shall be exercisable only at the time and to the extent the related Option is exercisable,
subject to such provisions as the Committee may specify where the Tandem SAR is granted with respect to less than the full number of Shares subject to the related Option. A Tandem SAR shall terminate and cease to be exercisable no later than the
date on which the related Option expires, terminates or is forfeited or canceled. Upon the exercise of a Tandem SAR with respect to some or all of the Shares subject to such SAR, the related Option shall be canceled automatically as to the number of
Shares with respect to which the Tandem SAR is exercised. Upon the exercise of an Option related to a Tandem SAR as to some or all of the Shares subject to such Option, the related Tandem SAR shall be canceled automatically as to the number of
Shares with respect to which the related Option is exercised. 
 (b) Freestanding SARs. Freestanding SARs shall be
exercisable at such time or times, or upon such event or events, and subject to such terms and conditions as shall be determined by the Committee and set forth in the Award Agreement; provided, however, that no Freestanding SAR shall
be exercisable after the expiration of ten (10) years after the Grant Date. 
 7.5 Exercise of SARs. Upon the exercise of an
SAR, the grantee (or the grantee’s legal representative or other person who acquired the right to exercise the SAR by reason of the grantee’s death) shall be entitled to receive payment of an amount for each Share with respect to which the
SAR is exercised equal to the excess, if any, of the Fair Market Value of a Share on the date of exercise of the SAR over the Strike Price. Payment of such amount following exercise shall be made in Shares or cash (or in any combination thereof) as
provided in the Award Agreement. When the Award Agreement provides for payment in Shares, the number of Shares to be delivered shall be determined on the basis of the Fair Market Value of a Share on the date of exercise of the SAR. 

7.6 Effect of Termination of Service. Subject to earlier termination of the SAR as provided herein, an SAR shall be exercisable after a
grantee’s termination of service only to the extent and during the applicable time period determined in accordance with Section 6.5 (treating the SAR as if it were an Option) and thereafter shall terminate. 

  
 13 

 8. Restricted Stock. 

8.1 Grant. Restricted Stock shall be evidenced by Award Agreements specifying the number of Shares subject to the Award and such other
terms and conditions as the Committee shall provide, subject to the provisions of this Section 8. 
 8.2 Vesting. Restricted
Stock shall be made subject to vesting conditions based upon the satisfaction of such service requirements, conditions, restrictions or Performance Goals, as shall be established by the Committee and set forth in the Award Agreement, and shall be
subject to the vesting limits in Section 13.1. Unless otherwise provided in the Award Agreement, Restricted Stock that vests based on continued provision of service shall vest automatically when the grantee becomes eligible for Retirement. If
either the grant of or satisfaction of vesting conditions applicable to a Restricted Stock Award is to be contingent upon the attainment of one or more Performance Goals and the Award is intended to qualify for the Section 162(m) Exemption, the
Committee shall follow procedures substantially equivalent to those set forth in Section 10. 
 8.3 Purchase Price. The
Committee shall determine the purchase price, if any, that a grantee shall pay for a Restricted Stock. Notwithstanding the foregoing, if required by applicable state corporate law, the grantee shall furnish consideration in the form of cash or past
services rendered to a Company or any Affiliate or for its benefit having a value not less than the par value of the Shares subject to a Restricted Stock Award. The purchase price, if any, shall be paid no more than thirty (30) days from the
Grant Date of the Restricted Stock. 
 8.4 Payment of Purchase Price. Payment of the purchase price, if any, for the number of Shares
being purchased pursuant to any Restricted Stock shall be made (a) in cash or by check or cash equivalent, (b) by such other consideration as may be approved by the Committee from time to time to the extent permitted by applicable law, or
(c) by any combination thereof. 
 8.5 Voting Rights; Dividends and Distributions. Except as provided in the Award Agreement,
during any period in which Shares acquired pursuant to a Restricted Stock Award remain subject to vesting conditions, the grantee shall have all of the rights of a shareholder of the Company holding Shares, including the right to vote such Shares
and to receive all dividends and other distributions paid with respect to such Shares; provided, however, that, except as otherwise provided in an Award Agreement, any dividends or other distributions payable on any Restricted Stock the restrictions
for which have not lapsed shall be withheld and accumulated, and paid, if at all, upon the lapse of such restrictions, and in the event of a forfeiture of such Restricted Stock, such dividends and other distributions shall be forfeited. The right to
receive dividends shall end on the date on which the Restricted Stock Award is terminated, canceled or forfeited. Notwithstanding the foregoing, where the vesting of the Award is contingent upon performance, no dividends or Dividend Equivalent
Rights shall be paid unless and until the Award vests. 
 8.6 Effect of Termination of Service. Unless otherwise provided in the
Award Agreement, if the grantee’s service terminates for any reason prior to the date the Restricted Stock becomes vested, all such Restricted Stock shall automatically be forfeited for no consideration on the date of such termination of
service. 

  
 14 

 9. Restricted Stock Units. 

9.1 Grant. Restricted Stock Units shall be evidenced by Award Agreements specifying the number of Restricted Stock Units subject to the
Award and such other terms and conditions as the Committee shall provide, subject to the provisions of this Section 9. 
 9.2
Vesting. Restricted Stock Units may (but need not) be made subject to vesting conditions based upon the satisfaction of such service requirements, conditions, restrictions or Performance Goals, as shall be established by the Committee and set
forth in the Award Agreement and shall be subject to the vesting limits in Section 13.1. If either the grant of Restricted Stock Units or the vesting conditions with respect to such Award is to be contingent upon the attainment of one or more
Performance Goals and the Award is intended to qualify for the Section 162(m) Exemption, the Committee shall follow procedures substantially equivalent to those set forth in Section 10. 

9.3 Settlement of Restricted Stock Units. The Company shall deliver to a grantee on the date on which Restricted Stock Units subject to
the grantee’s Restricted Stock Unit Award vest or on such other date as provided in the Award Agreement one (1) Share for each Restricted Stock Unit then becoming vested or otherwise to be settled on such date, subject to the withholding
of applicable taxes, if any. Notwithstanding the foregoing, the Committee, in its discretion, may provide in the Award Agreement on the Grant Date for settlement of any Restricted Stock Units by payment to the grantee in cash of an amount equal to
the Fair Market Value on the payment date of the Shares or other property otherwise to be delivered to the grantee pursuant to this section. 

9.4 Voting Rights, Dividend Equivalent Rights and Distributions. A grantee shall have no voting rights with respect to Shares
represented by Restricted Stock Units until the delivery of the Shares subject to such Award (as evidenced by the appropriate entry on the books of the Company or of a duly authorized transfer agent of the Company). However, the Committee, in its
discretion, may provide in the Award Agreement that the grantee shall be entitled to Dividend Equivalent Rights with respect to a Restricted Stock Unit during the period beginning on the date such Award is granted and ending, with respect to each
Share subject to the Award, on the earlier of the date the Award is settled or the date on which it is terminated, canceled or forfeited. Notwithstanding the foregoing, the receipt of Dividend Equivalent Rights shall not be made contingent on the
exercise of any Award. Notwithstanding the foregoing, where the vesting of the Award is contingent upon performance, no dividends or Dividend Equivalent Rights shall be paid unless and until the Award vests. 

9.5 Effect of Termination of Service. Unless otherwise provided in the Award Agreement, if the grantee’s service terminates for
any reason prior to the date the Restricted Stock Units become vested, all such Restricted Stock Units shall automatically be forfeited for no consideration on the date of such termination of service. 

  
 15 

 10. Performance Awards. 

10.1 Grant. Performance Awards may be denominated as performance shares, performance units or other Awards payable in cash or Shares,
and shall be evidenced by an Award Agreement specifying the number of Shares or units or the amount of cash subject thereto, the Performance Goals, the Performance Measures, the performance period, the performance formula determining the amount of
cash or Shares or combination thereof to be earned based on achievement of the Performance Goals and such other terms and conditions as the Committee shall provide, subject to the provisions of this Section 10. The Plan is designed to permit
the grant of Performance Awards that qualify for the Section 162(m) Exemption. Whenever the Committee determines that it is advisable, the Committee may grant Awards that do not qualify for the Section 162(m) Exemption. Each performance
unit shall have an initial value that is established by the Committee on the Grant Date. Each performance share shall have an initial value equal to the Fair Market Value of a Share on the Grant Date. 

10.2 Establishment of Performance Period, Performance Goals and Performance Formula. With respect to each Performance Award intended to
qualify for the Section 162(m) Exemption, the Committee shall establish the Performance Goals and the performance formula, as applicable, no later than the earlier of (a) the date ninety (90) days after the commencement of the
applicable performance period or (b) the date on which 25% of the performance period has elapsed, and, in any event, at a time when the outcome of the Performance Goals remain substantially uncertain. Once established, the Performance Goals and
the performance formula for an Award intended to qualify for the Section 162(m) Exemption shall not be changed during the performance period. 

10.3 Measurement of Performance Goals. Performance Goals shall be established by the Committee on the basis of one or more Performance
Measures, subject to the following: 
 (a) Performance Measures. Performance Measures shall have the same meanings as used in
the Company’s financial statements, or, if such terms are not used in the Company’s financial statements, they shall have the meaning applied pursuant to applicable accounting principles, or as used generally in the Company’s
industry. Performance Measures may be one or more of the following, as determined by the Committee: revenue; sales; expenses; operating income; gross profit; gross margin; operating margin; earnings before any one or more or a combination of:
stock-based compensation expense, interest, taxes, depreciation and amortization; pre-tax profit; operating income or profit; net operating income; net income; after tax operating income; economic value added; cash flow(s); free cash flow; operating
cash flow; balance of cash, cash equivalents and marketable securities; stock price; earnings or book value per share; earnings per share; diluted earnings per share; return on shareholder equity; return on capital; return on assets; return on
equity; return on capital, capital employed or investment; return on investment; employee satisfaction; employee retention, customer satisfaction, safety or diversity, market share product development; research and development expenses; completion
or attainment of objectively determinable targets with respect to an identified special project; total sales or revenues or sales or revenues per employee; production (separative work units or SWUs); stock price or total shareholder return;
dividends; strategic business objectives, consisting of one or more objectives based on meeting specified cost targets, 

  
 16 

 
business expansion goals, and goals relating to acquisitions or divestiture, and except in the case of Awards to Covered Employees intended to qualify for the Section 162(m) Exemption, any
other performance criteria established by the Committee. 
 (b) Permitted Adjustments. In its discretion, the Committee may,
either at the time it grants a Performance Award or at any time thereafter, provide for the positive or negative adjustment of the performance formula applicable to a Performance Award granted to any grantee, except in the case of an Award intended
to qualify for the Section 162(m) Exemption with respect to a Covered Employee, to reflect such factors as the Committee may determine. Notwithstanding the foregoing, Performance Goals shall, to the extent applicable, and to the extent provided
in the Award Agreement, be adjusted by the Committee to take into account the effect of the following: changes in accounting standards that may be required by the Financial Accounting Standards Board after the Performance Goal is established;
realized investment gains and/or losses; extraordinary, unusual, non-recurring or infrequent items; currency fluctuations; acquisitions; divestitures; litigation losses; financing activities; expenses for restructuring or productivity initiatives;
other non-operating items; new laws, cases or regulatory developments that result in unanticipated items of gain, loss, income or expense; executive severance arrangements; investment returns relating to investment vehicles which are unaffiliated
with a Company or divisional operating strategy; bonus expense; the impact on pre-tax income of interest expense attributable to the repurchase of Shares; extraordinary dividends or Share dividends; the effect of corporate reorganizations or
restructuring, spinoff, or a sale of a business unit; and other items as the Committee determines to be required so that the operating results of the Company, division, or a Affiliate shall be computed on a comparative basis from performance period
to performance period; in each case as those terms are defined under applicable accounting principles and provided in each case that such excluded items are objectively determinable by reference to the Company’s financial statements, notes to
the Company’s financial statements, and/or management’s discussion and analysis in the Company’s financial statements. Determination by the Committee shall be final and conclusive on all parties, but shall be based on relevant
objective information or financial data. The Committee shall have the discretion, on the basis of such criteria as may be established by the Committee, to reduce some or all of the value of the Performance Award that would otherwise be paid to the
Covered Employee notwithstanding the attainment of any Performance Goals and the resulting value of the Performance Award determined in accordance with the performance formula. No such reduction may result in an increase in the amount payable upon
settlement of another grantee’s Performance Award that is intended to qualify for the Section 162(m) Exemption. 
 10.4
Settlement of Performance Awards 
 (a) Determination of Final Value. Following the completion of the performance
period applicable to a Performance Award, the Committee shall certify in writing the extent to which the applicable Performance Goals have been attained and the resulting final value of the Award earned by the grantee and to be paid upon its
settlement in accordance with the applicable performance formula. 
 (b) Payment in Settlement of Performance Awards.
Following the Committee’s determination and certification in accordance with Section 10.4(a), payment shall be made to each eligible grantee (or such grantee’s legal representative or other person who

  
 17 

 
acquired the right to receive such payment by reason of the grantee’s death) of the final value of the grantee’s Performance Award. Payment of such amount shall be made in cash, Shares,
or a combination thereof as determined by the Committee on the Grant Date and set forth in the Award Agreement. Unless otherwise provided in the Award Agreement, payment shall be made in a lump sum following the close of the performance period at
the time and in accordance with procedures established by the Committee but in no event later than the 15th day of the third month following the later of the last day of the calendar year or the last day of the Company’s fiscal year in which
the Performance Goals are achieved. If permitted by the Committee, and consistent with the requirements of Section 409A, the grantee may elect to defer receipt of all or any portion of the payment to be made to the grantee pursuant to this
section on such terms and conditions as the Committee may allow. If any payment is to be made on a deferred basis, the Committee may, but shall not be obligated to, provide for the payment during the deferral period of Dividend Equivalent Rights.

 (c) Provisions Applicable to Payment in Shares. If a Performance Award is denominated in Shares, the number of Shares
delivered pursuant to such Award shall be set forth in the Award Agreement or determined by the Committee based on the achievement of the applicable Performance Goals. If payment of a Performance Award that is not denominated in Shares is to be made
in Shares, the number of such Shares shall be determined by dividing the final value of the Performance Award by the Fair Market Value of a Share. Shares delivered in payment of any Performance Award may be fully vested and freely transferable
Shares or may be Shares subject to vesting conditions as provided in Section 8.2. Any Shares subject to vesting conditions shall be evidenced by an appropriate Award Agreement and shall be subject to the provisions of Section 8.6. 

(d) Performance Awards. The vesting conditions for Performance Awards shall be determined by the Committee and set forth in the
Award Agreement; provided, that such Awards shall vest proportionally over a minimum period of one year. 
 10.5 Voting Rights;
Dividend Equivalent Rights and Distributions. Grantees shall have no voting rights with respect to Shares represented by Performance Awards until the date of the delivery of such Shares, if any, in settlement of such Awards (as evidenced by the
appropriate entry on the books of the Company or of a duly authorized transfer agent of the Company). However, the Committee, in its discretion, may provide in the Award Agreement that the grantee shall be entitled to Dividend Equivalent Rights
during the period beginning on the date the Award becomes vested and ending, with respect to each Share subject to the Award, on the earlier of the date on which the Award is settled or the date on which it is terminated, canceled or forfeited.
Notwithstanding the foregoing, the receipt of Dividend Equivalent Rights shall not be made contingent on the exercise of any Award. 
 10.6
Effect of Termination of Service. Unless otherwise provided in the Award Agreement, if the grantee’s service terminates for any reason prior to the date the Performance Awards become vested, all such Performance Awards shall
automatically be forfeited for no consideration on the date of such termination of service. 

  
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 11. Cash-Based Awards and Other Stock-Based Awards. 

11.1 Grant of Cash-Based and Other Stock-Based Awards. The Committee may grant Cash-Based Awards and Other Stock-Based Awards evidenced
by an Award Agreement in such form and containing such terms and conditions as the Committee shall provide, subject to the provisions of this Section 11. Other Stock-Based Awards, other than unrestricted Shares, shall be subject to the vesting
limits in Section 13.1. 
 11.2 Payment or Settlement of Cash-Based Awards and Other Stock-Based Awards. Payment or settlement,
if any, with respect to a Cash-Based Award or an Other Stock-Based Award shall be made in accordance with the terms of the Award Agreement, in cash, Shares or other securities or any combination thereof as the Committee determines. The determination
and certification of the final value with respect to any Cash-Based Award or Other Stock-Based Award intended to qualify for the Section 162(m) Exemption shall comply with the requirements applicable to Performance Awards set forth in
Section 10. 
 11.3 Voting Rights; Dividend Equivalent Rights and Distributions. Grantees shall have no voting rights with
respect to Shares represented by Other Stock-Based Awards until the delivery of such Shares (as evidenced by the appropriate entry on the books of the Company or of a duly authorized transfer agent of the Company), in settlement of such Award.
However, the Committee, in its discretion, may provide in the Award Agreement that the grantee shall be entitled to Dividend Equivalent Rights with respect to the payment of ordinary cash dividends on Shares subject to Other Stock-Based Awards
during the period beginning on the date such Award is granted and ending, with respect to each Share subject to the Award, on the earlier of the date the Award is settled or the date on which it is terminated, canceled or forfeited. Notwithstanding
the foregoing, the receipt of Dividend Equivalent Rights shall not be made contingent on the exercise of any Award. 
 11.4 Effect of
Termination of Service. Each Award Agreement shall set forth the extent to which the grantee shall have the right to receive upon or after termination of service Cash-Based Awards and Other Stock-Based Awards outstanding as of such termination
of service. 
 12. Non-Employee Director Awards. 

The Committee may provide that all or a portion of a Non-Employee Director’s annual retainer, any
committee or other chairman fees, and any other fees be payable (either automatically or at the election of an Non-Employee Director) in the form of Nonqualified Stock Options, Restricted Stock, Restricted
Stock Units, and/or Other Stock-Based Awards evidenced by Award Agreements containing such terms and conditions as the Committee shall determine. 

13. Vesting Limits and Change in Control. 

13.1 Vesting Limits. The vesting conditions for Awards shall be determined by the Committee and set forth in the Award Agreement
provided, however, that Awards other than Non-Employee Director Awards and Performance Awards shall vest no faster than proportionally over a minimum period of three years. Up to 120,000 Shares subject to such Awards, may be granted without
minimum vesting otherwise required by this Section. 

  
 19 

 13.2 Change in Control. The Committee may, in its discretion, provide in any Award
Agreement, or in the event of a Change in Control may take such actions as it deems appropriate, to provide for the acceleration of the exercisability, vesting and/or settlement in connection with a Change in Control of each or any outstanding Award
or any portion thereof and Shares acquired pursuant thereto upon such conditions, including termination of the grantee’s service prior to, upon, or following such Change in Control, to such extent as the Committee shall determine; provided that
there shall be no such acceleration where it could result in additional taxes, penalties or interest under Section 409A of the Code. 

14. Compliance with Securities Law. 

The Committee may refuse to deliver any Shares or other consideration under an Award if, acting in its sole discretion, it determines that the
issuance, delivery or transfer of such Shares or such other consideration might violate any applicable law or regulation (including applicable non-U.S. laws or regulations) or entitle the Company to recover the same under Section 16(b) of the
Exchange Act, and any payment tendered to the Company by a grantee, other holder or beneficiary in connection with the exercise of such Award shall be promptly refunded to the relevant grantee, holder, or beneficiary. 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-U.S. securities laws and any other laws to which such offer, if made, would be subject. The inability of the Company to obtain from any regulatory body having
jurisdiction the authority, if any, deemed by the Company’s legal counsel to be necessary to the lawful delivery and sale of any Shares hereunder shall relieve the Company of any liability in respect of the failure to issue or sell such Shares
as to which such requisite authority shall not have been obtained. As a condition to delivery of any Share, the Company may require the grantee to satisfy any qualifications that may be necessary or appropriate, to evidence compliance with any
applicable law or regulation and to make any representation or warranty with respect thereto as may be requested by the Company. 
 15.
Tax Withholding. 
 15.1 Tax Withholding in General. The Company shall have the right to deduct from any and all payments
made under the Plan, or to require the grantee, through payroll withholding, cash payment or otherwise, to make adequate provision for, the federal, state, local and foreign taxes, if any, required by law to be withheld by the Company or any
Affiliate with respect to an Award or the Shares acquired pursuant thereto. The Company shall have no obligation to deliver Shares, to release Shares from an escrow established pursuant to an Award Agreement, or to make any payment in cash under the
Plan until the Company’s or any Affiliate’s tax withholding obligations have been satisfied by the grantee. 
 15.2 Withholding
in Shares. Subject to Section 19.6, the Company shall have the right, but not the obligation, to deduct from the Shares deliverable to a grantee upon the exercise or settlement of an Award, or to accept from the grantee the tender of, a
number of whole Shares having a Fair Market Value, as determined by the Company, equal to all or any part of the tax withholding obligations of the Company or any Affiliate. The Fair Market Value of any Shares withheld or tendered to satisfy any
such tax withholding obligations shall not exceed the amount determined by the applicable minimum statutory withholding rates. 

  
 20 

 16. Adjustments for Corporate Transactions and Other Events. 

16.1 Adjustments. In the event that the Committee determines that any dividend or other distribution (whether in the form of cash,
Shares, other securities, or other property), recapitalization, Share split, reverse Share split, reorganization, merger, consolidation, split-up, spin-off, combination,
repurchase, exchange of Shares or other securities of the Company, issuance of warrants or other rights to purchase Shares or other securities of the Company, or other similar corporate transaction or event affects the Shares such that an adjustment
is determined by the Committee to be appropriate in order to prevent dilution or enlargement of the benefits or potential benefits intended to be made available under the Plan, then the Committee shall, without the grantee’s consent, in such
manner as it may deem equitable: (a) adjust any or all of (i) the number of Shares or other securities of the Company (or number and kind of other securities or property) with respect to which Awards may be granted, (ii) the maximum
number of Shares subject to Awards granted to a grantee pursuant to Section 4.2 of the Plan, (iii) the number of Shares or other securities of the Company (or number and kind of other securities or property) subject to outstanding Awards,
and (iv) the Exercise Price or Strike Price with respect to any Award; (b) if deemed appropriate, subject to Section 16.3, provide for (i) the continuation of the outstanding Awards if the Company is the surviving entity of any
merger, consolidation or event of a transaction providing for the sale of all or substantially all of the Company’s Shares or assets or other transaction or event having a similar effect, or (ii) the assumption of the Plan and outstanding
Awards or the substitution of an equivalent award in respect of securities of the surviving entity of any merger, consolidation or transaction providing for the sale of all or substantially all of the Company’s Shares or assets or other
transaction or event having a similar effect; or (c) if deemed appropriate, make provision for the settlement of the intrinsic value of the outstanding Options (whether or not exercisable) in cash, cash equivalents or equity followed by the
cancellation of such Options or other cash payment to the holder of an outstanding Award; provided, that in each case (I) with respect to Awards of Incentive Stock Options no such adjustment shall be authorized to the extent that such
authority would cause the Plan to violate Section 422(b)(1) of the Code, as from time to time amended, unless otherwise determined by the Committee, (II) with respect to any Award no such adjustment shall be authorized to the extent that
such authority would be inconsistent with the Plan’s qualification for the Section 162(m) Exemption, unless otherwise determined by the Committee, and (III) such adjustment shall be in accordance with Treasury Regulation
Section 1.409A-1(b)(5)(v)(D). 
 16.2 Adjustment of Awards Upon the Occurrence of Certain Unusual or Nonrecurring Events.
Subject to Section 16.1, the Committee may make adjustments in the terms and conditions of, and the criteria included in, Awards in recognition of unusual or nonrecurring events (including, without limitation, the events described in
Section 16.1 hereof) affecting the Company, any Affiliate, or the financial statements of the Company or any Affiliate, or of changes in applicable laws, regulations, or accounting principles, whenever the Committee determines that such
adjustments are appropriate in order to prevent dilution or enlargement of the benefits or potential benefits intended to be made available under the Plan; provided, that no such adjustment shall be authorized to the extent that such
authority would be inconsistent with an Award’s qualification for the Section 162(m) Exemption, unless otherwise determined by the Committee. 

  
 21 

 16.3 Limitation on Adjustments and Substitutions. With respect to Options or SARs, no
substitutions or adjustments under Sections 16.1 or 16.2 shall be made if such substitution or adjustment would cause such Option or SAR to be treated as deferred compensation subject to taxes and penalties under Section 409A. With respect to
Options and SARs, any substitutions or adjustments under Sections 16.1 or 16.2 shall be based on the intrinsic value of such Option or SAR as determined by the Committee, in its discretion, as of the date of such substitution or adjustment. For the
absence of doubt, if the Exercise Price per Share or Strike Price per Share of an Option or SAR is higher than the Fair Market Value of a Share, the intrinsic value of such Option or SAR shall equal zero. 

17. Amendment or Termination of Plan. 

The Board may at any time suspend or terminate the Plan. The Board may amend the Plan at any time, provided that any material amendment to the
Plan will not be effective unless approved by the Company’s shareholders. For this purpose, a material amendment is any amendment that would (a) increase the benefits accrued to participants under the Plan, (b) increase the number of
Shares available under the Plan (except by operation of the provisions of Section 16), (c) change the types of awards that may be granted under the Plan, (d) modify the requirements for participation in the Plan, or (e) require
approval of the Company’s shareholders under any applicable law, regulation or rule, including the rules of any stock exchange or market system upon which the Shares may then be listed. The Committee may, in its sole and absolute discretion and
without the consent of any grantee, amend the Plan or any Award Agreement, to take effect retroactively or otherwise, as it deems necessary or advisable for the purpose of conforming the Plan or such Award Agreement to any present or future law,
regulation or rule applicable to the Plan. The Committee may amend any Award Agreement in any other manner or may waive any conditions or rights under, or alter, suspend, discontinue, cancel or terminate, any Award theretofore granted, prospectively
or retroactively; provided, that any such amendment, waiver, alteration, suspension, discontinuance, cancellation or termination that would materially adversely affect the rights of any grantee or any holder or beneficiary of any Award
theretofore granted shall not to that extent be effective without the consent of the affected grantee, holder, or beneficiary. However, without approval of the Company’s shareholders given within twelve (12) months before or after the
action by the Committee, no action of the Committee may, except as provided in Section 16.1, (i) reduce the Exercise Price or Strike Price per share of any outstanding Option or Stock Appreciation Right granted under the Plan, or
(iii) cancel any Option or Stock Appreciation Right in exchange for cash or another Award when the Exercise Price or Strike Price per share exceeds the Fair Market Value of the underlying Shares. No amendment or termination of the Plan shall
result in any acceleration or delay in the payment of any amount due under this Plan except to the extent such acceleration or delay would not result in amounts granted or payable under the Plan becoming subject to (i) the gross income
inclusion set forth in Section 409A(a)(1)(A) of the Code, or (ii) the interest or additional tax set forth in Section 409A(a)(1)(B) of the Code. 

  
 22 

 18. Section 409A. 

18.1 Awards Subject to Section 409A. The provisions of this Section 18 shall apply to any Award or portion thereof that is or
becomes deferred compensation subject to Section 409A, notwithstanding any provision to the contrary contained in the Plan or the Award Agreement applicable to such Award. 

18.2 Termination of Employment/Service. The term “termination of employment” or “termination of service” shall mean
the grantee’s “separation from service” as defined in Code Section 409A. For this purpose, a “separation from service” is deemed to occur on the date that the Company, and the grantee reasonably anticipate that the
level of bona fide services the grantee would perform for the Company and/or any Affiliates after that date (whether as an employee, director or other service provider) would permanently decrease to a level that, based on the facts and
circumstances, would constitute a separation from service; provided that a decrease to a level that is 50% or more of the average level of bona fide services provided over the prior 36 months shall not be a separation from service, and a decrease to
a level that is 20% or less of the average level of such bona fide services shall be a separation from service. The Committee retains the right and discretion to specify, and may specify, whether a separation from service occurs for individuals
providing services to the Company or an Affiliate immediately prior to an asset purchase transaction in which the Company or an Affiliate is the seller who provide services to a buyer after and in connection with such asset purchase transaction;
provided, such specification is made in accordance with the requirements of Treasury Regulation Section 1.409A-1(h)(4). To the extent that settlement of an Award subject to Section 409A is triggered by a grantee’s separation from
service, if the grantee is then a “specified employee” (as defined in Section 409A(a)(2)(B)(i) of the Code) of the Company, no distribution shall be made before the date which is six (6) months after such grantee’s date of
separation from service, or, if earlier, the date of the grantee’s death. 
 18.3 Avoidance of Section 409A Penalties. The
Company intends for the Plan, as described herein and as may be subsequently amended from time to time, and for every Award Agreement under this Plan, to be written, construed and operated (and the Plan and each Award Agreement shall be written,
construed and operated) in a manner such that no amounts granted or payable under the Plan or such Award Agreement become subject to (a) the gross income inclusion set forth within Section 409A(a)(1)(A) of the Code, or (b) the
interest and additional tax set forth within Section 409A(a)(1)(B) of the Code. The provisions of the Plan shall not be construed as a guarantee by the Company of any particular tax effect to any grantee. The Company shall not be liable to any
grantee for any payment or grant made under this Plan that is determined to result in an additional tax, penalty or interest under Section 409A of the Code, nor for reporting in good faith any payment or grant made under this Plan as an amount
includible in gross income under Section 409A of the Code. 
 19. Miscellaneous Provisions. 

19.1 Forfeiture Events. If the Company is required to prepare an accounting restatement due to the material noncompliance of the
Company, as a result of misconduct, with any financial reporting requirement under the securities laws, any grantee who knowingly or through gross negligence engaged in the misconduct, or who knowingly or through gross

  
 23 

 
negligence failed to prevent the misconduct, and any grantee who is one of the individuals subject to automatic forfeiture under Section 304 of the Sarbanes-Oxley Act of 2002, shall
reimburse the Company the amount of any payment in settlement of an Award earned or accrued during the twelve- (12-) month period following the first public issuance or filing with the United States Securities and Exchange Commission (whichever
first occurred) of the financial document embodying such financial reporting requirement. In addition, any Awards under the Plan shall be subject to any compensation recovery or “clawback” policy that may be adopted by the Board or the
Committee from time to time, including retroactively, in order to implement final rule making under Section 954 of the Dodd-Frank Wall Street Reform and Consumer Protection Act or any future changes in law or regulations. 

19.2 Rights as Employee or Service Provider. No person, even though eligible pursuant to Section 5, shall have a right to be
selected as a grantee, or, having been so selected, to be selected again as a grantee. Nothing in the Plan or any Award granted under the Plan shall confer on any grantee a right to remain an employee, service provider or a director of the Company
or interfere with or limit in any way any right of the Company or any Affiliate to terminate the grantee’s service at any time. To the extent that an employee of any Affiliate receives an Award under the Plan, that Award shall in no event be
understood or interpreted to mean that the Company is the employee’s employer or that the employee has an employment relationship with the Company. 

19.3 Rights as a Shareholder. A grantee shall have no rights as a shareholder with respect to any Shares covered by an Award until the
date of the delivery of Shares pursuant to the Award (as evidenced by the appropriate entry on the books of the Company or of a duly authorized transfer agent of the Company). No adjustment shall be made for dividends, distributions or other rights
for which the record date is prior to the date such Shares are delivered, except as provided in Section 16 or another provision of the Plan. For the absence of doubt, a grantee to whom Restricted Shares are delivered is entitled to all rights
of a shareholder of the Company. 
 19.4 Transferability of Awards. Except as provided below, no Award shall be assigned, alienated
pledged, attached, sold or otherwise transferred or encumbered by a grantee, except by will or the laws of descent and distribution. Notwithstanding the foregoing, an Award Agreement may provide that a grantee may transfer any vested Award, other
than an Incentive Stock Option, to members of his or her immediate family (as defined as his or her spouse, children or grandchildren) or to one or more trusts for the exclusive benefit of such grantee or his or her immediate family members or
partnerships in which such grantee or his or her immediate family members are the only partners, if the transfer is approved by the Committee and the grantee does not receive any consideration for the transfer. Any such transferred Award shall
continue to be subject to the same terms and conditions that were applicable to such Award immediately prior to its transfer (except that such transferred Award shall not be further transferable by the transferee), Compliance with Section 15 of
the Plan (respecting tax withholding) shall remain the responsibility of the original grantee, and the rights of any person under the Award upon or after the termination of service of the original grantee shall depend on the circumstances of the
original grantee’s termination of service. Any transfer shall be subject to such other rules and procedures as the Committee may specify. 

  
 24 

 19.5 Delivery of Title to Shares. Subject to any governing rules or regulations, the
Company shall issue or cause to be delivered the Shares acquired pursuant to an Award and shall deliver such Shares to or for the benefit of the grantee by means of one or more of the following, as determined by the Company: (a) by delivering
to the grantee evidence of book entry Shares credited to the account of the grantee, or (b) by depositing such Shares for the benefit of the grantee with any broker with which the grantee has an account relationship, or (c) by delivering
such Shares to the grantee in certificate form. 
 19.6 Fractional Shares. No fractional Shares shall be issued or delivered pursuant
to the Plan or any Award, and the Committee shall determine whether cash, other securities, or other property shall be paid or transferred in lieu of any fractional Shares or whether such fractional Shares or any rights thereto shall be canceled,
terminated or otherwise eliminated. In the event of any payment by a grantee of any Exercise Price, withholding obligation or otherwise under the Plan, where such payment is made in Shares, payment shall be made in whole Shares only, in a number
whose Fair Market Value does not exceed the amount to be paid. Any amount payable with a value of a fractional Share shall be paid by grantee or the Company, as applicable, in cash or such other manner as determined by the Committee. 

19.7 Retirement and Welfare Plans. Neither Awards made under this Plan nor Shares or cash paid pursuant to such Awards may be included
as “compensation” for purposes of computing the benefits payable to any grantee under the Company’s or any Affiliate’s retirement plans (both qualified and non-qualified) or welfare benefit plans unless such other plan expressly
provides that such compensation shall be taken into account in computing a grantee’s benefit. 
 19.8 Beneficiary Designation.
Each grantee may file with the Company a written designation of a beneficiary who is to receive any benefit under the Plan to which the grantee is entitled in the event of such grantee’s death before he or she receives any or all of such
benefit. The grantee may change or revoke any such designation without the consent of any designated beneficiary. Each designation will revoke all prior designations by the same grantee, shall be in a form prescribed by or acceptable to the
Committee, and will be effective only when filed by the grantee in writing with the Committee during the grantee’s lifetime. If a grantee dies without an effective designation of a beneficiary who is living (or in existence) at the time of the
grantee’s death, the Company will pay any remaining unpaid benefits to the grantee’s surviving spouse, if any, or if none then to the grantee’s estate. 

19.9 Severability. If any one or more of the provisions (or any part thereof) of this Plan shall be held invalid, illegal or
unenforceable in any respect, such provision shall be modified so as to make it valid, legal and enforceable, and the validity, legality and enforceability of the remaining provisions (or any part thereof) of the Plan shall not in any way be
affected or impaired thereby. 
 19.10 No Constraint on Corporate Action. Nothing in this Plan shall be construed to: (a) limit,
impair, or otherwise affect the Company’s or any Affiliate’s right or power to make adjustments, reclassifications, reorganizations, or changes of its capital or business structure, or to merge or consolidate, or dissolve, liquidate, sell,
or transfer all or any part of its business or assets; or (b) limit the right or power of the Company or any Affiliate to take any action which such entity deems to be necessary or appropriate. 

  
 25 

 19.11 Governing Law. The validity, construction, and effect of the Plan and any
rules and regulations relating to the Plan and any Award Agreement shall be determined in accordance with the laws of the State of Delaware without giving effect to the conflict of law principles thereof.  

19.12 No Trust or Fund Created. Neither the Plan nor any Award 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 a 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 an Award, such right shall
be no greater than the right of any unsecured general creditor of the Company or any Affiliate. 
 19.13 Construction. Captions and
titles contained herein are for convenience only and shall not affect the meaning or interpretation of any provision of the Plan. Except when otherwise indicated by the context, the singular shall include the plural and the plural shall include the
singular. Use of the term “or” is not intended to be exclusive, unless the context clearly requires otherwise. 

  
 26EX-10.2

 Exhibit 10.2 
  

 
 Centrus Energy Corp. 

2014 Post-Restructuring Incentive Plan 

(Annual Awards, Long-Term Incentive Cash Awards, Equity Awards) 

 

	I.	PURPOSE 

 The purpose of this 2014 Post-Restructuring Incentive Plan (the “2014 Incentive
Plan” or “Plan”), is to motivate executives and other key employees of Centrus Energy Corp. and its affiliates (collectively, the “Company”) to make extraordinary efforts to increase the value of the
Company’s Shares and to achieve goals that are important to the Company in 2014 and beyond. The Plan arises under and is subject to the terms of the Centrus Energy Corp. 2014 Equity Incentive Plan, as may be amended and/or restated from time to
time (the “Equity Incentive Plan”). In the event of a conflict or inconsistency between the terms of this Plan and the terms of the Equity Incentive Plan, the Equity Incentive Plan shall control. If not otherwise defined herein,
capitalized terms within this Plan shall have the same meaning as provided under the Equity Incentive Plan. 
  

	II.	EFFECTIVE DATE 

 The Plan’s effective date (“Effective Date”) is the date on which
the plan of reorganization of the Company takes effect following entry of the order of confirmation by the United States Bankruptcy Court for the District of Delaware (“Bankruptcy Court”) with respect to the Company’s voluntary
Chapter 11 case filed on March 5, 2014 (the “Chapter 11 Case”). 
  

	III.	OVERVIEW 

 The Plan provides for three types of Awards to be granted in 2014: an Annual Incentive Award
(“Annual Award”) payable in cash, a Long-Term Incentive Cash Award (“LT Incentive Cash Award”), and an Option Award. 
  

	IV.	PLAN OPERATION 

 A. Eligibility for Participation - The initial 2014 Incentive Plan participants
for Annual Awards, LT Incentive Cash Awards and Option Awards as of the Effective Date are shown in the chart in Exhibit 1 for each type of Award. 
 V.
ANNUAL AWARDS and LT INCENTIVE CASH AWARDS 
 A. Target Awards – The Performance Period for Annual Awards shall be the period from the
Effective Date through December 31, 2014. The Performance Period for LT Incentive Cash Awards shall be the period from the Effective Date through the date set by the Committee at the time it sets Performance Goal(s) for the LT Incentive Cash
Awards, which shall be not sooner than December 31, 2014, and not later than 36 months after the Effective Date. 
 1. The target Annual Award under
the Plan for the applicable Performance Period (the “Target Annual Award”) shall be as set forth in Exhibit 1. Notwithstanding the foregoing, if the 

 
third quarter 2014 award under Part A of the Quarterly Incentive Plan has not been paid as of the Effective Date, the Target Annual Award shall be 50% of the percentage shown in the chart in
Exhibit 1, and if the third quarter 2014 award under Part A of the Quarterly Incentive Plan has been paid as of the Effective Date, the Target Annual Award shall be 25% of the percentage shown in the chart in Exhibit 1. The Annual Award is intended
to supersede Part A of the Company’s Quarterly Incentive Plan for the third quarter of 2014 if the third quarter award under Part A of the Quarterly Incentive Plan has not been paid as of the Effective Date, and accordingly if the third quarter
award under Part A of the 2014 Quarterly Incentive Plan has not been paid by the Effective Date, any third quarter or later quarter awards shall be cancelled. 

2. The target Long-Term Incentive Cash Award under the Plan for the applicable Performance Period (the “Target LT Cash Award”) shall be as
set forth on Exhibit 1. Notwithstanding the foregoing, if the third quarter 2014 award under Part B of the Quarterly Incentive Plan has not been paid as of the Effective Date, the Target LT Incentive Cash Award shall be 50% of the percentage shown
in the chart in Exhibit 1, and if the third quarter 2014 award under Part B of the Quarterly Incentive Plan has been paid as of the Effective Date, the Target LT Incentive Cash Award shall be 25% of the percentage shown in the chart in Exhibit 1.
The LT Incentive Cash Award is intended to supersede Part B of the Company’s Quarterly Incentive Plan for the third quarter of 2014 if the third quarter award under Part B of the Quarterly Incentive Plan has not been paid as of the Effective
Date, and accordingly if the third quarter award under Part B of the 2014 Quarterly Incentive Plan has not been paid by the Effective Date, any third quarter or later quarter awards shall be cancelled. 

3. Nothing herein shall cancel any obligation of the Company to pay the Quarterly Incentive Plan Part A and Part B award payment(s) for the first and second
quarters of 2014, which shall be paid, if at all, pursuant to the terms of the Quarterly Incentive Plan governing Part A and Part B awards, subject to any required court approval. 

B. Performance Goals – Performance Goals shall be designated from among the various performance criteria under the 2014 Equity Incentive Plan.

 1. The Performance Goal for the Performance Period for Target Annual Award is: 
  

	 	•	 	Secure a commitment in 2014 that will continue the American Centrifuge Program for at least one year beyond September 2014 on a basis that will maintain a domestic enrichment capability using the American Centrifuge
technology while preserving the optionality for future commercialization, provided that Centrus Energy Corp. retains a material ownership interest or material contractual role, directly or through its affiliates, in such program during the period.

 2. One or more Performance Goals for the Performance Period for the Target LT Cash Award shall be set by the Committee as soon as
reasonably practical after the Effective Date, but no later than 60 days after the Effective Date. Such Performance Goals may, in the Committee’s discretion, include a threshold level of performance, below which no LT Incentive Cash Award will
be paid, and a maximum level of performance at which 125% of the Target LT Incentive Cash Award may be paid. The Committee may provide for interpolation for performance between threshold and target performance and between target and maximum
performance. 

  
 2 

 C. Certification of Performance— 

1. Annual Award. Following the completion of the Performance Period for the Annual Award, the CEO will review the achievement of the Performance Goal and will
advise the Committee of the level of performance (except in the case of the Annual Award for the CEO, in which case the Committee will determine the achievement level), with appropriate supporting documentation. The Committee will certify the level
of achievement of the Performance Goal and the amount of the Annual Award to be paid to each participant. 
 2. LT Incentive Cash Award. During the
Performance Period for the LT Incentive Cash Award, the CEO will monitor the level of achievement of the Performance Goal(s) and will periodically advise the Committee of the level of performance (except in the case of the LTI Incentive Cash Award
for the CEO, in which case the Committee will determine the achievement level), with appropriate supporting documentation. Within 60 days after attainment of the Performance Goal(s), or, if the Performance Goal(s) have not previously been met,
within 60 days after the end of the applicable Performance Period, the Committee will certify the level of achievement of the applicable Performance Goal(s) and, based on the level of achievement, the amount of the LT Incentive Cash Award to be paid
to each participant. In the case of multiple Performance Goals that extend beyond December 31, 2014, such certification shall occur for a particular Performance Goal as such Performance Goal is achieved and shall not be held pending achievement
of all Performance Goals. 
 D. Time and Form of Payment – Annual Awards and LT Incentive Cash Awards will be paid only following the
Committee’s certification of the level of attainment of the applicable Performance Goal(s), and except as expressly provided in Section V.E. below, such payment will be conditioned on the participant’s continued employment with the Company
on the payment date. Such Awards, when earned, will be paid in cash in a lump sum, subject to applicable withholding and subject to Section 19.1 of the Equity Incentive Plan, including any compensation recovery or “clawback” policy
the Company may have in effect at the time the Award is paid. 
 1. Annual Awards. Payment of Annual Awards, to the extent earned, will be made as soon as
possible after the Committee’s certification of the level of attainment of the applicable Performance Goal after the end of the applicable Performance Period, but in no event earlier than January 1, 2015 or later than the 15th day of the
third month beginning after the end of the applicable Performance Period. 
 2. LT Incentive Cash Awards. Payment of LT Incentive Cash Awards, to the extent
earned, will be made as soon as possible after the Committee’s certification of the level of attainment of the applicable Performance Goal after the end of the applicable Performance Period with respect to such Performance Goal, and shall be
paid no sooner than the first day following the end of the Performance Period over which the LT Incentive Cash Award is earned and no later than the 75th day following the end of such Performance
Period (in the event that the period pursuant to which the LT Incentive Cash Award could be paid spans more than one calendar year, the payment shall be made in the later calendar year) (the “LTI Regular Payment Date”). 

  
 3 

 E. Effect of Termination of Service 

 

	1.	Death or Disability. If a participant’s employment is terminated due to death or Disability prior to payment of an Annual Award or a LT Incentive Cash Award, the participant (or beneficiary, in the case of
death) will be entitled to payment of a pro rated portion of the applicable outstanding Award of the participant, within 60 days of such termination, without regard to actual performance (i.e., as though the Performance Goal(s) had been attained at
the target level). The amount paid will be the participant’s Target Annual Award and the Target LT Incentive Cash Award for the Performance Period, multiplied by a fraction (the “Pro-ration Fraction”), the numerator of which is
the number of days the participant was employed by the Company during the applicable Performance Period and the denominator of which is the number of days in the applicable Performance Period. 

 

	2.	Termination without Cause. If a participant’s employment is terminated due to involuntary separation from service by the Company other than for Cause or if a participant has a separation from service for
Good Reason (as defined below) prior to the payment of an Award, then, the Award shall be paid as follows: 

  

	 	•	 	A pro rata portion of the Annual Award shall be paid consistent with the Company’s Executive Severance Plan as a “Prorated Performance Bonus” payable thereunder. 

 

	 	•	 	Except as provided below in connection with a Change in Control, the participant will be entitled to payment of a pro-rated portion of the LT Incentive Cash Award, based on actual performance. The amount payable shall
be the amount of the Award that would have been paid based on actual performance had the participant remained in employment, multiplied by the Pro-Ration Fraction. The pro-rated Award shall be paid at the same time as Awards are paid to participants
who remain in employment, subject to the participant’s execution (without revocation) of a general release of claims in substantially the form provided under the Company’s Executive Severance Plan on the LTI Regular Payment Date.

  

	3.	Other Termination of Employment. If the participant incurs a termination of employment for any other reason (not set forth above) prior to payment of an Annual Award or a LT Incentive Cash Award, including a
voluntary termination of employment, retirement or termination for Cause, such unpaid Award will be forfeited. 

  

	4.	 Change in Control. Notwithstanding anything herein or the Executive Severance Plan to the contrary, if a participant’s employment is
involuntarily terminated by the Company other than for Cause or is terminated by the participant for Good Reason (as defined below), in either case within three months prior to or within one year following a Change in Control, the
Committee will immediately vest and pay out (i) the Annual Award on the 60th day following such termination as though the applicable Performance Goals had been achieved at the
target level and (ii) the LT Incentive Cash Award on the LTI Regular Payment Date based on actual performance through the date of termination as determined by the Committee, and any Performance Goals not attained shall result in the forfeiture
of the LT Incentive Cash Award attributable to such unattained Performance Goals. The payment of any such Award shall be subject to the participant’s execution (without revocation) of a

  
 4 

	 	
general release of claims in substantially the form provided under the Company’s Executive Severance Plan. For purposes of this 2014 Incentive Plan, “Good Reason” shall have the
same meaning defined for that term in the Company’s Executive Severance Plan, whether or not the individual is a participant in such Executive Severance Plan. 

VI. OPTION AWARD - The Committee shall determine for each individual eligible for an Option Award as shown in the chart in Exhibit 1 the number of
options granted, such grant to be made as soon as reasonably practical after the Effective Date, but no more than 60 days after the Effective Date. Thereafter, the Committee may from time to time designate additional option grantees or additional
option grants, and (in either case) the number of options granted. A participant’s Option Award under the Plan, if any, shall be subject to the terms and conditions of the Equity Incentive Plan and the applicable award agreement. 

VII. ADMINISTRATIVE MATTERS 
 A. 409A Matters.
Annual Awards payable under this plan are intended not to be deferred compensation within the meaning of Section 409A of the Code, and the 2014 Incentive Plan will be administered and interpreted to be consistent with that intention. Annual
Awards that are earned will in no event be paid later than the 15th day of the third month after the later of the last day of the calendar year or the last day of the fiscal year in which they are earned. LT Incentive Cash Award shall be treated as
deferred compensation within the meaning of Section 409A of the Code, and the 2014 Incentive Plan will be administered and interpreted to be consistent with that intention. In that regard, in the event that the participant is a “specified
employee” within the meaning of Section 409A at the time of the termination (other than due to death), then notwithstanding anything contained in this 2014 Incentive Plan to the contrary, the LT Incentive Cash Award shall be delayed and
paid on the first business day following the date that is six months following the date of participant’s termination of employment, or earlier upon such participant’s death. Each payment payable under this 2014 Incentive Plan that is
considered to be deferred compensation subject to Code Section 409A is intended to constitute a separate payment for purposes of Section 1.409A-2(b)(2) of the Treasury Regulations. 

B. Effect of Awards on Other Benefits. An Annual Award, to the extent earned, but not a LT Incentive Cash Award, will, as reasonably determined by the
Committee in good faith, be considered in the definition of pay used to determine, as applicable: (1) the participant’s severance benefits under the Centrus Energy Corp. Executive Severance Plan or any other severance plan in which he or
she participates, (2) the participant’s severance benefits under his or her change in control agreement with the Company, (3) the participant’s benefits under the USEC Inc. 1999 Supplemental Executive Retirement Plan, as amended
and restated effective November 1, 2010, the USEC Inc. 2006 Supplemental Executive Retirement Plan, as amended and restated effective January 1, 2008, the USEC Inc. Pension Restoration Plan, as amended and restated effective
January 1, 2008, and the Employees’ Retirement Plan of USEC Inc., as amended and restated effective January 1, 2011, in each case as such plans are amended and may be further amended and/or restated from time to time or any successor
plan, and (4) group variable universal executive life insurance. Except as provided above in this Section VII.B, amounts payable to any participant under the Plan shall not be taken into account in computing the participant’s compensation
for purposes of determining any pension, retirement, death or other benefit under any pension, retirement, profit-sharing, bonus, insurance or other employee benefit plan of the Company, except as such other plan or agreement shall otherwise
expressly provide. 

  
 5 

 C. 2014 Quarterly Incentive Plan. Effective as of the Effective Date, the 2014 Quarterly Incentive Plan
shall terminate and no further awards shall be paid under it. 

  
 6 

  
 

 
 EXHIBIT 1 

Participants in the Annual Award and Long-Term Incentive Cash Award for 2014. 

The following shall be participants based on their titles: President/ CEO, Senior Vice Presidents, Vice Presidents. Key Employees will be individually
designated from time to time by the Committee on the recommendation of the CEO. 
 Target Award levels for the Annual Award and Long-Term Incentive Cash
Award and Number of Option Awards for 2014 
  

							
	 Executive Level
	  	Target Annual
Award*	 	Target LT
Incentive Cash
Award*	 	LT Incentive
Option
Award
	 President/CEO
	  	70%	 	70%	 	TBD
	 Senior Vice Presidents
	  	70%	 	70%	 	TBD
	 Vice Presidents
	  	36%-60%	 	36%-60%	 	TBD
	 Key Employees
	  	18%-36%	 	15%-36%	 	N/A

  

	*	The target shall be the indicated percentage of base salary as in effect on the Effective Date (or if later, the date an individual is designated as a participant). 

Participants Joining after the Effective Date 
 If, due to
special circumstances, an employee who is not at one of the levels set forth in the chart above and who is not subject to Section 16 of the Securities Exchange Act of 1934 becomes eligible to participate in the Plan, the applicable target
percentage of base salary for such individual will be determined by the CEO, as approved by the Committee, but will not exceed the maximum target percentage for the Vice President level as shown in the chart above. Such target percentage shall be
adjusted as provided in Section V.A.1. or Section V.A.2. of the Plan, as applicable. 
 If an employee becomes eligible to participate in the Annual Award
and/or the LT Incentive Cash Award for 2014 after the Effective Date, the employee’s target Annual Award and/or Target LT Incentive Cash Award, as adjusted under Section V.A.1. or V.A.2. of the Plan will be also prorated by the Pro-ration
Fraction.

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