Document:

EX-10.86

EXHIBIT 10.86

SEVERANCE AGREEMENT AND GENERAL RELEASE

This Severance Agreement and General Release (the “Agreement”) is between USEC Inc., a
Delaware corporation (“USEC” or the “Company”) and Charles B. Yulish (“Employee”) (USEC and
Employee being sometimes referred to herein individually as the “Party” and collectively as the
“Parties”).

WHEREAS, Employee has been employed by USEC in the capacity of Vice President, Corporate
Communications; and

WHEREAS, Employee’s services are no longer required by the Company and Employee’s employment
with the Company is terminated as of the date noted below in Section 1. Nevertheless, to reduce
the impact of this separation of Employee’s employment and in exchange for, among other things,
Employee’s full release of claims against the Company and the other covenants and agreements
contained herein, the Company hereby offers Employee the severance package described in this
Agreement;

NOW THEREFORE, IT IS HEREBY AGREED by and between Employee and USEC as follows:

1. EMPLOYEE’S SEPARATION. Pursuant to this Agreement, Employee shall be separated
from employment with the Company effective September 23, 2005 (the “Separation Date”).

2. SEVERANCE PAYMENT AND OTHER BENEFITS.

(a) In full consideration of Employee’s execution of this Agreement, and Employee’s agreement
to be legally bound by its terms, the Company agrees (i) to pay to Employee as severance pay the
gross sum of $291,862 (representing one year of Employee’s base salary as in effect on the
Separation Date plus an amount equal to the average annual bonus received by Employee for the three
years preceding the Separation Date), and the gross sum of $53,771 (representing a prorated
portion of Employee’s 2005 target annual incentive), minus all payroll deductions required by law
or authorized by Employee (the “Severance Payment”); (ii) to continue Employee as a participant (if
enrolled on the Separation Date) in the Company’s Medical Plan, Dental Plan, basic Life Insurance
Program and Employee Assistance Program for one year after the Separation Date (provided, however,
that if and when Employee becomes eligible for benefits through reemployment, Employee shall
promptly notify the Company of such eligibility and the Company’s obligation to provide such
coverage pursuant to this Agreement shall cease immediately), on the same terms as when Employee
was an active employee of the Company, except at no cost to Employee, and (iii) to provide Employee
with up to six (6) month(s) of outplacement counseling and services through a provider retained by
the Company or a provider selected by Employee provided the cost shall not exceed $15,000 in the
aggregate and in no event will USEC be obligated to provide cash in lieu of outplacement services.

(b) The Severance Payment shall be paid in equal installments over a period of one (1) year,
in accordance with the Company’s regular pay schedule. The Company shall commence such payments
upon either the next regularly scheduled pay day after the 8th day following Employee’s
execution of this Agreement or the next regularly scheduled pay day after the Separation Date,
whichever is later. To the extent required by Treasury guidelines, regulations or any other
applicable law or regulations, all or any portion of the Severance Payment may, at the discretion
of the Company, be paid in a lump sum payment on an accelerated basis.

(c) Employee acknowledges and agrees that the Severance Payment and other benefits provided in
Section 2(a) constitute consideration that, but for the mutual covenants set forth in this
Agreement, the Company otherwise would not be obligated to provide to Employee and that the Company
is under no obligation whatsoever to make any other severance payment to Employee.

3. GENERAL RELEASE. Employee, for and in consideration of the undertakings of the
Company set forth herein, and intending to be legally bound, does hereby permanently and
irrevocably sever Employee’s employment relationship with USEC and also does hereby remise,
release, and forever discharge USEC and its subsidiaries, affiliates, and their officers,
directors, shareholders, employees and agents, their respective successors and assigns, heirs,
executors, and administrators (herein referred to collectively as “Releasees”) of and from any and
all actions and causes of actions, suits, debts, claims and demands whatsoever in law or in equity,
which Employee ever had, now has, or which Employee or Employee’s heirs, executors or
administrators may have, by reason of any matter, cause or thing whatsoever, from the beginning of
Employee’s employment with USEC up to and including the date of this Agreement, and particularly,
but without limitation, any claims arising from or relating in any way to Employee’s employment
relationship or the termination of Employee’s employment relationship with USEC, including, but not
limited to, any claims which have been asserted, could have been asserted or could be asserted now
or in the future, including any claims under any federal, state or local laws, including, but not
limited to, the United States Constitution, the Maryland Constitution, Title VII of the Civil
Rights Act of 1964, as amended, the Age Discrimination in Employment Act of 1967,
as amended, the Americans with Disabilities Act of 1990, as
amended, the Fair Labor Standards Act, as amended, the Family and Medical
Leave Act of 1993, as amended, the National Labor Relations Act, as
amended, the Labor-Management Relations Act, as amended, the Workers
Retraining and Notification Act of 1988, as amended, the Rehabilitation Act of
1973, as amended, the Employee Retirement Income Security Act of 1974, as
amended, Section 211 of the Energy Reorganization Act of 1974, as amended,
the Maryland Human Rights Act, as amended or any other federal or state law or
regulation.

4. NO DISPARAGEMENTS. Employee agrees that, subject to the provisions of Section 9
below, Employee shall not make any oral or written, public or private statements that are
disparaging of the Company, its parents, subsidiaries or affiliates, or any of their respective
present or former officers, directors, agents, employees, successors or assigns.

5. RETURN OF COMPANY’S DOCUMENTS AND PROPERTY. Employee agrees to return, on or before
the Separation Date, and at Employee’s expense, all originals and copies of records, documents,
proposals, notes, lists, files and any and all other materials, including, without limitation,
computerized and/or electronic information, that refer, relate or otherwise pertain to the Company,
or any and all of the Company’s parents, subsidiaries or affiliates, or any of their respective
officers, directors, shareholders, agents, employees, and successors or assigns, and any and all
business dealings of said persons and entities (“Company Documents”). In addition, Employee shall
return to the Company all Company property or equipment that Employee has been issued during the
course of Employee’s employment or which Employee otherwise currently possesses. Employee is not
authorized to retain any Company Documents or Company property or equipment.

6. CONFIDENTIALITY OF TRADE SECRETS OR PROPRIETARY INFORMATION. Employee acknowledges
that Employee has had or may have had access to proprietary information, trade secrets, and
confidential material or information of the Company, including, but not limited to, contracts,
bids, information regarding actual and pending projects, marketing strategies, budgetary and other
financial information, and information and/or documents that are subject to the attorney-client
and/or work product privileges (the “Confidential Information”). Employee agrees, without
limitation in time or until the Confidential Information shall become public other than by
Employee’s unauthorized disclosure, to maintain the confidentiality of the Confidential Information
and refrain from divulging, disclosing, or otherwise using the Confidential Information unless
directed to do so by an appropriate government or judicial authority or unless Employee first
obtains the Company’s prior written consent.

7. PERMANENT SEPARATION. Employee hereby recognizes and agrees that effective as of
the Separation Date Employee’s employment relationship with Releasees has been permanently and
irrevocably severed and that Releasees have no obligation, contractual or otherwise, to hire,
rehire or re-employ him in the future.

8. NON-ADMISSION OF LIABILITY. Nothing in this Agreement shall be construed as an
admission of liability or violation of federal, state or local statute or regulation, or of any
duty owed by Employee or the Releasees; rather, Employee and the Releasees are resolving all
matters arising out of their employer-employee relationship and/or any other relationship between
Employee and the Releasees, as to each of which each of the Releasees and Employee deny any
liability.

9. NUCLEAR, WORKPLACE, PUBLIC SAFETY AND SARBANES-OXLEY CONCERNS. Employee
understands and acknowledges that nothing in this Agreement prohibits, penalizes, or otherwise
discourages Employee from reporting, providing testimony regarding, or otherwise communicating any
nuclear safety concern, workplace safety concern, public safety concern, or concern of any sort, to
the U.S. Nuclear Regulatory Commission, the U.S. Department of Labor, or any federal or state
government agency. Employee further understands and acknowledges that nothing in the provisions of
this Agreement conditions or restricts Employee’s communication with, or full cooperation in
proceedings or investigations by, any federal or state agency. Employee also understands and
acknowledges that nothing in this Agreement shall be construed to prohibit him from engaging in any
activity protected by the Sarbanes-Oxley Act, 18 U.S.C. § 1514A or Section 211 of the Energy
Reorganization Act of 1974, as amended.

10. REVIEW AND REVOCATION PERIOD.

(a) Employee hereby certifies that Employee has read the terms of this Agreement, that
Employee has been informed by the Company that Employee should discuss this Agreement with an
attorney of Employee’s own choice, and that Employee understands its terms and effects. Employee
further certifies that Employee has the intention of releasing all claims recited herein in
exchange for the consideration described herein, which Employee acknowledges as adequate and
satisfactory to Employee.

(b) Employee hereby certifies that Employee is signing and entering into this Agreement as a
free and voluntary act without duress or undue pressure or influence of any kind or nature
whatsoever and has not relied on any promises, representations or warranties regarding the subject
matter hereof other than as set forth in this Agreement.

(c) Employee acknowledges that Employee has been given the right to consider this Agreement
for a period of at least forty-five (45) days prior to entering into the Agreement. Employee
further understands that Employee may take as much of this 45-day period of time to consider this
Agreement as Employee wishes before signing this Agreement, and Employee expressly acknowledges
that Employee has taken sufficient time to consider this Agreement before signing it.

(d) Employee further acknowledges that Employee has the right to revoke this Agreement within
seven (7) days of its execution by giving written notice of such revocation by hand delivery or fax
to the Company, Attention Richard Rowland (fax no. 301-564-3203). This Agreement will not become
effective or binding on the parties until the eighth (8th) day after it is signed by
Employee. Employee understands that if Employee revokes the Agreement under this Section, this
Agreement will become null and void and Employee will not be entitled to any benefits conferred by
this Agreement including the payments set forth in Section 2.

(e) Employee acknowledges that Employee has been previously informed in writing by the Company
of the criteria for eligibility for the separation benefits for which Employee is eligible, and
which Employee will receive as a result of entering into this Agreement. He certifies that he has
been informed that in order to be eligible for such separation benefits, individuals must have been
separated by the Company in connection with the September, 2005 reduction-in-force. Employee
certifies that the Company has provided him in writing, information concerning (i) the group of
individuals covered by this employment termination program by job title, and (ii) the job titles
and ages of individuals selected for the program and of individuals who were not selected for the
program.

11. SEVERABILITY. While the provisions contained in this Agreement are considered by
the Parties to be reasonable in all circumstances, it is recognized that some provisions may fail
for technical reasons. Accordingly, it is hereby agreed and declared that if one or more of such
provisions shall, either by itself or themselves or taken with others, be adjudged to be invalid as
exceeding what is reasonable in all circumstance for the protection of the interests of the
Company, but would be valid if any particular restrictions or provisions were deleted or restricted
or limited in a particular manner, then the said provisions shall apply with any such deletions,
restrictions, limitations, reductions, curtailments, or modifications as may be necessary to make
them valid and effective and the remaining provisions shall be unaffected thereby.

12. ENTIRE AGREEMENT; MODIFICATION. This Agreement constitutes the entire
understanding of the Parties regarding the subject matter hereof and may not be modified without
the express written consent of the Parties. This Agreement supersedes all prior written and/or
oral and all contemporaneous written and/or oral agreements, understandings and negotiations
regarding the subject matter hereof. Employee acknowledges and agrees that the provisions that
survive termination of employment under Employee’s Change In Control Agreement dated as of March
28, 2000, including but not limited to Section 7 (relating to confidential information,
non-solicitation and non-competition), remain in full force and effect following the Separation
Date.

13. SEC REPORTING REQUIREMENTS. Employee agrees that Employee will comply with all
reporting requirements under Section 16 of the Securities Exchange Act of 1934, as amended,
applicable to a former Section 16 reporting officer.

14. GOVERNING LAW; CONSENT TO JURISDICTION. This Agreement and any disputes arising
therefrom shall be governed by the laws of the State of Maryland and Employee hereby agrees to
submit to the jurisdiction of the courts of the State of Maryland for any claims arising under this
Agreement.

15. GENDER. Any gender reference is intended to apply to both male and female
employees.

PLEASE READ CAREFULLY. THIS AGREEMENT CONTAINS A RELEASE OF ALL KNOWN AND UNKNOWN CLAIMS.

IN WITNESS WHEREOF, and intending to be legally bound hereby, the Parties have executed and
delivered the foregoing Severance Agreement and General Release this 12th day of
September, 2005.

	 	 	 
	USEC Inc.

	 	EMPLOYEE:
	 
	 	 
	By: /s/ Lance Wright

	 	/s/ Charles B. Yulish
	 

	 	 
	Title: SVP, Human Resources &

Administration

	 	Signature – Charles B. Yulish

	 
	 	 
	Date: September 12, 2005

	 	Date: September 12, 2005EX-10.87

EXHIBIT 10.87

CONSULTING AGREEMENT

This Consulting Agreement (this “Agreement”) is made on this 8th day of September,
2005, by and between USEC Inc., a Delaware corporation, (“USEC”) and Mr. James F. McDonnell (the
“Consultant”).

WHEREAS, the Consultant is able and willing to provide certain consulting services to USEC;

WHEREAS, USEC desires to receive such consulting services;

NOW, THEREFORE, in consideration of the mutual promises hereinafter set forth, the sufficiency
of which is hereby acknowledged by the parties, USEC and the Consultant do mutually agree as
follows:

ARTICLE 1 — TERM

The term of this Agreement shall be for a period of one (1) year commencing on September 24,
2005 (the “Effective Date”) and ending on September 23, 2006, unless sooner terminated pursuant to
the terms hereof (the “Term”).

ARTICLE 2 — SCOPE AND COMPENSATION

(a) During the Term, the Consultant shall provide strategic planning guidance to USEC relating
to USEC’s uranium enrichment activities and other activities as may be requested from time to time
by USEC. In accordance with applicable laws and regulations, USEC at its expense shall continue
to maintain Consultant’s current DOE “Q” clearance during the term of this Agreement.

(b) During the Term, USEC shall pay the Consultant a retainer fee of one thousand dollars
($1,000) per month for a total of twelve thousand dollars ($12,000.00) (the “Retainer Fee”). In
addition to the Retainer Fee, USEC shall pay the Consultant at a rate of two hundred dollars ($200)
per hour for time actually spent by the Consultant in rendering such services as are specifically
requested by USEC’s Chief Executive Officer, President, or any Senior Vice President. The rate
includes all taxes, costs, and expenses for rendering such services. In no event will the total
amount paid by USEC to Consultant under this Agreement exceed $25,000 in the aggregate without the
prior written consent of USEC.

(c) The retainer fee will be paid on the 5th of each month. Payments for fees and
expenses shall be made once monthly within thirty (30) days of the receipt of an invoice from the
Consultant specifying (i) the number of hours worked during the month being invoiced, and (ii) a
short description of the services performed. All invoices shall be mailed to the address designated
as account payable in Article 14.

ARTICLE 3 — WARRANTY

The Consultant shall be responsible for the professional quality of all services. The
Consultant shall expend its best professional efforts to perform the services with all due
diligence, economy and efficiency.

ARTICLE 4 — STATUS OF CONSULTANT

In the performance of the services, the Consultant shall act solely as an independent
contractor, and nothing herein contained or implied shall at any time be so construed as to create
the relationship of employer and employee, partnership, principal and agent, or joint venture
between USEC and the Consultant.

ARTICLE 5 — USEC PROPRIETARY INFORMATION

The Consultant shall treat all information developed by or communicated to the Consultant in
the performance of the services (“USEC Proprietary Information”), including but not limited to the
contents of this Agreement, as USEC’s proprietary and confidential information. Absent USEC’s
prior written consent, the Consultant shall not make any oral or written disclosure of any USEC
Proprietary Information either during or after the Term to any persons other than persons,
including employees of USEC and its subsidiaries and affiliates, who may be designated by USEC to
work with the Consultant. This restriction does not apply to information (i) which is in the
public domain as of the date of this Agreement or (ii) which enters the public domain thereafter
other than through the act or omission of the Consultant.

The Consultant shall indemnify and hold USEC harmless from any and all liabilities, claims,
demands, actions, costs, damages and any expenses relating thereto (including but not limited to
reasonable attorney’s fees) arising from any non-authorized disclosure by the Consultant of USEC
Proprietary Information.

This Article 5 shall continue to apply after the expiration or termination of this Agreement.

ARTICLE 6 – TITLE

All documents, drawings, designs, specifications, notebooks, tracings, photographs, negatives,
reports, findings, recommendations, data and memoranda of every description, arising out of and
relating to the services are (and shall continue to be after the expiration of this Agreement) the
property of USEC or its assigns, and USEC shall have the exclusive rights to use, copyright and/or
publish such material. It is understood and the Consultant agrees that the use of these materials
in any manner by USEC or its affiliates or assigns shall not result in any additional claim for
compensation by the Consultant.

ARTICLE 7 — CONFLICT OF INTEREST

By entering into this Agreement with USEC, the Consultant represents that she presently has no
conflicting interests, agreements or obligations with any other party. The Consultant shall
promptly notify USEC in writing if a change in circumstances creates, or appears likely to create,
a conflict with the Consultant’s obligations hereunder or an appearance that such a conflict
exists.

ARTICLE 8 — LIMITATION OF LIABILITY

The Consultant hereby releases USEC from any and all liability for damage to property or loss
thereof, personal injury or death during the Term (and any extensions thereof) or thereafter,
sustained by the Consultant as a result of performing the services under this Agreement or arising
out of the performance of such services; provided, however, that the foregoing release shall not
apply to the extent such damage, loss, injury or death is caused by or results from the gross
negligence of USEC, its agents or employees.

Neither party shall be liable to the other party for any incidental, consequential, special,
exemplary, penal, indirect or punitive damages of any nature arising out of or relating to the
performance or breach of this Agreement.

ARTICLE 9 — TAXES

All taxes applicable to any amounts paid by USEC to the Consultant under this Agreement shall
be the Consultant’s liability and USEC shall not withhold nor pay any amounts for any taxes or
governmental charges. Upon request by USEC, the Consultant shall provide documentation evidencing
compliance with all applicable tax laws in regard to amounts received under this Agreement.

ARTICLE 10 — COMPLIANCE WITH APPLICABLE LAW

The Consultant shall at its own expense comply with all applicable federal, state and local
laws, rules, regulations, codes and standards in providing the services under this Agreement.

ARTICLE 11 — TERMINATION

(a) USEC has the right to terminate this Agreement (i) if Consultant has not executed or has
revoked a Severance and General Release Agreement with USEC; (ii) for cause at any time by giving
the Consultant a written notice; or (iii) for any reason or for no reason by giving the Consultant
a fourteen (14) day prior written notice of such termination. In such event, all the services
being performed under this Agreement shall automatically terminate as of the effective date of
termination indicated in USEC’s notice, and USEC shall have no liability or obligation for any
performance by the Consultant after the Consultant received or should have received such notice;
provided, however, in the event USEC terminates this Agreement pursuant to sub-part (iii) of the
previous sentence, USEC shall pay the Consultant the unpaid portion of the Retainer Fee.

(b) The Consultant has the right to terminate this Agreement for any reason or for no reason
by giving USEC a fourteen (14) day prior written notice of such termination. In such event, USEC
shall have no liability or obligation for any performance by the Consultant after USEC received or
should have received such notice and the Consultant shall waive its right to receive the unpaid
portion of the Retainer Fee.

ARTICLE 12 — ASSIGNMENTS AND SUB-CONTRACTS

The Consultant may not assign this Agreement. The rights and obligations of the Consultant
under this Agreement are personal to the Consultant and may not be delegated or subcontracted to
any other entity, without the prior written consent of USEC. USEC shall have the right to assign
this Agreement including all rights, benefits and obligations hereunder to its parent company,
affiliates or subsidiaries without the Consultant’s consent.

ARTICLE 13 — NO AUTHORITY

The Consultant does not have any authority whatsoever, express or implied, to commit USEC (i)
to perform in any manner for any third party or (ii) to pay money for services or material to any
third party.

ARTICLE 14 – NOTICES

Any notices or invoices required or permitted by this Agreement shall be in writing and shall
be effective as received at the following addresses:

If to USEC

ATTN: John Frost

USEC Inc.

6903 Rockledge Drive

Bethesda, MD 20817-1818

If to the Consultant

James F. McDonnell

8891 McNair Drive

Alexandria, VA 22309

ARTICLE 15 — MISCELLANEOUS

(a) This Agreement is to be governed by the laws of the state of Maryland. In any judicial
action relating to this Agreement, each party consents and submits to (and waives any objection to)
the personal and subject matter jurisdiction of and venue in the federal court located in the state
of Maryland (or, in case the federal court does not have jurisdiction, the state courts located in
the state of Maryland).

(b) Subject to applicable law, the Consultant shall not issue any press release or make any
public statement regarding this Agreement or performance hereunder without the prior written
approval of USEC.

(c) If any provision of this Agreement is held invalid by a court of competent jurisdiction,
such provision shall be severed from this Agreement and, to the extent possible, this Agreement
shall continue without effect to the remaining provisions.

(d) This Agreement shall inure to the benefit of the parties and their respective successors
and permitted assigns.

(e) The whole and entire agreement of the parties with respect to the subject matter hereof is
set forth in this Agreement. The parties are not bound by any agreements, understandings or
conditions otherwise than as expressly set forth herein.

(f) This Agreement may not be changed or modified in any manner except by a writing mutually
signed by the parties or their respective successors and permitted assigns.

IN WITNESS WHEREOF, the parties have executed and delivered this Agreement as of the date
first set forth above with the intent to be legally bound thereby.

	 	 	 
	USEC Inc.

	 	/s/ James F. McDonnell
	
 
	 	 
	By: /s/ Lance Wright

	 	James F. McDonnell

	 

	 	

	 
	 	 
	Name: Lance Wright

	 	

	 

	 	

	 
	 	 
	Title: SVP, Human Resources &

	 	

	 

	 	

	Administration

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