Document:

CNL-3.31.12-Q1 EX 10.1

Exhibit 10.1

CLECO CORPORATION
2030 Donahue Ferry Road
Pineville, LA  71360

April 27, 2012

Mr. Bruce A. Williamson 
PVGO7

Re:    Notice and Acceptance of Award of Restricted Stock     

Dear Bruce:

Effective as of April 27, 2012 (the “Award Date”), the Board of Directors of Cleco Corporation (the “Company”) has authorized a special award to you of the Company's common stock, $1.00 par value per share (our “Common Stock”).  Your award is made pursuant to the Cleco Corporation 2010 Long-Term Incentive Compensation Plan (the “Plan”).  This letter is intended to provide you with notice of the terms and conditions applicable to your award.  Unless otherwise defined below, capitalized terms used herein shall have the meanings ascribed to them in the Plan. 

1.Award.  As of the Award Date, the Company has awarded to you 5,000 shares of Common Stock, provided that during the Restriction Period (as defined below), such shares shall not be sold, assigned, transferred, pledged, hypothecated or otherwise disposed of (your “Restricted Stock”). 

The Company has issued in your name a certificate or certificates representing the number of shares of Restricted Stock awarded to you hereunder, which may be legended to reflect the terms and conditions set forth herein.  The certificates shall be held by the Company in escrow, pending the lapse of the Restriction Period.  As a condition of your award, you agree to execute stock powers endorsed in blank, if requested by the Company.

2.Restriction Period.  Except as may be expressly provided herein, the restrictions set forth in paragraph 1 hereof shall commence as of the Award Date and shall lapse as of January 1, 2019 (the “Restriction Period”).  

3.    Dividend Equivalent Units.  If cash dividends are declared and paid on our Common Stock during the Restriction Period, an amount equal to the dividends paid on your Restricted Stock will be credited to a bookkeeping account, called a “Ledger Account,” maintained for your benefit by the Company.  Any such dividend equivalents will be accumulated, without interest, and paid to you in the form of cash as of the first business day following the end of the Restricted Period, or earlier as provided herein. You will forfeit any dividend equivalents to the same extent and at the same time as you forfeit shares of your Restricted Stock. 

4.    Separation From Service.  In lieu of the provisions of Section 8.5 of the Plan, if you cease to be an Employee of the Company during the Restriction Period, the following shall apply:

		
	a.
	If your Separation From Service is on account of your death or disability, the restrictions imposed hereunder shall lapse with respect to all shares of your Restricted Stock. 

Mr. Bruce A. Williamson
April 27, 2012
Page 2

		
	b.
	If your Separation From Service is attributable to any other reason, except as expressly provided in paragraph 5 hereof, the Restricted Stock awarded to you hereunder shall be forfeited and the affected certificates canceled as of the date of such separation. 

The number of shares of Restricted Stock subject to the lapse of restrictions as provided herein shall be delivered to you free of restriction as of your Separation Date. A corresponding amount shall be distributed to you from your Ledger Account as of such date.

5.    Change in Control.  Provided that your Restricted Stock has not otherwise been forfeited or canceled, or that the restrictions applicable to your award have not otherwise lapsed, upon the occurrence of a Change in Control all restrictions then applicable to your Restricted Stock shall lapse and the number of shares of Restricted Stock awarded hereunder shall be delivered to you free of restriction. Any amount then credited to your Ledger Account shall be distributed to you as of the earlier of the end of the Restriction Period or your death, Disability or Separation Date.

6.    Taxes.  Unless you have made an election pursuant to Section 83(b) of the Internal Revenue Code of 1986, as amended, when the restrictions lapse with respect to all or part of your Restricted Stock, the Fair Market Value of the affected shares (determined at the time of lapse) will be includable as compensation income, reported by the Company on IRS Form W-2, and subject to withholding for applicable income and employment taxes.  Unless you have then made other arrangements, the Company will withhold from your award the number of shares of Common Stock with a Fair Market Value equal to your resulting tax liability, determined for Federal tax purposes as the aggregate rates applicable to supplemental wage payments and employment taxes. 

The Company shall withhold from any amount distributable from your Ledger Account any taxes then required by law to be withheld. 

7.    No Assignment.  The award described herein, including the balance of your Ledger Account, shall not be subject in any manner to sale, transfer, pledge, assignment or other encumbrance or disposition, whether by operation of law or otherwise and whether voluntarily or involuntarily, except by will or the laws of descent and distribution.

8.    Additional Requirements and Limitations.  You acknowledge that Common Stock acquired hereunder may bear such legends as the Committee or the Company deems appropriate to comply with applicable Federal or state securities laws or under the terms of the Plan.  In connection therewith and prior to the issuance of such shares, you may be required to deliver to the Company such other documents as may be reasonably required to ensure compliance with applicable Federal or state securities laws.   You further acknowledge that your award shall be subject to additional terms and conditions set forth in the Plan. 

9.    Amendment.  The Committee or the Company's Board of Directors may amend the terms and conditions set forth herein; provided, however, that any such amendment may not materially impair your award without your prior written consent. 

10.    Shareholder Rights.  Pending the lapse of restrictions, or the forfeiture and cancellation of all or a portion of your Restricted Stock, you shall be entitled to vote the number of shares then subject to the terms of your award. You shall not receive cash dividends declared with respect to such shares during such period, which amounts shall be treated as equivalencies that are subject to the provisions of paragraph 3 hereof.

Mr. Bruce A. Williamson
April 27, 2012
Page 3

Very truly yours,

CLECO CORPORATION

By:    /s/ Judy P. Miller                           
Judy P. Miller
Its:    Senior Vice President
Corporate Services & Internal Audit

Mr. Bruce A. Williamson
April 27, 2012
Page 4

ACKNOWLEDGMENT AND AGREEMENT

I acknowledge that the Restricted Stock awarded to me hereunder and the balance of my Ledger Account shall be subject to the terms and conditions of the Plan, in addition to the terms and conditions of the foregoing letter.  By execution below, I acknowledge that no member of the Committee or the Board of Directors shall be liable for any action or determination taken in good faith with respect to the Plan or my award.  I further acknowledge that I have consulted my own advisor about the tax consequences of my award and the election available to me under Section 83(b).

/s/  Bruce A. Williamson                     
Signature

Date:       April 27, 2012Exhibit 10.1

Exhibit  10.1

RESTRICTED STOCK EQUIVALENT AWARD AGREEMENT

In consideration of the mutual covenants contained herein, Energizer Holdings, Inc. (“Company”), and ___________________ (“Recipient”) hereby agree as follows: 
ARTICLE I - COMPANY COVENANTS
Company hereby covenants:
1.    Award.
The Company, pursuant to its Amended and Restated 2009 Incentive Stock Plan (the “Plan”), grants to Recipient a Restricted Stock Equivalent Award of ________ restricted common stock equivalents (“Equivalents”). This Award Agreement is subject to the provisions of the Plan and to the following terms and conditions.
2.    Vesting; Payment.
The Equivalents granted to Recipient will vest on ____________, subject to the provisions of this Award Agreement (such date is hereinafter referred to as the “Vesting/Payment Date”).  
Upon vesting, each vested Equivalent will convert, at that time into one share of the Company's $.01 par value Common Stock (“Common Stock”), which will be issued to the Recipient on, or as soon as practicable after, the Vesting/Payment Date, but not later than December 31st of the year in which the Vesting/Payment Date occurs.
3.    Additional Cash Payment.
Additional cash payments equal to the amount of dividends, if any, which would have been paid to the Recipient had shares of Common Stock been issued in lieu of the Equivalents, will be paid on or after the Vesting/Payment Date, but not later than the December 31st of the year in which the Vesting/Payment Date occurs.  No interest shall be included in the calculation of such additional cash payment.
4.    Acceleration.
Notwithstanding the provisions of paragraph 2 above, all Equivalents credited to the Recipient will immediately vest, convert into shares of Common Stock and be paid to the Recipient, his or her designated beneficiary, or his or her legal representative, in accordance with the terms of the Plan, in the event of:
(a)    the Recipient's death; 
(b)    the Recipient's Disability; or
(c)    a Change of Control of the Company.
In the event of acceleration because of the occurrence of one of the first two events above, the shares of Common Stock into which the Equivalents convert will be issued, and related payments, if any, shall be 

paid, no later than the later of (i) the 15th day of the third calendar month following such event, or (ii) a date after such event, but not later than the December 31st immediately following such event.  In the event of acceleration because of the occurrence of a Change of Control of the Company, the shares of Common Stock into which the Equivalents convert will be issued, and related payments, if any, shall be paid, no later than the later of (i) the 15th day of the third calendar month following the Change of Control, or (ii) a date after the Change of Control, but not later than the December 31st immediately following the Change of Control.
5.    Forfeiture.
All rights in and to any and all Equivalents granted pursuant to this Award Agreement, and to any shares of Common Stock into which they would convert, which have not vested as described in paragraphs 2 or 4 above, shall be forfeited upon the Recipient's voluntary or involuntary termination of service on the Board as a director.
6.    Shareholder Rights; Adjustment of Equivalents.
Recipient shall not be entitled, prior to the conversion of Equivalents into shares of Common Stock, to any rights as a shareholder with respect to such shares of Common Stock, including the right to vote, sell, pledge, transfer or otherwise dispose of the shares.  Recipient shall, however, have the right to designate a beneficiary to receive such shares of Common Stock under this Award Agreement, subject to the provisions of Section V of the Plan.  The number of Equivalents credited to Recipient may be adjusted, in the sole discretion of the Nominating and Executive Compensation Committee of the Company's Board of Directors, in accordance with the provisions of Section VI(F) of the Plan.
7.    Other.
The Company reserves the right, as determined by the Committee, to convert this Award Agreement to a substantially equivalent award and to make any other modification it may consider necessary or advisable to comply with any applicable law or governmental regulation, or to preserve the tax deductibility of any payments hereunder. 
8.    Definitions.
Affiliates shall mean all entities within the controlled group that includes the Company, as defined in Code Sections 414(b) and 414(c) and the regulations thereunder, provided that the language “at least 50 percent” shall be used instead of “at least 80 percent” each place it appears in such definition.
Change of Control shall mean the following:
(a)    The acquisition by one person, or more than one person acting as a group, of ownership of stock (including Common Stock) of the Company that, together with stock held by such person or group, constitutes more than 50% of the total fair market value or total voting power of the stock of the Company. Notwithstanding the above, if any person or more than one person acting as a group, is considered to own more than 50% of the total fair market value or total voting power of the stock of the Company, the acquisition of additional stock by the same person or persons will not constitute a Change of Control; or
(b)    A majority of the members of the Company's Board of Directors is replaced during any twelve-month period by directors whose appointment or election is not endorsed by a majority of the members of the Company's Board of Directors before the date of the appointment or 

election.
Persons will not be considered to be acting as a group solely because they purchase or own stock of the same corporation at the same time, or as a result of the same public offering. However, persons will be considered to be acting as a group if they are owners of a corporation that enters into a merger, consolidation, purchase or acquisition of stock, or similar business transaction with the Company.
This definition of Change of Control shall be interpreted in accordance with, and in a manner that will bring the definition into compliance with, the regulations under Section 409A of the Internal Revenue Code.
Disability shall mean such term as defined for purposes of Code Section 409A and in accordance with regulations and other guidance promulgated thereunder.
ARTICLE II - OTHER AGREEMENTS
1.    Governing Law.
All questions pertaining to the validity, construction, execution, and performance of this Award Agreement shall be construed in accordance with, and be governed by, the laws of the State of Missouri, without giving effect to the choice of law principles thereof.
2.    Notices.  
Any notices necessary or required to be given under this Award Agreement shall be sufficiently given if in writing, and personally delivered or mailed by registered or certified mail, return receipt requested, postage prepaid, to the last known addresses of the parties hereto, or to such other address or addresses as any of the parties shall have specified in writing to the other party hereto.
3.    Entire Agreement.  
This Award Agreement constitutes the entire agreement of the parties hereto with respect to the matters contained herein, and no modification, amendment, or waiver of any of the provision of this Award Agreement shall be effective unless in writing and signed by all parties hereto.  This Award Agreement constitutes the only agreement between the parties hereto with respect to the matters herein contained.
4.    Waiver.
No change or modification of this Award Agreement shall be valid unless the same is in writing and signed by all the parties hereto.  No waiver of any provision of this Award Agreement shall be valid unless in writing and signed by the party against whom it is sought to be enforced.  
5.    Counterparts; Effect of Recipient's Signature.  
This Award Agreement may be executed in one or more counterparts, each of which shall be deemed an original, and all of which shall constitute one and the same agreement and shall become effective when one or more counterparts have been signed by each of the parties and delivered to the other party, it being understood that both parties need not sign the same counterpart. The provisions of this Award Agreement shall not be valid and in effect until such execution by both parties. By the execution of this Award Agreement, Recipient signifies that Recipient has fully read, completely understands, and 

voluntarily agrees with this Award Agreement consisting of four (4) pages and knowingly and voluntarily accepts all of its terms and conditions.
6.    Effective Date.
This Award Agreement shall be deemed to be effective as of the date executed.

IN WITNESS WHEREOF, the Company duly executed this Award Agreement as of ______________, and Recipient duly executed it as of _______________________.

ACKNOWLEDGED AND ACCEPTED:        ENERGIZER HOLDINGS, INC.

__________________________________        By: _______________________________
Recipient

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