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|   | a. | Committed      an intentional act of fraud, embezzlement or theft in the course of      employment or otherwise engaged in any intentional misconduct which is      materially injurious to the financial condition or business reputation of      the Company or its Affiliates; |
|--------|----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | b. | Committed      intentional damage to the property of the Company and its Affiliates or      committed intentional wrongful disclosure of proprietary information or      confidential information, which is materially injurious to the financial      condition or business reputation of the Company or its      Affiliates; |
|--------|----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | c. | Been      convicted with no further possibility of appeal, or entered a guilty or      nolo contendere      plea, for a felony or a crime involving moral  turpitude; |
|--------|----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | d. | Willfully      and substantially refused to perform the essential duties of his or her      position after written notice from theCompany; |
|--------|----|--------------------------------------------------------------------------------------------------------------------------------------------|

|   | e. | Intentionally,      recklessly or negligently violated any material provision of the Company’s      code of conduct or equivalent code of policy that is applicable to the      Participant; |
|--------|----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | f. | Intentionally,      recklessly or negligently violated any material provision of the      Sarbanes-Oxley Act of 2002 or any of the rules adopted by the Securities      and Exchange Commission implementing any such provision;  or |
|--------|----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | g. | Failed      to fully cooperate to the extent requested by the Company or an Affiliate      with investigations by government or independent agencies involving the      Company or an Affiliate. |
|--------|----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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|   | 1.3 | The      following Section 2.28 shall be added to the Plan to read in its entirety      as follows: |
|--------|-----|-----------------------------------------------------------------------------------------------------|

|                  “2.28 | The      term ‘Dividend Equivalent      Unit’ shall mean an amount equal to cash dividends paid with      respect to the Company’s Common Stock.  Such units shall be      awarded in the discretion of the Committee and shall be allocated to a      Ledger Account established hereunder.  Dividend Equivalent Units      may relate to Restricted Stock or to Common Stock Equivalent Units awarded      hereunder.” |
|-------------------------------------------------------------------------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 1.4 | The      following Section 2.29 shall be added to the Plan to read in its entirety      as follows: |
|--------|-----|-----------------------------------------------------------------------------------------------------|

|   | a. | The      term ‘409AIncentive’ shall mean an      Incentive that (i) is first awarded under the Plan after December 31,      2004, or awarded prior to such date and vested or payable after such date,      and (ii) is awarded in the form of Common Stock Equivalent Units, whether      as ‘opportunity shares’ or ‘opportunity CEUs’ or otherwise, or in the form      of Dividend Equivalent Units, without regard to whether any such unit is      settled in the form of cash or CommonStock.” |
|--------|----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | b. | The      term ‘Separation      Date’ shall mean the later of the date on which (a) a Participant’s      employment with the Company and its Affiliates ceases, or (b) the Company      and such Participant reasonably anticipate that he or she will perform no      further services for the Company and its Affiliates, whether as a common      law employee or independent contractor.  Notwithstanding the      foregoing, a Participant may be deemed to have separated from service if      he or she continues to provide services to the Company or an Affiliate,      whether as an employee or an independent contractor, provided such      continuing services are not more than 20% of the average level of services      performed by such Participant during the immediately preceding 36-month      period.  If a termination of employment or other separation from      service, including Retirement, is required as a condition of any      certification of Common Stock or cash payment hereunder, such termination      or separation shall be determined with reference to such Participant’s      Separation Date.” |
|--------|----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | c. | “The      term ‘Specified      Employee’ shall be determined in accordance with Code Section 409A      and shall generally mean that a Participant is a ‘key employee’ of the      Company or an Affiliate, within the meaning of Code Section 416(i), (ii)      or (iii), but determined without regard to paragraph (i)(5) thereof, as of      his or her Separation Date.  A Participant |
|--------|----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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|  |   | who      satisfies such requirement as of a December 31st shall be considered a      Specified Employee hereunder during the 12-month period commencing on the      immediately following April 1st.” |
|--|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | a. | Exercise      discretion with respect to the administration of any such 409A Incentive      only to the extent such discretion is permitted to be exercised hereunder      and such discretion may be exercised in accordance with the provisions of      Code Section 409A. |
|--------|----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | b. | At      the end of each Performance Cycle, cause any Common Stock to be      certificated and delivered or cash payment to be made as of the first      business day of the second calendar month following the end of such      cycle.” |
|--------|----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 3.1 | Section      12.5 of the Plan shall be amended and restated to read in its entirety as      follows: |
|--------|-----|------------------------------------------------------------------------------------------------------|

|   | a. | All      outstanding Options shall be and remain fully vested and exercisable      during the six-month period following such change or such longer period      provided in any agreement evidencing an individual grant hereunder, but in      no event more than ten years following the date of such    grant; |
|--------|----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | b. | Any      further restrictions or conditions, whether on transfer or otherwise,      imposed with respect to Restricted Stock awarded hereunder shall be deemed      lapsed; any such award shall be promptly certificated and delivered to      each affected Participanthereunder; |
|--------|----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | c. | Any      Dividend Equivalent Units then allocated to a Ledger Account shall be      determined at the target level; |
|--------|----|---------------------------------------------------------------------------------------------------------------------|

|   | d. | Any      Performance Objectives then applicable to any 409A Incentive, other than      Dividend Equivalent Units, shall be deemed satisfied at the maximum level;      and |
|--------|----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | e. | Any      cash payment to be made or Common Stock to be certificated and delivered      with respect to any 409A Incentive shall be paid or delivered, as the case      may be, free of further restriction or limitation, upon the earlier      of: |
|--------|----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | ii. | The      first business day of the second calendar month following the end of the      Performance Cycle with respect to which such Incentive      relates. |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------|

| Cleco      Corporation                                                                                                                              |
|-----------------------------------------------------------------------------------------------------------------------------------------------------|
|                                                                                                                                                |
| By:           /s/ G. W.      Bausewine          |
|                                                                                                                                                |
| Its:           S.V.P., Corporate      Services                                               |
|                                                                                                                                                |
| Date:       November 4,      2008               |
|                                                                                                                                                |
|                                                                                                                                                |

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