Document:

EX-4.08

EXHIBIT 4.08

USEC Inc.

NON-EMPLOYEE DIRECTOR NONQUALIFIED STOCK OPTION AGREEMENT

NONQUALIFIED STOCK OPTION AGREEMENT (the “Agreement”) dated as of      between USEC
Inc., a Delaware corporation (the “Company”), and      (the “Optionee”):

RECITALS:

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

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

This Agreement shall apply to certain option awards made prior to the date hereof and to certain
option awards made from time to time following the date hereof, in each case as set forth on
Exhibit A hereto as such Exhibit A may be augmented from time to time.

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

	 	1.	 	Grant of the Option. The Company has granted and from time to time will grant to the
Optionee options (each an “Option”) to purchase all or any part of the number of Shares at the
purchase prices per share (each, an “Exercise Price”) as set forth in Exhibit A. Each Option
granted hereby is intended to be a Non-Qualified Stock Option and not an Incentive Stock
Option.

	 	2.	 	Vesting. Subject to Section 4 and 5 hereof, each Option shall become exercisable on
the first anniversary of the date of grant of such Option as set forth in Exhibit A (the “Date
of Grant”). At any time, the “Vested Portion” of an Option means that portion which (i) shall
have become exercisable pursuant to the terms of this Agreement and (ii) shall not have been
previously exercised.

	 	3.	 	Exercise of Option. (a) Subject to the provisions of the Plan and this Agreement
(including Section 4 hereof), the Optionee may exercise all or any part of the Vested Portion
of an Option at any time prior to the tenth anniversary of the Date of Grant (the “Expiration
Date”); provided that the Option may be exercised with respect to whole Shares
only. In no event shall any Option be exercisable on or after its Expiration Date.

(b) To the extent set forth in subparagraph (a) above, an Option may be exercised by delivering
to the Company at its principal office written notice of intent to exercise. Such notice shall
specify the number of Shares for which the Option is being exercised and shall be accompanied by
payment in full, or adequate provision therefor, of the Exercise price and any applicable
withholding tax. The payment of the Exercise Price shall be made (i) in cash or (ii) by
certified check or bank draft payable to the order of the Company or (iii) by tendering Shares
which have been owned by the Optionee for at least six months (and which are not subject to any
pledge or other security interest) or (iv) by a combination of the foregoing, provided
that the combined value of all cash and cash equivalents and the Fair Market Value of any such
Shares so tendered to the Company as of the date of such tender is at least equal to the
Exercise Price. The Optionee may elect to pay all or any portion of the Exercise Price by
having Shares with a Fair Market Value on the date of exercise equal to the Exercise Price
withheld by the Company or sold by a broker-dealer. The payment of withholding tax, if any,
shall be subject to Section 8 of this agreement.

	 	(c)	 	Notwithstanding any other provision of the Plan or this Agreement to the contrary, no
Option may be exercised prior to the completion of any registration or qualification of
such Option or the Shares under applicable state and federal securities or other laws, or
under any ruling or regulation of any government body or national securities exchange, that
the Committee shall in its sole discretion determine to be necessary or advisable.

	 	(d)	 	Upon the Company’s determination that an Option has been validly exercised as to any of
the Shares, the Company shall issue or cause to be issued as promptly as practicable
certificates in the Optionee’s name for such Shares. However, the Company shall not be
liable to the Optionee for damages relating to any delays in issuing the certificates or in
the certificates themselves.

	 	4.	 	Termination of Service. (a) In the event that the Optionee’s service with the
Company is terminated by the Company for Cause, all Options (whether vested or unvested) shall
be deemed canceled and forfeited in its entirety on the date of the Optionee’s termination of
service.

(b) In the event that the Optionee’s service with the Company is terminated by the Optionee
voluntarily, the unvested portion of each Option shall be deemed canceled and forfeited as of
the date of such termination of service and the Vested Portion shall remain exercisable for a
period of one month following such termination of service.

(c) In the event that the Optionee’s service with the Company is terminated by the Company
without Cause or by reason of death, Disability or Retirement, unless the Committee provides
otherwise at the time of termination, all Options shall vest in their entirety and shall remain
exercisable for a period of one year following such termination of service, and shall thereafter
be deemed canceled and forfeited.

	 	5.	 	Change in Control. Upon a Change in Control of the Company, the unvested portion of
all Options shall vest.

	 	6.	 	No Right to Continued Service; No Rights as a Shareholder. Neither the Plan nor this
Agreement shall confer on the Optionee any right to continued service with the Company. The
Optionee shall not have any rights as a shareholder with respect to any Shares subject to any
Option prior to the date of exercise of the Option.

	 	7.	 	Transferability. Except as provided below, each Option is nontransferable and may
not be assigned, alienated, pledged, attached, sold or otherwise transferred or encumbered by
the Optionee, except by will or the laws of descent and distribution. Notwithstanding the
foregoing, the Optionee may transfer the Vested Portion to members of his or her immediate
family (defined as his or her spouse, children or grandchildren) or to one or more trusts for
the exclusive benefit of such immediate family members or partnerships in which such immediate
family members are the only partners if the transfer is approved by the Committee and the
Optionee does not receive any consideration for the transfer. Any such transferred portion
shall continue to be subject to the same terms and conditions that were applicable to the
Option immediately prior to its transfer (except that such transferred portion shall not be
further transferable by the transferee). No transfer of any Option shall be effective to bind
the Company unless the Company shall have been furnished with written notice thereof and a
copy of such evidence as the Committee may deem necessary to establish the validity of the
transfer and the acceptance by the transferee of the terms and condition hereof.

	 	8.	 	Withholding. The Optionee agrees to make appropriate arrangements with the Company
for satisfaction of any applicable federal, state, local or foreign tax withholding
requirements or like requirements, including the payment to the Company at the time of any
exercise of any Option of all such taxes and requirements, and the Company shall have the
right and is hereby authorized to withhold from the Shares transferable to the Optionee upon
any exercise of the Option or from any other compensation or other amount owing to the
Optionee such amount (in cash, Shares or other property, as the case may be) as may be
necessary in the opinion of the Company to satisfy all such taxes and requirements.

	 	9.	 	Securities Laws. Upon the acquisition of any Shares pursuant to the exercise of any
Option, the Optionee or the Optionee’s transferee, if applicable, will make or enter into such
written representations, warranties and agreements as the Company may reasonably request in
order to comply with applicable securities laws, with this Agreement, or as the Company
otherwise deems necessary or advisable.

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

	 	11.	 	Amendments. This Agreement may be amended or modified at any time by an instrument
in writing signed by the parties hereto.

	 	12.	 	Notices. Any notice, request, instruction or other document given under this
Agreement shall be in writing and shall be addressed and delivered, in the case of the
Company, to the Secretary of the Company at the principal office of the Company and, in the
case of the Optionee, to the Optionee’s address as shown in the records of the Company or to
such other address as may be designated in writing by either party.

	 	13.	 	Awards Subject to Plan; Amendments to Awards. All Awards are subject to the Plan.
The terms and provisions of the Plan as it may be amended from time to time are hereby
incorporated herein by reference. In the event of a conflict between any term or provision
contained herein and a term or provision of the Plan, the applicable terms and provisions of
the Agreement will govern and prevail.

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

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

USEC Inc.

By: __________________

________________________EX-4.09

EXHIBIT 4.09

USEC Inc.

Non-Employee Director Restricted Stock Award Agreement

(Founder’s Stock and Incentive Stock)

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

R E C I T A L S:

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

The Committee has adopted an incentive program to encourage directors of the Company to take
their annual retainers and meeting fees in shares of Restricted Stock and has determined that it is
in the best interests of the Company and its shareholders to grant the restricted stock awards
provided for herein to the Participant pursuant to the Plan and the terms set forth herein to
further align the interests of non-employee directors of the Company to the interests of
shareholders.

This Agreement shall apply to certain stock awards made prior to the date hereof and to
certain stock awards made from time to time on and after the date hereof, in each case representing
shares granted to Participant as Founder’s stock or incentive stock awards as set forth on
Exhibit A hereto and labeled as such, as such Exhibit A may be augmented from time to time.

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

1. Grant of the Award. (a) The Company has granted and from time to time will grant
to the Participant Awards (the “Awards”) of Shares of Restricted Stock (the “Restricted Shares”) in
the amounts, on the dates of grant, and labeled as Founder’s stock or incentive stock
awards, in each case as set forth in Exhibit A hereto, subject to the terms and conditions set
forth in this Agreement and the Plan. Subject to Section 3, certificates evidencing the Restricted
Shares shall be issued by the Company and registered in the name of the Participant on the stock
transfer books of the Company. However, certificates issued with respect to Restricted Shares
shall be held by the Company in escrow under the terms hereof. Such certificates shall bear the
legend set forth in Subsection (c) below or such other appropriate legend as the Committee shall
determine, which legend shall be removed only if and when the Restricted Shares vest as provided
herein, at which time the certificates shall be delivered to the Participant. If requested by the
Company and as a condition to the issuance of the Restricted Shares, the Participant will be
required to deliver to the Company stock powers duly endorsed in blank. Upon the issuance of the
Restricted Shares, the Participant shall be entitled to vote the Restricted Shares, and shall be
entitled to receive, free of all restrictions, ordinary cash dividends and dividends in the form of
Shares thereon. The Participant’s right to receive any extraordinary dividends or other
distributions with respect to Restricted Shares prior to their becoming nonforfeitable shall be at
the sole discretion of the Committee, but in the event of any such extraordinary event, the
Committee shall take such action as is appropriate to preserve the value of, and prevent the
unintended enhancement of the value of, the Restricted Shares.

(b) In order to comply with any applicable securities laws, the Company may require the
Participant (i) to furnish evidence satisfactory to the Company (including a written and signed
representation letter) to the effect that the Restricted Shares were acquired for investment only
and not for resale or distribution and (ii) to agree that the Restricted Shares shall only be sold
by the Participant following registration under the Securities Act of 1933, as amended, or pursuant
to an exemption therefrom.

(c) Unless otherwise determined by the Committee, any certificate issued in respect of the
Restricted Shares prior to the lapse of any outstanding restrictions relating thereto shall bear
the following legend:

“This certificate and the shares of stock represented hereby are
subject to the terms and conditions, including the forfeiture
provisions and restrictions against transfer (the “Restrictions”),
contained in the USEC Inc. 1999 Equity Incentive Plan (the “Plan”)
and an agreement entered into between the registered owner and the
Company (the “Agreement”). Any attempt to dispose of these shares
in contravention of the applicable restrictions, including by way
of sale, assignment, transfer, pledge, hypothecation or otherwise,
shall be null and void and without effect.”

2. Vesting. Subject to Section 3 hereof, the restrictions on transfer of the
Restricted Shares shall lapse and the Restricted Shares shall become vested and nonforfeitable on
the later to occur of the third anniversary of the Date of Grant or the termination of the
Participant’s service as a member of the Board.

3. Termination of Service. (a) In the event that the Participant’s service with the
Company is terminated for Cause or by the Participant voluntarily before the end of the
Participant’s term (except by reason of Retirement), all Restricted Shares held by the Participant
as of the date of such termination shall be canceled and forfeited for no consideration on the date
of the Participant’s termination of service.

(b) In the event that the Participant’s service with the Company is terminated for any reason
not described in Section 3(a) hereof, unless the Committee provides otherwise at the time of
termination, all Restricted Shares held by the Participant as of the date of such termination shall
become vested and nonforfeitable.

4. Change in Control. Upon a Change in Control of the Company, the unvested portion
of the Restricted Shares shall become vested and nonforfeitable.

5. Nontransferability. The Restricted Shares are not nontransferable and may not be
sold, assigned, transferred, disposed of, pledged or otherwise encumbered by the Participant, other
than by will or the laws of descent and distribution until such Restricted Shares become
nonforfeitable in accordance with the provisions of this Agreement. Any Participant’s successor (a
“Successor”) shall take rights herein granted subject to the terms and conditions hereof. No such
transfer of the Restricted Shares to any Successor shall be effective to bind the Company unless
the Company shall have been furnished with written notice thereof and a copy of such evidence as
the Committee may deem necessary to establish the validity of the transfer and the acceptance by
such Successor of the terms and conditions hereof.

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

7. Withholding. The Participant shall pay to the Company promptly upon request, and
in any event at the time the Participant recognizes taxable income in respect of the Restricted
Shares, an amount equal to the taxes the Company determines it is required to withhold, if any,
under applicable tax laws with respect to the Restricted Shares. Such payment shall be made in the
form of cash, Shares already owned or otherwise issuable upon the lapse of restrictions, or in a
combination of such methods, as irrevocably elected by the Participant prior to the applicable tax
due date with respect to such Restricted Shares. The Participant shall promptly notify the Company
of any election made pursuant to Section 83(b) of the Code.

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

9. Amendments. This Agreement may be amended or modified at any time by an
instrument in writing signed by the parties hereto.

10. Notices. Any notice, request, instruction or other document given under this
Agreement shall be in writing and shall be addressed and delivered, in the case of the Company, to
the Secretary of the Company at the principal office of the Company and, in the case of the
Participant, to the Participant’s address as shown in the records of the Company or to such other
address as may be designated in writing by either party.

11. Awards Subject to Plan; Amendments to Awards. These Awards are subject to the
Plan. The terms and provisions of the Plan as it may be amended from time to time are hereby
incorporated herein by reference. In the event of a conflict between any term or provision
contained herein and a term or provision of the Plan, the applicable terms and provisions of the
Agreement will govern and prevail.

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

1

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

USEC Inc.

By ___________________________

_____________________________

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