Document:

exhibit10g8.htm

     

    
      

      

    

     

    
      EXHIBIT
        10(g)(8)

      

      CLECO
        CORPORATION

      

      EXECUTIVE
        EMPLOYMENT AGREEMENT

      (Level
        1)

      

      THIS
        AGREEMENT (the
“Agreement”) is entered into as of this 5th
        day of May, 2005,
        by and between George W. Bausewine (“Executive”), and Cleco
        Corporation, a Louisiana corporation (the “Company”).

      

      1.  EMPLOYMENT
        AND TERM

      

      1.1           Position.  The
        Company shall employ and retain Executive as its Senior Vice President -
        Corporate Services or in such other capacity or capacities as shall be
        mutually agreed upon, from time to time, by Executive and the Company, and
        Executive agrees to be so employed, subject to the terms and conditions set
        forth herein.  Executive’s duties and responsibilities shall be those
        assigned to him hereunder, from time to time, by the Chief Executive Officer
        of
        the Company and shall include such duties as are the type and nature normally
        assigned to similar executive officers of a corporation of the size, type
        and
        stature of the Company.  Executive shall report to the Chief Executive
        Officer.

      

      1.2           Concurrent
        Employment.  During the term of this Agreement, Executive and
        the Company acknowledge that Executive may be concurrently employed by the
        Company and a subsidiary or other entity with respect to which the Company
        owns
        (within the meaning of Section 425(f) of the Internal Revenue Code of 1986,
        as
        amended (the “Code”)) 50% or more of the total combined voting power of all
        classes of stock or other equity interests (an “Affiliate”), and that all of the
        terms and conditions of this Agreement shall apply to such concurrent
        employment.  Reference to the Company hereunder shall be deemed to
        include any such concurrent employers.

      

      1.3           Full
        Time and Attention.  During the term of this Agreement and
        any extensions or renewals thereof, Executive shall devote his full time,
        attention and energies to the business of the Company and will not, without
        the
        prior written consent of the Chief Executive Officer of the Company, be engaged
        (whether or not during normal business hours) in any other business or
        professional activity, whether or not such activities are pursued for gain,
        profit or other pecuniary advantage.

      

      Notwithstanding
        the foregoing,
        Executive shall not be prevented from (a) engaging in any civic or charitable
        activity for which Executive receives no compensation or other pecuniary
        advantage, (b) investing his personal assets in businesses which do not compete
        with the Company, provided that such investment will not require any services
        on
        the part of Executive in the operation of the affairs of the businesses in
        which
        investments are made and provided further that Executive’s participation in such
        businesses is solely that of an investor, or (c) purchasing securities in
        any
        corporation whose securities are regularly traded, provided that such purchases
        will not result in Executive owning beneficially at any time 5% or more of
        the
        equity securities of any corporation engaged in a business competitive with
        that
        of the Company.

       

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      
 

      1.4           Term.  Executive’s
        employment under this Agreement shall commence as of May 5, 2005 (the “Effective
        Date”), and shall terminate on May 5, 2008 (such date or the last day of
        employment specified in any renewal or amendment hereof referred to herein
        as
        the “Termination Date”) (the period commencing as of the Effective Date and
        ending as of the Termination Date referred to herein as the “Employment
        Term”).

      

      Commencing
        on the second anniversary of
        the Effective Date and each anniversary thereafter, Executive’s employment shall
        automatically be extended for an additional one-year period; provided, however,
        that either party may provide written notice to the other that the Employment
        Term will not be further extended, such notice to be provided not later than
        30
        days prior to the end of the then current Employment Term.

      

      2.  COMPENSATION
        AND BENEFITS

      

      2.1           Base
        Compensation.  The Company shall pay Executive an annual
        salary equal to his annual base salary in effect as of the Effective Date,
        such
        amount shall be prorated and paid in equal installments in accordance with
        the
        Company’s regular payroll practices and policies and shall be subject to
        applicable withholding and other applicable taxes (Executive’s “Base
        Compensation”).  Executive’s Base Compensation shall be reviewed no
        less often than annually and may be increased or reduced by the Board of
        Directors of the Company (the “Board”), in its sole discretion; provided,
        however, that Executive’s Base Compensation may not be reduced at any time
        unless such reduction is part of a reduction in pay uniformly applicable
        to all
        officers of the Company.

      

      2.2           Annual
        Incentive Bonus.  In addition to the foregoing, Executive
        shall be eligible for participation in the Annual Incentive Compensation
        Plan or
        similar bonus arrangement maintained by the Company or an Affiliate (as defined
        in Section 6.15) or such other bonus or incentive plans which the Company
        or its
        Affiliates may adopt, from time to time, for similarly situated executives
        (an
“Incentive Bonus”).

      

      2.3           Long-Term
        Incentives.  In addition to the foregoing, Executive shall be
        eligible for participation in the 2000 Long-Term Incentive Compensation Plan
        maintained by the Company and such other long-term incentive plans which
        the
        Company or its Affiliates may adopt, from time to time, for similarly situated
        executives (a “Long-Term Incentive”).

      

      2.4           Supplemental
        Retirement Benefit.  In addition to the foregoing, Executive
        shall be eligible to participate in the Supplemental Executive Retirement
        Plan
        maintained by Cleco Utility Group Inc. or such other supplemental retirement
        benefit plans which the Company or its Affiliates may adopt, from time to
        time,
        for similarly situated executives (the “Supplemental Plan”).

      

      2.5           Other
        Benefits. During the term of this Agreement and in addition to the
        amounts otherwise provided herein, Executive shall participate in such plans,
        policies, and programs as may be maintained, from time to time, by the Company
        or its Affiliates for the benefit of senior executives or employees, including,
        without limitation, profit sharing, life insurance, and group medical and
        other
        welfare benefit plans.  Any such benefits shall be determined in
        accordance with the specific terms and conditions of the documents evidencing
        any such plans, policies, and programs.

       

      
        
          
            
            

          

          
            Page
              2

            
              

            

          

          
            
            

          

        

         

      

      2.6           Reimbursement
        of Expenses.   The Company shall reimburse Executive for
        such reasonable and necessary expenses as are incurred in carrying out his
        duties hereunder, consistent with the Company’s standard policies and annual
        budget.  The Company’s obligation to reimburse Executive hereunder
        shall be contingent upon the presentment by Executive of an itemized accounting
        of such expenditures.

      

      3.  TERMINATION

      

      3.1           Termination
        Payments to Executive.  As set forth more fully in this
        Section 3 and except as provided in Sections 3.3 or 3.8 hereof, Executive
        shall
        be paid the greater of the amounts or benefits set forth below or the amounts
        or
        benefits provided under the terms of the separate plan or arrangement maintained
        by the Company (or its Affiliates) on account of termination of employment
        hereunder:

      

      
        	
                 

              	
                a.

              	
                Executive’s
                  Base Compensation accrued but not yet paid as of the date of his
                  termination.

              

      

      

      
        	
                 

              	
                b.

              	
                Executive’s
                  Base Compensation payable until the Termination Date (determined
                  without
                  regard to the automatic renewal provisions of Section 1.4 hereof),
                  but not
                  less than 100% of such annual Base
                  Compensation.

              

      

      

      
        	
                 

              	
                c.

              	
                Executive’s
                  Incentive Bonus payable with respect to the year of his termination,
                  prorated to reflect Executive’s actual period of service during such
                  year.

              

      

      

      
        	
                 

              	
                d.

              	
                Executive’s
                  Incentive Bonus payable in the target amount for the year in which
                  his
                  termination of employment occurs.

              

      

      

      
        	
                 

              	
                e.

              	
                If
                  Executive’s principal office is located in Pineville, Louisiana, the
                  Company shall, at the written request of
                  Executive:

              

      

      

      
        	
                 

              	
                i.

              	
                Purchase
                  his principal residence if such residence is located within 60
                  miles of
                  the Company’s Pineville, Louisiana office (the “Principal Residence”) for
                  an amount equal to the greater of (1) the purchase price of such
                  Principal
                  Residence plus the documented cost of any capital improvements
                  to the
                  Principal Residence made by Executive, or (2) the fair market value
                  of
                  such Principal Residence as determined by the Company’s usual relocation
                  practice; and

              

      

       

      
        	
                 

              	
                ii.

              	
                Pay
                  or reimburse Executive for the cost of relocating Executive, his
                  family
                  and their household goods and other personal property, in accordance
                  with
                  the Company’s usual relocation practice, to any location in the United
                  States.

              

      

       

      Notwithstanding
        the foregoing, the Company shall not be obligated hereunder, unless, within
        12
        months after the termination of his employment with the Company (and its
        Affiliates), the Company is requested to purchase such 

       

      
        
        

        
          Page
            3

          
            

          

        

        
        

      

       

      Principal
        Residence or Executive has actually relocated from the Pineville, Louisiana
        area.

      

      
        	
                 

              	
                f.

              	
                If
                  Executive and/or his dependents elects to continue group medical
                  coverage,
                  within the meaning of Code Section 4980B(f)(2), with respect to
                  a group
                  health plan sponsored by the Company or an Affiliate (other than
                  a health
                  flexible spending account under a self-insured medical reimbursement
                  plan
                  described in Code Sections 125 and 105(h)), the Company shall pay
                  the
                  continuation coverage premium for the same type and level of group
                  health
                  plan coverage received by Executive and his electing dependents
                  immediately prior to such termination of Executive’s employment for the
                  maximum period provided under Code Section 4980B or until the Executive
                  secures other employment where group health insurance is provided,
                  whichever period is shorter.

              

      

      

      
        	
                 

              	
                g.

              	
                Executive
                  shall be fully vested for purposes of any service or similar requirement
                  imposed under the Cleco Utility Group Inc. Supplemental Executive
                  Retirement Plan (the "Supplemental Plan"), regardless of the actual
                  number
                  of years of service attained by
                  Executive.

              

      

      

      Except
        as expressly provided in Section 3.3 hereof, Executive shall also be entitled
        to
        receive such compensation or benefits as may be provided under the terms
        of a
        separate plan or amendment maintained by the Company (or its Affiliates)
        to the
        extent such compensation or benefits are not duplicative of the compensation
        or
        benefits described above.

      

      3.2           Termination
        for Death or Disability.  If Executive dies or becomes
        disabled during the Employment Term, this Agreement and Executive’s employment
        hereunder shall immediately terminate and the Company’s obligations hereunder
        shall automatically cease.  In such event, the Company shall pay to
        Executive (or his estate) the amounts described in Sections 3.1a and 3.1c
        hereof.  Payment shall be made in the form of one or more single-sums
        as soon as practicable after Executive’s death or disability or as and when such
        amounts are ascertainable.

      

      For
        purposes of this Section 3.2,
        Executive shall be deemed “disabled” if he is actually receiving benefits or is
        eligible to receive benefits under the Company’s (or an Affiliate’s) separate
        long-term disability plan. The Board shall determine whether Executive is
        disabled hereunder.

      

      3.3           Company’s
        Termination for Cause.  This Agreement and Executive’s
        employment hereunder may be terminated by the Company on account of
        Cause.  In such event, the Company shall pay to Executive the amount
        described in Section 3.1a hereof.  Payment shall be made in the form
        of a single-sum not later than three days after such
        termination.  Notwithstanding any provision of this Agreement or any
        other plan, policy or agreement evidencing any other compensation arrangement
        or
        benefit payable to Executive, no additional amount shall be paid to Executive,
        except as may be required by law.

      

      For
        purposes of this Agreement “Cause”
means that Executive has:

      

      
        	
                 

              	
                a.

              	
                Committed
                  an intentional act of fraud, embezzlement or theft in the course
                  of his
                  employment or otherwise engaged in any intentional misconduct which
                  is 

              

      

       

       

        
        

        
          Page
            4

          
            

          

        

        
        

      

       

       

      
        	
                 

              	
                 

              	
                materially
                  injurious to the Company’s (or an Affiliate’s) financial condition or
                  business reputation;

              

      

       

      
        	
                 

              	
                b.

              	
                Committed
                  intentional damage to the property of the Company (or an Affiliate)
                  or
                  committed intentional wrongful disclosure of Confidential Information
                  (as
                  defined in Section 5.2) which is materially injurious to the Company’s (or
                  an Affiliate’s) financial condition or business
                  reputation;

              

      

      

      
        	
                 

              	
                c.

              	
                Intentionally
                  refused to perform the material duties of his
                  position;

              

      

      

      
        	
                 

              	
                d.

              	
                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);
                  or

              

      

       

      
        	
                 

              	
                e.

              	
                Committed
                  a material breach of this Agreement by
                  Executive.

              

      

      

      No
        act or failure to act on the part of Executive will be deemed “intentional” if
        it was due primarily to an error in judgment or negligence, but will be deemed
        “intentional” only if done or omitted to be done by Executive not in good faith
        and without reasonable belief that his action or omission was in the best
        interest of the Company (or an Affiliate).

      

      The
        Board, acting in good faith, may
        terminate Executive’s employment hereunder on account of Cause (or may determine
        that any termination by the Company is on account of Cause).  The
        Board shall provide written notice to Executive, including a description
        of the
        specific reasons for the determination of Cause.  Executive shall have
        the opportunity to appear before the Board, with or without legal
        representation, to present arguments and evidence on his
        behalf.  Following such presentation (or upon Executive’s failure to
        appear), the Board, by an affirmative vote of not less than 66% of its members,
        shall confirm that the actions or inactions of Executive constitute Cause
        hereunder.

      

      3.4           Executive’s
        Constructive Termination. Executive may terminate this Agreement and
        his employment hereunder on account of a Constructive Termination upon 30
        days
        prior written notice to the Chief Executive Officer (or such shorter period
        as
        may be agreed upon by the parties hereto.)  In such event, the Company
        shall provide to Executive (a) the amount described in Section 3.1a hereof,
        payable not later than three days after his termination of employment, (b)
        the
        amounts determined under Sections 3.1b and 3.1d hereof, payable in not more
        than
        two equal installments, one-half not later than 30 days after termination
        and
        the other one-half six months after such termination, and (c) the benefits
        described in Sections 3.1e, 3.1f and 3.1g hereof.

      

      For
        purposes of this Agreement,
“Constructive Termination” means:

      

      
        	
                 

              	
                a.

              	
                A
                  material reduction (other than a reduction in pay uniformly applicable
                  to
                  all officers of the Company) in the amount of Executive’s Base
                  Compensation;

              

      

      

      
        	
                 

              	
                b.

              	
                A
                  material reduction in Executive’s authority, duties or responsibilities
                  from those contemplated in Section 1.1 of this Agreement;
                  or

              

      

       

      
        
        

        
          Page
            5

          
            

          

        

        
        

      

      
 

      
        	
                 

              	
                c.

              	
                A
                  material breach of this Agreement by the Company or its
                  Affiliates.

              

      

      

      No
        event or condition described in this Section 3.4 shall constitute a Constructive
        Termination unless (a) Executive promptly gives the Company notice of his
        objection to such event or condition, which notice may be provided orally
        or in
        writing to the Chief Executive Officer or his designee, (b) such event or
        condition is not corrected by the Company promptly after receipt of such
        notice,
        but in no event more than 30 days after receipt of notice, and (c) Executive
        resigns his employment with the Company (and all Affiliates) not more than
        15
        days following the expiration of the 30-day period described in subparagraph
        (b)
        hereof.

      

      3.5           Termination
        by the Company, without Cause.  The Company may terminate
        this Agreement and Executive’s employment hereunder, without Cause, upon 30 days
        prior written notice to Executive (or such shorter period as may be agreed
        upon
        by Executive and the Chief Executive officer).  In such event, the
        Company shall provide to Executive (a) the amount described in Section 3.1a
        hereof, payable not later than three days after such termination, (b) the
        amounts determined under Sections 3.1b and 3.1d hereof, payable in not more
        than
        two equal installments, one-half not later than 30 days after termination
        and
        the other one-half six months after such termination, and (c) the benefits
        described in Sections 3.1e, 3.1f and 3.1g hereof.

      

      3.6           Termination
        by Executive.  Executive may terminate this Agreement and his
        employment hereunder, other than on account of Constructive Termination,
        upon 30
        days prior written notice to the Company or such shorter period as may be
        agreed
        upon by the Chief Executive Officer and Executive.  In such event, the
        Company shall pay to Executive the amount described in Section 3.1a
        hereof.  Payment shall be made in the form of a single-sum not later
        than three days after such termination.  No additional payments or
        benefits shall be due hereunder, except as may be provided under a separate
        plan, policy or program evidencing such compensation arrangement or benefit
        or
        as may be required by law.

      

      3.7           Return
        of Property.  Upon termination of this Agreement or
        Executive’s employment for any reason, Executive shall promptly return to the
        Company, and not keep any copies, all of the property of the Company (and
        its
        Affiliates), including, without limitation, automobiles, equipment, computers,
        fax machines, portable telephones, printers, software, credit cards, manuals,
        customer lists, financial data, letters, notes, notebooks, reports and copies
        of
        any of the above, as well as any Confidential Information (as defined in
        Section
        5.2 hereof) that is in the possession or under the control of
        Executive.

      

      3.8           Consideration
        for Other Agreements.  Executive acknowledges that all or a
        portion of the amount payable under Section 3.1d hereof is in excess of the
        amount otherwise due or payable under the Annual Incentive Compensation Plan
        and
        that the payment of such excess amount shall constitute adequate consideration
        for the execution of such separate waivers or releases as the Company (or
        Affiliate) may request Executive to execute in connection with the termination
        of his employment hereunder.  Executive agrees that failure to execute
        any such waiver or release within the time request by the Company shall result
        in the forfeiture of the excess amount payable under Section 3.1d
        hereof.

      

      
        
        

        
          Page
            6

          
            

          

        

        
        

      

      

      4.  CHANGE
        IN CONTROL AND BUSINESS TRANSACTION

      

      4.1           Definitions.
         The terms “Change in Control” and “Business Transaction” shall
        have the meanings ascribed to them in the Cleco Corporation 2000 Long-Term
        Incentive Compensation Plan, as the same may be amended from time to
        time.

      

      The
        term “Good Reason,” when used
        herein, shall mean that in connection with a Change in Control:

      

      
        	
                 

              	
                a.

              	
                Executive’s
                  Base Compensation in effect immediately before such Change in Control
                  is
                  reduced or there is a significant reduction or termination of Executive’s
                  rights to any employee benefit in effect immediately prior to the
                  Change
                  in Control;

              

      

      

      
        	
                 

              	
                b.

              	
                Executive’s
                  authority, duties or responsibilities are significantly reduced
                  from those
                  contemplated in Section 1.1 hereof or Executive has reasonably
                  determined
                  that, as a result of a change in circumstances that significantly
                  affects
                  his employment with the Company (or an Affiliate), he is unable
                  to
                  exercise the authority, power, duties and responsibilities contemplated
                  in
                  Section 1.1 hereof;

              

      

      

      
        	
                 

              	
                c.

              	
                Executive
                  is required to be away from his office in the course of discharging
                  his
                  duties and responsibilities under this Agreement significantly
                  more than
                  was required prior to the Change in Control;
                  or

              

      

      

      
        	
                 

              	
                d.

              	
                Executive
                  is required to transfer to an office or business location located
                  more
                  than 60 miles from the location to which he was assigned prior
                  to the
                  Change in Control.

              

      

      

      No
        event or condition described in this Section 4.1 shall constitute Good Reason
        unless (a) Executive gives the Company notice of his objection to such event
        or
        condition within a reasonable period after Executive learns of such event,
        which
        notice may be delivered orally or in writing to the Chief Executive Officer
        (or
        his designee), (b) such event or condition is not promptly corrected by the
        Company, but in no event later than 30 days after receipt of such notice,
        and
        (c) Executive resigns his employment with the Company (and its Affiliates)
        not
        more than 60 days following the expiration of the 30-day period described
        in
        subparagraph (b) hereof.

      

      4.2           Termination
        In Connection With a Change in Control.  If Executive’s
        employment described herein is terminated by the Company, without Cause (as
        defined in Section 3.3 hereof), or Executive terminates his employment hereunder
        for Good Reason at any time within the 60-day period preceding or 36-month
        period following such Change in Control, then notwithstanding any provision
        of
        this Agreement to the contrary and in lieu of any compensation or benefits
        otherwise payable hereunder:

      

      
        	
                 

              	
                a.

              	
                The
                  Company shall pay to Executive the amount described in Section
                  3.1a in the
                  form of a single-sum not later than three days after such
                  termination.

              

      

      

      
        
        

        
          Page
            7

          
            

          

        

        
        

      

      

      
        	
                 

              	
                b.

              	
                The
                  Company shall pay an amount equal to three times Executive’s “base
                  amount,” payable in the form of a single-sum not later than 30 days after
                  such termination.  For purposes of this agreement, “base amount”
                  is defined as the Executive’s current annual base compensation and target
                  annual bonus.

              

      

      

      
        	
                 

              	
                c.

              	
                The
                  Company shall provide to Executive and his dependents coverage
                  under the
                  Company’s or an Affiliate’s group medical plan for the same type and level
                  of health benefits received by Executive and his dependents immediately
                  prior to such termination for a period of three years or until
                  Executive
                  and/or his dependents obtain coverage under a reasonably satisfactory
                  group health plan with no applicable preexisting condition limitation,
                  whichever comes first; such coverage to be in addition to any coverage
                  available to Executive and his dependents under Code Section
                  4980B.

              

      

      

      
        	
                 

              	
                d.

              	
                Vesting
                  shall be accelerated, any restrictions shall lapse, and all performance
                  objectives shall be deemed satisfied as to any outstanding grants
                  or
                  awards made to Executive under the 2000 Long-Term Incentive Compensation
                  Plan and/or the 1990 Long-Term Incentive Compensation
                  Plan.  Executive shall be entitled to such additional benefits
                  or rights as may be provided in the documents evidencing such plans
                  or the
                  terms of any agreement evidencing such grant or
                  award.

              

      

      

      
        	
                 

              	
                e.

              	
                Executive
                  shall be fully vested for purposes of any service or similar requirement
                  imposed under the Supplemental Plan, regardless of the actual number
                  of
                  years of service attained by Executive.  Executive shall be
                  credited with an additional three years of age for purposes of
                  determining
                  his benefit percentage under the Supplemental Plan, but in no event
                  shall
                  such benefit percentage be less than 50%; and Executive shall be
                  credited
                  with an additional three years of age for purposes of determining
                  any
                  reduction taken with respect to benefits commencing before Executive's
                  normal retirement date (as defined in such
                  plan).

              

      

      

      
        	
                 

              	
                f.

              	
                If
                  Executive’s principal office is located in Pineville, Louisiana, the
                  Company shall, at the written request of
                  Executive:

              

      

      

      
        	
                 

              	
                i.

              	
                Purchase
                  his principal residence if such residence is located within 60
                  miles of
                  the Company’s Pineville, Louisiana office (the “Principal Residence”) for
                  an amount equal to the greater of (1) the purchase price of such
                  Principal
                  Residence plus the documented cost of any capital improvements
                  to the
                  Principal Residence made by Executive, or (2) the fair market value
                  of
                  such Principal Residence as determined by the Company’s usual relocation
                  practice; and

              

      

      

      
        	
                 

              	
                ii.

              	
                Pay
                  or reimburse Executive for the cost of relocating Executive, his
                  family
                  and their household goods and other personal property, in accordance
                  with
                  the Company’s usual relocation practice, to any location in the United
                  States.

              

      

       

      
        
        

        
          Page
            8

          
            

          

        

        
        

      

       

      Notwithstanding
        the foregoing, the Company shall not be obligated hereunder, unless, within
        12
        months after the termination of his employment with the Company (and its
        Affiliates), the Company is requested to purchase such Principal Residence
        or
        Executive has actually relocated from the Pineville, Louisiana
        area.

      

      
        	
                 

              	
                g.

              	
                The
                  Company shall pay to Executive an amount equal to the Company’s (including
                  all Affiliates) maximum matching contribution obligation under
                  the Cleco
                  Corporation 401(k) Savings and Investment Plan, as the same may
                  be amended
                  from time to time, for each of the three years immediately following
                  Executive’s termination of employment, determined as if Executive was
                  credited with at least 1,000 hours of service in each such plan
                  year, was
                  employed as of the last day of each plan year, and contributed
                  the maximum
                  permissible amount under Code Section 402(g) in each such year,
                  but
                  determined using the amount in effect as of the date of Executive's
                  termination of employment; such amount shall be paid in the form
                  of a
                  single-sum not later than 30 days after Executive’s termination of
                  employment hereunder.

              

      

      

      4.3           Business
        Transaction. If Executive’s employment hereunder is terminated (other
        than on account of Cause as defined in Section 3.3 hereof) in connection
        with a
        Business Transaction, then notwithstanding any provision of this Agreement
        to
        the contrary, the Company shall pay or provide to Executive (a) the amount
        described in Section 3.1a hereof, payable not later than three days after
        his
        termination of employment, (b) the amounts determined under Sections 3.1b
        and
        3.1d hereof, payable in not more than two equal installments, one-half not
        later
        than 30 days after termination and the other one-half six months after such
        termination, and (c) the benefits described in Sections 3.1e and 3.1f and
        4.2d
        and 4.2e hereof.

      

      4.4  Tax
        Payment. If any payment to Executive pursuant to this Agreement or any
        other payment or benefit from the Company or an Affiliate in connection with
        a
        Change in Control or Business Transaction is subject to the excise tax imposed
        under Code Section 4999 or any similar excise or penalty tax payable under
        any
        United States federal, state, local or other law, the Company shall pay an
        amount to Executive such that, after the payment by Executive of all taxes
        on
        such amount, there remains a balance sufficient to pay such excise or penalty
        tax.  Executive shall submit to the Company the amount to be paid
        under this Section 4.4, together with supporting documentation.  If
        Executive and the Company disagree as to such amount, an independent public
        accounting firm agreed upon by Executive and the Company shall make such
        determination.

      

      5.  LIMITATIONS
        ON ACTIVITIES

      

      5.1.           Consideration
        for Limitation on Activities.  Executive acknowledges that
        the execution of this Agreement and the payments described herein constitute
        consideration for the limitations on activities set forth in this Section
        5, the
        adequacy of which is hereby expressly acknowledged by Executive.

      

      5.2           Confidential
        Information.  Executive recognizes and acknowledges that
        during the terms of his employment, he will have access to confidential,
        proprietary, non-public 

       

      
        
        

        
          Page
            9

          
            

          

        

        
        

      

       

      information
        concerning the Company and its Affiliates, which may include, without
        limitation, (a) books and records relating to operations, finance, accounting,
        personnel and management, (b) price, rate and volume data, future price and
        rate
        plans, and test data, (c) information related to product design and development,
        (d) computer software, customer lists, information obtained on competitors,
        and
        sales tactics, and (e) various other non-public trade or business information,
        including business opportunities, marketing or business diversification plans,
        methods and processes, and financial data and the like (collectively, the
        “Confidential Information”).  Executive agrees that he will not at any
        time, either while employed by the Company or afterwards, make any independent
        use of, or disclose to any other person or organization (except as authorized
        by
        the Company or pursuant to court order) any of the Confidential
        Information.

      

      5.3           Non-Solicitation.  Executive
        agrees that during the two-year period commencing as of the date of voluntary
        termination by Executive (as described in Section 3.6 hereof) or the involuntary
        termination of Executive on account of Cause (as described in Section 3.3
        hereof), he shall not, directly or indirectly, for his own benefit or on
        behalf
        of another or to the Company’s (or an Affiliate’s) detriment:

      

      
        	
                 

              	
                a.

              	
                Hire
                  or offer to hire any of the Company’s (or Affiliate’s) officers, employees
                  or agents;

              

      

      

      
        	
                 

              	
                b.

              	
                Persuade
                  or attempt to persuade in any manner any officer, employee or agent
                  of the
                  Company (or an Affiliate) to discontinue any relationship with
                  the
                  Company; or

              

      

      

      
        	
                 

              	
                c.

              	
                Solicit
                  or divert or attempt to divert any customer or supplier of the
                  Company or
                  an Affiliate.

              

      

      

      The
        provisions of this Section 5.3 shall apply in the locations set forth on
        Exhibit
        A hereto, as the same may be amended from time to time.  Executive
        acknowledges that the Company (or its Affiliates) is presently doing business
        in
        such locations and that during the Employment Term Executive will be required
        to
        provide services to or for the benefit of the Company (or its Affiliates)
        in
        such locations.

      

      The
        parties agree that each of the
        foregoing prohibitions is intended to constitute a separate restriction.
        Accordingly, should any such prohibition be declared invalid or unenforceable,
        such prohibition shall be deemed severable from and shall not affect the
        remainder thereof.  The parties further agree that each of the
        foregoing restrictions is reasonable in both time and geographic
        scope.

      

      5.4           Business
        Reputation.  Executive agrees that during his employment with
        the Company (and its Affiliate) and at all times thereafter, he shall refrain
        from performing any act, engaging in any conduct or course of action or making
        or publishing an adverse, untrue or misleading statement which has or may
        reasonably have the effect of demeaning the name or business reputation of
        the
        Company or its Affiliates or which adversely affects (or may reasonably
        adversely affect) the best interests (economic or otherwise) of the Company
        or
        an Affiliate.

       

      
        
        

        
          Page
            10

          
            

          

        

        

      

      5.5           Remedies.  In
        the event of a breach or threatened breach by Executive of the provisions
        of
        Sections 5.2, 5.3 or 5.4 hereof, Executive agrees that the Company shall
        be
        entitled to a temporary restraining order or a preliminary injunction (without
        the necessity of posting bond in connection therewith) and that any additional
        payments or benefits due to Executive or his dependents under Sections 3
        and 4
        hereof shall be canceled and forfeited.  Nothing herein shall be
        construed as prohibiting the Company from pursuing any other remedy available
        to
        it for such breach or threatened breach, including the recovery of damages
        from
        Executive.

      

      6.  MISCELLANEOUS

      

      6.1           Mitigation
        Not Required.  As a condition of any payment hereunder,
        Executive shall not be required to mitigate the amount of such payment by
        seeking other employment or otherwise, nor will any profits, income, earnings
        or
        other benefits from any source whatsoever create any mitigation, offset,
        reduction or any other obligation on the part of Executive under this
        Agreement.

      

      6.2           Enforcement
        of this Agreement.  In the event any dispute in connection
        with this Agreement arises with respect to obligations of Executive or the
        Company that were required prior to the occurrence of a Change in Control
        or a
        Business Transaction, all costs, fees and expenses, including attorney fees,
        of
        any litigation, arbitration or other legal action in connection with such
        matters in which Executive substantially prevails, shall be borne by, and
        be the
        obligation of, the Company.

      

      After
        a Change in Control or Business
        Transaction has occurred, Executive shall not be required to incur legal
        fees
        and the related expenses associated with the interpretation, enforcement
        or
        defense of Executive’s rights under this Agreement by litigation or
        otherwise.  Accordingly, if, following a Change in Control or Business
        Transaction, the Company has failed to comply with any of its obligations
        under
        this Agreement or the Company or any other person takes or threatens to take
        any
        action to declare this Agreement void or unenforceable or in any way reduce
        the
        possibility of collecting the amounts due hereunder, or institutes any
        litigation or other action or proceeding designed to deny or to recover from
        Executive the benefits provided or intended to be provided under this Agreement,
        Executive shall be entitled to retain counsel of Executive’s choice, at the
        expense of the Company, to advise and represent Executive in connection with
        any
        such interpretation, enforcement or defense, including without limitation
        the
        initiation or defense of any litigation, arbitration or other legal action,
        whether by or against the Company or any director, officer, stockholder or
        other
        person affiliated with the Company, in any jurisdiction.  The Company
        shall pay and be solely financially responsible for any and all attorneys’ and
        related fees and expenses incurred by Executive in connection with any of
        the
        foregoing, without regard to whether Executive prevails, in whole or in
        part.

      

      In
        no event shall Executive be required
        to reimburse the Company for any of the costs and expenses incurred by the
        Company relating to arbitration, litigation or other legal action in connection
        with this Agreement.

      

      6.3           No
        Set-Off.   There shall be no right of set-off or counterclaim
        in respect of any claim, debt or obligation against any payment to Executive
        provided for in this Agreement.

       

      
        
        

        
          Page
            11

          
            

          

        

        
        

      

      

      6.4           Assistance
        with Litigation.  For a period of one year after the end of
        the last period for which Executive will have received any compensation under
        this Agreement, Executive will furnish such information and proper assistance
        as
        may be reasonably necessary in connection with any litigation in which the
        Company (or an Affiliate) is then or may become involved.

      

      6.5           Headings.  Section
        and other headings contained in this Agreement are for reference purposes
        only
        and shall not affect in any way the meaning or interpretation of this
        Agreement.

      

      6.6           Entire
        Agreement.  This Agreement constitutes the entire
        understanding and agreement among the parties hereto with respect to the
        subject
        matter hereof, and there are no other agreements, understandings, restrictions,
        representations or warranties among the parties other than those set forth
        herein.

      

      6.7           Amendments.  This
        Agreement may be amended or modified at any time in any or all respects,
        but
        only by an instrument in writing executed by the parties hereto.

      

      6.8           Choice
        of Law.  The validity of this Agreement, the construction of
        its terms, and the determination of the rights and duties of the parties
        hereto
        shall be governed by and construed in accordance with the internal laws of
        the
        State of Louisiana applicable to contracts made to be performed wholly within
        such state.

      

      6.9           Notices.  All
        notices and other communications under this Agreement must be in writing
        and
        will be deemed to have been duly given when (a) delivered by hand, (b) sent
        by
        telecopier to a telecopier number given below, provided that a copy is sent
        by a
        nationally recognized overnight delivery service (receipt requested), or
        (c)
        when received by the addressee, if sent by a nationally recognized overnight
        delivery service (receipt requested), in each case as follows:

      

      If
        to
        Executive:                    George
        W. Bausewine

      4804
        Whitefield Boulevard

      Alexandria,
        Louisiana
        71303

      

      If
        to the
        Company:              Cleco
        Corporation

      2030
        Donahue Ferry Road

      
        	
                 

              	
                Pineville,
                  LA 71360

              

      

      Attention:
        Chief Executive
        Officer

      Telecopier:   (318)
        484-7777

      

      or
        to such other addresses as a party may designate by notice to the other
        party.

      

      6.10           Assignment.  This
        Agreement will inure to the benefit of and be binding upon the Company, its
        Affiliates, successors and assigns, including, without limitation, any person,
        partnership, company, corporation or other entity that may acquire substantially
        all of the Company’s assets or business or with or into which the Company may be
        liquidated, consolidated, merged or otherwise combined, and will inure to
        the
        benefit of and be binding upon Executive, his heirs, estate, legatees and
        legal
        representatives.  If payments become payable 

       

      
        
        

        
          Page
            12

          
            

          

        

        
        

      

       

       

      to
        Executive’s surviving spouse or other assigns and such person thereafter dies,
        such payment will revert to Executive’s estate.

      

      6.11           Severability.  Each
        provision of this Agreement is intended to be severable.  In the event
        that any one or more of the provisions contained in this Agreement shall
        for any
        reason be held to be invalid, illegal or unenforceable, the same shall not
        affect the validity or enforceability of any other provision of this Agreement,
        but this Agreement shall be construed as if such invalid, illegal or
        unenforceable provisions was not contained herein.  Notwithstanding
        the foregoing, however, no provision shall be severed if it is clearly apparent
        under the circumstances that the parties would not have entered into this
        Agreement without such provision.

      

      6.12           Withholding.  The
        Company (or an Affiliate) may withhold from any payment hereunder any federal,
        state or local taxes required to be withheld.

      

      6.13           Survival.  
        Notwithstanding anything herein to the contrary, to the extent applicable,
        the
        obligations of the Company (and its Affiliates) under Sections 3 and 4, and
        the
        obligations of Executive under Sections 3 and 5, shall remain operative and
        in
        full force and effect regardless of the expiration of this
        Agreement.

      

      6.14           Waiver.  The
        failure of either party to insist in any one or more instances upon performance
        of any terms or conditions of this Agreement will not be construed as a waiver
        of future performance of any such term, covenant, or condition and the
        obligations of either party with respect to such term, covenant or condition
        will continue in full force and effect.

      

      6.15           Definition.  For
        purposes of this Agreement, “Affiliate” shall mean one or more subsidiaries or
        other entities with respect to which the Company owns (within the meaning
        of
        Section 425(f) of the Internal Revenue Code of 1986, as amended (the “Code”))
        50% or more of the total combined voting power of all classes of stock or
        other
        equity interests.

      

      THIS
        AGREEMENT is
        executed in multiple counterparts as of the dates set forth below, each of
        which
        shall be deemed an original, to be effective as of the Effective Date designated
        above.

      

      CLECO
        CORPORATION                                            EXECUTIVE

      

      By:                /s/  Michael
        H. Madison                                   /s/  George
        W. Bausewine      

          GEORGE
        W.
        BAUSEWINE

      Its:                President
        and CEO                                                                                               

      

      Date:
                     6/27/05                                                      Date:
            6/27/05            

       

       

      
        
        

        
          Page
            13

          
            

          

        

        
        

      

       

       

      CLECO
        CORPORATION

      EXECUTIVE
        EMPLOYMENT AGREEMENT

      

      EXHIBIT
        A

      

      

      This
        Exhibit A is intended to form a
        part of that certain Executive Employment Agreement by and between Cleco
        Corporation and George W. Bausewine, first effective as of May
        5, 2005.  The parties agree that the proscriptions set forth in
        Section 5.3 thereof shall apply in the State of Louisiana, Parishes
        of:

      

      

        
        Acadia Parish

      Allen
        Parish

      Avoyelles
        Parish

      Beauregard
        Parish

      Calcasieu
        Parish

      Catahoula
        Parish

      Desoto
        Parish

      Evangeline
        Parish

      Grant
        Parish

      Iberia
        Parish

      Jefferson
        Davis Parish

      Lafayette
        Parish

      Lasalle
        Parish

      Natchitoches
        Parish

      Rapides
        Parish

      Red
        River Parish

      Sabine
        Parish

      St.
        Landry Parish

      St.
        Martin Parish

      St.
        Mary Parish

      St.
        Tammany Parish

      Vernon
        Parish

      Washington
        Parish

      

      Executive
        and the Company agree that the Company shall amend this Exhibit A, from time
        to
        time, to eliminate Parishes in which the Company is no longer doing business
        and
        to add Parishes in which the Company is currently doing business.

       

      
Page
        14exhibit10g9.htm

    
      

      

    

    
      EXHIBIT
        10(g)(9)

      

      

      

      CLECO
        CORPORATION

      SEPARATION
        AGREEMENT

      

      

      THIS
        SEPARATION AGREEMENT
(the “Agreement”) is made effective as of July 31, 2007 (the “Effective
        Date”), between Cleco Corporation and each of its subsidiaries and affiliates
        (collectively, the “Company”) and Samuel H. Charlton III
        (“Employee”).

      

      1.           Separation
        from Employment.  Effective as of July 31, 2007, and pursuant
        to Paragraph 3.5 of that certain Employment Agreement by and between the
        Company
        and Employee dated June 29, 2006 (the “Employment Agreement”), the parties agree
        that Employee’s employment with the Company shall be separated (the “Separation
        Date”).

      

      2.           Final
        Wages.  The Company shall pay to Employee any base
        compensation accrued but unpaid as of his Separation Date as soon as practicable
        thereafter.

      

      3.           General
        Waiver and Release.  In consideration for Employee’s
        execution of the General Waiver and Release, attached as Exhibit A hereto,
        and
        provided that such General Waiver and Release is executed by Employee and
        returned to the Company not later than 21 days after Employee’s Separation Date,
        the Company shall pay to Employee an amount equal to
        $112,200, which amount shall be paid in the form of a
        single sum not later than ten business days after such General Waiver and
        Release becomes irrevocable in accordance with its terms.  The
        Employee acknowledges and agrees that the consideration described herein
        is not
        for services he has rendered, is not otherwise due or owing to him under
        any
        agreement (whether oral or written) with the Company or under any Company
        plan,
        policy or practice, is to be paid solely on account of his separation, and
        that
        such payment would not be made or owing absent his execution of the General
        Waiver and Release.

      

      4.           Separation
        Payments and Benefits.

      

      4.1           Severance
        Pay.  Provided Employee is not in breach of any
        post-termination obligation imposed under the Employment Agreement, he shall
        be
        entitled to a payment in the amount of
        $417,833, one-half of which shall be paid not
        later than 30 days following his Separation Date and one-half of which shall
        be
        paid on February 1, 2008.

      

      4.2           Relocation.  If
        Employee elects to cause the Company to provide the relocation assistance
        set
        forth in Paragraph 3.1e of the Employment Agreement, he shall request, not
        later
        than July 30, 2008, that the Company (a) pay or reimburse him for relocation
        costs as provided in Paragraph 3.1e(ii) of the Employment Agreement, and/or
        (b)
        purchase his principal residence at a price equal to the greater of (i) its
        appraised value, or (ii) Employee’s purchase price plus the documented cost of
        any improvements made by Employee.  Payment or reimbursement hereunder
        shall be made not later than December 31, 2008.

      

      4.3           Medical
        Plan Continuation Coverage.  If Employee and his eligible
        dependents timely elect continuation coverage under the Company’s group medical
        plan in accordance with the terms thereof, the Company shall pay directly
        to
        Employee the premium or premiums attributable to such election or elections
        for
        the maximum continuation coverage period available to each of Employee and
        his
        eligible dependents; provided, however, that the amount of any such payment
        shall be included in Employee’s income and subject to the payment, withholding
        and remittance of all applicable taxes.  Employee acknowledges that he
        shall be responsible for timely payment of monthly premiums.

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      

      5.           Equity
        Compensation.

      

      As
        used in this Paragraph 5, the terms “Restricted Stock,” “Opportunity Shares,”
“Common Stock Equivalent Units” and “Performance Cycles” shall have the meanings
        ascribed to them in the Company’s 2000 Long-Term Incentive Compensation Plan, as
        amended (the “2000 LTIP”).

      

      5.1           Disposition
        of Stock Awards.  Under the 2000 LTIP, Employee has
        outstanding awards of Restricted Stock and Opportunity Shares for the three-year
        Performance Cycles beginning in 2005, 2006 and 2007, respectively, which
        shall
        be disposed of as follows:

      

      
        	
                 

              	
                a.

              	
                With
                  respect to the 2005 Performance Cycle, restrictions will lapse
                  as to 3,758
                  shares of Restricted Stock and 3,758
                  Opportunity Shares (collectively his “2005 Award”); such Restricted
                  Stock shall be distributed within 30 days following the Separation
                  Date;
                  such Opportunity Shares shall be distributed as of February 1,
                  2008,
                  together with any dividend equivalents regularly accruing on such
                  shares;

              

      

      

      
        	
                 

              	
                b.

              	
                With
                  respect to the 2006 Performance Cycle, Employee shall be entitled
                  to a
                  prorated portion of his actual award, if any, determined as of
                  December
                  31, 2009; any such award shall be pro rated with respect to the
                  number of
                  days elapsed in the 2006 Performance Cycle as of his Separation
                  Date; any
                  such award, whether Restricted Stock, Opportunity Shares, Common
                  Stock
                  Equivalent Units (CEUs) or Opportunity CEUs, shall be distributed
                  as of
                  the date set forth in Employee’s individual award made under the 2000
                  LTIP; and

              

      

      

      
        	
                 

              	
                c.

              	
                With
                  respect to the 2007 Performance Cycle, Employee shall be entitled
                  to a
                  prorated portion of his actual award, if any, determined as of
                  December
                  31, 2010;   such awards shall be pro rated with respect to
                  the number of days elapsed in the applicable 2007 Performance Cycle
                  as of
                  Employee’s Separation Date; any such award, whether Restricted Stock,
                  Opportunity Shares, Common Stock Equivalent Units (CEUs) or Opportunity
                  CEUs, shall be distributed as of the date set forth in Employee’s
                  individual award made under the 2000
                  LTIP.

              

      

      

      Any
        other Restricted Stock, Opportunity Shares or similar equity awards shall
        be
        deemed canceled and forfeited to the Company, without requirement of further
        notice or compensation.

      

      The
        Company shall directly remit for the benefit of Employee an income tax
        adjustment with respect to his 2005 Award, such amount determined in accordance
        with Paragraph 12.4 of the 2000 LTIP such direct remission shall be made
        as of
        the time or times determined in accordance with the Company’s regular remission
        practices, but no later than December 31, 2008. For this purpose (a) the
        value
        of Restricted Stock shall be determined as the closing sales price of the
        Company’s common stock on the Separation Date, and (b) the value of Opportunity
        Shares shall be the closing sales price of the Company’s common stock on January
        31, 2008.  Employee shall not be entitled to an income tax
        adjustment with respect to any award made with respect to the 2006 and 2007
        Performance Cycles and will be solely responsible for any Federal or state
        taxes
        due with respect thereto.

      

      5.2           Stock
        Options.  Any stock options granted to Employee under the
        2000 LTIP that are vested and remain unexercised as of his Separation Date
        shall
        remain exercisable during the 30-day period following his Separation Date
        in accordance with their terms.  Employee acknowledges that
        options not vested as of his Separation Date shall be cancelled and
        forfeited to the Company as of such date options otherwise exercisable hereunder
        that remain unexercised at the conclusion of such 30-day period shall be
        cancelled and forfeited to the Company at the conclusion of such
        period.

       

       

      
        
          
          

        

        
          2

          
            

          

        

        
          
          

        

      

      

      6.           Supplemental
        Executive Retirement Plan.  As of his Separation Date,
        Employee shall be entitled to a benefit under the Company’s Supplemental
        Executive Retirement Plan (“SERP”) in an amount equal to 65% of his final
        compensation (as defined in Paragraph 2.9 of the SERP), reduced appropriately
        for retirement prior to age 65 as described in paragraphs 3.3B and offset
        as
        otherwise provided in 3.5 thereof.  The amount and payment of
        such benefit shall be further subject to the terms of the SERP, as it may
        be
        amended from time to time

      

      7.           Other
        Benefits.  Notwithstanding the foregoing and except as may be
        expressly provided herein, this Agreement is not intended to affect or restrict
        Employee’s benefits under the employee benefit plans generally maintained for
        the benefit of all of the employees of the Company, as in effect as of the
        Separation Date.

      

      8.           Extinguishment.  Employee
        acknowledges that, except as otherwise provided in this Agreement, payment
        of
        the amounts and benefits described herein extinguishes the Company’s obligations
        under the Employment Agreement and the Annual Incentive Compensation Plan,
        in
        their entirety.

      

      9.           Surviving
        Covenants.  Employee acknowledges that he is subject to and
        bound by covenants concerning the use of the Company’s confidential information
        and the nonsolicitation of the Company’s employees set forth in his Employment
        Agreement, and that they shall survive his separation of employment in
        accordance with their terms.

      

      10.           Return
        of Property.  Employee shall promptly return to the Company
        all of the property of the Company, including, without limitation, automobiles,
        equipment, computers, fax machines, portable telephones, printers, software,
        credit cards, manuals, customer lists, financial data, letters, notes,
        notebooks, reports and copies of any of the above and any confidential
        information that is in the possession or under the control of
        Employee.

      

      11.           Nondisparagement.  As
        a material inducement to the Company to enter into this Agreement, Employee
        agrees that he will not:

      

      
        	
                 

              	
                a.

              	
                Publicly
                  criticize or disparage the Company, or privately criticize or disparage
                  the Company in a manner intended or reasonably calculated to result
                  in
                  public embarrassment to, or injury to the reputation of, the Company
                  in
                  any community in which the Company is engaged in
                  business;

              

      

      

      
        	
                 

              	
                b.

              	
                Directly
                  or indirectly, acting alone or acting in concert with others, institute
                  or
                  prosecute, or assist any person in any manner in instituting or
                  prosecuting, any legal proceedings of any nature against the Company,
                  excluding any legal action relating to claims of employment
                  discrimination or retaliation involving the Employee’s or another’s
                  employment;

              

      

      

      
        	
                 

              	
                c.

              	
                Damage
                  the property of the Company or otherwise engage in any misconduct
                  which is
                  injurious to the business or reputation of the Company;
                  or

              

      

      

      
        	
                 

              	
                d.

              	
                Take
                  any other action, or assist any person in taking any other action,
                  that is
                  adverse to the interests of the Company or inconsistent with fostering
                  the
                  goodwill of the Company.

              

      

      

      Notwithstanding
        the foregoing, Employee shall not be deemed in breach of the covenants contained
        herein solely by reason of testimony compelled by process of law or the conduct
        permitted in subparagraph b above.

       

       

      
        
          
          

        

        
          3

          
            

          

        

        
          
          

        

      

      

      The
        Company agrees that it will not publicly or privately criticize or disparage
        Employee in a manner intended or reasonably calculated to result in
        embarrassment to, or injury to the reputation of, Employee in the
        community.

      

      12.           No
        Participation in Claims.  Employee waives any right to in any
        way voluntarily assist any individual or entity in commencing or prosecuting
        any
        action or proceeding including, but not limited to, any administrative claims,
        charges or complaints and/or any lawsuit against the Company, or to in any
        way
        voluntarily participate or cooperate in any such action or proceeding,
except to the extent such waiver may be prohibited by law or as to an
        employment discrimination claim prosecuted by another employee or administrative
        body.

      

      13.           Representations.  By
        execution of this Agreement, Employee represents that no claim, charge,
        complaint or action by Employee against the Company exists in any forum or
        form.  In the event any such claim, charge, complaint or action has
        been filed, Employee shall not be entitled to recover any monies or other
        relief
        therefrom.

      

      By
        execution of this Agreement, the
        Company represents, that no claim, charge, complaint or action by it against
        Employee exists in any forum or form.  In the event that any such
        claim, charge, complaint or action has been filed, the Company shall not
        be
        entitled to recover any monies or other relief therefrom.  The Company
        also represents that Employee is entitled to no other payments or benefits
        resulting from his separation from employment other than those set forth
        herein.

      

      14.           Assistance
        and Cooperation.  Employee agrees he will furnish such
        information and proper assistance as may be reasonably necessary and requested
        by the Company in connection with any administrative agency claim, charge
        or
        complaint and/or any litigation in which the Company is or may become
        involved.  The Company agrees to reimburse Employee for his direct
        expenses incurred in providing any such assistance.

      

      15.           Nonassignability.  Neither
        this Agreement  nor any right or interest hereunder shall be subject,
        in any manner, to anticipation, alienation, sale, transfer, assignment, pledge,
        encumbrance or charge, whether voluntary or involuntary, by operation of
        law or
        otherwise, and any attempt at such shall be void.  Any benefit right
        or interest under this Agreement shall not in any way be subject to the debts,
        contract, liabilities, engagements or torts of Employee, nor shall it be
        subject
        to attachment or legal process for or against
        Employee.  Notwithstanding the foregoing, in the event of the
        Employee’s death prior to the payment of all amounts properly due hereunder,
        payment shall be paid to Employee’s estate.

      

      16.           Notices.  All
        notices or communications hereunder shall be in writing, addressed as
        follows:

       

      
        
          	
                  To
                    the Company:

                	
                  To
                    the Employee:

                

        

        
          	
                  Cleco
                    Corporation

                	
                  Samuel
                    H. Charlton III

                

        

        
          	
                  2030
                    Donahue Ferry Road

                	
                  2916
                    George’s Lane

                

        

        
          	
                  P.
                    O. Box 5000

                	
                  Alexandria,
                    LA  71301

                

          	
                  Pineville,
                    Louisiana 71361-5000 

                	 

          	
                  Attention:
                    George W. Bausewine

                	 

        

        
 

      

      Either
        party may change its address for notices by providing a written notice of
        such
        address change to the other party.  All such notices shall be
        conclusively deemed to be received and shall be effective, (a) if sent by
        hand
        delivery, upon receipt, (b) if sent by telecopy or facsimile transmission,
        upon
        confirmation of receipt by the sender of such transmission, or (c) if sent
        by
        registered or certified mail, on the fifth day on which such notice is
        mailed.

       

       

      
        
          
          

        

        
          4

          
            

          

        

        
          
          

        

      

      

      17.           Source
        of Payments.  Payments hereunder shall be made from the
        general funds of the Company.  Employee’s status with respect to
        amounts owed hereunder shall be that of a general unsecured creditor of the
        Company, and Employee shall have no right, title, or interest whatsoever
        in or
        to any asset of the Company or any investment which the Company may have
        acquired to meet its obligations hereunder.   Nothing contained
        in this Agreement shall be deemed or be construed to create a trust of any
        kind
        or other fiduciary relationship between the Company and Employee or any other
        person.  The Company, in its sole discretion, may retain as owner and
        for its own benefit insurance on the life of Employee, in such amounts and
        in
        such forms consistent with the policies on the life of Employee held by the
        Company as of the Separation Date.  Neither Employee nor his
        beneficiaries or estate shall have any right or interest in the proceeds
        of any
        insurance policy naming the Employee as the insured.

      

      18.           Tax
        Withholding.  The Company may withhold from any amount
        payable hereunder all Federal, state, city or other income or employment
        taxes
        that may be required by law to be withheld.

      

      19.           Separate
        Advice.  Employee acknowledges that neither the Company nor
        its directors, officers or employees has provided him with advice about the
        terms and conditions of this Agreement, including the taxation of benefits
        and
        payments hereunder, and that neither the Company nor its directors, officers
        or
        employees has any ongoing obligation to do so.  Employee has been
        advised to consult his own counsel prior to the execution of this Agreement
        and
        he has done so or determined that such counsel is not necessary.

      

      20.           General
        Provisions.

      

      
        	
                 

              	
                a.

              	
                If
                  any provision of this Agreement is held to be invalid, illegal,
                  or
                  unenforceable, in whole or in part, such invalidity shall not affect
                  any
                  otherwise valid provision, and all other valid provisions shall
                  remain in
                  full force and effect.

              

      

      

      
        	
                 

              	
                b.

              	
                Titles
                  and headings used herein are solely for convenience of reference
                  and do
                  not constitute a part of this Agreement or affect its meaning,
                  interpretation or effect.

              

      

      

      
        	
                 

              	
                c.

              	
                This
                  Agreement shall be construed and enforced in accordance with the
                  internal
                  laws of the State of Louisiana applicable to contracts made to
                  be
                  performed wholly within such state.

              

      

      

      
        	
                 

              	
                d.

              	
                No
                  term or condition herein shall be deemed to have been waived, nor
                  shall
                  there be an estoppel against the enforcement of any provision of
                  this
                  agreement, except by written instrument of the party charged with
                  such
                  waiver or estoppel.

              

      

      

      
        	
                 

              	
                e.

              	
                This
                  Agreement may not be modified or amended, except by an instrument
                  in
                  writing signed by the parties
                  hereto.

              

      

      

      21.           Breach
        of Covenants.  Subject to the limitations set forth in
        Exhibit A hereto, Employee agrees that his material breach of this Agreement
        shall relieve the Company of any further obligations hereunder and, in addition
        to any other legal or equitable remedy available to the Company, entitle
        it to
        recover any payments or property already paid or transferred to him pursuant
        to
        Paragraphs 4 and 5 hereof.

      

      22.           Nonadmission
        of Wrongdoing.  Employee agrees that neither this Agreement,
        Exhibit A hereto, nor the furnishing of the consideration set forth herein
        shall
        be deemed or construed at any time for any purpose as an admission by the
        Company of any liability or unlawful conduct of any kind.

      

      23.           Entire
        Agreement.  This Agreement sets forth the entire agreement
        between the parties hereto related to the subject matter herein, and, except
        as
        expressly set forth herein, fully supersedes any 

       

       

      
        
          
          

        

        
          5

          
            

          

        

        
          
          

        

      

       

       

      prior
        agreements or understandings between the parties, whether orally or in
        writing.  Employee acknowledges that he has not relied upon any
        representations, promises or agreements of any kind made to him in connection
        with the execution of this Agreement, including Exhibit A hereto, except
        as set
        forth herein.

      

      THIS
        SEPARATION AGREEMENT is executed in multiple counterparts as of the
        dates set forth below, each of which shall be deemed an original, to be
        effective as of the Separation Date designated above.

      

      CLECO
        CORPORATION                                        EMPLOYEE

      

      By:           /s/  G.W.
        Bausewine                                    
By:  /s/  Samuel H. Charlton III

       Samuel
        H. Charlton
        III

      

      Its:           SVP,
        Corporate
        Services                               Date:
          August 1,
        2007

      

      Date:       8/1/07                                                                

      

      WITNESS

      

      By:  /s/  Richard
        Conques

      

      Date:
                 August 1,
        2007

      

      

      Executed
        before me,                       Yvonne
        H.
        Welch           Notary
        Public, in and for the State
        of        Louisiana           ,
        Parish/County
        of        Rapides       ,
        and in my presence, this       1st     day
        of        August         ,
        2007.

      

      

             /s/  Yvonne
        H.
        Welch    #18352       

      Notary
        Public

       

       

       

       

      
        
          
          

        

        
          6

          
            

          

        

        
          
          

        

      

      Separation
        Date:  July 31,
        2007

      

      EXHIBIT
        A

      WAIVER
        AND RELEASE

      

      This
        General Waiver and
        Release (the “Release”) is made in exchange for the consideration
        offered under Paragraph 3 of the Separation Agreement entered into between
        me
        and Cleco Corporation and each of its subsidiaries and affiliates (collectively,
        the “Company”), dated as of July 31, 2007 (the “Agreement”), the sufficiency of
        which I hereby acknowledge.  I further acknowledge that I have
        received all wages due me from the Company for services that I rendered before
        my Separation Date, and I acknowledge that the payment described in Paragraph
        3
        of the Agreement is voluntary on the part of the Company and is not required
        by
        any legal obligation of the Company, other than under the terms of the Agreement
        and this Release.

      

      I
        understand that signing this Release
        is an important legal act.  I acknowledge that I have been advised to
        consult an attorney before signing this Release and that I have done so or
        I
        have determined that such consultation is not necessary.  I understand
        that I have 21 calendar days after the Separation Date to consider whether
        to
        sign this Release, without alteration, and return it to the Company by first
        class mail or by hand delivery, and that if I execute and return this Release
        before the expiration of the 21-day period, I will be deemed to have waived
        the
        balance of the period.

      

      I
        acknowledge and voluntarily waive all
        of my claims and release the Company, including each of its directors and
        officers, employees and agents, and employee benefit plans and the fiduciaries
        and agents of said plans (collectively, the “Corporate Group”), from any and all
        claims, demands, actions, liabilities and damages, whether known or unknown,
        arising out of or relating in any way to my employment with the Company,
        except with respect to a breach under the Agreement or any right or claim
        arising after the date on which I execute this Release.  I further
        waive my right to claim or receive damages as a result of any charge of
        discrimination which may be filed by me or anyone acting on my
        behalf.  I acknowledge that this Release includes any and all claims
        and causes of action, including, but not limited to, claims under Title VII
        of
        the Civil Rights Act of 1964, as amended, the Age Discrimination in Employment
        Act of 1967, as amended, the Civil Rights Act of 1966, as amended, the Civil
        Rights Act of 1991, as amended, the Americans with Disabilities Act of 1990,
        as
        amended, the Older Workers Benefit Protection Act of 1990, as amended, the
        Employee Retirement Income Security Act of 1974, as amended (“ERISA”), the
        Family and Medical Leave Act of 1993, as amended, and any claims of contract,
        tort, defamation, slander, wrongful termination or other claims or any other
        state or federal statutory or common law, except ordinary claims for
        benefits accrued and vested as of the Separation Date under any benefit plan
        subject to ERISA.

      

      Should
        any of the provisions set forth
        in this Release be determined to be invalid by a court or other tribunal
        of
        competent jurisdiction, it is agreed that such determination shall not affect
        the enforceability of other provisions of this Release.

      

      I
        acknowledge that this Release and the
        Agreement set forth the entire understanding and agreement between me and
        the
        Company and any other member of the Corporate Group concerning the subject
        matter of this Release and supersede my prior or contemporaneous oral and/or
        written agreements or representations, if any, between me and the Company
        and
        any other member of the Corporate Group.

      

      I
        acknowledge that I have read this
        Release, have had an opportunity to ask questions and have it explained to
        me,
        and that I understand that this Release will have the effect of knowingly
        and
        voluntarily waiving any action I might pursue, including breach of contract,
        personal injury, retaliation, 

       

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

      discrimination
        on the basis of race, age, sex, national origin or disability and any other
        claims arising prior to the date hereof.

      

      I
        further agree that in the event of my
        material breach of this Release, in addition to any other legal or equitable
        remedy, the Company shall be entitled to recover any payments made to me
        under
        the Agreement, subject to any restrictions on such recovery or relief as
        may be
        imposed under applicable law or as may be required to ensure that this Release
        is and remains valid and enforceable.

      

      I
        understand that for a period of seven
        calendar days following the execution of this Release, I may revoke it by
        delivering a written statement to the Company by hand or by registered mail,
        addressed to the address for the Company specified in the Agreement, in which
        case the Release will not become effective.  In such event, the
        Company shall have no obligation to provide me the consideration offered
        under
        Paragraph 3 of the Agreement.  Upon the expiration of such seven-day
        period, I understand that this Release shall be permanent and
        irrevocable.

      

      WITNESS:

      

      /s/  Samuel
        H. Charlton
        III                                             By:
/s/  Richard Conques

      Samuel
        H. Charlton III

      

      Date: August
        1,
        2007                                                     Date: August
        1, 2007

      

      

      Executed
        before me,
               Yvonne
        H.
        Welch                  Notary
        Public, in and for the State
        of         Louisiana          ,
        Parish/County of
      Rapides        ,
        and in my presence, this     1st     day
        of       August        ,
        2007.

      

      

          /s/  Yvonne
        H.
        Welch                 #18356

      Notary
        Public

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00137-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00137-of-00352.parquet"}]]