Document:

exv10w64

 

EXHIBIT 10.64

USEC Inc.

2006 Supplemental Executive Retirement Plan

Amended and Restated

Effective January 1, 2008

 

 

Table of Contents

	 	 	 	 	 	 	 
	USEC Inc. 2006 Supplemental Executive Retirement Plan	 	 	1	 
	 	 	 
	 	 	 	 
	ARTICLE I INTRODUCTION	 	 	1	 
	1.1	 	Establishment
	 	 	1	 
	1.2	 	Purpose
	 	 	1	 
	1.3	 	Avoidance of Section 409A Penalties
	 	 	1	 
	 	 	 
	 	 	 	 
	ARTICLE II DEFINITIONS	 	 	1	 
	2.1	 	“Accrued Benefit”
	 	 	1	 
	2.2	 	“Actuarial Equivalent”
	 	 	1	 
	2.3	 	“Administrative Committee” or “Committee”
	 	 	1	 
	2.4	 	“Annuity”
	 	 	2	 
	2.5	 	“Beneficiary”
	 	 	2	 
	2.6	 	“Benefit Commencement Date”
	 	 	2	 
	2.7	 	“Board”
	 	 	2	 
	2.8	 	“Cause”
	 	 	2	 
	2.9	 	“Claim”
	 	 	3	 
	2.10	 	“Claimant”
	 	 	3	 
	2.11	 	“Code”
	 	 	3	 
	2.12	 	“Compensation Committee”
	 	 	3	 
	2.13	 	“Confidential Information”
	 	 	3	 
	2.14	 	“Death Benefit”
	 	 	3	 
	2.15	 	“Disability”
	 	 	3	 
	2.16	 	“Effective Date”
	 	 	3	 
	2.17	 	“Employer”
	 	 	3	 
	2.18	 	“ERISA”
	 	 	3	 
	2.19	 	“Final Average Pay”
	 	 	3	 
	2.20	 	“Final Benefit Objective”
	 	 	4	 
	2.21	 	“Indemnified Persons”
	 	 	4	 
	2.22	 	“Joint and Survivor Annuity”
	 	 	4	 
	2.23	 	“Member”
	 	 	4	 
	2.24	 	“Months of Service”
	 	 	4	 
	2.25	 	“Normal Retirement Date”
	 	 	4	 
	2.26	 	“Offset”
	 	 	4	 
	2.27	 	“Other Plan” or “Other Plans”
	 	 	4	 
	2.28	 	“Pay”
	 	 	4	 
	2.29	 	“Plan”
	 	 	5	 
	2.30	 	“Plan Year”
	 	 	5	 
	2.31	 	“Primary Social Security Benefit”
	 	 	5	 
	2.32	 	“Qualified Plan”
	 	 	5	 
	2.33	 	“Related Company”
	 	 	5	 
	2.34	 	“Restoration Plan”
	 	 	5	 
	2.35	 	“Retirement Benefit”
	 	 	5	 
	2.36	 	“Section 409A”
	 	 	5	 
	2.37	 	“Section 409A Penalties”
	 	 	5	 
	2.38	 	“Specified Employee”
	 	 	5	 

 

 

	 	 	 	 	 	 	 
	2.39	 	“Single Life Annuity”
	 	 	5	 
	2.40	 	“Sponsor”
	 	 	5	 
	2.41	 	“Termination of Employment”
	 	 	5	 
	2.42	 	“Year of Service”
	 	 	6	 
	 	 	 
	 	 	 	 
	ARTICLE III MEMBERSHIP	 	 	6	 
	3.1	 	Membership
	 	 	6	 
	3.2	 	Commencement of Membership
	 	 	6	 
	3.3	 	Resumption of Membership
	 	 	6	 
	3.4	 	Cessation of Membership Following a Change in Status
	 	 	6	 
	3.5	 	Conditions of Membership
	 	 	6	 
	 	 	 
	 	 	 	 
	ARTICLE IV VESTING	 	 	8	 
	4.1	 	Generally
	 	 	8	 
	4.2	 	Vesting
	 	 	8	 
	4.3	 	Unvested Accrued Benefit Forfeited
	 	 	8	 
	4.4	 	Accelerated Vesting
	 	 	8	 
	 	 	 
	 	 	 	 
	ARTICLE V DETERMINATION, DISTRIBUTION AND FORFEITURE OF ACCRUED BENEFIT 	 	 	8	 
	5.1	 	Generally
	 	 	8	 
	5.2	 	Accrued Benefit
	 	 	8	 
	5.3	 	Final Benefit Objective
	 	 	8	 
	5.4	 	Offset
	 	 	9	 
	5.5	 	Retirement Benefit
	 	 	10	 
	5.6	 	Lump Sum Death Benefit
	 	 	11	 
	5.7	 	Forfeiture of Accrued Benefit
	 	 	11	 
	5.8	 	Facility of Payment
	 	 	12	 
	5.9	 	Designation or Change of Beneficiary
	 	 	12	 
	5.10	 	Limited Cashout
	 	 	12	 
	 	 	 
	 	 	 	 
	ARTICLE VI AMENDMENT AND TERMINATION OF THE PLAN	 	 	13	 
	6.1	 	Sponsor’s Right to Amend or Terminate the Plan
	 	 	13	 
	6.2	 	Restriction on Amendments
	 	 	13	 
	6.3	 	Distribution upon Termination
	 	 	13	 
	 	 	 
	 	 	 	 
	ARTICLE VII PLAN ADMINISTRATION	 	 	13	 
	7.1	 	Authority and Responsibility of the Sponsor
	 	 	13	 
	7.2	 	Composition and Responsibility of the Administrative Committee
	 	 	13	 
	7.3	 	Powers of the Administrative Committee
	 	 	14	 
	7.4	 	Administrative Committee Expenses
	 	 	14	 
	7.5	 	Information to be Supplied by Employer and Members; Notice
	 	 	14	 
	7.6	 	Claims Procedures
	 	 	15	 
	7.7	 	Determinations of the Administrative Committee
	 	 	16	 
	7.8	 	Right to Settle Claims
	 	 	16	 
	7.9	 	Indemnification
	 	 	16	 
	 	 	 
	 	 	 	 
	ARTICLE VIII MISCELLANEOUS	 	 	16	 

2

 

	 	 	 	 	 	 	 
	8.1	 	Action of the Compensation Committee
	 	 	16	 
	8.2	 	Adoption by a Related Company
	 	 	16	 
	8.3	 	Establishment of Trust
	 	 	17	 
	8.4	 	Unfunded Obligation
	 	 	17	 
	8.5	 	Taxes
	 	 	17	 
	8.6	 	No Employment Guarantee
	 	 	17	 
	8.7	 	No Rights Under Plan Except as Set Forth Herein
	 	 	17	 
	8.8	 	Benefits Under Plan Not Taken into Account for Other Benefits
	 	 	18	 
	8.9	 	Acceleration of Payments for Tax Obligations
	 	 	18	 
	8.10	 	Nonalienability
	 	 	18	 
	8.11	 	Entire Agreement
	 	 	18	 
	8.12	 	Gender and Number
	 	 	18	 
	8.13	 	Headings
	 	 	18	 
	8.14	 	Governing Law
	 	 	18	 
	8.15	 	Severability
	 	 	19	 
	 	 	 
	 	 	 	 
	Schedule A	 	 	A-1	 
	 	 	 
	 	 	 	 
	Schedule B	 	 	B-1	 

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USEC Inc.

2006 Supplemental Executive Retirement Plan

ARTICLE I

INTRODUCTION

     1.1 Establishment. USEC Inc., a Delaware corporation (the “Sponsor” and an “Employer” hereunder)
originally adopted the USEC Inc. 2006 Supplemental Executive Retirement Plan (the “Plan”)
effective as of April 24, 2006 (the “Effective Date”). This Plan has been amended and
restated, effective January 1, 2008, to reflect the final Treasury Regulations under Section 409A.

     1.2 Purpose. The purpose of the Plan is to attract qualified individuals to serve as, retain the services of,
and provide rewards and incentives to a certain select group of management or highly compensated
employees of the Employer (as the Employer may designate from time to time) through the provision
of supplemental retirement benefits. The Employer intends to maintain the Plan as an unfunded,
nonqualified defined benefit pension plan for a select group of management or highly compensated
employees within the meaning of the “top hat plan” provisions of ERISA set forth within ERISA
Sections 201(2), 301(a)(3), and 401(a)(1).

     1.3 Avoidance of Section 409A Penalties. The Employer intends for the Plan, as described herein and as may be subsequently amended from
time to time, to be written, construed and operated in a manner such that no amounts deferred under
the Plan become subject to (i) the gross income inclusion set forth within Code Section
409A(a)(1)(A) or (ii) the interest and additional tax set forth within Code Section 409A(a)(1)(B)
(together, referred to herein as the “Section 409A Penalties”). Notwithstanding any other
provision of this Plan, acceleration of payment of Accrued Benefits or any other action (including
amendment or termination of the Plan) shall be permitted and effective only to the extent such
would not result in amounts deferred under the Plan becoming subject to the Section 409A Penalties.
Payments made after the Effective Date and prior to January 1, 2008 have been paid in good-faith
compliance with the requirements of Section 409A.

ARTICLE II

DEFINITIONS

     2.1 “Accrued Benefit” has the meaning set forth in Section 5.2.

     2.2 “Actuarial Equivalent” means the value of a benefit that is equivalent to the value of another specified benefit, as
determined by an actuary selected by the Committee. Such equivalent value shall be determined
using the unisex Retired Pensioners Mortality Table (RP-2000) without projection for mortality
improvements and an interest rate equal to the sum of (i) the average of the Moody’s Aa daily bond
rate in effect as of the end of each calendar month for the twelve month period ending with the
rate that is in effect as of the end of the calendar month that precedes the month that contains
the Benefit Commencement Date by two (2) months plus (ii) 75 basis points.

     2.3 “Administrative Committee” or “Committee” means the Compensation Committee or such other person, entity or committee appointed by the
Compensation Committee to administer the Plan.

 

 

     2.4 “Annuity” has the meaning set forth in Section 5.5.

     2.5 “Beneficiary” means the person or persons designated by a Member or otherwise entitled to receive any
undistributed vested Accrued Benefits upon the death of the Member as designated or provided in
Section 5.9.

     2.6 “Benefit Commencement Date” means, with respect to a Member, except in the case of death or certain Disabilities, the
first day of the month coincident with or next following the later of (i) the date on which the
Member attains age fifty-five (55) or (ii) the date the Member incurs a Termination of Employment,
except as otherwise may be set forth on Schedule B. The Benefit Commencement Date in the
case of death shall be the first day of the month coincident to or next following the date of
death. The Benefit Commencement Date in the case of a Disability that qualifies as a disability
under Section 409A shall be the first day of the month coincident to or next following the
determination of Disability. Subject to the following sentence, payments will be made or commence
no later than ninety (90) days after the Member’s Benefit Commencement Date. Payment of benefits
to Specified Employees will be subject to the Six Month Delay described in Section 5.5.

     2.7 “Board” means the Board of Directors of the Sponsor.

     2.8 “Cause” means a reasonable determination by the Employer that the Member has:

     (a) engaged in willful misconduct that is injurious or detrimental to the Employer or its
affiliates,

     (b) embezzled or misappropriated funds or property of the Employer or its affiliates, or been
convicted of a felony or has entered a plea of guilty or nolo contendere to a felony,

     (c) been prohibited by order of or as a result of a decision by any tribunal or administrative
agency from continuing to serve the Employer in the same capacity as the Member served before such
order,

     (d) willfully failed to cooperate with a government investigation,

     (e) materially violated the Employer’s code of conduct or conflict of interest policy,

     (f) lost his or her security clearance, or

     (g) willfully failed or refused to substantially perform the duties reasonably assigned by the
Employer or appropriate with the position, in a manner reasonably consistent with prior practice,
for a reason other than the Member’s death, Disability or, if applicable, termination by the Member
for Good Reason (as such term is defined in any employment or change of control agreement entered
into by the Member and the Employer);

provided, however, that the term “Cause” shall not include ordinary negligence or
failure to act, whether due to an error in judgment or otherwise, if the Member has exercised
substantial efforts in good faith to perform the duties reasonably assigned or appropriate to the
position. A Member’s failure to cure (to the extent then curable) any act, error or omission
within ten (10) days after receiving written notice from the Employer of such act, error or
omission shall cause

2

 

such act, error or omission to be deemed to be willful. If the Member has entered into an
employment or change in control agreement with the Employer, for purposes of the Plan “Cause” shall
nonetheless be determined under the definition set forth above even where inconsistent with the
definition set forth within such agreement.

     2.9 “Claim” has the meaning set forth in Section 7.6.

     2.10 “Claimant” has the meaning set forth in Section 7.6.

     2.11 “Code” means the Internal Revenue Code of 1986, as amended from time to time, and any subsequent
Internal Revenue Code. References to any section of the Code shall be deemed to include similar
sections of the Code as renumbered or amended.

     2.12 “Compensation Committee” means the compensation committee of the Board or its delegate or, if at any time there shall
cease to be a compensation committee of the Board, the Board or such other committee of the Board
as may be designated by the Board at such time.

     2.13 “Confidential Information” has the meaning set forth in Section 3.5.

     2.14 “Death Benefit” has the meaning set forth in Section 5.6.

     2.15 “Disability” means a Member’s total physical or mental inability, resulting from bodily injury or disease, to
perform any work for compensation or profit in any occupation for which such Member is reasonably
qualified by reason of training, education or ability, and which is adjudged to be permanent and
continuous during the remainder of the Member’s life as determined by the Committee on the basis of
evidence satisfactory to it. “Disability” shall not include any bodily injury or disease incurred
or suffered as the result of addiction to narcotic drugs, an intentionally self-inflicted injury,
or engaging in a criminal (whether misdemeanor or felonious) act.

     2.16 “Effective Date” has the meaning set forth in Section 1.1.

     2.17 “Employer” means the Sponsor and any Related Company that, pursuant to Section 8.2 and with the consent
of the Board, adopts the Plan. With respect to any individual, the term Employer means that
individual’s direct employer. Where used herein, the singular term “Employer” shall be deemed to
include the plural if applicable.

     2.18 “ERISA” means the Employee Retirement Income Security Act of 1974, as amended from time to time.
References to any section of ERISA shall be deemed to include similar sections of ERISA as
renumbered or amended.

     2.19 “Final Average Pay” means the average monthly amount determined by dividing the Member’s total Pay during the
thirty-six (36) consecutive calendar months immediately preceding the month of the Member’s
Termination of Employment, by thirty-six (36). Notwithstanding the foregoing, in the event that
the Member’s Employer withdraws from the Plan (as set forth in Section 8.2) prior to the date of
the Member’s Termination of Employment, “Final Average Pay” means the average monthly
amount determined by dividing the Member’s total Pay during the thirty-six (36) consecutive
calendar months immediately preceding the date that the Member’s Employer withdraws from the Plan,
by thirty-six (36). Notwithstanding

3

 

anything herein to the contrary, under no circumstances will the term Final Average Pay include
more than three (3) short term annual bonuses. In the event that more than three (3) short term
annual bonuses are paid to a Member during the thirty-six (36) consecutive calendar month period
immediately preceding the month of the Member’s Termination of Employment, only the final three (3)
short term annual bonuses paid will be counted for purposes of determining the Member’s Final
Average Pay.

     2.20 “Final Benefit Objective” has the meaning set forth in Section 5.3.

     2.21 “Indemnified Persons” has the meaning set forth in Section 7.9.

     2.22 “Joint and Survivor Annuity” means a monthly annuity payable for the life of the Member with a survivor annuity for the
life of the Member’s Beneficiary (if such Beneficiary survives beyond the date of the Member’s
death) that is fifty percent (50%) of the monthly amount payable to the Member during the joint
lifetimes of the Member and such Beneficiary. The Member may not change the Beneficiary under the
Joint and Survivor Annuity at any time after the Member elects the Joint and Survivor Annuity
pursuant to Section 5.5(b).

     2.23 “Member” has the meaning set forth in Section 3.1.

     2.24 “Months of Service” means, at any given time, a Member’s number of full months of employment with the Employer,
measured from the Member’s date of hire and each one month anniversary of the Member’s date of
hire.

     2.25 “Normal Retirement Date” means the date upon which the Member attains age sixty-two (62).

     2.26 “Offset” has the meaning set forth in Section 5.4.

     2.27 “Other Plan” or “Other Plans” has the meaning set forth in Section 5.4.

     2.28 “Pay” means, with respect to any period of time, the sum of the total annual base salary plus any
short term annual bonuses paid during the applicable period of time, whether such short term annual
bonuses are paid in the form of cash or in grants of restricted common stock of USEC Inc. under the
USEC Inc. Annual Incentive Program (which, under the USEC Inc. Annual Incentive Program, generally
vests one (1) year after the date of grant), without reduction for the amounts, if any, by which
the Member’s annual base salary is reduced during the applicable period of time by reason of a
salary reduction election under:

          (a) any other nonqualified deferred compensation plan,

          (b) any plan under Code Section 401(k), or

          (c) any cafeteria plan described in Code Section 125

that the Employer may elect to maintain. Except as otherwise provided in this Section, Pay shall
not include any reimbursed expenses, cash or benefits (including benefits paid under any deferred
compensation plan) or any additional cash compensation or compensation payable in a medium other
than cash. Pay shall not include any amount of cash or equity paid or granted as

4

 

part of any long term incentive plan or program that USEC Inc. in its sole discretion may elect to
maintain from time to time.

     2.29 “Plan” means the USEC Inc. 2006 Supplemental Executive Retirement Plan, as set forth herein and as
may be amended from time to time.

     2.30 “Plan Year” means the calendar year.

     2.31 “Primary Social Security Benefit” means the Actuarial Equivalent of Member’s primary benefit payable monthly under the Social
Security Act, as amended, determined on the date the member attains age 62.

     2.32 “Qualified Plan” means the Employees’ Retirement Plan of USEC Inc., as amended from time to time and any
successor thereto that is a defined benefit pension plan.

     2.33 “Related Company” means any corporation or entity that is a member of a controlled group of corporations that
includes the Sponsor (as determined under Code Section 414(b)) or that would be considered a single
employer with the Sponsor (as determined under Code Section 414(c)).

     2.34 “Restoration Plan” means the USEC Inc. Pension Restoration Plan, as amended from time to time.

     2.35 “Retirement Benefit” has the meaning set forth in Section 5.5.

     2.36 “Section 409A”

means Code Section 409A together with any and all regulations, rulings and other applicable
guidance issued under Code Section 409A.

     2.37 “Section 409A Penalties” has the meaning set forth in Section 1.3.

     2.38 “Specified Employee” means any person described in Section 409A(a)(2)(B)(i) of the Code and Treasury Regulation
Section 1.409A-1(i) as determined from time to time by the Committee in its discretion.

     2.39 “Single Life Annuity” means an annuity providing equal monthly payments for the lifetime of the Member with no
survivor benefits.

     2.40 “Sponsor” means USEC Inc., a Delaware corporation, or any successor entity by merger, consolidation,
purchase or otherwise, unless such successor entity elects not to adopt the Plan.

     2.41 “Termination of Employment” means and shall be interpreted in a manner consistent with the definition of “separation from
service” within the meaning of Section 409A(a)(2)(A)(i) of the Code and Treasury Regulation Section
1.409A-1(h). The term “Termination of Employment” shall also include a termination by reason of
death. The Committee retains the right and discretion to specify, and may specify, whether a
Termination of Employment occurs for individuals providing services to the Company immediately
prior to an asset purchase transaction in which the Company or a Related Company is the seller who
provide services to a buyer after and in connection with such asset purchase transaction;

5

 

provided, such specification is made in accordance with the requirements of Treasury Regulation
Section 1.409A-1(h)(4). The transfer of a Member’s employment from the Employer to a Related
Company or from one Related Company to another Related Company shall not constitute a Termination
of Employment.

     2.42 “Year of Service” means twelve (12) Months of Service.

ARTICLE III

MEMBERSHIP

     3.1 Membership. The Members shall be those key management employees, officers or highly compensated employees of the Employer selected on an individual basis from time to time in the sole discretion of the Compensation Committee, based on such criteria as the Compensation Committee deems appropriate, as Members eligible to participate in the Plan. Members shall be listed on Schedule A.

     3.2 Commencement of Membership. Each individual designated a Member will become a Member hereunder on the date specified in the
designation or, if none, the date as of which such individual is so designated.

     3.3 Resumption of Membership. If a Member ceases to be a Member for any reason, the individual shall resume active membership
hereunder as a Member on the date as of which such individual is re-designated as a Member pursuant
to Section 3.1.

     3.4 Cessation of Membership Following a Change in Status.

     (a) Notwithstanding anything herein to the contrary, if a former Member continues in the employ of the Employer or a Related Company but ceases to be a Member, such individual’s Final Average Pay shall not include any Pay after such individual ceases to be a Member.

     (b) Subject to the foregoing provisions of this Section, an individual shall continue to be a Member in the Plan until the Member’s entire Accrued Benefit has been distributed or forfeited in accordance with the provisions of Article V.

     3.5 Conditions of Membership. As a condition precedent to membership in this Plan and ongoing condition to accruing and
receiving benefits under the Plan, each Member must execute (and not subsequently rescind) a written agreement with the Employer (i) agreeing to comply with the provisions, conditions and restrictions of this Section and (ii) acknowledging that any failure to comply with the provisions, conditions and restrictions of this Section, in the sole discretion of the Committee, will result in the forfeiture and repayment of all of the Member’s benefits under the Plan as set forth in Section 5.7
(b) whether or not such benefits are vested pursuant to the provisions of Article IV.
The Employer may require the Member to execute an updated agreement from time to time. The
provisions, conditions and restrictions of this Section are as follows:

     (a) Confidentiality. The Member expressly acknowledges and agrees
that by virtue of his or her employment with the Employer, the Member will have access to and will use in the course of the Member’s duties certain materials, including, but not limited

6

 

to, information, data and other materials relating to customers, development programs, costs, marketing, trading, investment, sales activities, promotion, credit and financial data, manufacturing processes, financing methods, plans or the business and affairs of the
Employer and its affiliates (“Confidential Information”) and that Confidential Information constitutes trade secrets and confidential and proprietary business information
of the Employer, all of which is the exclusive property of the Employer. Accordingly, the
Member will not at any time during or after the Member’s employment with the Employer
disclose or use for the Member’s own benefit or purposes or the benefit or purposes of any
other person, firm, partnership, joint venture, association, corporation or other business
organization, entity or enterprise other than the Employer and any of its affiliates, any
Confidential Information, provided that the foregoing shall not apply to information that is
not unique to the Employer or any of its affiliates or that is generally known to the
industry or public other than as a result of the Member’s breach of this covenant. The
Member agrees that upon termination of employment with the Employer for any reason, the
Member will immediately return to the Employer all Confidential Information and all
memoranda, books, papers, plans, information, letters and other data, and all copies thereof
or therefrom, which in any way relate to the business of the Employer and its affiliates,
except that the Member may retain personal notes, notebooks and diaries. The Member further
agrees that the Member will not retain or use for the Member’s account or for any other
person or entity at any time any trade names, trademark or other proprietary business
designation used or owned in connection with the business of the Employer or any of its
affiliates.

     (b) Non-Solicitation and Non-Competition. The Member expressly agrees that the
Member shall not, at any time during the period of Membership under the Plan and for a
period of two (2) years thereafter, (a) engage or become interested as an owner (other than
as an owner of less than five percent (5%) of the stock of a publicly owned company),
stockholder, partner, director, officer, employee (in an executive capacity), consultant or
otherwise in any business that is competitive with any business conducted by the Employer or
any of its affiliated companies during the period of Membership under the Plan or as of the
date of the Member’s Termination of Employment, as applicable or (b) recruit, solicit for
employment, hire or engage any employee or consultant of the Employer or any person who was
an employee or consultant of the Employer within two (2) years prior to the Member’s date of
Termination of Employment.

     (c) The Member acknowledges and agrees that these provisions are necessary for the
Employer’s protection and are not unreasonable, because the Member would be able to obtain
employment with companies whose businesses are not competitive with those of the Employer
and its affiliated companies and would be able to recruit and hire personnel other than
employees of the Employer. The duration and the scope of these restrictions on the Member’s
activities are divisible, so that if any provision of this Section is held or deemed to be
invalid, that provision shall be automatically modified to the extent necessary to make it
valid.

7

 

ARTICLE IV

VESTING

     4.1 Generally. Unless otherwise provided when designated a Member and explicitly set forth in Schedule
B hereto, a Member’s vesting in the Member’s Accrued Benefit shall be determined under this
Article.

     4.2 Vesting. Each Member’s Accrued Benefit shall be 100% vested upon the Member’s attaining five (5) Years of
Service.

     4.3 Unvested Accrued Benefit Forfeited. No Months of Service or Years of Service shall be credited after the earlier of (a) a Member’s Termination of Employment, (b) the date an individual ceases to be a Member, (c) the date that the Member’s Employer withdraws from the Plan (as set forth in Section 8.2) or (d) the date of a
Member’s violation of the conditions to Membership set forth in Section 3.5 and any portion of the Member’s Accrued Benefit that is then unvested shall be forfeited.

     4.4 Accelerated Vesting. Notwithstanding the provisions of Section 4.2, 4.3 or any other provision herein to the
contrary, a Member’s Accrued Benefit shall be 100% vested upon the occurrence of one of the
following:

     (a) On Change in Control. In the event that a Member has an employment agreement or change in control agreement with the Employer and the Member’s Termination of Employment is under circumstances entitling him or her to severance benefits that would not
otherwise be payable absent a change in control as defined in such agreement, the Member’s Accrued Benefit shall be 100% vested.

     (b) On Death or Disability. In the event that a Member’s Termination of Employment is due to the Member’s death or Disability, the Member’s Accrued Benefit shall be 100% vested.

ARTICLE V

DETERMINATION, DISTRIBUTION AND FORFEITURE OF ACCRUED BENEFIT

     5.1 Generally. Unless explicitly set forth in Schedule B at the time an individual becomes a Member, a Member’s Accrued Benefit and Final Benefit Objective under the Plan and the time and form of payment of the Member’s Accrued Benefit shall be determined under this Article.

     5.2 Accrued Benefit. A Member’s “Accrued Benefit” as of the Member’s Benefit Commencement Date means the
Member’s Final Benefit Objective (as defined in Section 5.3 below) as of that date reduced by the Actuarial Equivalent (determined as of the applicable Benefit Commencement Date using the factors
specified in Section 2.2 except that the interest rate shall be six percent (6%)) of the Member’s
Offset (such Offset determined in the first instance as of the Member’s Normal Retirement Date as
described in Section 5.4 below) as of that date.

     5.3 Final Benefit Objective. A Member’s “Final Benefit Objective” is determined in accordance with this Section 5.3.

8

 

     (a) On or After Normal Retirement Date. For purposes of determining the amount
of a Member’s Retirement Benefit payable on a Benefit Commencement Date that is on or after
the Member’s Normal Retirement Date, a Member’s Final Benefit Objective shall accrue at the
rate of five twenty-fourths of one percent (5/24ths of 1%) of Final Average Pay per Month of
Service, up to a maximum of 240 Months of Service.

     (b) Before Normal Retirement Date. For purposes of determining the amount of
a Member’s Retirement Benefit payable on a Member’s Benefit Commencement Date where the
Member’s Termination of Employment is prior to the Member’s Normal Retirement Date, a
Member’s Final Benefit Objective is first determined under subparagraph (a) above, then
subsequently reduced by one-half of one percent (0.5%) for each full month that the Member’s
Benefit Commencement Date precedes the Member’s Normal Retirement Date.

     For example, assume that a Member is exactly fifty-eight (58) years old and has exactly
ten (10) Years of Service at the time he or she incurs a Termination of Employment. The
Member’s Final Benefit Objective is twenty-five percent (25%) under subsection (a) above
(which would be the Member’s Final Benefit Objective if the Member’s Termination of
Employment had been on or after his or her Normal Retirement Date). Because the Member’s
Benefit Commencement Date precedes his or her Normal Retirement Date (age sixty-two (62)) by
exactly four (4) years, the Member’s Final Benefit Objective is reduced by twenty-four
percent (24%) (48 months x 0.5% reduction per month). Thus, the Final Benefit Objective for
this Member is nineteen percent (19%) (25% x 24% = 6% reduction), which would then be used
with Sections 5.2 and 5.4 to determine the Member’s Accrued Benefit that is payable as of
his or her Benefit Commencement Date (which in this case would be the first of the month
coincident with or after the Member’s Termination of Employment).

     (c) Freeze of Final Benefit Objective. A Member’s Final Benefit Objective
determined under subparagraphs (a) and (b) above shall not increase after the earliest of
(i) the date of a Member’s Termination of Employment or (ii) the date that the Member’s
Employer withdraws from the Plan (as set forth in Section 8.2).

     (d) Change in Control. Notwithstanding the provisions of subparagraphs (a),
(b) or (c) above, in the event that a Member has an employment agreement or change in
control agreement with the Employer and the Member’s Termination of Employment occurs under
circumstances entitling him or her to severance benefits that would not otherwise be payable
absent a change in control as defined in such agreement, the Member’s Final Benefit
Objective shall be no less than ten percent (10%) of Final Average Pay.

     (e) Death or Disability. Notwithstanding the provisions of subparagraphs (a),
(b) or (c) above, in the event that a Member’s Termination of Employment is due to the
Member’s death or Disability, the Member’s Final Benefit Objective shall be no less than ten
percent (10%) of Final Average Pay.

     5.4 Offset. A Member’s Final Benefit Objective otherwise payable shall be reduced as of the Member’s Normal
Retirement Date as described in this Section 5.4, with the aggregate

9

 

amount of the reduction under this Section as of the Member’s Normal Retirement Date referred to
herein as the Member’s “Offset”. First, the total amount payable under each of the:

          (a) Qualified Plan,

          (b) Restoration Plan, and

          (c) Primary Social Security Benefit,

(each, an “Other Plan” and collectively referred to herein as the “Other Plans”)
shall be determined as of the Member’s full benefit at retirement age under the applicable Other
Plan. Second, such total amount payable under each of the Other Plans shall be converted
(separately for each Other Plan) into the Single Life Annuity commencing on the Member’s Normal
Retirement Date that is the Actuarial Equivalent (using the factors specified in Section 2.2 except
that the interest rate shall be six percent (6%)) of such total amount payable. The aggregate
monthly amount payable to the Member under each such Single Life Annuity commencing at the Member’s
Normal Retirement Date shall be the Member’s Offset as of his or her Normal Retirement Date.

     5.5 Retirement Benefit. A Member whose Accrued Benefit is 100% vested and who has a Termination of Employment other than
on account of death shall be entitled to a benefit under the Plan (the “Retirement
Benefit”), payable on the Member’s Benefit Commencement Date in the form provided in this
Section 5.5.

     (a) Lump Sum. If the Member so elects no later than December 31, 2007 or
within the first thirty (30) days after the date such individual initially becomes a Member
in accordance with Section 3.2 (or at such other time that the Administrative Committee may
determine such election could be made without resulting in amounts deferred under the Plan
becoming subject to the Section 409A Penalties) or if no such election is made by the
Member, the Retirement Benefit will be paid in the form of a single lump sum that, as of the
Member’s Benefit Commencement Date, is the Actuarial Equivalent of a Single Life Annuity
with a monthly payment equal to the Member’s vested Accrued Benefit as of the Benefit
Commencement Date.

     (b) Annuity. If the Member so elects no later than December 31, 2007 or within
the first thirty (30) days after the date such individual initially becomes a Member in
accordance with Section 3.2 (or at such other time that the Administrative Committee may
determine such election could be made without resulting in amounts deferred under the Plan
becoming subject to the Section 409A Penalties), the Retirement Benefit will be paid in the
form of a series of substantially equal periodic payments, payable monthly, for the life of
the Member and, if applicable, the Member’s Beneficiary (an “Annuity”). Monthly
payments under such Annuity may be, as elected by the Member, (i) the monthly amount payable
under a Single Life Annuity with a monthly payment equal to the Member’s vested Accrued
Benefit as of the Benefit Commencement Date or (ii) the monthly payment under the Joint and
Survivor Annuity that is the Actuarial Equivalent (determined using the factors provided in
Section 2.2) of the monthly payment under the Single Life Annuity. The election as to
payment under the Single Life Annuity or Joint and Survivor Annuity shall be made by the
Member at such time prior to the Benefit Commencement Date and manner as may be required by
the Administrative Committee.

10

 

Notwithstanding the foregoing, no election made in 2007 after the first thirty (30) days after an
individual becomes a Member may result in acceleration of payments into 2007 that would otherwise
have been made in a later year, or result in postponing payments that would otherwise have been
made in 2007 into a later year.

Notwithstanding any other provision of this Plan, benefits to be paid pursuant to this Plan based
upon a Member’s Termination of Employment (other than by reason of death) at a time when the
Committee has determined that such Member is a Specified Employee shall not be paid (or commence)
before the date which is six (6) months and one day after the Member’s Termination of Employment
(the “Six Month Delay”). All payments delayed pursuant to this Section shall be aggregated into
one lump sum payment and shall be paid without interest as of the first day of the seventh month
after such Member’s Termination of Employment.

     5.6 Lump Sum Death Benefit. Where a Member whose Accrued Benefit is 100% vested and who has not otherwise commenced to
receive any other benefits under the Plan has a Termination of Employment due to the Member’s
death, the Member’s Beneficiary shall be entitled to a benefit under the Plan (the “Death
Benefit”), payable on the Member’s Benefit Commencement Date. The amount of the Death Benefit
is equal to a single lump sum that is the Actuarial Equivalent of the Member’s Retirement Benefit
that would have been payable to the Member under Section 5.5(a) had the Member experienced a
Termination of Employment other than for death on the date of the Member’s death.

     5.7 Forfeiture of Accrued Benefit. Notwithstanding any other provision of the Plan to the contrary, the Member’s entire Accrued
Benefit (whether or not then vested) will be forfeited and not paid to the Member under the
circumstances set forth in this Section 5.7.

     (a) Termination for Cause. Notwithstanding any other provision of the Plan to the contrary, the Member’s entire Accrued Benefit (whether or not then vested) will be
forfeited and not paid to the Member if the Member incurs a Termination of Employment by the
Employer for Cause.

     (b) Violation of Conditions of Membership. Notwithstanding any other provision of the Plan to the contrary, in the event that the Administrative Committee or its delegate, in its sole and absolute discretion, has determined that a Member or former Member has
violated any of the restrictive covenants set forth in Section 3.5:

     (i) To the extent not then already distributed, the individual’s entire Accrued Benefit (whether or not then vested) will be forfeited and not distributed in accordance with any other provision of this Plan, and

     (ii) To the extent then already distributed, the gross amount of any and all amounts received by the individual under the Plan will be forfeited and the individual will repay to the Employer an amount equal to such gross amount previously received plus interest. The amount of interest payable to the Employer shall be calculated based upon the rate of interest set forth in the definition of
Actuarial Equivalent from the date (or dates) such amounts were originally paid to
the individual until the date such amounts were repaid to the Employer.

11

 

     (c) Recovery of Costs and Fees. If a Member becomes subject to the provisions
of Section 5.7(b) and if enforcement of such provisions requires the Employer to engage in
legal action and if the Employer prevails in such action, then the Employer shall be
entitled to recover applicable costs and attorney fees associated with such action from the
Member or former Member.

     5.8 Facility of Payment. If at any time any distributee is, in the sole judgment and discretion of the Committee or its
delegate, legally, physically, or mentally incapable of receiving the distribution payable to such
distributee, the distribution may be paid to the guardian or legal representative of the
distributee, or, if none exists, to any other person or institution that, in the Committee or its
delegate’s sole judgment and discretion, will apply the distribution in the best interests of the
intended distributee. Any payment made in accordance with the provisions of this Section shall be
a complete discharge of any liability of the Employer for the making of such payment under the
provisions of the Plan.

     5.9 Designation or Change of Beneficiary. Each Member shall designate one or more Beneficiaries and contingent Beneficiaries by filing a properly completed Beneficiary designation form with the Committee or its delegate. A Member may
revoke or modify a Beneficiary designation in accordance with such rules and procedures established
by the Committee or its delegate. The consent of the Member’s current Beneficiary shall not be
required for a change of Beneficiary, and no Beneficiary shall have any rights under this Plan
except as provided by such designation form. The rights of a Beneficiary who predeceases the
Member shall immediately terminate upon the Beneficiary’s death. If a Member has not filed a valid
Beneficiary designation (or if each of the Member’s Beneficiaries and contingent Beneficiaries
predecease the Member), the Death Benefit with respect to the Member will be distributed to such
Member’s surviving spouse if the Member is married on such Member’s date of death or to the
Member’s estate if the Member is not married on the date of death. If a Beneficiary survives the
Member but dies before distribution of the amounts to which such Beneficiary is entitled, the
benefits will be paid to the contingent Beneficiaries designated in the Member’s Beneficiary
designation form and if the Member has not designated any contingent Beneficiaries, such benefits
will be distributed to the Beneficiary’s estate.

     5.10 Limited Cashout. Notwithstanding the foregoing, if the lump sum actuarial equivalent of any benefits payable (or
remaining payable) is $10,000 or less, when the amount of the lump sum is aggregated with any
limited cashout from any other applicable nonaccount balance deferred compensation plan of the
Company or any Related Company covering the Member, the Committee may direct the immediate payment
of such benefits due a Member, spouse, or Beneficiary under this Plan in the form of such lump sum
amount. The actuarial assumptions for computing the lump sum amount shall be the same actuarial
assumptions used to compute a lump sum amount under Section 5.5(a). The payment of the lump sum
shall be in full discharge of the Corporation’s obligations under this Plan to the Member, his
spouse, or Beneficiaries.

12

 

ARTICLE VI

AMENDMENT AND TERMINATION OF THE PLAN

     6.1 Sponsor’s Right to Amend or Terminate the Plan. The Sponsor may, in its sole discretion, at any time and from time to time amend in whole or
part, any of the provisions of the Plan or may terminate the Plan in whole, or with respect to any
Member or any group of Members; provided, however, that no such amendment or termination 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 the imposition of Section 409A Penalties.
Any such amendment shall be binding upon all Members and their Beneficiaries and all other parties
in interest. Any amendment or termination of the Plan shall be evidenced in writing filed with the
Plan documents maintained by the Sponsor.

     6.2 Restriction on Amendments. Except as otherwise required by law, no amendment may be made that reduces the amount of, or
adversely effects the vesting or amount of payment with respect to, a Member’s Accrued Benefit, if
any, determined as of the date of the amendment.

     6.3 Distribution upon Termination. Upon termination of the Plan, no further benefits shall accrue under the Plan. Payment of
vested Accrued Benefits hereunder shall continue to be governed by the terms of the Plan as in
effect on the date of termination, until distributed in accordance with the terms of the Plan.
Notwithstanding the foregoing, the Sponsor in its sole discretion may provide for the distribution
of all vested Accrued Benefits in the form of single lump sum payments as soon as practicable after
the termination of the Plan; provided, however that any such distribution shall be
permitted and effective only to the extent such would not result in amounts deferred under the Plan
becoming subject to the Section 409A Penalties.

ARTICLE VII

PLAN ADMINISTRATION

     7.1 Authority and Responsibility of the Sponsor. The Sponsor shall have overall responsibility for the establishment, amendment and termination
of the Plan.

     7.2 Composition and Responsibility of the Administrative Committee. Overall responsibility for the administration and operation of the Plan and for carrying out its
provisions is delegated to the Administrative Committee. To the extent appointed by the
Compensation Committee pursuant to Section 2.3, the members of the Administrative Committee shall
remain in office at the will of the Compensation Committee and the Compensation Committee may from
time to time remove any of said members with or without cause and shall appoint successors. Any
member of the Administrative Committee may resign by delivering such member’s written resignation
to the Compensation Committee and other members of the Administrative Committee, and such
resignation shall become effective upon the date specified therein but not earlier that the date
such written resignation is delivered. Any member of the Administrative Committee who is an
officer, director or employee of the Employer shall automatically cease to be a member of the
Administrative Committee on such member ceasing to be an officer, director or employee of the
Employer. In the event of any vacancy in membership, the remaining members shall constitute the
Administrative Committee with full power to act until said vacancy is filled.

13

 

     7.3 Powers of the Administrative Committee. In carrying out its duties, the Administrative Committee or its delegate shall have all powers
necessary and absolute discretion in the discharge of the duties conferred thereon by the Plan or
applicable law, including, without limitation, the following powers:

     (a) sole discretion and authority to control and manage the operation and
administration of the Plan;

     (b) authorize one or more of its members or an agent to execute or deliver any
instrument and make any payment on its behalf;

     (c) establish and modify the method of accounting for the Plan;

     (d) interpret and construe the provisions of the Plan, make findings of fact, correct
errors, supply omissions, and compute or have computed the amount of benefits that shall be
payable to any person in accordance with the provisions of the Plan;

     (e) establish and publish such rules and regulations for the administration of the Plan
as are not inconsistent with the terms thereof;

     (f) employ and suitably compensate clerical employees and such accountants, attorneys,
actuaries and other persons to render advice as it may deem necessary to the performance of
its duties;

     (g) hear, review and determine claims for benefits;

     (h) keep records of elections, claims, and disbursements for claims under the Plan;

     (i) correct errors and make equitable adjustments for mistakes made in the
administration of the Plan, specifically, and without limitation, to recover erroneous
overpayments made by the Plan to a Member or Beneficiary, in whatever manner the
Administrative Committee or its delegate deems appropriate, including suspensions or
recoupment of, or offsets against, future payments due that Member or Beneficiary; and

     (j) perform any other acts that are necessary for the proper and efficient
administration of the Plan.

     7.4 Administrative Committee Expenses. All reasonable expenses of the Administrative Committee or its delegate relating to its services under the Plan and all expenses of the Plan will be paid by the Employer.

     7.5 Information to be Supplied by Employer and Members; Notice. The Employer shall provide the Administrative Committee or its delegate with such data and
information as it shall from time to time need or reasonably request in the discharge of its
duties. Members shall furnish to the Administrative Committee such evidence, data or information
as the Administrative Committee may request. The Administrative Committee or its delegate may rely
conclusively on the information provided to it by the Employer or Member.

     Any notices required or permitted to be given hereunder shall be deemed given if directed to
such address and mailed by regular United States mail. Neither the Administrative Committee, its
delegate nor the Employer shall have any obligation or duty to locate a Member or Beneficiary. In
the event that a Member or Beneficiary becomes entitled to a payment under this Plan and such
payment is delayed or cannot be made for any reason, including because the current address
according to the Employer’s records is incorrect, the amount of such payment, if

14

 

and when made, shall be that determined under the provisions of this Plan without payment of
any interest or earnings.

     7.6 Claims Procedures. A claim for benefits under the Plan shall be handled as follows:

     (a) Filing a Claim. Each individual who claims to be eligible for benefits under this Plan (a “Claimant”) may submit a written claim for benefits (a “Claim”) to the Administrative Committee or its delegate where the individual believes a benefit has not been provided under the Plan to such individual to which such
individual is eligible. A Claim must be set forth in writing on a form provided or otherwise approved by the Administrative Committee or its delegate and must be submitted to the Administrative Committee or its delegate no later than six (6) months after the date on
which the Claimant or other individual claims to have been first entitled to such claimed
benefit.

     (b) Review of Claim. The Administrative Committee or its delegate shall evaluate each properly filed Claim and notify the Claimant of the approval or denial of the
Claim within ninety (90) days after the Administrative Committee or its delegate receives
the Claim, unless special circumstances require an extension of time for processing the
Claim. If an extension of time for processing the Claim is required, the Administrative
Committee or its delegate shall provide the Claimant with written notice of the extension
before the expiration of the initial ninety (90) day period, specifying the circumstances
requiring an extension and the date by which a final decision will be reached (which date
shall not be later than 180 days after the date on which the Administrative Committee or its
delegate received the claim).

     (c) Notice of Claim Denial. If a Claim is denied in whole or in part, the
Administrative Committee or its delegate shall provide the Claimant with a written notice
setting forth (i) the specific reasons for the denial, (ii) references to pertinent Plan
provisions upon which the denial is based, (iii) a description of any additional material or
information needed and an explanation of why such material or information is necessary, and
(iv) the Claimant’s right to seek review of the denial pursuant to subsection (d) below.

     (d) Review of Claim Denial. If a Claim is denied, in whole or in part, the
Claimant shall have the right to (i) request that the Administrative Committee or its
delegate review the denial, (ii) review pertinent documents, and (iii) submit issues and
comments in writing, provided that the claimant files a written request for review with the
Administrative Committee or its delegate within sixty (60) days after the date on which the
claimant received written notice from the Administrative Committee or its delegate of the
denial. Within sixty (60) days after the Administrative Committee or its delegate receives
a properly filed request for review, the Administrative Committee or its delegate shall
conduct such review and advise the Claimant in writing of its decision on review, unless
special circumstances require an extension of time for conducting the review. If an
extension of time for conducting the review is required, the Administrative Committee or its
delegate shall provide the Claimant with written notice of the extension before the
expiration of the initial sixty (60) day period, specifying the circumstances requiring an
extension and the date by which such review shall be completed (which date shall not be
later than 120 days after the date on which the Administrative Committee or its delegate
received the request for review). The Administrative Committee or its

15

 

delegate shall inform the Claimant of its decision on review in a written notice,
setting forth the specific reason(s) for the decision and reference to Plan provisions upon
which the decision is based. A decision on review shall be final and binding on all persons
for all purposes.

     (e) No Claimant or other individual may file any claim for benefits or request a review
of a denial of any claim unless such person follows the provisions and timeframes of this
Section. A Claimant or other individual shall not be entitled to bring any action in any
court unless such person has exhausted such person’s rights under this Section by timely
submitting a Claim and requesting a review of a decision with respect to such Claim.

     7.7 Determinations of the Administrative Committee. The determinations, interpretations, rules and decisions of the Administrative Committee or
its delegate shall be final, binding and conclusive on the Employer and upon each Member,
Beneficiary and each other person or party interested or concerned.

     7.8 Right to Settle Claims. The Sponsor may, at its own expense and in its sole discretion, settle any claim asserted or
proceeding brought against the Administrative Committee or its delegate.

     7.9 Indemnification. The Employer shall indemnify and hold harmless the Administrative Committee or its delegate
hereunder, and to the extent not otherwise provided, the Sponsor and each officer and employee of
the Sponsor to whom are delegated duties, responsibility and authority with respect to the Plan
(“Indemnified Persons”) against all claims, demands, suits, proceedings, losses, damages,
interest, penalties, expenses (specifically including, but not limited to, counsel fees, court
costs, and other reasonable expenses of litigation), and liability of every kind, including amounts
paid in settlement with the approval of the Sponsor, arising from any action or cause of action
related to the Indemnified Person’s act(s) or omission(s) pertaining to the Plan, to the extent
lawfully allowable and to the extent not paid for by liability insurance purchased or paid for by
the Sponsor, excepting only expenses and liabilities arising out of the Indemnified Person’s own
willful misconduct or gross negligence. The right of indemnification shall be in addition to any
other legal rights to which the Indemnified Person may be entitled. The liabilities and expenses
against which the Indemnified Person shall be indemnified hereunder by the Employer shall include,
without limitation, the amount of any settlement or judgment costs, legal counsel fees and related
charges reasonably incurred in connection with a claim asserted or a proceeding brought against the
Indemnified Person or settlement thereof.

ARTICLE VIII

MISCELLANEOUS

     8.1 Action of the Compensation Committee. All actions herein required to be taken by the Sponsor shall be taken by the Compensation
Committee or by such person or persons to whom the Compensation Committee has delegated authority.

     8.2 Adoption by a Related Company . Any Related Company, with the consent of the Sponsor and under such terms and conditions as the
Sponsor may prescribe, may, by written resolution of its own board of directors, adopt the Plan and
thereafter become an Employer hereunder. By its adoption of the Plan and participation therein,
each Employer agrees to be

16

 

bound by the terms of the Plan, as amended from time to time. Any such Employer may, by resolution
of its board of directors, withdraw from the Plan as of any date upon ninety (90) days advance
written notice to the Committee. If such an Employer shall cease to exist, it shall automatically
be withdrawn from participation in the Plan unless a successor organization adopts the Plan in
accordance with this Section.

     8.3 Establishment of Trust. All Accrued Benefits shall be maintained on the Employer’s books and records as a liability of
the Employer; provided, however, that the Employer shall be under no obligation to
segregate any assets for the payment of such liabilities. The Employer may for its convenience
create reserves, funds and/or establish a “rabbi trust” to hold assets and provide benefits under
the Plan; provided, however, that such trust shall not include any assets that are
outside the reach of the Employer’s general unsecured creditors. Payment of benefits that are
payable under the Plan may be made by the Employer, on behalf of the Employer by such a trust or
through a service or benefit provider to the Employer or such trust. To the extent any Plan
benefits are paid from such a trust or service or benefit provider, such benefits shall be treated
as paid by the Employer.

     8.4 Unfunded Obligation. The Employer’s obligation under this Plan shall be an unfunded and unsecured promise to pay
benefits when due and payable in accordance with the terms of this Plan. No Member, Beneficiary or
any other person shall have any right, title or interest whatsoever in or to, or any preferred
claim in or to, any specific assets of the Employer, including any assets that may be placed in
trust or otherwise used by the Employer to aid in the payment of benefits described in the Plan.
To the extent that any person acquires a right to receive benefits under this Plan, such rights
shall be no greater than the right of any unsecured general creditor of the Employer. Nothing
contained in this Plan shall be deemed to create a trust of any kind for the benefit of the Members
or create any fiduciary relationship between the Employer and the Members or their Beneficiaries.

     8.5 Taxes. The Employer shall make provision for the reporting and withholding of any federal, state or
local income and payroll taxes that may be reasonably estimated by the Employer as required to be
withheld from the benefits payable pursuant to the terms of the Plan or from other compensation
payable to the Member by the Employer and shall pay amounts withheld to the appropriate taxing
authorities.

     8.6 No Employment Guarantee. Neither the establishment of the Plan, any modification thereof, the creation of any fund or
account, nor the payment of any benefits under the Plan shall be construed as giving to any Member
or other person any legal or equitable right against the Compensation Committee, Administrative
Committee or any delegate thereof hereunder, or the Employer except as provided herein. Under no
circumstances shall the maintenance of this Plan constitute a contract of employment or shall the
terms of employment of any Member be modified in any way or affected hereby. Accordingly,
membership in the Plan shall not give any Member a right to be retained in the employ of the
Employer nor shall it derogate from the rights of the Employer to discharge any Member at any time
without regard to the effect of such discharge upon such individual’s rights as a Member in the
Plan.

     8.7 No Rights Under Plan Except as Set Forth Herein. Nothing in this Plan, express or implied, is intended, or shall be construed, to confer upon or
give any person, firm, association, or corporation, other than the parties hereto and their
successors in interest, any

17

 

right, remedy, or claim under or by reason of this Plan or any covenant, condition, or stipulation
hereof, and all covenants, conditions and stipulations in this Plan, by or on behalf of any party,
are for the sole and exclusive benefit of the parties hereto.

     8.8 Benefits Under Plan Not Taken into Account for Other Benefits . Benefits payable to any person under the Plan shall not be taken into account in computing the
amount of salary or compensation of the person for purposes of determining any pension, retirement,
death, or other benefit under (a) any pension, retirement, profit-sharing, bonus, insurance or
other employee benefit plan of the Employer, except as such other plan shall otherwise expressly
provide, or (b) any agreement between the Employer and the person, except as such agreement shall
otherwise expressly provide.

     8.9 Acceleration of Payments for Tax Obligations. The time or schedule of any payment under this Plan may be accelerated with respect to any
Participant at any time to the extent necessary for the payment of any state, local, federal or
foreign taxes imposed or required to be withheld in respect of any accrued benefit under the Plan
as determined by the Committee in its sole discretion. Any payment made pursuant to this Section
shall not exceed in amount the minimum statutory tax withholding or income inclusion obligation and
shall be made in accordance with Treasury Regulation Sections 1.409A-3(j)(4)(vi) and (vii).

     8.10 Nonalienability. Except as otherwise provided herein, the benefits provided under the Plan shall not be subject
to alienation, assignment, garnishment, attachment, execution or levy of any kind, either voluntary
or involuntary, and any attempt to cause such benefits to be subjected shall be void, except to the
extent as may be required by applicable law.

     8.11 Entire Agreement. This Plan forms the entire agreement among the Employer and its employees with respect to the
subject matter contained in this Plan and, except as otherwise provided herein, shall supersede all
prior agreements, promises, understandings and representations regarding the benefits described
herein, whether in writing or otherwise.

     8.12 Gender and Number. Except when the context indicates to the contrary, when used herein, masculine terms shall be
deemed to include the feminine and neuter, and the feminine or neuter the masculine, and terms in
the singular shall be deemed to include the plural, and the plural the singular.

     8.13 Headings. The headings used in the Plan are for convenience only, shall not constitute a part of the Plan,
and shall not be deemed to limit, characterize, or affect in any way any provisions of the Plan.
All provisions of the Plan shall be construed as if no captions had been used in the Plan.

     8.14 Governing Law. The Plan shall be construed and enforced according to the laws of the State of Delaware, to the
extent not preempted by federal law.

18

 

     8.15 Severability. If any provision of this Plan shall be held invalid or unenforceable, such invalidity or
unenforceability shall not affect any other provisions hereof and the Plan shall be construed and
enforced as if such provisions had not been included herein.

     IN WITNESS WHEREOF, the Sponsor has caused this document to be executed this 1st day of
November, 2007.

     

	 	 	 	 	 
	 	 	 
	 	USEC Inc.
 	 
	 	 	 
	 	By:  	 W. Lance Wright
 	 
	 	 	 	 
	 	Its:  	SVP, Human Resources & Administration
 	 
	 	 	 	 
	 

19

 

Schedule A

As provided in Section 3.1, the Members shall be those key management employees, officers or highly
compensated employees of the Employer selected on an individual basis from time to time in the sole
discretion of the Compensation Committee, based on such criteria as the Compensation Committee
deems appropriate, as Members eligible to participate in the Plan. Effective April 24, 2006,
Members in the Plan are:

John K. Welch (See Schedule B)

Robert Van Namen

Timothy B. Hansen

W. Lance Wright

A-1

 

Schedule B

As permitted under Sections 2.6 and 5.1, the following provisions shall be substituted for the
otherwise applicable provisions of the Plan.

For John K. Welch:

1. Section 2.6. “Benefit Commencement Date” with respect to Mr. Welch, except in
the case of death or certain Disabilities, the first of the month coincident with or next following
the later of (i) the date on which Mr. Welch attains age sixty (60) or (ii) the date that Mr. Welch
incurs a Termination of Employment. The Benefit Commencement Date in the case of a Disability that
qualifies as a disability under Section 409A shall be the first day of the month coincident to or
next following the determination of Disability. Subject to the following sentence, payments will
be made or commence no later than ninety (90) days after the Member’s Benefit Commencement Date.
Payment of benefits to Specified Employees will be subject to the Six Month Delay described in
Section 5.5.

2. Section 5.3(a). On or After Normal Retirement Date. For purposes of
determining the amount of a Mr. Welch’s Retirement Benefit payable on a Benefit Commencement Date
that is on or after his Normal Retirement Date, Mr. Welch’s Final Benefit Objective is determined
under the following schedule, without interpolation:

	 	 	 
	Years of Service	 	Final Benefit Objective
	Less than 5
	 	0%
	At least 5 but less than 7
	 	30% of Final Average Pay
	At least 7 but less than 10
	 	40% of Final Average Pay
	10 or more
	 	50% of Final Average Pay

3. Section 5.3(b). Before Normal Retirement Date. For purposes of determining the
amount of Mr. Welch’s Retirement Benefit payable on his Benefit Commencement Date where his
Termination of Employment is prior to his Normal Retirement Date, Mr. Welch’s Final Benefit
Objective is first determined under subparagraph (a) above, then subsequently reduced by
one-quarter of one percent (0.25%) for each full month that his Benefit Commencement Date precedes
his Normal Retirement Date.

4. Section 5.3(d). Change in Control. Notwithstanding the provisions of
subparagraphs (a), (b) or (c) above, in the event that Mr. Welch’s Termination of Employment occurs
under circumstances entitling him or her to severance benefits that would not otherwise be payable
absent a change in control as defined in his change in control agreement, Mr. Welch’s Final Benefit
Objective shall be no less than twenty percent (20%) of Final Average Pay.

5. Section 5.3(e). Death or Disability. Notwithstanding the provisions of
subparagraphs (a), (b) or (c) above, in the event that Mr. Welch’s Termination of Employment is due
to his death or Disability, Mr. Welch’s Final Benefit Objective shall be no less than twenty
percent (20%) of Final Average Pay.

B-1exv10w67

 

EXHIBIT 10.67

USEC Inc.

Executive Deferred Compensation Plan

 

 

USEC INC. EXECUTIVE DEFERRED COMPENSATION PLAN

     USEC Inc., a Delaware corporation (the “Company”), on behalf of itself and its participating
affiliates, hereby establishes this Executive Deferred Compensation Plan (the “Plan”), effective
January 1, 2008 (the “Effective Date”), for the purpose of attracting high quality executives and
promoting in them increased efficiency and an interest in the successful operation of the Company.
The Plan is intended to, and shall be interpreted to, comply in all respects with Code Section 409A
and those provisions of ERISA (as defined below) applicable to an unfunded plan maintained
primarily to provide deferred compensation benefits for a select group of “management or highly
compensated employees.”

     The Plan is intended to amend, restate and supersede in its entirety the USEC Inc. 401(k)
Restoration Plan, originally effective January 1, 2000 (the “Prior Plan”) which has been operated
in good faith compliance with Code Section 409A since January 1, 2005, as required by applicable
transition rules. All existing account balances under the Prior Plan (whether or not potentially
grandfathered under Code Section 409A) shall be rolled into this Plan and shall be subject to all
of the terms of this Plan and Code Section 409A. Participants in the Prior Plan shall
automatically become Participants in this Plan as of the Effective Date and shall make new
distribution elections pursuant to the terms of this Plan in compliance with Code Section 409A
transition rules.

ARTICLE I

DEFINITIONS

     1.1 “Account” or “Accounts” shall mean the bookkeeping account or accounts established under
this Plan pursuant to Article 4.

     1.2 “Base Salary” shall mean a Participant’s annual base salary, excluding incentive and
discretionary bonuses, commissions, reimbursements and other non-regular remuneration, received
from the Employer prior to reduction for any salary deferrals under benefit plans sponsored by the
Employer, including but not limited to, plans established pursuant to Code Section 125 or qualified
pursuant to Code Section 401(k).

     1.3 “Beneficiary” or “Beneficiaries” shall mean the person, persons or entity designated as
such pursuant to Article 7.

     1.4 “Board” shall mean the Board of Directors of Company.

     1.5 “Bonus(es)” shall mean cash amounts paid to the Participant by the Employer annually in
the form of discretionary annual bonuses, or any other amounts designated by the Committee as
available for deferral under this Plan, before reductions for contributions to or deferrals under
any pension, deferred compensation or benefit plans sponsored by the Employer.

     1.6 “Change in Control” shall mean the following, and shall be deemed to have occurred if any of
the following events shall have occurred:

 

 

USEC INC. EXECUTIVE DEFERRED COMPENSATION PLAN

          (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 of Directors 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 of Directors before the date of the appointment;

          (c) there is consummated a merger or consolidation of the Company or any direct or indirect
subsidiary of the Company with any other corporation, resulting in a change described in (a), (b),
(d) or (e) of this definition, other than (i) 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 (ii) 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);

          (d) a complete liquidation of the Company involving the sale to any Person or 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; or

          (e) the sale or disposition by the Company to any Person or group of all or substantially all
of the Company’s assets, but in no event less than forty percent (40%) of the total gross fair
market value of all of the assets of the Company immediately before such sale or disposition (or
any transaction having a similar effect), other than a sale or disposition by the Company of all or
substantially all of the Company’s assets to an entity, at least sixty percent (60%) of the total
voting power of the voting securities of which is owned by shareholders of the Company in
substantially the same proportions as their ownership of the Company immediately prior to such
sale.

Notwithstanding the foregoing, no event shall constitute a Change of Control for purposes of this
Plan if it is not “a change in the ownership or effective control of the corporation, or in the
ownership of a substantial portion of the assets of the corporation” within the meaning of Code
Section 409A.

2

 

USEC INC. EXECUTIVE DEFERRED COMPENSATION PLAN

     1.7 “Code” shall mean the Internal Revenue Code of 1986, as amended, as interpreted by
Treasury regulations and applicable authorities promulgated thereunder.

     1.8 “Committee” shall mean the person or persons appointed by the Board to administer the Plan
in accordance with Article 8.

     1.9 “Company Contributions” shall mean the contributions made by the Employer pursuant to
Section 3.2.

     1.10 “Company Contribution Account” shall mean the Account maintained for the benefit of the
Participant which is credited with Company Contributions pursuant to Section 4.2.

     1.11 “Compensation” shall mean all amounts eligible for deferral for a particular Plan Year
under Section 3.1(a).

     1.12 “Crediting Rate” shall mean the notional gains and losses credited on the Participant’s
Account balance which are based on the Participant’s choice among the investment alternatives made
available by the Committee pursuant to Section 3.3 of the Plan.

     1.13 “Deferral Account” shall mean the Accounts maintained for each Participant which are
credited with Participant deferrals pursuant to Section 4.1.

     1.14 “Disability” shall mean either (i) a medically determinable physical or mental impairment
of the Participant that can be expected to result in death or can be expected to last for a
continuous period of at least twelve (12) months that would qualify as a disability under the
Employer’s then current long-term disability plan; provided the Participant has been receiving
income replacement benefits under such an accident and health plan maintained by the Employer for
no less than three (3) months, or (ii) any other definition of “disability” that satisfies the
requirements of Code Section 409A(a)(2)(C) and Treasury Regulation Section 1.409A-3(i)(4), if such
other definition results in an earlier determination of disability. The Committee may require that
the Participant submit evidence of such qualification for disability benefits in order to determine
that the Participant is disabled under this Plan.

     1.15 “Distributable Amount” shall mean the vested balance in the applicable Account as
determined under Article 4.

     1.16 “Eligible Employee” shall mean a highly compensated or management level employee of the
Company, or a Participating Affiliate, selected by the Committee to be eligible to participate in
the Plan.

     1.17 “Employer” shall mean the Company or Participating Affiliate which is the legal employer
of the Participant.

     1.18 “ERISA” shall mean the Employee Retirement Income Security Act of 1974, as amended,
including Department of Labor and Treasury regulations and applicable authorities promulgated
thereunder.

3

 

 USEC INC. EXECUTIVE DEFERRED COMPENSATION PLAN

     1.19 “Financial Hardship” shall mean a severe financial hardship to the Participant resulting
from an illness or accident of the Participant, the Participant’s spouse, a dependent (as defined
in Code Section 152(a)), or a Beneficiary of the Participant, loss of the Participant’s property
due to casualty, or other similar extraordinary and unforeseeable circumstances arising as a result
of events beyond the control of the Participant, (but shall in all events correspond to the meaning
of the term “unforseeable emergency” under Code Section 409A).

     1.20 “Fund” or “Funds” shall mean one or more of the investment funds selected by the
Committee pursuant to Section 3.3 of the Plan.

     1.21 “Hardship Distribution” shall mean an accelerated distribution of benefits or a reduction
or cessation of current deferrals pursuant to Section 6.5 to a Participant who has suffered a
Financial Hardship.

     1.22 “Participant” shall mean any Eligible Employee who becomes a Participant in this Plan in
accordance with Article 2.

     1.23 “Participant Election(s)” shall mean the forms or procedures by which a Participant makes
elections with respect to (1) voluntary deferrals of his/her Compensation, (2) the investment Funds
which shall act as the basis for crediting of interest on Account balances, and (3) the form and
timing of distributions from Accounts. Participant Elections may take the form of an electronic
communication followed by appropriate confirmation according to specifications established by the
Committee.

     1.24 “Participating Affiliate(s)” shall mean NAC International, United States Enrichment
Corporation and such other majority owned subsidiaries of the Company as the Committee may
authorize to participate in the Plan. In order to become a Participating Affiliate, such entity
shall deliver to the Committee a corporate resolution evidencing adoption of the Plan by the Board
of Directors of the Participating Affiliate. Each Participating Affiliate, by adopting the Plan
agrees to comply with any requirements of the Committee with respect to administration of the plan,
and authorizes the Committee and/or the Company to act as its agent in all transactions in which
the Committee believes such agency will facilitate administration of the Plan, including amendment
or termination of the Plan. A Participating Affiliate may independently terminate its
participation in the Plan under the terms and conditions provided in Section 9.1.

     1.25 “Payment Date” shall mean the date on which a lump sum payment shall be made or the date
on which installment payments shall commence. Unless otherwise specified, the Payment Date shall
be on the date determined by the Committee during the first ninety (90) days commencing after the
event triggering payout. In the case of death, the Committee shall be provided with documentation
reasonably necessary to establish the fact of the Participant’s death. Where installment payments
have been elected, subsequent installments shall be paid on the Payment Date determined by the
Committee during the first ninety (90) days of each subsequent Plan Year. The Payment Date of a
Scheduled Distribution shall be on the date determined by the Committee during the first ninety
(90) days of the Plan Year in which the distribution is scheduled to commence. Notwithstanding the
foregoing or any other provision of the Plan, the Payment Date for distributions to be paid
pursuant to this Plan based upon a

4

 

USEC INC. EXECUTIVE DEFERRED COMPENSATION PLAN

Participant’s Termination of Employment (other than by reason of death or Disability) at a
time when the Board or the Compensation Committee of the Company has determined that such
Participant is a Specified Employee shall not be earlier than the date which is six (6) months and
one day after the Participant’s Termination of Employment. Any payment delayed by reason of the
preceding sentence shall be caught up and paid in the form of a single lump sum on the earliest
date such payment is permitted without the imposition of excise taxes under Code Section 409A, as
reasonably determined by the Committee.

     1.26 “Plan Year” shall mean the calendar year.

     1.27 “Qualified Plan” shall mean the USEC Savings Program or such other Section 401(k)
retirement plan qualified under Section 401(a) of the Code which is sponsored by the Employer (or
to which the Employer contributes) in the relevant Plan Year and is designated by the Committee to
be taken into account for purposes of the calculation of Company Contributions made to this Plan.

     1.28 “Retirement” shall mean Termination of Employment after the Participant has attained age
fifty-five (55) and completed at least ten (10) Years of Service.

     1.29 “Scheduled Distribution” shall mean a scheduled distribution elected by the Participant
for distribution of amounts from a specified Deferral Account, including notional earnings thereon,
as provided under Section 6.4.

     1.30 “Specified Employee” shall mean any person described in Section 409A(a)(2)(B)(i) of the
Code and Treasury Regulation Section 1.409A-1(i) as determined from time to time by the Board or
the Compensation Committee of the Company.

     1.31 “Statutory Limitations” shall mean any statutory or regulatory limitations on salary
reduction (other than the applicable dollar limit under Code Section 402(g)(1)) or matching
contributions to the Qualified Plan, or on compensation taken into account in calculating employer
or employee contributions to the Qualified Plan.

     1.32 “Termination of Employment” shall mean the date of the cessation of the Participant’s
provision of services to the Employer as such concept is defined under Code Section 409A for any
reason whatsoever, whether voluntary or involuntary, including as a result of the Participant’s
Retirement, death or Disability. For purpose of the preceding sentence, cessation of employment
shall be interpreted consistent with the requirements of Code Section 409A to mean that the level
of services provided by the Participant to the Employer in any capacity has permanently decreased
to a level equal to no more than twenty percent (20%) of the average level of services performed by
such Participant for the Employer during the immediately preceding thirty-six (36) month period (or
the Participant’s full period of service if a lesser period). Notwithstanding the foregoing, in
the event that the Participant transfers from the Employer to provide substantial services (as
defined above) to another Employer having common ownership with the original Employer of at least
fifty percent (50%), the Participant shall not be considered to have terminated employment for
purposes of this Plan. The Committee retains the right and discretion to specify, and may specify,
whether a Termination of Employment occurs for individuals providing services to the Company
immediately prior to an

5

 

USEC INC. EXECUTIVE DEFERRED COMPENSATION PLAN

asset purchase transaction in which the Company or an affiliate is the seller who provides
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).

     1.33 “Years of Service” shall mean the cumulative consecutive years of continuous full-time
employment with the Employer (including approved leaves of absence of six (6) months or less or
legally protected leaves of absence), beginning on the date the Participant first began service
with the Employer, and counting each anniversary thereof.

ARTICLE II

PARTICIPATION

     An Eligible Employee shall become a Participant in the Plan by completing and submitting to
the Committee the appropriate Participant Elections, including such other documentation and
information as the Committee may reasonably request, during the enrollment period established by
the Committee prior to the beginning of the first Plan Year in which the Eligible Employee shall be
eligible to participate in the Plan.

ARTICLE III

CONTRIBUTIONS & DEFERRAL ELECTIONS

     3.1 Elections to Defer Compensation.

          (a) Form of Elections. A Participant may only elect to defer Compensation
attributable to services provided after the date the election is made. Elections shall take the
form of a whole percentage (less applicable payroll withholding requirements for Social Security
and income taxes and employee benefit plans as determined in the sole and absolute discretion of
the Committee) of between five percent (5%) and ninety percent (90%) of Base Salary, or a whole
percentage or a percentage above a specified dollar amount of between five percent (5%) and one
hundred percent (100%) of Bonuses specified by the Committee in the Participant Election for the
applicable Plan Year.

          (b) Duration of Compensation Deferral Election. An Eligible Employee’s initial
election to defer Compensation shall be made during the enrollment period established by the
Committee prior to the effective date of the Participant’s commencement of participation in the
Plan and shall apply only to Compensation for services performed after such deferral election is
processed. A Participant may increase, decrease, terminate or recommence a deferral election with
respect to Compensation for any subsequent Plan Year by filing a Participant Election during the
enrollment period established by the Committee prior to the beginning of such Plan Year, which
election shall be effective on the first day of the next following Plan Year. In the absence of an
affirmative election by the Participant to the contrary, the deferral election for the prior Plan
Year shall continue in effect for future Plan Years. After the beginning of the Plan Year,
deferral elections with respect to Compensation for services performed during such Plan Year shall
be irrevocable, except in the event of Financial Hardship as provided in Section 6.5.

     3.2 Company Match Makeup Contributions. The Employer shall make a Company
Contribution on behalf of the Participant for each Plan Year to the extent that the Participant

6

 

USEC INC. EXECUTIVE DEFERRED COMPENSATION PLAN

makes a deferral under this Plan which shall equal (a) the maximum Employer matching
contributions that would have been provided to the Participant under the Qualified Plan taking into
account actual deferrals under the Qualified Plan and under this Plan for the applicable Plan Year,
without regard to any Statutory Limitations had the Participant’s total compensation from the
Company, including deferrals under this Plan, been included in the Participant’s includable
compensation under the Qualified Plan, reduced by (b) the amount of Employer matching
contributions actually credited to the Participant under the Qualified Plan for such Plan Year.
The impact of Statutory Limitations on the Participant’s matching contributions under the Qualified
Plan for purposes of determining Company Contributions to this Plan shall be determined by the
Committee based upon reasonable estimates and shall be final and binding as of the date the Company
Contribution is credited to the Participant’s Account. No subsequent adjustments shall be made to
increase Company Contributions under this Plan as a result of any adjustments ultimately required
under the Qualified Plan due to actual employee contributions or other factors.

     3.3 Investment Elections.

          (a) Participant Direction. At the time of entering the Plan and/or of making the
deferral election under the Plan, the Participant shall designate, on a Participant Election
provided by the Committee, the hypothetical investment Funds in which the Participant’s Account or
Accounts shall be deemed to be invested for purposes of determining the amount of earnings and
losses to be credited to each Account. The Participant may specify that all or any percentage of
his or her Account or Accounts shall be deemed to be invested, in whole percentage increments, in
one or more of the types of investment Funds selected as alternative investments under the Plan
from time to time by the Committee pursuant to subsection (b) of this Section. A Participant may
change the designation made under this Section at least monthly by filing a revised election, on a
Participant Election provided by the Committee. During payout, the Participant’s Account shall
continue to be credited at the Crediting Rate selected by the Participant from among the investment
alternatives or rates made available by the Committee for such purpose until all amounts have been
distributed from the Account. If a Participant fails to make an investment election under this
Section for a particular Account, such Account shall be invested in the default investment Fund
selected by the Committee for such purpose.

          (b) Investment Alternatives. The Committee shall select, in its sole and absolute
discretion, commercially available investment Funds for the applicable Plan Year and shall
communicate each of the alternative types of investment Funds to the Participant pursuant to
subsection (a) of this Section. The earning or losses on each such commercially available Fund
shall be used to determine the amount of earnings or losses to be credited to Participant’s Account
under Article IV. The Participant’s choice among investments shall be solely for purposes of
calculation of the Crediting Rate on Accounts. Neither the Company nor the Employer shall have any
obligation to set aside or invest amounts as directed by the Participant and, if the Company or the
Employer elects to invest amounts as directed by the Participant, the Participant shall have no
more right to such investments than any other unsecured general creditor.

7

 

USEC INC. EXECUTIVE DEFERRED COMPENSATION PLAN

     3.4 Distribution Elections.

          (a) Initial Election. At the time of entering the Plan, Participants in the Prior
Plan shall designate the time and form of distributions of amounts rolled over from the Prior Plan
into this Plan, from among the distribution alternatives specified in Article 6. At the time of
making a deferral election under the Plan, the Participant shall designate the time and form of
distribution of deferrals made pursuant to such election (together with any related Company
Contributions and any earnings credited on such deferrals and Company Contributions) from among the
alternatives specified in Article 6.

          (b) Modification of Election. A new distribution election may be made at the time of
subsequent deferral elections with respect to deferrals in Plan Years beginning after the election
is made. However, a distribution election with respect to previously deferred amounts may only be
changed under the terms and conditions specified by the Committee in compliance with Code Section
409A. After December 31, 2008, except as expressly provided in Article 6, no acceleration of a
distribution is permitted and a subsequent election that delays payment or changes the form of
payment shall be permitted if and only if all of the following requirements are met:

               (1) the new election does not take effect until at least twelve (12) months after the date on
which the new election is made;

               (2) in the case of payments made on account of Termination of Employment (other than by reason
of death or Disability) or a Scheduled Distribution, the new election delays payment for at least
five (5) years from the date that payment would otherwise have been made, absent the new election;
and

               (3) in the case of payments made according to a Scheduled Distribution, the new election is
made not less than twelve (12) months before the date on which payment would have been made (or, in
the case of installment payments, the first installment payment would have been made) absent the
new election.

For purposes of application of the above change limitations, installment payments shall be treated
as a single payment. Election changes made pursuant to this Section shall be made in accordance
with rules established by the Committee, and shall comply with all requirement of Code Section 409A
and applicable authorities.

ARTICLE IV

DEFERRAL ACCOUNTS

     4.1 Deferral Accounts. The Committee shall establish and maintain up to three (3)
Deferral Accounts for each Participant under the Plan, one Deferral Account scheduled to be paid on
Retirement and up to two Scheduled Distribution Deferral Accounts. Each Participant’s Deferral
Accounts shall be further divided into separate subaccounts (“investment fund subaccounts”), each
of which corresponds to a Fund elected by the Participant pursuant to Section 3.3. A Participant’s
Deferral Account shall be credited as follows:

8

 

USEC INC. EXECUTIVE DEFERRED COMPENSATION PLAN

          (a) on or before the fifth (5th) business day after amounts are withheld and
deferred from a Participant’s Compensation, the Committee shall credit the investment fund
subaccounts of the Participant’s Deferral Account with an amount equal to Compensation deferred by
the Participant in accordance with the Participant’s election under Section 3.3; that is, the
portion of the Participant’s deferred Compensation that the Participant has elected to be deemed to
be invested in a certain type of Fund shall be credited to the investment fund subaccount to be
invested in that Fund; and

          (b) each business day, each investment fund subaccount of a Participant’s Deferral Account
shall be credited with earnings or losses in an amount equal to that determined by multiplying the
balance credited to such investment fund subaccount as of the prior day, less any distributions
valued as of the end of the prior day, by the Crediting Rate for the corresponding Fund as
determined by the Committee pursuant to Section 3.3.

     4.2 Company Contribution Account. The Committee shall establish and maintain a
Company Contribution Account for each Participant who is eligible for Company Contributions under
the Plan. Each Participant’s Company Contribution Account shall be further divided into separate
investment fund subaccounts corresponding to the Funds elected by the Participant pursuant to
Section 3.3. A Participant’s Company Contribution Account shall be credited as follows:

          (a) on or before the fifth (5th) business day after a Company Contribution is made,
the Employer shall credit the investment fund subaccounts of the Participant’s Company Contribution
Account with an amount equal to the Company Contributions, if any, made on behalf of that
Participant, that is, the proportion of the Company Contributions, if any, which the Participant
has elected to be deemed to be invested in a certain investment Fund shall be credited to the
investment fund subaccount to be invested in that Fund; and

          (b) each business day, each investment fund subaccount of a Participant’s Company Contribution
Account shall be credited with earnings or losses in an amount equal to that determined by
multiplying the balance credited to such investment fund subaccount as of the prior day, less any
distributions valued as of the end of the prior day, by the Crediting Rate for the corresponding
Fund as determined by the Committee pursuant to Section 3.3.

     4.3 Trust. The Employer shall be responsible for the payment of all benefits under
the Plan. At its discretion, the Company may establish one or more grantor trusts for the purpose
of providing for payment of benefits under the Plan. Such trust or trusts may be irrevocable, but
the assets thereof shall be subject to the claims of the Employer’s creditors. Benefits paid to
the Participant from any such trust or trusts shall be considered paid by the Employer for purposes
of meeting the obligations of the Employer under the Plan.

     4.4 Statement of Accounts. The Committee shall provide each Participant with
electronic statements at least quarterly setting forth the Participant’s Account balance as of the
end of each calendar quarter.

9

 

USEC INC. EXECUTIVE DEFERRED COMPENSATION PLAN

ARTICLE V

VESTING

     5.1 Vesting of Deferral Accounts. The Participant shall be vested at all times in
amounts credited to the Participant’s Deferral Accounts.

     5.2 Vesting of Company Contribution Account. Amounts credited to the Participant’s
Company Contribution Account shall be vested at the same time and under the same terms and
conditions applicable to the Employer matching contributions for the applicable Plan Year to the
Qualified Plan, as it may be amended from time to time. As of the Effective Date of this Plan, the
Qualified Plan provides for the following vesting schedule based on the Participant’s completed
Years of Service:

	 	 	 	 	 
	Completed Years of Service	 	Percentage of Account Vested
	 
	Less than 2
	 	 	0	%
	2 but less than 3
	 	 	50	%
	3 or more
	 	 	100	%

Notwithstanding the foregoing, in the event of a Change in Control or Termination of Employment as
a result of Retirement, Disability or death, regardless of the Participant’s Years of Service or
the vesting provisions of the Qualified Plan, the Participant’s Company Contribution Account shall
be fully vested.

ARTICLE VI

DISTRIBUTIONS

     6.1 Retirement and Disability Distributions.

          (a) Timing and Form of Distributions. Except as otherwise provided herein, in the
event of a Participant’s Retirement or Disability, the Distributable Amount credited to each of the
Participant’s Deferral Accounts and Company Contribution Account shall be paid to the Participant
in substantially equal installments over ten (10) years commencing on the Payment Date following
the Participant’s Termination of Employment, unless the Participant has made an alternative benefit
election on a timely basis pursuant to Section 3.4 to receive the benefits in the form of a single
lump sum or in substantially equal annual installments over up to twenty (20) years or a
combination of both.

          (b) Small Benefit Exception. Notwithstanding the foregoing, if on commencement of
benefits payable from an Account, the Distributable Amount from such Account is less than or equal
to twenty-five thousand dollars ($25,000), the total Distributable Amount from such Account shall
be paid in the form of a single lump sum distribution on the scheduled Payment Date, if and only if
such acceleration is permitted under Code Section 409A without the imposition of an excise tax.

     6.2 Termination Distributions. Except as provided in Section 6.4, in the event of a
Participant’s Termination of Employment other than by reason of Retirement, death or Disability,
the Distributable Amount credited to the Participant’s Deferral Accounts and

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USEC INC. EXECUTIVE DEFERRED COMPENSATION PLAN

Company Contribution Account shall be paid in a single lump sum on the Payment Date following
Termination of Employment.

     6.3 Distributions on Death.

          (a) Base Death Benefit. In the event of the Participant’s death prior to the complete
distribution of all benefits payable from an Account, the Employer shall pay to the Participant’s
Beneficiary, a benefit equal to the outstanding Distributable Amount of such Account in a single
lump sum on the Payment Date following the Participant’s death.

          (b) Additional Contingent Pre-Retirement Death Benefit. In the event of the
Participant’s death prior to Termination of Employment (other than by reason of such death), the
Participant shall be entitled to a supplemental pre-retirement death benefit of twenty-five
thousand dollars ($25,000) on the Payment Date following such Participant’s death, if and only if
(i) the Participant has consented to the ownership by the Company and/or Employer of key man life
insurance on his or her life, (ii) the Participant has cooperated with the Company by furnishing
any and all information requested by the Committee as provided in Section 9.5, in order to
facilitate the acquisition of such insurance, and (iii) the Company has been able to obtain such
insurance on the life of the Participant at a reasonable market rate.

     6.4 Scheduled Distributions.

          (a) Scheduled Distribution Election. Participants shall be entitled to elect to
receive a Scheduled Distribution from a Deferral Account prior to Termination of Employment. In
the case of a Participant who has elected to receive a Scheduled Distribution, such Participant
shall receive the Distributable Amount with respect to the specified Deferral Account established
by such Scheduled Distribution election in accordance with Section 3.4 of the Plan. A
Participant’s Scheduled Distribution Payment Date with respect to deferrals of Compensation for a
given Plan Year shall be no earlier than two (2) years after the last day of the Plan Year in which
the deferrals are credited to the Participant’s Account. The Participant may elect to receive the
Scheduled Distribution in a single lump sum or substantially equal annual installments over a
period of up to five (5) years. A Participant may delay and change the form of a Scheduled
Distribution, provided such extension complies with the requirements of Section 3.4.

          (b) Small Benefit Exception. Notwithstanding the foregoing, if on commencement of
benefits payable from a Scheduled Distribution Deferral Account the Distributable Amount from such
Account is less than or equal to twenty-five thousand dollars ($25,000), the total Distributable
Amount from such Account shall be paid in the form of a single lump sum distribution on the
scheduled Payment Date, if and only if such acceleration is permitted under Code Section 409A
without the imposition of an excise tax.

          (c) Termination of Employment. In the event of a Participant’s Termination of
Employment prior to commencement of a Scheduled Distribution, the Scheduled Distributions shall be
distributed in the form applicable to such Termination of Employment under Sections 6.1, 6.2 or 6.3
above. In the event of a Participant’s Termination of Employment for any reason after a Scheduled
Distribution has commenced installment payments, such Scheduled

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USEC INC. EXECUTIVE DEFERRED COMPENSATION PLAN

Distribution benefits shall continue to be paid at the same time and in the same form as they
would have been paid to the Participant had the Participant not had a Termination of Employment.

     6.5 Financial Hardship. Upon a finding that the Participant has suffered a Financial
Hardship, subject to compliance with Code Section 409A the Committee may, at the request of the
Participant, accelerate distribution of benefits or approve cancellation of current deferrals under
the Plan in the amount reasonably necessary to alleviate such Financial Hardship subject to the
following conditions:

          (a) the request to take a Hardship Distribution shall be made by filing a form provided by and
filed with the Committee prior to the end of any calendar month;

          (b) the amount distributed pursuant to this Section with respect to a Financial Hardship shall
not exceed the amount necessary to satisfy such financial emergency plus amounts necessary to pay
taxes reasonably anticipated as a result of the distribution, after taking into account the extent
to which such hardship is or may be relieved through reimbursement or compensation by insurance or
otherwise or by liquidation of the Participant’s assets (to the extent the liquidation of such
assets would not itself cause severe Financial Hardship); and

          (c) The amount determined by the Committee as a Hardship Distribution shall be paid in the
form of a single lump sum distribution as soon as practicable after the end of the calendar month
in which the Hardship Distribution election is made and approved by the Committee.

     6.6 Change in Control Distribution. Notwithstanding the foregoing, if a Change in
Control occurs before a Participant’s Accounts have been fully distributed, the Participant shall
receive an amount equal to the balance of the Participant’s Accounts, credited with notional
earnings as provided in Article 4, payable in the form of a single lump sum distribution on the
last day of the fifteenth (15th) month commencing after the month in which such Change
in Control occurs, unless the Participant makes a timely election under Section 3.4(b) to delay
commencement of a particular Account by a minimum of five (5) years and to receive the benefits at
a later date in the form of a single lump sum or over a period of up to twenty (20) years.

ARTICLE VII

PAYEE DESIGNATIONS AND LIMITATIONS

     7.1 Beneficiaries.

          (a) Beneficiary Designation. The Participant shall have the right, at any time, to
designate any person or persons as Beneficiary (both primary and contingent) to whom payment under
the Plan shall be made in the event of the Participant’s death. The Beneficiary designation shall
be effective when it is submitted to and acknowledged by the Committee during the Participant’s
lifetime in the format prescribed by the Committee.

          (b) Absence of Valid Designation. If a Participant fails to designate a Beneficiary
as provided above, or if every person designated as Beneficiary predeceases the

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USEC INC. EXECUTIVE DEFERRED COMPENSATION PLAN

Participant or dies prior to complete distribution of the Participant’s benefits, then the
Committee shall direct the distribution of such benefits to the Participant’s estate.

     7.2 Payments to Minors. In the event any amount is payable under the Plan to a minor,
payment shall not be made to the minor, but instead be paid (a) to that person’s living parent(s)
to act as custodian, (b) if that person’s parents are then divorced, and one parent is the sole
custodial parent, to such custodial parent, to act as custodian, or (c) if no parent of that person
is then living, to a custodian selected by the Committee to hold the funds for the minor under the
Uniform Transfers or Gifts to Minors Act in effect in the jurisdiction in which the minor resides.
If no parent is living and the Committee decides not to select another custodian to hold the funds
for the minor, then payment shall be made to the duly appointed and currently acting guardian of
the estate for the minor or, if no guardian of the estate for the minor is duly appointed and
currently acting within sixty (60) days after the date the amount becomes payable, payment shall be
deposited with the court having jurisdiction over the estate of the minor.

     7.3 Payments on Behalf of Persons Under Incapacity. In the event that any amount
becomes payable under the Plan to a person who, in the sole judgment of the Committee, is
considered by reason of physical or mental condition to be unable to give a valid receipt
therefore, the Committee may direct that such payment be made to any person found by the Committee,
in its sole judgment, to have assumed the care of such person. Any payment made pursuant to such
determination shall constitute a full release and discharge of any and all liability of the
Committee, the Company and the Employer under the Plan.

     7.4 Inability to Locate Payee. In the event that the Committee is unable to locate a
Participant or Beneficiary within two (2) years following the scheduled Payment Date, the amount
allocated to the Participant’s Deferral Account shall be forfeited. If, after such forfeiture, the
Participant or Beneficiary later claims such benefit, such benefit shall be reinstated without
interest or earnings.

ARTICLE VIII

ADMINISTRATION

     8.1 Committee. The Plan shall be administered by a Committee appointed by the Board,
which shall have the exclusive right and full discretion (i) to appoint agents to act on its
behalf, (ii) to select and establish Funds, (iii) to interpret the Plan, (iv) to decide any and all
matters arising hereunder (including the right to remedy possible ambiguities, inconsistencies, or
admissions), (v) to make, amend and rescind such rules as it deems necessary for the proper
administration of the Plan and (vi) to make all other determinations and resolve all questions of
fact necessary or advisable for the administration of the Plan, including determinations regarding
eligibility for benefits payable under the Plan. All interpretations of the Committee with respect
to any matter hereunder shall be final, conclusive and binding on all persons affected thereby. No
member of the Committee or agent thereof shall be liable for any determination, decision, or action
made in good faith with respect to the Plan. The Company will indemnify and hold harmless the
members of the Committee and its agents from and against any and all liabilities, costs, and
expenses incurred by such persons as a result of any act, or omission, in connection with the
performance of such persons’ duties, responsibilities, and obligations under the Plan,

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USEC INC. EXECUTIVE DEFERRED COMPENSATION PLAN

other than such liabilities, costs, and expenses as may result from the bad faith, willful
misconduct, or criminal acts of such persons.

     8.2 Claims Procedure. Any Participant, former Participant or Beneficiary may file a
written claim with the Committee setting forth the nature of the benefit claimed, the amount
thereof, and the basis for claiming entitlement to such benefit. The Committee shall determine the
validity of the claim and communicate a decision to the claimant promptly and, in any event, not
later than ninety (90) days after the date of the claim. The claim may be deemed by the claimant
to have been denied for purposes of further review described below in the event a decision is not
furnished to the claimant within such ninety (90) day period. If additional information is
necessary to make a determination on a claim, the claimant shall be advised of the need for such
additional information within forty-five (45) days after the date of the claim. The claimant shall
have up to one hundred eighty (180) days to supplement the claim information, and the claimant
shall be advised of the decision on the claim within forty-five (45) days after the earlier of the
date the supplemental information is supplied or the end of the one hundred eighty (180) day
period. Every claim for benefits which is denied shall be denied by written notice setting forth
in a manner calculated to be understood by the claimant (i) the specific reason or reasons for the
denial, (ii) specific reference to any provisions of the Plan (including any internal rules,
guidelines, protocols, criteria, etc.) on which the denial is based, (iii) description of any
additional material or information that is necessary to process the claim, and (iv) an explanation
of the procedure for further reviewing the denial of the claim and shall include an explanation of
the claimant’s right to pursue legal action in the event of an adverse determination on review.

     8.3 Review Procedures. Within sixty (60) days after the receipt of a denial on a
claim, a claimant or his/her authorized representative may file a written request for review of
such denial. Such review shall be undertaken by the Committee and shall be a full and fair review.
The claimant shall have the right to review all pertinent documents. The Committee shall issue a
decision not later than sixty (60) days after receipt of a request for review from a claimant
unless special circumstances, such as the need to hold a hearing, require a longer period of time,
in which case a decision shall be rendered as soon as possible but not later than one hundred
twenty (120) days after receipt of the claimant’s request for review. The decision on review shall
be in writing and shall include specific reasons for the decision written in a manner calculated to
be understood by the claimant with specific reference to any provisions of the Plan on which the
decision is based and shall include an explanation of the claimant’s right to pursue legal action
in the event of an adverse determination on review.

ARTICLE IX

MISCELLANEOUS

     9.1 Amendment or Termination of Plan. The Company may, at any time, direct the
Committee to amend or terminate the Plan, except that no such amendment or termination may reduce a
Participant’s Account balances. An Employer may at any time direct the Committee to terminate its
participation in the Plan, except that no such termination may reduce a Participant’s Account
balances. If the Company terminates the Plan or an Employer terminates its participation in the
Plan, no further amounts shall be deferred hereunder, and amounts previously deferred or
contributed to the Plan shall be fully vested and shall be paid in accordance with the

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USEC INC. EXECUTIVE DEFERRED COMPENSATION PLAN

provisions of the Plan as scheduled prior to the Plan termination. Notwithstanding the
foregoing, to the extent permitted under Code Section 409A and applicable authorities, the Company
may, in its complete and sole discretion, accelerate distributions under the Plan in the event of a
“change in ownership” or “effective control” of the Company or Employer, or a “change in ownership
of a substantial portion of assets” or under such other terms and conditions as may be specifically
authorized under Code Section 409A and applicable authorities.

     9.2 Unsecured General Creditor. The benefits paid under the Plan shall be paid from
the general funds of the Employer, and the Participant and any Beneficiary or their heirs or
successors shall be no more than unsecured general creditors of the Employer with no special or
prior right to any assets of the Employer or the Company for payment of any obligations hereunder.
It is the intention of the Company that this Plan be unfunded for purposes of ERISA and the Code.

     9.3 Restriction Against Assignment. The Employer shall pay all amounts payable
hereunder only to the person or persons designated by the Plan and not to any other person or
entity. No part of a Participant’s Accounts shall be liable for the debts, contracts, or
engagements of any Participant, Beneficiary, or their successors in interest, nor shall a
Participant’s Accounts be subject to execution by levy, attachment, or garnishment or by any other
legal or equitable proceeding, nor shall any such person have any right to alienate, anticipate,
sell, transfer, commute, pledge, encumber, or assign any benefits or payments hereunder in any
manner whatsoever. No part of a Participant’s Accounts shall be subject to any right of offset
against or reduction for any amount payable by the Participant or Beneficiary, whether to the
Employer, the Company or any other party, under any arrangement other than under the terms of this
Plan.

     9.4 Withholding. The Participant shall make appropriate arrangements with the Employer
for satisfaction of any federal, state or local income tax withholding requirements, Social
Security and other employee tax or other requirements applicable to the granting, crediting,
vesting or payment of benefits under the Plan. There shall be deducted from each payment made
under the Plan or any other Compensation payable to the Participant (or Beneficiary) all taxes
which are required to be withheld by the Employer in respect to such payment or this Plan. The
Employer shall have the right to reduce any payment (or other Compensation) by the amount of cash
sufficient to provide the amount of said taxes.

     9.5 Protective Provisions. The Participant shall cooperate with the Company and the
Employer by furnishing any and all information requested by the Committee, in order to facilitate
the payment of benefits hereunder, taking such physical examinations as the Committee may deem
necessary and taking such other actions as may be requested by the Committee. If the Participant
refuses to so cooperate, the Company and the Employer shall have no further obligation to the
Participant under the Plan. In the event of the Participant’s suicide during the first two (2)
years in the Plan, or if the Participant makes any material misstatement of information or
non-disclosure of medical history, then no benefits shall be payable to the Participant under the
Plan, except that benefits may be payable in a reduced amount in the sole discretion of the
Committee.

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USEC INC. EXECUTIVE DEFERRED COMPENSATION PLAN

     9.6 Receipt or Release. Any payment made in good faith to a Participant or the
Participant’s Beneficiary shall, to the extent thereof, be in full satisfaction of all claims
against the Committee, its members, the Company and the Employer. The Committee may require such
Participant or Beneficiary, as a condition precedent to such payment, to execute a receipt and
release to such effect.

     9.7 Errors in Account Statements, Deferrals or Distributions. In the event an error
is made in an Account statement, such error shall be corrected on the next statement following the
date such error is discovered. In the event of an error in deferral amount, consistent with and as
permitted by any correction procedures established under Code Section 409A, the error shall be
corrected immediately upon discovery by, in the case of an excess deferral, distribution of the
excess amount to the Participant, or, in the case of an under deferral, reduction of other
compensation payable to the Participant. In the event of an error in a distribution, the over or
under payment shall be corrected by payment to or collection from the Participant consistent with
any correction procedures established under Code Section 409A, immediately upon the discovery of
such error. In the event of an overpayment, the Employer may, at its discretion, offset other
amounts payable to the Participant from the Employer (including but not limited to salary, bonuses,
expense reimbursements, severance benefits or other employee compensation benefit arrangements, as
allowed by law and subject to compliance with Code Section 409A) to recoup the amount of such
overpayment(s).

     9.8 Employment Not Guaranteed. Nothing contained in the Plan nor any action taken
hereunder shall be construed as a contract of employment or as giving any Participant any right to
continue the provision of services in any capacity whatsoever to the Employer or the Company.

     9.9 Successors of the Company. The rights and obligations of the Employer under the
Plan shall inure to the benefit of, and shall be binding upon, the successors and assigns of the
Employer.

     9.10 Notice. Any notice or filing required or permitted to be given to the Company or
the Participant under this Agreement shall be sufficient if in writing and hand-delivered, or sent
by registered or certified mail, in the case of the Company, to the principal office of the
Company, directed to the attention of the Committee, and in the case of the Participant, to the
last known address of the Participant indicated on the employment records of the Company or the
Employer. Such notice shall be deemed given as of the date of delivery or, if delivery is made by
mail, as of the date shown on the postmark on the receipt for registration or certification.
Notices to the Company may be permitted by electronic communication according to specifications
established by the Committee.

     9.11 Headings. Headings and subheadings in this Plan are inserted for convenience of
reference only and are not to be considered in the construction of the provisions hereof.

     9.12 Gender, Singular and Plural. All pronouns and any variations thereof shall be
deemed to refer to the masculine, feminine, or neuter, as the identity of the person or persons may
require. As the context may require, the singular may be read as the plural and the plural as the
singular.

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USEC INC. EXECUTIVE DEFERRED COMPENSATION PLAN

     9.13 Governing Law. The Plan is intended to be an unfunded plan maintained primarily
to provide deferred compensation benefits for a select group of “management or highly compensated
employees” within the meaning of Sections 201, 301 and 401 of ERISA and therefore to be exempt from
Parts 2, 3 and 4 of Title I of ERISA. In the event any provision of, or legal issue relating to,
this Plan is not fully preempted by federal law, such issue or provision shall be governed by the
laws of the State of Delaware.

     IN WITNESS WHEREOF, the Board of Directors of the Company has approved the adoption of this
Plan as of the Effective Date and has caused the Plan to be executed by its duly authorized
representative this 1st day of November, 2007.

	 	 	 	 	 
	 	USEC INC.

 	 
	 	By:  	W. Lance Wright
 	 
	 	 	Title: Senior Vice President, Human Resources & Administration 	 
	 	 	 	 
	 

17

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