UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
| Date of Report (Date of Earliest Event Reported): | June 17, 2005 |
USEC Inc.
__________________________________________
(Exact name of registrant as specified in its charter)
| Delaware | 1-14287 | 52-2107911 |
|
_____________________ (State or other jurisdiction |
_____________ (Commission |
______________ (I.R.S. Employer |
| of incorporation) | File Number) | Identification No.) |
| 2 Democracy Center, 6903 Rockledge Drive, Bethesda, Maryland | 20817 | |
|
_________________________________ (Address of principal executive offices) |
___________ (Zip Code) |
| Registrant’s telephone number, including area code: | (301) 564-3200 |
Not Applicable
______________________________________________
Former name or former address, if changed since last report
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
[ ] Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
[ ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
[ ] Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
[ ] Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Item 1.01 Entry into a Material Definitive Agreement.
On June 17, 2005, the Compensation Committee of the Board of Directors approved the annual performance objectives that will be used to determine the annual incentive awards for the Company’s executive officers for the 2005 fiscal year, which annual performance objectives are similar to the annual performance objectives for the 2004 fiscal year disclosed in the Company’s 2005 annual meeting proxy statement. These actions are described in Exhibit 10.81 to this report, which is incorporated herein by reference.
Item 9.01 Financial Statements and Exhibits.
Exhibit Number -- 10.81
Description -- Summary of 2005 Annual Performance Objectives for Executive Officers
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| USEC Inc. | ||||
| June 20, 2005 | By: |
/s/ Ellen C. Wolf
|
||
|
|
||||
| Name: Ellen C. Wolf | ||||
| Title: Senior Vice President and Chief Financial Officer (Principal Financial and Accounting Officer) | ||||
Exhibit Index
| Exhibit No. | Description | |
|
|
|
|
|
10.81
|
Summary of 2005 Annual Performance Objectives for Executive Officers |
EXHIBIT 10.81
SUMMARY OF 2005 ANNUAL PERFORMANCE OBJECTIVES
FOR EXECUTIVE OFFICERS
On June 17, 2005, the Compensation Committee of the Board of Directors approved the annual performance objectives that will be used to determine the annual incentive awards which may be granted to the Company’s executive officers (other than James R. Mellor, the Company’s Chairman and Chief Executive Officer) under the Company’s annual incentive program under the USEC Inc. 1999 Equity Incentive Plan for the 2005 fiscal year. Annual incentives may be paid partly in cash and partly in stock and are linked to corporate and individual performance. The Compensation Committee determined that the annual incentive in 2005 would be based on a combination of formula-based Company financial goals and individual performance. The Company financial goals for 2005 involve the achievement of a targeted net income and a targeted cash flow from operations. The individual performance goals are comprised of individual key performance objectives to be established by senior management and approved by the Chief Executive Officer with respect to each of the other executive officers, and the officer’s demonstrated leadership, initiative, coordination and cooperation.