Document:

exv10w46

 

EXHIBIT 10.46

SECOND AMENDMENT TO THE

USEC INC. 1999 EQUITY INCENTIVE PLAN

     WHEREAS, Section 14(a) of the USEC Inc. 1999 Equity Incentive Plan (the “Plan”) authorizes the
Board of Directors (the “Board”) of USEC Inc., a Delaware corporation (the “Company”), to amend the
Plan at any time; and

     WHEREAS, the Board now finds it desirable and in the best interests of the Company to amend
the Plan to comply with the requirements of Section 409A of the Internal Revenue Code of 1986, as
amended (the “Code”).

     NOW, THEREFORE, the Plan is amended as set forth below, effective as of January 1, 2008:

1. The definition of “Change in Control” in Section 2 of the Plan is amended to read in its
entirety as follows:

“Change in Control” shall mean, unless otherwise defined in the applicable Award
Agreement, a change in control of the Company, which will be deemed to have occurred
if:

     (i) 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 30% or more of the combined voting power of
the Company’s then outstanding voting securities;

     (ii) 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;

     (iii) 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 (i), (ii), (iv) or (v) of

 

 

this definition, other than (A) 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 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 (B) a merger or consolidation effected to implement a
recapitalization of the Company (or similar transaction) in which no person,
directly or indirectly, acquired 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); or

     (iv) a complete liquidation of the Company involving the sale to any
Person or group of at least 40% of the total gross fair market value of all
of the assets of the Company immediately before the liquidation; or

     (v) 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
40% of the total gross fair market value of all of the assets of the Company
immediately before such acquisition (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 60% of the
total voting power of the voting securities of which are owned by
shareholders of the Company in substantially the same proportions as their
ownership of the Company immediately prior to such sale.

2. Section 4(b) of the Plan is amended by changing the period at the end thereof to a comma and
adding the following:

and (C) with respect to any Award no such adjustment shall be authorized to the
extent that such adjustment would cause the Plan or the Award to violate Treasury
Regulation Section 1.409A-1(b)(5)(v).

3. Section 12 of the Plan is amended to read in its entirety as follows:

Termination of Employment/Service. The Committee shall have the full power and
authority to determine the terms and conditions that shall apply to any Award upon a
“separation from service” within the meaning of Section 409A(a)(2)(A)(i) of the Code
and Treasury Regulation Section 1.409A-1(h), including a termination by the Company
without Cause, by a Participant voluntarily, or by reason of death, Disability or
Retirement. The Committee retains the right and discretion to specify, and may
specify, whether a separation from service occurs for individuals providing services
to the Company immediately prior to an asset purchase transaction in which the
Company or an Affiliate is the seller, who provide services to a buyer after and in
connection with such asset purchase

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transaction; provided, such specification is made in accordance with the
requirements of Treasury Regulation Section 1.409A-1(h)(4).

4. Section 14(a) of the Plan is amended by adding the following at the end thereof:

Notwithstanding anything herein to the contrary, no such amendment or termination of
the Plan 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.

5. Section 15(f) of the Plan is amended by changing the period at the end thereof to a semicolon
and adding the following to the end thereof:

provided that any additional cash payment will be made no later than the end
of the Participant’s taxable year next following the taxable year in which
the Participant remits such taxes.

6. Section 15(k) of the Plan is amended to read in its entirety as follows:

(k) Governing Law; Avoidance of Section 409A Penalty. The validity,
construction, and effect of the Plan and any rules and regulations relating
to the Plan and any Award Agreement shall be determined in accordance with
the laws of the State of Delaware without giving effect to the conflict of
law principles thereof. The Company intends for the Plan, as described
herein and as may be subsequently amended from time to time, to be written,
construed and operated (and the Plan shall be written, construed and
operated) in a manner such that no amounts granted or payable 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 or postponement of payment of any grant or amount 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
payable under the Plan becoming subject to the Section 409A Penalties.

     IN WITNESS WHEREOF, this Second Amendment has been executed by a duly authorized officer of
USEC Inc. as of November 1, 2007.

	 	 	 	 	 
	 	USEC INC.

 	 
	 	By:  	/s/ W. Lance Wright
 	 
	 	 	SVP, Human Resources & Administration 	 
	 	 	 	 
	 

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EXHIBIT 10.53

USEC Inc.

Non-Employee Director Restricted Stock Unit Award Agreement

(Annual Retainers and Meeting Fees)

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

RECITALS:

     The Company has adopted and maintains the USEC Inc. 1999 Equity Incentive Plan as amended from
time to time (the “Plan”), which Plan as amended from time to time 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 restricted stock unit 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 restricted stock unit awards made from time to time after the
date hereof representing Participant’s annual retainers and meeting fees, 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 Award.

     (a) The Company from time to time will grant to the Participant Awards (the “Awards”) of
Restricted Stock Units (the “Restricted Stock Units”) in the amounts, on the dates of grant, and
labeled as “annual retainer”, “annual RSU grant”, “meeting fees” or otherwise in each case as set
forth in Exhibit A hereto, subject to the terms and conditions set forth in this Agreement and the
Plan.

     (b) In addition, as of each date as of which the Company pays a dividend on Shares before the
date (the “Payment Date”) payment is due in respect of the Restricted Stock Units in accordance
with Section 2(a) hereof, the Company will grant to the Participant an additional number of
Restricted Stock Units (the “Dividend Equivalent Restricted Stock Units”) equal to (i) the product
of (A) the dividend per Share payable on the record date relating to such dividend payment date,
and (B) the number of Restricted Stock Units held by the Participant on such dividend payment date,
divided by (ii) the Fair Market Value of a Share on the dividend payment date. Dividend Equivalent
Restricted Stock Units shall become vested (or be forfeited) at the same time and on the same
conditions as the Restricted Stock Units to which they relate. Except as provided in this Section
1(b) Dividend Equivalent Restricted Stock Units will be subject to all of the terms and conditions
of this Agreement and all references in this Agreement to Restricted Stock Units shall include
Dividend Equivalent Restricted Stock Units unless the context requires otherwise.

 

 

     (c) The number of Restricted Stock Units and any Dividend Equivalent Restricted Stock Units
shall be subject to adjustment as provided in Section 4(b) of the Plan.

     2. Vesting.

     (a) Subject to subsection (b) below, the Participant’s rights in his or her Restricted Stock
Units shall become vested and nonforfeitable upon the first to occur of (i) the first anniversary
of the date of grant of such Restricted Stock Units, (ii) the date the Participant attains
eligibility for Retirement, (iii) the date the Participant has a Termination of Service (defined
below) by reason of death or Disability, or (iv) the date of a Change in Control of the Company.
Restricted Stock Units that are granted to a Participant on or after attainment of eligibility for
Retirement shall be vested and nonforfeitable immediately upon the date of grant.

     (b) Notwithstanding subsection (a) above, in the event that the Participant has a Termination
of Service for Cause, all Restricted Stock Units held by the Participant as of the date of such
termination of service shall be canceled and forfeited for no consideration on the date of the
Participant’s Termination of Service.

     3. Settlement of Restricted Stock Units.

     (a) As soon as practicable after the Participant’s Termination of Service for any reason,
including Retirement, or if earlier as soon as practicable after a Change in Control, the Company
shall pay to the Participant (or his or her beneficiary, if applicable) other than following a
Change in Control, Shares (or if applicable, the per-Share equivalents of securities of the
surviving entity of any merger, consolidation or other transaction or event having a similar
effect, which are substituted for a Shares pursuant to Section 4(b) of the Plan) equal to the
aggregate number of vested Restricted Stock Units then held by the Participant. Delivery of Shares
shall in all events be made no later than ninety (90) days after Termination of Service or Change
in Control, as applicable.

     (b) For purposes of this Agreement a “Termination of Service” means that the Participant is no
longer a member of the Board and has undergone a good-faith and complete termination of all
arrangements to perform services for the Company in any capacity, provided that such termination
constitutes a “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 Company retains the right and discretion to
specify, and may specify, whether a Termination of Service occurs for individuals providing
services to the Company immediately prior to an asset purchase transaction in which the Company or
an Affiliate is the seller, who provide 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).

     4. Nontransferability. Except under the laws of descent and distribution, the
Participant shall not be permitted to sell, transfer, pledge or assign the Restricted Stock Units
or any rights under this Agreement. Without limiting the generality of the foregoing, the
Restricted Stock Units and the Participant’s rights under this Agreement may not be assigned,
transferred, pledged, hypothecated or disposed of in any way, shall not be assignable by operation
of law, and shall not be subject to execution, attachment or similar process. Any attempted
assignment, transfer, pledge, hypothecation or other disposition of the Restricted Stock Units of
the Participant’s rights under this Agreement contrary to the provisions hereof, and the levy of
any execution, attachment or similar process upon them, shall be null and void and without effect.

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     5. Beneficiary. The Participant may designate a beneficiary or beneficiaries (which
beneficiary may be an entity other than a natural person) to receive any payments hereunder which
may be made following the Participant’s death. Such designation may be changed or canceled at any
time without the consent of any such beneficiary. Any such designation, change or cancellation
must be made in a form and manner established by the Committee and shall not be effective unless
and until received by the Committee during the Participant’s lifetime. If no beneficiary has been
named, or the designated beneficiary or beneficiaries shall have predeceased the Participant or (if
other than a natural person) failed or ceased to exist, the beneficiary shall be the Participant’s
spouse or, if no spouse survives the Participant, the Participant’s estate. If the Participant
designates more than one beneficiary, the rights of such beneficiaries shall be payable in equal
shares with right of survivorship, unless the Participant has designated otherwise.

     6. No Rights as Stockholder. A Participant shall have no right to vote Shares
represented by Restricted Stock Units and shall have no rights as a stockholder of the Company with
respect to Restricted Stock Units unless and until Shares are delivered to the Participant in
settlement of the Restricted Stock Units pursuant to Section 3.

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

     8. Legal Requirements. The Company shall not be obligated to make any payment
hereunder if the Committee, in its sole discretion, determines that the issuance or transfer of
such cash, Shares or other consideration might violate any applicable law or regulation (including
applicable non-U.S. laws or regulations) or entitled the Company to recover the same under Section
16. Without limiting the generality of the foregoing, no Award granted hereunder shall be
construed as an offer to sell securities of the Company, and no such offer shall be outstanding,
unless and until the Committee in its sole discretion has determined that any such offer, if made,
would be in compliance with all applicable requirements of the U.S. federal or non-federal
securities laws and any other laws to which such offer, if made, would be subject. The Company
shall be under no obligation to register any Shares or other property pursuant to the Securities
Act of 1933, as amended, or any other federal or state securities laws on account of the
transactions contemplated by this Agreement.

     9. No Trust Fund Created. Neither this Agreement nor any of the transactions
contemplated hereby shall create or be construed to create a trust or separate fund of any kind or
a fiduciary relationship between the Company or any Affiliate and the Participant or any other
Person. To the extent that any Person acquires a right to receive payments from the Company or any
Affiliate pursuant to this Agreement, such right shall be no greater than the right of any
unsecured general creditor of the Company or any Affiliate.

     10. No Fractional Shares. Dividend Equivalent Restricted Stock Units shall be
determined and granted in fractional Restricted Stock Units where required by Section 1(b) but no
fractional Shares shall be issued or delivered pursuant to this Agreement; and on settlement of a
Participant’s Restricted Stock Units the value of any fractional shares shall be paid to the
Participant in cash.

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     11. 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.

     12. Amendments. This Agreement may be amended or modified at any time by an
instrument in writing signed by the parties hereto, or by an instrument in writing signed
unilaterally by the Company if the Company determines that such amendment is required by law,
including any amendment necessary or desirable to avoid the gross income inclusion set forth within
Section 409A(a)(1)(A) of the Code or the interest and additional tax set forth within Section
409A(a)(1)(B) of the Code (together, referred to herein as the “Section 409A Penalties”), or
otherwise to comply with or obtain for the Participant or the Company any benefits, or avoid for
the Participant or the Company any penalties or additional taxes, under the Code or other revenue
law. This Agreement is intended not to result in the imposition of Section 409A Penalties and
shall be administered, interpreted and construed in a manner consistent with such intent,
including, where appropriate, the construction of defined terms to have meanings that would not
cause the imposition of Section 409A Penalties.

     13. 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. Either the
Participant or the Company may change such party’s address for notices by notice duly given
pursuant to this Section.

     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 and delivered this Agreement. By
execution and delivery of this Agreement, the Participant acknowledges receipt of a copy of the
Plan.

	 	 	 	 	 
	 	USEC Inc.

 	 
	 	
 	 
	 	By  	W. Lance Wright
 	 
	 	Its: 	 Senior Vice President, Human Resources and 	 
	 	 	Administration 	 
	 
	 
	 	
 	 

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