Document:

EXHIBIT 10.14.2

 

THIRD AMENDMENT TO

EXECUTIVE EMPLOYMENT AND NON-COMPETITION AGREEMENT

 

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

 

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

 

2.                                      Term.  The term of
this Agreement shall begin on the date hereof and, unless sooner terminated as
provided in Section 6, shall conclude on December 31, 2011 (the “Employment
Term”).

 

2.                                      Section 4(a) of the Agreement
is hereby deleted in its entirety and the following is substituted in place
thereof:

 

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

 

3.                                      Section 4(b) of the Agreement
is hereby deleted in its entirety and the following is substituted in place
thereof:

 

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

 

For purposes of
this Agreement, (i) “EBITDA” shall mean the earnings of the Company
and its consolidated subsidiaries before interest, taxes, depreciation,
accretion and amortization, calculated in accordance with generally accepted
accounting principles; (ii) “Actual EBITDA” shall mean, for any
fiscal year of the Company, the EBITDA of the Company and its consolidated
subsidiaries for such fiscal year as reflected on the Company’s financial
statements for such fiscal year; and (iii) “Budgeted EBITDA” shall
mean, for any fiscal year of the Company, the EBITDA for the Company and its
consolidated subsidiaries for such fiscal year set forth in the budget for such
fiscal year adopted by the Board.

 

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

 

5.                                     Schedule 1 to the Agreement is hereby
deleted in its entirety and the Schedule 1 attached hereto and by this
reference incorporated herein is substituted in place thereof.

 

6.                                     The parties hereby ratify and confirm all
terms and conditions set forth in the Agreement that are not expressly modified
by this Third Amendment. This Third Amendment and the Agreement shall be
considered, for all intents and purposes, as one agreement.  In the event of any conflict between the
terms and provisions of this Third Amendment and the terms and provisions of
the Agreement, the terms and provisions of this Third Amendment shall, in all
instances, prevail.

 

 

IN WITNESS WHEREOF, the
parties hereto have duly executed this Third Amendment as of the day and year
first above written.

 

	
  ENERGYSOLUTIONS, LLC.  

  	
   

  	
  ENV HOLDINGS LLC  

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  By

  	
  /s/ R Steve Creamer  

  	
   

  	
  By

  	
  /s/ R Steve Creamer  

  
	
   

  	
  R Steve Creamer  

  	
   

  	
   

  	
  R Steve Creamer  

  
	
   

  	
  Chief Executive Officer

  	
   

  	
   

  	
  Manager

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  /s/ Val John Christensen  

  	
   

  	
   

  	
   

  
	
  Val John Christensen

  	
   

  	
   

  	
   

  

 

 

Schedule
1

 

Target Bonus

 

	
   

  	
   

  	
  Percentage that Actual EBITDA for a fiscal year

  represents of Budgeted EBITDA for such fiscal year

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  90

  	
  %

  	
  100

  	
  %

  	
  110

  	
  %

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Percentage of Base Salary payable as a Bonus

  	
   

  	
  20

  	
  %

  	
  80

  	
  %

  	
  120

  	
  %

  

 

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

 

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

 

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

 

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

 

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

 

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

 

(2)           This amount (50%) is then multiplied by
the difference between (x) 120% (the Target Bonus at 110% of Budgeted
EBITDA) and (y) 80% (the Target Bonus at 100% of Budgeted EBITDA),
resulting in a 20% incremental increase in the Target Bonus, which when added
to the 80% of Base Salary payable when Actual EBITDA equals 100% of Budgeted
EBITDA Benchmark, yields an aggregate bonus equal to 100% of the Executive’s
Base Salary.EXHIBIT 10.15.2

 

SECOND AMENDMENT TO

EXECUTIVE
EMPLOYMENT AND NON-COMPETITION AGREEMENT

 

THIS SECOND AMENDMENT TO
EXECUTIVE EMPLOYMENT AND NON-COMPETITION AGREEMENT (this “Second Amendment”),
dated as of March 3, 2008, is entered into by and between EnergySolutions, LLC, a Utah limited liability company (the “Company”),
ENV Holdings LLC (“ENV Holdings”), and ALAN PARKER
(the “Executive”).  This Second
Amendment amends that certain Executive Employment and Non-competition
Agreement between the Company and the Executive dated November 14, 2006,
as amended pursuant to the First Amendment to Executive Employment and
Non-Competition Agreement dated October 30, 2007 (collectively, the “Agreement”),
as follows:

 

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

 

2.             Term.  The term of
this Agreement shall begin on the date hereof and, unless sooner terminated as
provided in Section 6, shall conclude on December 31, 2011 (the “Employment
Term”).

 

2.             Section 4(a) of the Agreement is hereby
deleted in its entirety and the following is substituted in place thereof:

 

(a)           Salary.  In
consideration of the services rendered by the Executive under this Agreement,
the Company shall pay the Executive a base salary (the “Base Salary”) at
the rate of $450,000 per calendar year. 
The Base Salary shall be paid in such installments and at such times as
the Company pays its regularly salaried executives and shall be subject to all
necessary withholding taxes, FICA contributions and similar deductions, as well
as set-off against any amounts Executive owes the Company or its affiliates. In
addition, if the Company at any time increases the salaries or hourly wages of
other employees of the Company generally by a percentage equally applied to
reflect a “cost-of-living increase”, the Base Salary shall be increased by the
same percentage cost-of-living increase at the time and in the same manner it
is given to other employees of the Company.

 

3.             The second paragraph of Section 4(b) of the
Agreement is hereby deleted in its entirety and the following is substituted in
place thereof:

 

For purposes of
this Agreement, (i) “EBITDA” shall mean the earnings of the Company
and its consolidated subsidiaries before interest, taxes, depreciation,
accretion and amortization, calculated in accordance with generally accepted
accounting principles; (ii) “Actual EBITDA” shall mean, for any
fiscal year of the Company, the EBITDA of the Company and its consolidated
subsidiaries for such fiscal year as reflected on the Company’s financial
statements for such fiscal year; and (iii) “Budgeted EBITDA” shall
mean, for any fiscal year of the Company, the EBITDA for the Company and its
consolidated subsidiaries for such fiscal year set forth in the budget for such
fiscal year adopted by the Board.

 

4.             Section 4(e) of the Agreement is hereby
deleted in its entirety.

 

5.             Schedule 1 to the Agreement is hereby deleted in its
entirety and the Schedule 1 attached hereto and by this reference incorporated
herein is substituted in place thereof.

 

6.             The parties hereby ratify and confirm all terms and
conditions set forth in the Agreement that are not expressly modified by this
Second Amendment. This Second Amendment and the Agreement shall be considered,
for all intents and purposes, as one agreement. 
In the event of any conflict between the terms and provisions of this
Second Amendment and the terms and provisions of the Agreement, the terms and
provisions of this Second Amendment shall, in all instances, prevail.

 

IN WITNESS WHEREOF, the
parties hereto have duly executed this Second Amendment as of the day and year
first above written.

 

	
  ENERGYSOLUTIONS, LLC.  

  	
   

  	
  ENV HOLDINGS LLC  

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  By

  	
  /s/ R Steve Creamer  

  	
   

  	
  By

  	
  /s/ R Steve Creamer  

  
	
   

  	
  R Steve Creamer  

  	
   

  	
   

  	
  R Steve Creamer  

  
	
   

  	
  Chief Executive Officer

  	
   

  	
   

  	
  Manager

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  /s/ Alan Parker  

  	
   

  	
   

  	
   

  
	
  Alan Parker

  	
   

  	
   

  	
   

  

 

 

Schedule
1

 

Target Bonus

 

	
   

  	
   

  	
  Percentage that Actual EBITDA for a fiscal year

  represents of Budgeted EBITDA for such fiscal year

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  90

  	
  %

  	
  100

  	
  %

  	
  110

  	
  %

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Percentage of Base Salary payable as a Bonus

  	
   

  	
  20

  	
  %

  	
  80

  	
  %

  	
  120

  	
  %

  

 

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

 

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

 

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

 

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

 

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

 

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

 

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

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