Document:

<PAGE>   1

                                                                    EXHIBIT 10.1

                                VOTING AGREEMENT

                  VOTING AGREEMENT dated as of August 21, 2000, among WESTERN
PROPERTIES TRUST, a California real estate investment trust ("Western"), Revenue
Properties (U.S.), Inc., a Delaware corporation ("RPUS") and Pan Pacific
Development (Nevada) Inc., a Nevada corporation and a wholly-owned subsidiary of
RPUS ("PPD").

                  WHEREAS, Western and Pan Pacific Retail Properties, Inc., a
Maryland corporation ("Pan Pacific"), propose to enter into an Agreement and
Plan of Merger dated as of the date hereof, substantially in the form attached
hereto as Exhibit A (the "Merger Agreement"; capitalized terms used but not
defined herein shall have the meanings set forth in the Merger Agreement)
providing for the merger of Western with and into Pan Pacific (the "Merger"),
upon the terms and subject to the conditions set forth in the Merger Agreement;

                  WHEREAS, RPUS and PPD collectively own 50.86% of the
outstanding common stock, par value $.01 per share, of Pan Pacific, together
with any other shares of capital stock of Pan Pacific acquired by RPUS and PPD
after the date hereof and during the term of this Agreement (including through
the exercise of any stock options, warrants or similar instruments), being
collectively referred to herein as the "Subject Shares"); and

                  WHEREAS, as a condition to its willingness to enter into the
Merger Agreement, Western has requested that RPUS and PPD enter into this
Agreement.

                  NOW, THEREFORE, to induce Western to enter into, and in
consideration of its entering into, the Merger Agreement, and in consideration
of the promises and the representations, warranties and agreements contained
herein, the parties agree as follows:

                  1. Representations and Warranties of RPUS and PPD. RPUS and
PPD represent and warrant to Western as of the date hereof in respect of itself
as follows:

                  (a) Authority. Each of RPUS and PPD has all requisite power
and authority to enter into this Agreement and to consummate the transactions
contemplated hereby. This Agreement has been duly authorized, executed and
delivered by RPUS and PPD and constitute a valid and binding obligation of RPUS
and PPD enforceable against RPUS and PPD in accordance with its terms.

                  (b) The Subject Shares. RPUS and PPD are the beneficial owners
of, and have good and valid title to, the Subject Shares, free and clear of any
liens or encumbrances whatsoever except those which impose no restrictions on
RPUS' or PPD's right to vote the Subject Shares. RPUS and PPD do not own, of
record or beneficially, any shares of capital stock of Pan Pacific other than
the Subject Shares. RPUS and PPD have the sole right to vote their such Subject
Shares, and none of such Subject Shares is subject to any voting trust or other
agreement, arrangement or restriction with respect to the voting of such Subject
Shares, except as contemplated by this Agreement. RPUS and PPD represent that
any proxies heretofore
<PAGE>   2
given in respect of RPUS' Subject Shares are not irrevocable, and that all such
proxies are hereby revoked.

                  2. Representations and Warranties of Western. Western hereby
represents and warrants to RPUS and PPD that Western has all requisite corporate
power and authority to enter into this Agreement and to consummate the
transactions contemplated hereby. This Agreement has been duly authorized,
executed and delivered by Western and constitutes a valid and binding obligation
of Western enforceable against Western in accordance with its terms.

                  3. Covenants of RPUS and PPD. Until the termination of this
Agreement in accordance with Section 8, RPUS and PPD agree as follows:

                           (a) At any meeting of the stockholders of Pan Pacific
called to vote upon the Merger and the Merger Agreement, or at any annual
meeting at which such matters are voted upon, and at any adjournment thereof or
in any other circumstances upon which a vote, consent or other approval with
respect to the Merger and the Merger Agreement is sought, RPUS and PPD shall
vote (or cause to be voted) the Subject Shares in favor of the Merger, the
adoption by Pan Pacific of the Merger Agreement and the approval of the terms
thereof and each of the other transactions contemplated by the Merger Agreement.

                           (b) RPUS and PPD shall not, nor shall they permit any
of their respective directors, officers, partners, employees or agents or any
investment banker, attorney or other adviser or representative of RPUS and PPD
to, directly or indirectly, cause any of the representations set forth in
Section 1 hereof to become untrue.

                  4. Grant of Irrevocable Proxy; Attorney-in-Fact; Appointment
of Proxy.

                           (a) RPUS and PPD hereby irrevocably grant to, and
appoint Brad Blake and Dennis Ryan, in their capacity as officers of Western,
and any individual who shall hereafter succeed to their respective offices of
Western, and each of them individually, RPUS' and PPD's proxy and
attorney-in-fact (with full power of substitution), for and in the name, place
and stead of RPUS and PPD, to vote RPUS' and PPD's Subject Shares, or grant a
consent or approval in respect of such Subject Shares, in favor of adoption of
the Merger Agreement and the related transactions contemplated by the Merger
Agreement.

                           (b) RPUS and PPD hereby affirm that the irrevocable
proxy set forth in this Section 4 is given in connection with the execution of
the Merger Agreement, and that such irrevocable proxy is given to secure the
performance of the duties of RPUS and PPD under this Agreement. RPUS and PPD
hereby further affirm that the irrevocable proxy is coupled with an interest,
and may under no circumstances be revoked. RPUS and PPD hereby ratify and
confirm all that such irrevocable proxy may lawfully do or cause to be done by
virtue hereof.

                                       2
<PAGE>   3
                  5. Further Assurances. RPUS and PPD will, from time to time,
execute and deliver, or cause to be executed and delivered, such additional or
further consents, documents and other instruments as Western may reasonably
request for the purpose of effectively carrying out the transactions
contemplated by this Agreement.

                  6. Certain Events. RPUS and PPD agree that this Agreement and
the obligations hereunder shall attach to the Subject Shares and shall be
binding upon any person or entity to which legal or beneficial ownership of the
Subject Shares shall pass, whether by operation of law or otherwise, including
RPUS' and PPD's successors. In the event of any stock split, stock dividend,
merger, reorganization, recapitalization or other change in the capital
structure of Pan Pacific affecting the capital stock, or the acquisition of
additional shares of capital stock or other voting securities of Pan Pacific by
RPUS or PPD, the number of Subject Shares shall be adjusted appropriately and
this Agreement and the obligations hereunder shall attach to any additional
shares of capital stock or other voting securities of Pan Pacific issued to or
acquired by RPUS and PPD.

                  7. Assignment. Neither this Agreement nor any of the rights,
interests or obligations hereunder shall be assigned by RPUS or PPD, on the one
hand, without the prior written consent of Western nor by Western, on the other
hand, without the prior written consent of RPUS and PPD, except that Western may
assign, in its sole discretion, any or all of its rights, interests and
obligations hereunder to any direct or indirect wholly owned subsidiary of
Western. Subject to the preceding sentence, this Agreement will be binding upon,
inure to the benefit of and be enforceable by the parties and their respective
successors and assigns.

                  8. Termination. This Agreement shall terminate on the earlier
of (i) the Effective Time or (ii) the date upon which the Merger Agreement is
terminated in accordance with its terms. If the Merger Agreement is not entered
into, this document shall be of no force and effect.

                                       3
<PAGE>   4
                  9. General Provisions.

                  (a) Amendments. This Agreement may not be amended except by an
instrument in writing signed by each of the parties hereto.

                  (b) Notice. All notices and other communications hereunder
shall be in writing and shall be deemed given if delivered personally or sent by
overnight courier (providing proof of delivery) to Western in accordance with
Section 9.2 of the Merger Agreement and to RPUS and PPD at 131 Bloor Street
West, Suite 300, Toronto, Ontario, Canada M5S 1R1 (or at such other address for
RPUS and PPD as shall be specified in like notice).

                  (c) Interpretation. When a reference is made in this Agreement
to Sections, such reference shall be to a Section to this Agreement unless
otherwise indicated. The headings contained in this Agreement are for reference
purposes only and shall not affect in any way the meaning or interpretation of
this Agreement. Wherever the words "include," "includes" or "including" are used
in this Agreement, they shall be deemed to be followed by the words "without
limitation."

                  (d) Counterparts. This Agreement may be executed in one or
more counterparts, all of which shall be considered one and the same agreement,
and shall become effective when one or more of the counterparts have been signed
by each of the parties and delivered to the other party, it being understood
that each party need not sign the same counterpart.

                  (e) Entire Agreement; No Third-Party Beneficiaries. This
Agreement (including the documents and instruments referred to herein) (i)
constitutes the entire agreement and supersedes all prior agreements and
understandings, both written and oral, among the parties with respect to the
subject matter hereof and (ii) is not intended to confer upon any person other
than the parties hereto any rights or remedies hereunder.

                  (f) Governing Law. This Agreement shall be governed by, and
construed in accordance with, the laws of the State of Maryland regardless of
the laws that might otherwise govern under applicable principles of conflicts of
law thereof.

                                       4
<PAGE>   5
                  10. Severability. If any term or other provision of this
Agreement is invalid, illegal or incapable of being enforced by any rule or law
or public policy, all other conditions and provisions of this Agreement shall
nevertheless remain in full force and effect. Upon such determination that any
term or other provision is invalid, illegal or incapable of being enforced, the
parties hereto shall negotiate in good faith to modify this Agreement so as to
effect the original intent of the parties as closely as possible to the fullest
extent permitted by applicable law in an acceptable manner to the end that the
transactions contemplated hereby are fulfilled to the extent possible.

                           [SIGNATURE PAGE FOLLOWS.]

                                       5
<PAGE>   6
                  IN WITNESS WHEREOF, Western has caused this Agreement to be
signed by its officer thereunto duly authorized and RPUS and PPD have caused
this Agreement to be signed by their respective officers thereunto duly
authorized, all as of the date first written above.

                                       WESTERN PROPERTIES TRUST,
                                       A CALIFORNIA REAL ESTATE INVESTMENT TRUST

                                       By:   /s/ Bradley Blake
                                           ------------------------------------
                                           Bradley Blake, Chief Executive
                                           Officer

                                       By:   /s/ Dennis Ryan
                                            -----------------------------------
                                            Dennis Ryan, Chief Financial Officer

                                        REVENUE PROPERTIES (U.S.)
                                        INC., A DELAWARE CORPORATION

                                        By:   /s/ Paul D. Campbell
                                            -----------------------------------
                                            Paul D. Campbell, President

                                        By:   /s/ Paul W. Hellen
                                            -----------------------------------
                                            Paul W. Hellen, Secretary

                                        PAN PACIFIC DEVELOPMENT
                                        (NEVADA) INC., A NEVADA CORPORATION

                                       By:   /s/ Paul D. Campbell
                                           ------------------------------------
                                           Paul D. Campbell, President

                                       By:   /s/ Paul W. Hellen
                                           ------------------------------------
                                           Paul W. Hellen, Secretary

                    [Signature Page to the Voting Agreement]CLECO CORPORATION

                          EMPLOYEE STOCK PURCHASE PLAN

<PAGE>

                                CLECO CORPORATION
                          EMPLOYEE STOCK PURCHASE PLAN
                                TABLE OF CONTENTS

                                                                           PAGE

ARTICLE I - DEFINITIONS .....................................................1

ARTICLE II - EFFECTIVE DATE; RESERVATION OF SHARES; LIMITATIONS .............2
         Adoption, Effective Date and Duration ..............................2
         Number and Type of Shares ..........................................3
         Individual Limits ..................................................3
         Adjustment .........................................................3

ARTICLE III - OPTION AGREEMENTS .............................................3
         Eligibility ........................................................3
         Change in Status ...................................................4
         Option Agreements ..................................................4
         Status of Payroll Deductions .......................................4

ARTICLE IV - OPTIONS ........................................................4
         Grant of Options ...................................................4
         Option Price .......................................................5
         Option Exercise ....................................................5
         Effect of Termination of Employment ................................5
         Rights as a Shareholder ............................................5
         Early Termination of Offering Period ...............................5
         Issuance of Common Stock ...........................................6
         Certification; Deposit .............................................6
         Additional Legal Requirements ......................................6

ARTICLE V - ADMINISTRATION OF PLAN ..........................................6
         Composition of Committee ...........................................6
         Power and Authority ................................................6
         Delegation of Authority ............................................7
         Expenses ...........................................................7

ARTICLE VI - MISCELLANEOUS ..................................................7
         Amendment ..........................................................7
         Plan Termination ...................................................7
         Governing Law ......................................................7
         No Continued Employment ............................................7
         Transferability ....................................................7
         Form of Notices and Elections ......................................8
         No Guarantee of Tax Consequences; Withholding ......................8

                                       i
<PAGE>

                                CLECO CORPORATION
                          EMPLOYEE STOCK PURCHASE PLAN

         Cleco Corporation, a corporation organized and existing under the laws
of the State of Louisiana (the "COMPANY"), hereby establishes an employee stock
purchase plan within the meaning of Sections 421 and 423 of the Internal Revenue
Code of 1986, as amended, subject to the terms and conditions set forth below.

                                    ARTICLE I
                                   DEFINITIONS

         1.1 AFFILIATE means any corporation or other form of entity of which
the Company owns, from time to time, directly or indirectly, 50% or more of the
total combined voting power of all classes of stock or other equity interests.

         1.2 BOARD or BOARD OF DIRECTORS means the Board of Directors of the
Company.

         1.3 CODE means the Internal Revenue Code of 1986, as amended.

         1.4 COMMITTEE means the persons appointed in accordance with the
provisions of Section 5.1 hereof to administer the Plan.

         1.5 COMMON STOCK means $2.00 par value voting common stock issued by
the Company.

         1.6 COMPENSATION means all remuneration paid by the Company (or an
Affiliate) to an Employee during the Plan Year for personal services actually
rendered during such year, but excluding expense reimbursements or similar
allowances, items of income related to stock-based compensation (such as the
value of stock options and restricted stock), and incentive bonuses.

         1.7 ELIGIBLE EMPLOYEE means an Employee of the Company (or an Affiliate
that has been designated by the Committee as participating hereunder (a
"PARTICIPATING AFFILIATE")), provided he or she is not (a) an officer or a
general manager who is also a "highly compensated employee" within the meaning
of Code Section 414(q), or (b) does not own, directly or indirectly, Common
Stock possessing 5% or more of the total combined voting power or value of all
classes of stock of the Company, such ownership to be determined in accordance
with Code Section 424(d).

         1.8 EMPLOYEE means a regular, full-time or part-time, common law
employee of the Company and/or its Participating Affiliates, including officers
and directors, determined by the Committee (or its designee) in accordance with
the Company's standard personnel policies and practices, but excluding
individuals who are classified by the Company as leased or otherwise employed by
a third party, independent contractors or intermittent or temporary employees,
even if any such classification is modified by audit, administrative proceeding,
litigation or otherwise.

                                       1
<PAGE>

         1.9 ENTRY DATE means the first day of each Offering Period.

         1.10 FAIR MARKET VALUE means the closing sales price of a share of
Common Stock as reported in the New York Stock Exchange Composite Transactions
on the date such value is being determined or, if no sales occurred on such day,
on the immediately preceding date on which there were such sales; provided,
however, that the Committee may determine such value in accordance with such
other reasonable means as the Committee shall designate.

         1.11 OFFERING PERIOD means the period during which an Option granted
hereunder shall be outstanding. The first day of each Offering Period shall be
the first day of each calendar quarter and the last day of each Offering Period
shall be the last day of such quarter; provided, however, that the first
Offering Period shall commence as of the Effective Date and end as of the last
day of the calendar quarter in which the Effective Date occurs.

         1.12 OPTION means the right to purchase a share of Common Stock in
accordance with the terms of this Plan.

         1.13 OPTION PRICE means the purchase price of a share of Common Stock,
determined in accordance with Section 4.2 hereof.

         1.14 PARTICIPANT means an Eligible Employee who enters into an Option
Agreement hereunder or an Employee for whom a Ledger Account is maintained
hereunder.

         1.15 PLAN means this Employee Stock Purchase Plan, as amended from time
to time. This Plan is intended to constitute an employee stock purchase plan
within the meaning of Code Section 423 and to be interpreted and construed in
accordance with the rules and regulations promulgated thereunder.

         1.16 PLAN YEAR means the calendar year. The first Plan Year shall be a
short year commencing as of the Effective Date and ending as of December 31,
2000.

         1.17 TRADING DAY means a day on which the New York Stock Exchange is
open for trading.

         1.18 OTHER DEFINITIONS. The following terms shall have the meanings
ascribed below: "Effective Date" is defined in Section 2.1 hereof; "Option
Agreement" is defined in Section 3.1 hereof; "Ledger Account" is defined in
Section 3.3 hereof; "Designated Percentage" is defined in Section 4.2 hereof.

                                   ARTICLE II
               EFFECTIVE DATE; RESERVATION OF SHARES; LIMITATIONS

         2.1 ADOPTION, EFFECTIVE DATE AND DURATION. Subject to approval by the
Company's shareholders, which shall be obtained not later than January 28, 2001,
this Plan shall be effective as of July 1, 2000

                                       2
<PAGE>

(the "EFFECTIVE DATE") or such later date designated by the Committee. This Plan
shall remain in effect until it is terminated in accordance with Section 6.2
hereof or all shares of Common Stock reserved for issuance under the Plan have
been issued.

         2.2 NUMBER AND TYPE OF SHARES. Subject to adjustment as provided in
Section 2.4 hereof, the number of shares of Common Stock that may be issued
under the Plan shall not exceed 322,000 shares. Common Stock issued in
connection with the exercise of an Option hereunder shall be authorized and
unissued shares, treasury shares, shares acquired on the open market or through
private purchase.

         2.3 INDIVIDUAL LIMITS. Subject to adjustment as provided in Section 2.4
hereof, a Participant shall not acquire more than the lesser of:

         a.       62 shares of Common Stock in any Offering Period; and

         b.       Common Stock with an aggregate Fair Market Value of $25,000 in
                  any Plan Year; such amount shall be determined with reference
                  to the Fair Market Value of Common Stock as of the date on
                  which each Option is granted and in accordance with Code
                  Section 423(b)(8) and the regulations promulgated thereunder.

The Committee shall establish such uniform rules and procedures as may be
reasonably necessary to administer the limitations set forth herein.

         2.4 ADJUSTMENT. In the event of any merger, consolidation or
reorganization of the Company with another entity there shall be substituted for
each of the shares of Common Stock then subject to the Plan the number and kind
of shares of stock or other securities to which the holders of Common Stock are
entitled in the transaction.

         In the event of any recapitalization, stock dividend, stock split,
combination of shares or other change in the number of shares of Common Stock
then outstanding for which the Company does not receive consideration, the
number of shares of Common Stock then subject to the Plan shall be adjusted in
proportion to the change in outstanding shares of Common Stock. In the event of
any such substitution or adjustment, the purchase price of any Option and the
shares of Common Stock issuable pursuant to such Option shall be adjusted to the
extent necessary to prevent the dilution or enlargement of such Option.

                                   ARTICLE III
                               OPTION AGREEMENTS

         3.1 ELIGIBILITY. An Eligible Employee shall be entitled to enter into
an agreement with the Company (or a Participating Affiliate, as the case may be)
providing for the reduction of such Employee's Compensation and the application
of such amount to the purchase of Common Stock hereunder (an "OPTION AGREEMENT")
as of the Entry Date which is at least 30 days after the date on which such

                                       3
<PAGE>

Employee first performs services for the Company or an Affiliate. If an Eligible
Employee elects not to enter into an Option Agreement as of such date, elects
not to reduce his or her Compensation, or elects to revoke an existing Option
Agreement in accordance with Section 3.2b hereof, he or she shall again be
eligible to enter into an Option Agreement as of the next succeeding Entry Date,
provided he or she is an Eligible Employee as of such date.

         3.2 CHANGE IN STATUS. If a Participant ceases to be an Eligible
Employee hereunder, his or her participation in the Plan shall cease, any
outstanding Options shall automatically expire, without exercise, and the amount
of Compensation credited to his or her Ledger Account shall be distributed,
without interest, as soon as practicable after the end of the Offering Period in
which such change occurs.

         3.3 OPTION AGREEMENTS. The following rules shall apply to Option
Agreements:

         a.       Subject to the limitations set forth in Section 2.3 hereof,
                  the amount designated as a payroll deduction thereunder shall
                  be a fixed dollar amount that shall not be less than $10 nor
                  more than $350 each pay period.

         b.       The amount of Compensation subject to an Option Agreement can
                  be modified or an agreement can be revoked as of the first day
                  of a payroll period, provided notice of such modification or
                  revocation is received by the Committee (or its designee) at
                  least 30 days (or such shorter period as the Committee may
                  permit) prior to the payroll period with respect to which the
                  modification or revocation is effective.

         c.       An Option Agreement shall remain in effect until it is
                  modified or revoked.

         3.4 STATUS OF PAYROLL DEDUCTIONS. The principal amount of Compensation
deducted pursuant to an Option Agreement shall be credited by the Company (or
its designee) to an account established and maintained for each Participant
hereunder (a "LEDGER ACCOUNT"). Interest shall not be credited to such account.
A Ledger Account shall be a bookkeeping entry only. The establishment and
maintenance of any such account shall not be deemed to constitute a trust,
create any other form of fiduciary relationship between the Company and any
Participant or otherwise create for the benefit of any Participant an ownership
interest or expectation in any specific asset of the Company.

                                   ARTICLE IV
                                    OPTIONS

         4.1 GRANT OF OPTIONS. As of the first day of each Offering Period, the
Committee shall be deemed to have granted to each Participant Options to
purchase of the number of shares of Common Stock determined by dividing (a) the
amount of Compensation credited to such Participant's Ledger Account as of the
last day of such Offering Period, by (b) the Option Price determined with
respect to such

                                       4
<PAGE>

period; provided, however, that the maximum number of Options granted in any
such period shall be determined in accordance with the limitations set forth in
Section 2.3 hereof.

         4.2 OPTION PRICE. As of each Offering Period, the Option Price of
Common Stock hereunder shall be the lesser of:

         a.       The  Designated  Percentage  multiplied  by the Fair Market
                  Value of the Common Stock on the first  Trading Day of such
                  Offering Period; or

         b.       The Designated Percentage multiplied by the Fair Market Value
                  on the last Trading Day of such Offering Period.

For this purpose, the term "Designated Percentage" shall mean the percentage of
the Fair Market Value of a share of Common Stock designated, from time to time
by the Committee, which percentage shall not be less than 85%.

         4.3 OPTION EXERCISE. As of the last day of each Offering Period, each
Participant's outstanding Options shall automatically be exercised, without
necessity of notice or further action. The Company shall charge against each
Participant's Ledger Account an amount equal to the aggregate Option Price of
the exercised Options. Such charge shall constitute payment in full of the
Option Price for the number of shares of Common Stock subject to the Options.

         4.4 EFFECT OF TERMINATION OF EMPLOYMENT. If a Participant terminates
his or her employment with the Company and its Affiliates prior to the
expiration of an Offering Period, his or her participation in the Plan shall
cease, any outstanding Options shall automatically expire, and the principal
amount of Compensation credited to his or her Ledger Account shall be
distributed, without interest.

         4.5 RIGHTS AS A SHAREHOLDER. Prior to the issuance of shares of Common
Stock upon the exercise of an Option hereunder, a Participant shall have no
rights as a shareholder with respect to the shares subject to such Option.

         4.6 EARLY TERMINATION OF OFFERING PERIOD. In the event the Company is
liquidated or dissolved during an Offering Period or liquidation or dissolution
is reasonably anticipated by the Committee, the Offering Period shall be
terminated, all outstanding Options shall automatically expire, and all amounts
credited to Ledger Accounts maintained hereunder shall be distributed.

         In the event of the sale of all or substantially all of the assets of
the Company to an entity other than an Affiliate or the merger or consolidation
of the Company with an entity other than an Affiliate or such a sale or merger
is reasonably anticipated by the Committee, such event occurring during an
Offering Period, such Offering Period shall be terminated and all outstanding
Options shall be immediately exercised.

                                       5
<PAGE>

         4.7 ISSUANCE OF COMMON STOCK. Subject to the provisions of Section 4.8
hereof, as soon as practicable after the end of each Offering Period, the
Company shall issue (or cause to be issued) in the name of each Participant
whole shares of Common Stock in the appropriate amount, with cash paid in lieu
of a fractional share.

         4.8 CERTIFICATION; DEPOSIT. Notwithstanding the generality of Section
4.7 hereof, the Committee, in its discretion, may require that shares of Common
Stock issued upon the exercise of Options hereunder be deposited directly with a
broker designated by the Committee or with a custodian or agent of the Company.
In such event, the Company shall not be required to certificate shares
hereunder, but may instead utilize depository, clearing agencies or other
depository arrangements to evidence share ownership hereunder.

         If Common Stock is held in a brokerage or custodial account or similar
arrangement for the benefit of a Participant hereunder, such Participant shall
be entitled to direct the certification, distribution and/or sale of all or a
portion of such stock in accordance with uniform procedures established by the
Committee. The Committee may require that each such Participant bear any costs
or fees associated with such certification, distribution or sale.

         4.9 ADDITIONAL LEGAL REQUIREMENTS. The obligation of the Company or any
of its Affiliates to deliver Common Stock hereunder or to deliver such stock
free of restriction shall be subject to all applicable laws, regulations, rules
and approvals deemed necessary or appropriate by the Committee. Certificates for
shares of Common Stock issued hereunder may be legended as the Committee shall
deem appropriate. As a condition of the issuance of shares hereunder, the
Participant may be required to make such representations and warranties and
execute such documents as the Committee shall deem necessary or appropriate.

                                    ARTICLE V
                             ADMINISTRATION OF PLAN

         5.1 COMPOSITION OF COMMITTEE. This Plan shall be administered by a
committee appointed by the Board of Directors consisting of not less than two
persons, which shall ordinarily be the Compensation Committee of the Board.

         5.2 POWER AND AUTHORITY. The Committee shall have the discretionary
power and authority to administer this Plan, which power and authority shall
include, but not be limited to, the power and authority to (a) designate
Participating Affiliates, the Employees of which shall be eligible to
participate in the Plan, (b) construe and interpret the provisions of the Plan
and any form or agreement related thereto, (c) establish and adopt rules,
regulations and procedures relating to the Plan and interpret, apply and
construe such rules, regulations and procedures, and (d) make any other
determination which it believes necessary or advisable for the proper
administration of the Plan. The Committee may engage such

                                       6

<PAGE>

attorneys, accountants, record keepers or transfer agents as it deems necessary
or advisable in connection with the administration of the Plan.

         Decisions, interpretations and actions of the Committee concerning
matters related to the Plan shall be equitable and uniform as to all
Participants and shall be final and conclusive on the Company, its Affiliates
and Participants.

         5.3 DELEGATION OF AUTHORITY. The Committee, in its discretion, may
delegate to one or more executive officers of the Company all or a portion of
the authority granted to the Committee hereunder, provided that the authority to
amend the Plan shall not be delegated.

         5.4 EXPENSES. Except as expressly set forth herein or as otherwise
designated by the Committee, the Company shall pay all direct expenses incurred
in connection with the administration of the Plan.

                                   ARTICLE VI
                                 MISCELLANEOUS

         6.1 AMENDMENT. The Committee and the Board of Directors shall each
possess the authority to amend the Plan, except that (a) the consent of the
shareholders of the Company shall be required to increase the number of shares
subject to the Plan or to expand the classification of entities constituting
Affiliates hereunder, (b) any such amendment shall be consistent with the
provisions of Code Section 423, and (c) no amendment shall reduce any amount
then credited to a Participant's Ledger Account.

         6.2 PLAN TERMINATION. The Board of Directors shall possess the
authority to terminate the Plan, in its discretion. Upon such termination,
payroll deductions hereunder shall cease, all outstanding Options shall expire,
and the amount then credited to each Participant's Ledger Account shall be
distributed as soon as practicable.

         6.3 GOVERNING LAW. This Plan shall be governed by the internal laws of
the State of Louisiana, without regard to conflicts of law provisions thereof.

         6.4 NO CONTINUED EMPLOYMENT. Nothing contained in this Plan shall be
deemed to give an Employee the right to be retained in the employ of the Company
or any Affiliate, to confer upon any Employee the right to continue his or her
present or any other rate of compensation or to interfere with the right of the
Company or any Affiliate to discharge such Employee.

         6.5 TRANSFERABILITY. Options granted hereunder may not be voluntarily
or involuntarily assigned, transferred, pledged, or otherwise disposed, except
in the event of a Participant's death, and any attempted assignment, transfer,
pledge, or other disposition shall deemed be void and without effect.

                                       7
<PAGE>

         6.6 FORM OF NOTICES AND ELECTIONS. Initial Option Agreements hereunder
shall be made, in writing, on forms acceptable to the Committee. Thereafter,
notices and elections required hereunder shall be made in such form as the
Committee may designate, which may include electronic media or technology, such
as internet or intranet systems.

         6.7 NO GUARANTEE OF TAX CONSEQUENCES; WITHHOLDING. Participation in
this Plan shall not be deemed a guarantee of tax consequences by the Company or
the Committee. The Company shall have the right to withhold from any payment
made under the Plan or to collect as a condition of any such payment, any taxes
required by law to be withheld.

         THIS PLAN was approved by the Board of Directors of Cleco Corporation
on January 28, 2000, and the shareholders of the Company on April 28, 2000, to
be effective as of the date determined in accordance with Section 2.1 hereof.

                                                CLECO CORPORATION

                                       8
<PAGE>

                                CLECO CORPORATION
                          EMPLOYEE STOCK PURCHASE PLAN

                              RULES AND PROCEDURES
                           (EFFECTIVE OCTOBER 1, 2000)

         THESE RULES AND PROCEDURES are adopted in connection with the Cleco
Corporation Employee Stock Purchase Plan (the "Plan") in accordance with the
provisions of Section 5.2 thereof. Capitalized terms used herein shall have the
meanings ascribed to them in the Plan.

1.       EFFECTIVE DATE:

         The Plan shall be initially effective as of October 1, 2000, and such
date shall constitute the effective date of these procedures.

2.       DESIGNATION OF PARTICIPATING AFFILIATES:

         As of October 1, 2000, the following Affiliates of Cleco Corporation
shall be designated as Participating Affiliates whose Employees shall be
Eligible Employees within the meaning of Section 1.7 of the Plan:

         Acadia Power Holdings LLC             Cleco Business Development LLC
         Cleco Columbian LLC                   Cleco ConnexUs LLC
         Cleco Corporation                     Cleco Evangeline LLC
         Cleco Generation Services LLC         Cleco Marketing & Trading LLC
         Cleco Midstream Resources LLC         Cleco Support Group LLC
         Cleco Utility Group Inc.              CLE Resources, Inc.
         Utility Construction & Technology
           Solutions LLC

3.       DESIGNATION OF STOCK PURCHASE DISCOUNT:

         Effective as of October 1, 2000, the Designated Percentage determined
in accordance with Section 4.2 of the Plan shall be 85%; such percentage shall
be applicable until it is modified or revoked by the adoption of a rule or
procedure in accordance with Section 5.2 of the Plan.

4.       DIVIDEND REINVESTMENT:

         Dividends received on Common Stock held pending certification, sale or
other distribution shall be invested and reinvested in such Common Stock. Such
dividend investment and reinvestment shall be

<PAGE>

ancillary to the Plan and shall not be subject to the provisions of Code
Sections 421 and 423; the following rules shall apply to such dividend
reinvestment:

         a.       Dividend reinvestment hereunder shall be administered by The
                  Bank of New York ("BNY").

         b.       The purchase price of Common Stock acquired hereunder shall be
                  the fair market value of such stock as reasonably determined
                  by BNY, without regard to the Designated Percentage.

         c.       Pending certification, sale or other distribution in
                  accordance with Section 4.8 of the Plan, whole and fractional
                  shares of Common Stock acquired hereunder shall be held
                  pursuant to that certain Institutional Custody Agreement
                  between Cleco Corporation and BNY, first effective as of
                  October 1, 2000 (the "Custody Agreement").

         d.       Cleco shall pay any  brokerage  commissions,  service  charges
                  or other  administrative  fees and expenses related to
                  dividend reinvestment hereunder.

         e.       Whole and fractional shares of Common Stock acquired hereunder
                  shall be credited to an account maintained by BNY for the
                  benefit of each Participant in accordance with the terms of
                  the Custody Agreement and the implementation letter related
                  thereto.

         f.       Common Stock acquired hereunder shall be certificated,
                  distributed or sold upon the request of a Participant; costs
                  of such certification, if any, distribution or sale shall be
                  paid by each affected Participant.

         g.       A maximum of 20,000 shares of Common Stock shall be available
                  for dividend reinvestment hereunder, which shares may be
                  authorized but unissued shares, treasury shares, shares
                  acquired on the open market or shares acquired through private
                  purchase.

5.       LIMITATIONS ON ACQUISITION OF COMMON STOCK:

         The limitations set forth in Sections 2.3 and 3.3a of the Plan shall be
applied as of each pay period and determined as of the first day of each
Offering Period as the lesser of:

         a.       $350 per pay period; or

         b.       (A X 62) / B, where:

                  A  = The fair market value of Common Stock as of the last
                       Trading Day of the immediately preceding Offering
                       Period; and

<PAGE>

                  B = The number of regular pay periods in such period.

In no event, however, shall any Participant acquire in any year Common Stock
with an aggregate Fair Market Value in excess of $25,000. Such limitation shall
be determined in accordance with the provisions of Code Section 423(b)(8) and
the regulations promulgated thereunder.

6.       INCORPORATION BY REFERENCE:

         The terms and conditions set forth in that certain implementation
letter by and between Cleco Corporation and BNY, first effective as of October
1, 2000, shall be deemed to constitute a rule or procedure adopted by the
Committee and incorporated herein by this reference.

                                  CLECO CORPORATION

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00014-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00014-of-00352.parquet"}]]