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EXHIBIT 10.1
SUMMARY OF EMPLOYMENT ARRANGEMENT
FOR CHIEF FINANCIAL OFFICER
John C.
Barpoulis
In connection with John C.
Barpoulis’ appointment as the senior vice president, chief
financial officer and treasurer of USEC Inc., the following sets
forth the principal terms of his at-will employment
arrangement:
$340,000 per annum
Entitled to participate in the Company’s
annual incentive program under the 1999 Equity Incentive Plan at a
target annual award level of 0.7 times annual base salary. Actual
award will be calculated as a percentage of the target award (from
0% to 150%) based on the achievement of pre-determined annual
performance objectives. Maximum value (based on current annual base
salary of $340,000) would be $357,000. Must take at least 35% of
any annual incentive award in shares of restricted stock and
may take the remainder of the award in cash or additional shares of
restricted stock. If has satisfied applicable stock ownership
guidelines may elect to take entire annual incentive award in cash.
As an incentive to take more of compensation in the form of Company
stock, will receive additional shares of restricted stock equal to
20 percent of the cash portion of annual incentive award that
elects to take in restricted stock.
Stock Options/Restricted Stock
Entitled to participate in the Company’s long term incentive
program under the 1999 Equity Incentive Plan at a target annual
award level of 0.7 times annual base salary, consisting of 50%
non-qualified stock options and 50% restricted stock.
3-Year Executive Incentive Plan
Entitled to participate in the three-year performance component of
the Company&rsquo
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