Document:

exv10w2

 

Exhibit 10.2

FORM OF RESTRICTED STOCK AGREEMENT

UNDER THE

2006 DIRECTOR STOCK PLAN

     This RESTRICTED STOCK AGREEMENT (this “Agreement”) is made as of August ___, 2006, by and
between Horizon Offshore, Inc. (“Horizon”) and                      (the “Award Recipient”).

     WHEREAS, Horizon maintains the 2006 Director Stock Plan (the “Plan”), under which the
Compensation Committee of the Board of Directors of Horizon (the “Committee”), may grant restricted
shares of Horizon’s common stock, $.00001 par value per share (the “Common Stock”), to non-employee
directors of Horizon as the Committee may determine, subject to terms, conditions, or restrictions
as it may deem appropriate; and

     WHEREAS, pursuant to the Plan the Committee has awarded to the Award Recipient restricted
shares of Common Stock on the terms and conditions specified below;

     NOW, THEREFORE, the parties agree as follows:

1.

AWARD OF SHARES

     Upon the terms and conditions of the Plan and this Agreement, the Committee as of the date of
this Agreement hereby awards to the Award Recipient 5,000 restricted shares of Common Stock (the
“Restricted Stock”), which shares shall fully vest on the first to occur of (i) the first
anniversary of the date of this Agreement, or (ii) the date of the 2007 annual meeting of Horizon’s
stockholders, subject to Section 2 hereof.

2.

AWARD RESTRICTIONS ON

RESTRICTED STOCK

     2.1 In addition to the conditions and restrictions provided in the Plan, neither the
shares of Restricted Stock nor the right to vote the Restricted Stock, to receive dividends thereon
or to enjoy any other rights or interests thereunder or hereunder may be sold, assigned, donated,
transferred, exchanged, pledged, hypothecated or otherwise encumbered prior to vesting. Subject to
the restrictions on transfer provided in this Section 2.1, the Award Recipient shall be entitled to
all rights of a stockholder of Horizon with respect to the Restricted Stock, including the right to
vote the shares and receive all dividends and other distributions declared thereon.

     2.2 If the shares of Restricted Stock have not already vested in accordance with
Section 1 above, the shares of Restricted Stock shall vest and all restrictions set forth in
Section 2.1 shall lapse on the earlier of: (a) the date on which the Award Recipient’s service on
the Board of Directors terminates as a result of (i) death, (ii) disability within the meaning of
Section 22(e)(3) of the Internal Revenue Code, or (iii) retirement at age 65 or later or after
having completed five or more years of service on the Board of Directors; or (b) the occurrence of
a Change of Control of Horizon, as described in Section 8.10 of the Plan.

 

 

3.

STOCK CERTIFICATES

     3.1 The stock certificates evidencing the Restricted Stock shall be retained by
Horizon until the lapse of restrictions under the terms hereof. Horizon shall place a legend, in
the form specified in the Plan, on the stock certificates restricting the transferability of the
shares of Restricted Stock.

     3.2 Upon the lapse of restrictions on shares of Restricted Stock, Horizon shall
cause a stock certificate without a restrictive legend to be issued with respect to the vested
Restricted Stock in the name of the Award Recipient or his nominee within 5 business days. Upon
receipt of such stock certificate, the Award Recipient is free to hold or dispose of the shares
represented by such certificate, subject to applicable securities laws.

4.

DIVIDENDS

     Any dividends paid on shares of Restricted Stock shall be paid to the Award Recipient
currently.

5.

ADDITIONAL CONDITIONS

     Anything in this Agreement to the contrary notwithstanding, if at any time Horizon further
determines, in its sole discretion, that the listing, registration or qualification (or any
updating of any such document) of the shares of Common Stock issuable pursuant hereto is necessary
on any securities exchange or under any federal or state securities or blue sky law, or that the
consent or approval of any governmental regulatory body is necessary or desirable as a condition
of, or in connection with the issuance of shares of Common Stock pursuant thereto, or the removal
of any restrictions imposed on such shares, such shares of Common Stock shall not be issued, in
whole or in part, or the restrictions thereon removed, unless such listing, registration,
qualification, consent or approval shall have been effected or obtained free of any conditions not
acceptable to Horizon. Horizon agrees to use commercially reasonable efforts to issue all shares
of Common Stock issuable hereunder on the terms provided herein.

6.

NO CONFERMENT OF RIGHTS INTENDED

     Nothing in this Agreement shall confer upon the Award Recipient any right to continue to serve
on the Board, or interfere in any way with the right of Horizon to remove the Award Recipient as a
director at any time.

7.

BINDING EFFECT

     This Agreement shall inure to the benefit of and be binding upon the parties hereto and their
respective heirs, executors, administrators, legal representatives and successors. Without
limiting the generality of the foregoing, whenever the term “Award Recipient” is used in any

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provision of this Agreement under circumstances where the provision appropriately applies to the
heirs, executors, administrators or legal representatives to whom this award may be transferred by
will or by the laws of descent and distribution, the term “Award Recipient” shall be deemed to
include such person or persons.

8.

INCONSISTENT PROVISIONS

     The shares of Restricted Stock granted hereby are subject to the terms, conditions,
restrictions and other provisions of the Plan as fully as if all such provisions were set forth in
their entirety in this Agreement. If any provision of this Agreement conflicts with a provision of
the Plan, the Plan provision shall control. The Award Recipient acknowledges that a copy of the
Plan was distributed or made available to the Award Recipient and that the Award Recipient was
advised to review such Plan prior to entering into this Agreement. The Award Recipient waives the
right to claim that the provisions of the Plan are not binding upon the Award Recipient and the
Award Recipient’s heirs, executors, administrators, legal representatives and successors.

9.

GOVERNING LAW

     This Agreement shall be governed by and construed in accordance with the laws of the State of
Texas.

10.

SEVERABILITY

     If any term or provision of this Agreement, or the application thereof to any person or
circumstance, shall at any time or to any extent be invalid, illegal or unenforceable in any
respect as written, the Award Recipient and

     Horizon intend for any court construing this Agreement to modify or limit such provision so as
to render it valid and enforceable to the fullest extent allowed by law. Any such provision that
is not susceptible of such reformation shall be ignored so as to not affect any other term or
provision hereof, and the remainder of this Agreement, or the application of such term or provision
to persons or circumstances other than those as to which it is held invalid, illegal or
unenforceable, shall not be affected thereby and each term and provision of this Agreement shall be
valid and enforced to the fullest extent permitted by law.

11.

ENTIRE AGREEMENT; MODIFICATION

     The Plan and this Agreement contain the entire agreement between the parties with respect to
the subject matter contained herein and may not be modified, except as provided in the Plan, as it
may be amended from time to time in the manner provided therein, or in this Agreement, as it may be
amended from time to time by a written document signed by each of the parties hereto. Any oral or
written agreements, representations, warranties, written inducements, or other communications with
respect to the subject matter contained herein made prior to the execution of the Agreement shall
be void and ineffective for all purposes.

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     By Award Recipient’s signature below, Award Recipient represents that he or she is familiar
with the terms and provisions of the Plan, and hereby accepts this Agreement subject to all of the
terms and provisions thereof. Award Recipient has reviewed the Plan and this Agreement in their
entirety and fully understands all provisions of this Agreement. Award Recipient agrees to accept
as binding, conclusive and final all decisions or interpretations of the Committee upon any
questions arising under the Plan or this Agreement.

     IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be duly executed and
delivered on the day and year first above written.

	 	 	 	 	 	 	 
	 	 	Horizon Offshore, Inc.	 	 
	 
	 	 	 	 	 	 
	 

	 	By:	 	 	 	 
	 

	 	 	 	 	 	 
	 

	 	 	 	Name:	 	 
	 

	 	 	 	Title:	 	 
	 
	 	 	 	 	 	 
	 
	 	 	 	 	 	 
	 	 	 	 	 
	 

	 	 	 	{Insert name}	 	 
	 

	 	 	 	Award Recipient	 	 

4exv10w1

 

EXHIBIT 10.1

AMENDMENT NO. 3 TO THE DECEMBER 10, 2004
 MOA TO PROVIDE FOR THE

DIRECT PAYMENT OF

USEC ALLOWABLE COSTS

 

 

     This Amendment No. 3 to the December 10, 2004 Memorandum of Agreement between the United
States Department of Energy (“DOE”) and USEC Inc, a Delaware Corporation headquartered at 6903
Rockledge Drive, Bethesda, MD. 20817 is entered into this 23rd day of June, 2006 (the
“Amendment No. 3 Effective Date”). USEC, Inc. and its wholly owned subsidiary, United States
Enrichment Corporation, are herein referred to as, “USEC.” DOE and USEC are sometimes referred to
herein as “Parties.”

     WHEREAS, on December 10, 2004, the Parties entered into a Memorandum of Agreement for the
Continued Operation of the Portsmouth S&T Facilities for the Processing of Affected Inventory in
Fiscal Year 2005 and Thereafter (the “MOA”); and

     WHEREAS, on May 16, 2005, the Parties entered into Amendment No. 1 to the MOA; and

     WHEREAS, on February 9, 2006, the Parties entered into Amendment No. 2 to the MOA; and

     WHEREAS, acting pursuant to Amendment No. 2 to the MOA, DOE transferred 200 MTU of Feed
Material (“Supplemental Barter Material”) to USEC; and

     WHEREAS, USEC sold such Supplemental Barter Material in accordance with the procedures set
forth in Amendment No.2 and received in return sales proceeds in the amount of $22.42 million; and

     WHEREAS, such sales proceeds have been used to compensate USEC for Allowable Costs incurred in
performing work under the MOA as amended; and

     WHEREAS, Section 1.7 of the MOA requires USEC to cease performance when Allowable Costs exceed
the proceeds received or expected to be received from the sale of Feed Material; and

     WHEREAS, USEC anticipates that by on or about June 30, 2006, USEC Allowable Costs will exceed
proceeds from the sale of Supplemental Barter Material; and

     WHEREAS, the 2006 Energy and Water Development Appropriations Act (the “Act”) provides
additional authorization for the Secretary of Energy to barter, transfer or sell uranium and to use
any proceeds to continue the Tc-99 cleanup project; and

     WHEREAS, acting in accordance with the Act, the Department has sold uranium and intends to use
the proceeds of such sales to continue the Tc-99 cleanup project; and

     WHEREAS, in Section 2.3 of the MOA DOE reserves the right to adjust the MOA at any time by
providing partial or complete direct payment of USEC Allowable Costs;

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     NOW, THEREFORE, the Parties hereby agree that:

     Subject to the availability of funds and legislative authority for this purpose, work under
the MOA, as amended, will be continued as follows:

	 	1.	 	DOE shall compensate USEC directly for USEC Allowable Costs incurred after the
date on which such costs exceed proceeds derived from the sale of Supplemental Barter
Material. The period after the date on which USEC Allowable Costs exceed proceeds
derived from the sale of Supplemental Barter Material is referred to herein as the
“Direct Compensation Period”.
	 
	 	2.	 	USEC shall not incur more than $11,918,671 in Allowable Costs during the Direct
Compensation Period.
	 
	 	3.	 	The following provisions of the MOA, as amended, shall not apply during the
Direct Compensation Period:

	 	a.	 	Sections 1.9(e) and 1.9(f)
	 
	 	b.	 	The third sentence of Section 2.1
	 
	 	c.	 	Article 4
	 
	 	d.	 	Sections 6.2 and 6.3
	 
	 	e.	 	The first sentence of Section 6.7

	 	4.	 	Section 9.1 of the MOA, as amended, is amended by adding “52.232-25 Prompt
Payment (October 2003) with Alternate I (February 2002)” and “52.232-20 Limitation of
Cost (April 1984)” to the list of contract clauses incorporated into the MOA, as
amended.
	 
	 	5.	 	USEC shall submit invoices in accordance with Federal Acquisition Regulation
52.216-7 Allowable Costs and Payments (Dec 2002) (unless prior written consent from DOE
for more frequent billing is obtained). The invoice (Standard Form 1034) should include
a statement of cost for services rendered and reference funding source M6XUSMOA3 . This
statement should include, as a minimum, a breakout by cost or price element of all
services actually provided by USEC, both for the current billing period and
cumulatively for the entire MOA, as amended. The statement of cost must include a
certification statement signed by a responsible official of USEC. Each invoice
submitted shall also include the following:

(1) MOA title;

(2) date of invoice;

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(3) invoice number;

(4) total amount of invoice;

(5) period covered or items delivered.

	 	 	 	USEC shall submit the invoice to the addressees prescribed below:

Original and 1 copy to:

U.S. Department of Energy

Oak Ridge Operations Office

Oak Ridge Financial Services Center

P.O. Box 5777

Oak Ridge, TN 37831

1 copy to:

U.S. Department of Energy

Portsmouth Site Office

Attn: Tc-99 Project Manager

P.O. Box 700

Piketon, Ohio 45661

1 copy to:

U.S. Department of Energy

Portsmouth Paducah Project Office

Attn: Financial Services

1017 Majestic Dr. Suite 200

Lexington, KY 40513-0066.

	 	6.	 	Upon ninety (90) days (or other mutually agreeable time) written notice to
USEC, DOE may resume reimbursing USEC Allowable Costs under the MOA, as amended,
through the transfer of Supplemental Barter Material pursuant to the MOA, as amended,
in lieu of direct payment of USEC Allowable Costs.
	 
	 	7.	 	DOE’s and USEC’s obligations under this Amendment No. 3 are subject to
compliance with applicable law including but not limited to the National Environmental
Policy Act.

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	 	8.	 	Except as expressly set forth above, all provisions contained in the MOA, as amended,
are applicable to this Amendment No. 3. In the event there is a conflict between this
Amendment No. 3 and the MOA, as amended, this Amendment No. 3 shall be controlling.

     IN WITNESS WHEREOF, The Parties, through their duly authorized representatives, have signed
this Amendment in two originals on the Amendment No. 3 Effective Date listed
above.

	 	 	 	 	 	 	 	 	 	 	 
	 

	 	 	 	 	 	 	 	 	 	 
	UNITED STATES DEPARTMENT	 	 	 	USEC INC.	 	 
	OF ENERGY	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	By:

	 	/s/ William E. Murphie
	 	 	 	By:
	 	/s/ Philip G. Sewell	 	 
	 

	 	 
	 	 	 	 	 	 	 	 
	 

	 	William E. Murphie
	 	 	 	 	 	Philip G. Sewell	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	Title:

	 	Manager, PPPO
	 	 	 	Title:
	 	Senior Vice President	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	Date:

	 	June 23, 2006
	 	 	 	Date:
	 	June 22, 2006	 	 

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