Document:

Exhibit 10.1

EXHIBIT 10.1

2005 Base Salaries
and Bonuses for Cleco Corporation Named Executive Officers

 

	
    	
    			
    2005-2007 LTIP
  Cycle

	
    

Name and 
Principal Position

    	
    

2005 
Base Salary
	
    2005 
Merit
Lump-Sum
Bonus
	
    

2005
AIP Target
	
    
Number of
Threshold Shares
	
    

Number of Target
  Shares
	
    
Number of
Maximum
Shares

	
    David M. Eppler - President
  and Chief Executive Officer
	
           $425,000

    	
                        0

    	
                  65%

    	
                 4,784

    	
               15,946

    	
               31,892

    
	
    Michael H. Madison -
  President and Chief Operating Officer (Cleco Power LLC)
	
           $300,000

    	
                        0

    	
                  50%

    	
                 2,477

    	
                 8,255

    	
               16,510

    
	
    Dilek Samil -Executive Vice
  President and Chief Financial Officer
	
           $269,000

    	
                        0

    	
                  45%

    	
                 2,019

    	
                 6,729

    	
               13,458

    
	
    R. O'Neal Chadwick, Jr. -
  Senior Vice President and General Counsel
	
           $220,000

    	
                        0

    	
                  40%

    	
                 1,321

    	
                 4,403

    	
                 8,806

    
	
    Samuel H. Charlton III -
  Senior Vice President and Chief Operating Officer (Cleco Midstream Resources
  LLC)
	
           $218,000

    	
             $10,000

    	
                  40%

    	
                 1,309

    	
                 4,363

    	
                 8,726

    
	
    Catherine C. Powell - Senior
  Vice President Corporate Services
	
           $190,000

    	
             $10,000

    	
                  40%

    	
                 1,284

    	
                 4,278

    	
                 8,556Exhibit 10.2

EXHIBIT 10.2

 Cleco Corporation

Summary of Director Compensation and Benefits

 

Annual Retainer       Each non-management director receives an
annual retainer of $25,000, paid quarterly.  The non-management Chairman of the
Board receives an additional annual retainer of $65,000.

                                    Each non-management director who is
chairman of a board committee receives an additional annual fee of $3,000,
except the chairman of the Audit Committee who receives $7,500 which reflects
the increased responsibilities of this position as a result of the
Sarbanes-Oxley Act of 2002.  The total annual retainer may be paid, at the
election of each Director, in the form of cash, Cleco common stock, or a
combination of both cash and stock.

Per Diem                    Each non-management director
receives $1,000 for each day of in-person meeting attendance at a board or
committee meeting and $500 for each day of telephone conference meeting
attendance at a board or committee meeting including informal telephone
conference meetings.  The per diem may be paid, at the election of each
Director, in the form of cash, Cleco common stock, or a combination of both
cash and stock.

                                    The Chairman of the Board is not
paid for attendance at meetings (whether in person or by phone) of committees
on which he does not serve.  Nor is the Chairman compensated for meetings not
associated with board or committee meetings or for regular on-site visits to Cleco
to receive updates from the management staff.

Special Services         While
expected to occur infrequently, when a non-management  director is requested to
perform special services considered to be beyond the scope of the director's
normal duties, each day spent performing those duties shall be considered a day
when the director was attending a board or committee meeting for purposes of director
compensation.  Normally compensation for such matters will be appropriate only if
the director is required to spend more than four hours on the matter and associated
travel. Examples, not inclusive, of such activities would be participating in
the interview process for potential new board candidates and/or members of
senior management and working with consultants to the Board.  Determinations as
to the applicability of compensation to a particular circumstance will be
reviewed on a case-by-case basis by the President / CEO and the Corporate
Secretary.

1

Expenses                    Directors are reimbursed for travel
and related expenses incurred for attending meetings of the Board of Directors
and board committees, as well as for any special services as described above.

Restricted Stock        Each non-management director receives an
annual restricted stock award of Cleco common stock valued at $40,000, not to
exceed 5,000 shares of stock in any year.  The grant date of the award will be
the date of the January board meeting each year, and the valuation date of the
stock will be the first trading day of the year.  The number of shares to be
issued will be determined by dividing 85% of the stock price on the valuation
date into $40,000.  Directors are not required to provide any consideration in
exchange for the restricted stock award.  Restrictions on the stock subject to
the award lapse after a six-year period measured from the date of the award or
at the director's retirement if earlier, and the stock cannot be sold or
transferred during this period. 

Deferred

Compensation

Plan                             A non-management director may
elect to participate in a deferred compensation plan and defer the receipt of
all or part of his or her fees and restricted stock.  Benefits are equal to the
amount credited to each director's individual account based on compensation
deferred plus applicable investment returns.  Accounts are payable when a
director ceases to serve on the board or attains a specified age.

 

Life Insurance/

Disability Plan     Cleco provides its non-management directors with $200,000 of life
insurance and permanent total disability coverage under a group accidental
death and dismemberment plan maintained by Cleco Power LLC, a wholly owned
subsidiary of Cleco.  This coverage is terminated at the time the director
ceases to serve on the Board.  Coverage may not be continued, even if the
departing director agrees to pay the premium. 

 

Management

Directors                Directors who are Cleco employees receive no
additional compensation for serving as a director.

 

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