Document:

Exhibit

Exhibit 4.3

REGISTRATION RIGHTS AGREEMENT 
by and among 
CLECO CORPORATE HOLDINGS LLC 
and
Mizuho Securities USA LLC
Credit Agricole Securities (USA) Inc.
Scotia Capital (USA) Inc. 

Dated as of September 11, 2019

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REGISTRATION RIGHTS AGREEMENT

This Registration Rights Agreement (this “Agreement”) is made and entered into as of September 11, 2019, by and among CLECO CORPORATE HOLDINGS LLC, a Louisiana limited liability company (the “Company”), Mizuho Securities USA LLC, Credit Agricole Securities (USA) Inc., Scotia Capital (USA) Inc. (collectively, the “Initial Purchasers”), each of whom has agreed to purchase the Company’s 3.375% Senior Notes due 2029 (the “Initial Securities”).

This Agreement is made pursuant to the Purchase Agreement, dated September 9, 2019 (the “Purchase Agreement”), among the Company and the Initial Purchasers (i) for the benefit of the Initial Purchasers and (ii) for the benefit of the holders from time to time of the Initial Securities, including the Initial Purchasers. In order to induce the Initial Purchasers to purchase the Initial Securities, the Company has agreed to provide the registration rights set forth in this Agreement. The execution and delivery of this Agreement is a condition to the obligations of the Initial Purchasers set forth in Section 5(f) of the Purchase Agreement.

The parties hereby agree as follows:

SECTION 1. Definitions. As used in this Agreement, the following capitalized terms shall have the following meanings:
Additional Interest: As defined in Section 5 hereof.
Advice: As defined in Section 6 hereof.
Broker-Dealer: Any broker or dealer registered under the Exchange Act.
Business Day: Any day other than a Saturday, Sunday or U.S. federal holiday or a day on which banking institutions or trust companies located in New York, New York are authorized or obligated to be closed.
Closing Date: The date of this Agreement.
Commission: The Securities and Exchange Commission.
Consummate: A registered Exchange Offer shall be deemed “Consummated” for purposes of this Agreement upon the occurrence of (i) the filing and effectiveness under the Securities Act of the Exchange Offer Registration Statement relating to the Exchange Securities to be issued in the Exchange Offer, (ii) the maintenance of such Registration Statement continuously effective and the keeping of the Exchange Offer open for a period not less than the minimum period required pursuant to Section 3(b) hereof, and (iii) the delivery by the Company to the Registrar under the Indenture of Exchange Securities in the same aggregate principal amount as the aggregate principal amount of Initial Securities that were tendered by Holders thereof pursuant to the Exchange Offer.
Effectiveness Target Date: As defined in Section 5 hereof.
Exchange Act: The Securities Exchange Act of 1934, as amended.
Exchange Offer: The registration by the Company under the Securities Act of the Exchange Securities pursuant to a Registration Statement pursuant to which the Company offers the Holders of all outstanding Transfer Restricted Securities the opportunity to exchange all such outstanding Transfer Restricted Securities held by such Holders for Exchange Securities in an aggregate principal amount equal to the aggregate principal amount of the Transfer Restricted Securities tendered in such exchange offer by such Holders.

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Exchange Offer Registration Statement: The Registration Statement relating to the Exchange Offer, including the related Prospectus included therein, all amendments and supplements thereto (including post-effective amendments) and all exhibits and material incorporated by reference therein.
Exchange Securities: The 3.375% Senior Notes due 2029, of the same series under the Indenture as the 2029 Notes, to be issued to Holders in exchange for Transfer Restricted Securities pursuant to this Agreement.
FINRA: Financial Industry Regulatory Authority, Inc. 
Holders: As defined in Section 2(b) hereof.
Indemnified Holder: As defined in Section 8(a) hereof.
Indenture: The Indenture, dated as of September 11, 2019, by and between the Company and Regions Bank, as trustee (the “Trustee”), as supplemented, including by the First Supplemental Indenture, dated as of September 11, 2019, pursuant to which the Exchange Securities are to be issued, as such Indenture is further amended or supplemented from time to time in accordance with the terms thereof.
Initial Purchaser: As defined in the preamble hereto.
Initial Placement: The issuance and sale by the Company of the Initial Securities to the Initial Purchasers pursuant to the Purchase Agreement.
Initial Securities: As defined in the preamble hereto.
Interest Payment Date: As defined in the Indenture and the Initial Securities.
Person: An individual, partnership, corporation, trust or unincorporated organization, or a government or agency or political subdivision thereof.
Prospectus: The prospectus included in a Registration Statement, as amended or supplemented by any prospectus supplement and by all other amendments thereto, including post-effective amendments, and all material incorporated by reference into such Prospectus.
Registration Default: As defined in Section 5 hereof.
Registration Statement: Any registration statement of the Company relating to (a) an offering of Exchange Securities pursuant to an Exchange Offer or (b) the registration for resale of Transfer Restricted Securities pursuant to the Shelf Registration Statement, which is filed pursuant to the provisions of this Agreement, in each case, including the Prospectus included therein, all amendments and supplements thereto (including post-effective amendments) and all exhibits and material incorporated by reference therein.
Securities Act: The Securities Act of 1933, as amended.
Shelf Filing Deadline: As defined in Section 4(a)(x) hereof.
Shelf Registration Statement: As defined in Section 4(a)(x) hereof.
Transfer Restricted Securities: Each Initial Security, until the earliest to occur of (a) the date on which such Initial Security is exchanged in the Exchange Offer for an Exchange Security entitled to be resold to the public by the Holder thereof without complying with the prospectus delivery requirements of the Securities Act, (b) the date on which such Initial Security has been effectively registered under the Securities Act and disposed of in accordance with a Shelf Registration Statement 

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and (c) the date on which such Initial Security is distributed to the public pursuant to Rule 144 under the Securities Act or by a Broker-Dealer pursuant to the “Plan of Distribution”, or similarly titled section, contemplated by the Exchange Offer Registration Statement (including delivery of the Prospectus contained therein).
Trust Indenture Act: The Trust Indenture Act of 1939, as amended.
Underwritten Registration or Underwritten Offering: A registration in which securities of the Company are sold to an underwriter for reoffering to the public.
SECTION 2. Securities Subject to this Agreement. 
(a)Transfer Restricted Securities. The securities entitled to the benefits of this Agreement are the Transfer Restricted Securities.

(b)Holders of Transfer Restricted Securities. A Person is deemed to be a holder of Transfer Restricted Securities (each, a “Holder”) whenever such Person owns Transfer Restricted Securities.

SECTION 3. Registered Exchange Offer. 
(a)Unless the Exchange Offer shall not be permissible under applicable law or Commission policy (after the procedures set forth in section 6(a) hereof have been complied with), the Company shall use commercially reasonable efforts to (i) cause to be filed with the Commission as soon as practicable after the Closing Date, but in no event later than 365 days after the Closing Date (or if such 365th day is not a Business Day, the next succeeding Business Day), a Registration Statement under the Securities Act relating to the Exchange Securities and the Exchange Offer, (ii) cause such Registration Statement to become effective at the earliest possible time, but in no event later than 365 days after the Closing Date (or if such 365th day is not a Business Day, the next succeeding Business Day), (iii) in connection with the foregoing, file (A) all pre-effective amendments to such Registration Statement as may be necessary in order to cause such Registration Statement to become effective, (B) if applicable, a post-effective amendment to such Registration Statement pursuant to Rule 430A under the Securities Act and (C) cause all filings in connection with the registration and qualification of the Exchange Securities to be made under the state securities or blue sky laws of such jurisdictions as are necessary to permit Consummation of the Exchange Offer, and (iv) upon the effectiveness of such Registration Statement, commence the Exchange Offer (unless the Exchange Offer would not be permitted by applicable law or Commission policy). The Exchange Offer shall be on the appropriate form permitting registration of the Exchange Securities to be offered in exchange for the Transfer Restricted Securities and to permit resales of Initial Securities held by Broker-Dealers as contemplated by Section 3(c) hereof.

(b)The Company shall use commercially reasonable efforts to cause the Exchange Offer Registration Statement to be effective continuously and shall keep the Exchange Offer open for a period of not less than the minimum period required under applicable federal and state securities laws to Consummate the Exchange Offer; provided, however, that in no event shall such period be less than 20 Business Days after the date notice of the Exchange Offer is mailed to the Holders. The Company shall use commercially reasonable efforts to cause the Exchange Offer to comply with all applicable federal and state securities laws. No securities other than the Exchange Securities shall be included in the Exchange Offer Registration Statement. The Company shall use commercially reasonable efforts to cause the Exchange Offer to be Consummated on the earliest practicable date after the Exchange Offer Registration Statement has become effective, but in no event later than 30 days after such date (or if such 30th day is not a Business Day, the next succeeding Business Day).

(c)The Company shall indicate in a “Plan of Distribution” or similar section contained in the Prospectus forming a part of the Exchange Offer Registration Statement that any Broker-Dealer, who holds Initial Securities that are Transfer Restricted Securities and that were acquired for its own 

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account as a result of market-making activities or other trading activities (other than Transfer Restricted Securities acquired directly from the Company), may exchange such Initial Securities pursuant to the Exchange Offer; provided, however, such Broker-Dealer may be deemed to be an “underwriter” within the meaning of the Securities Act and must, therefore, deliver a prospectus meeting the requirements of the Securities Act in connection with any resales of the Exchange Securities received by such Broker-Dealer in the Exchange Offer, which prospectus delivery requirement may be satisfied by the delivery by such Broker-Dealer of the Prospectus contained in the Exchange Offer Registration Statement. Such “Plan of Distribution” or similar section shall also contain all other information with respect to such resales by Broker-Dealers that the Commission may require in order to permit such resales pursuant thereto, but such “Plan of Distribution”, or similarly titled section, shall not name any such Broker-Dealer or disclose the amount of Initial Securities held by any such Broker-Dealer except to the extent required by the Commission as a result of a change in policy after the date of this Agreement.

The Company shall use commercially reasonable efforts to keep the Exchange Offer Registration Statement continuously effective, supplemented and amended as required by the provisions of Section 6(c) hereof to the extent necessary to ensure that it is available for resales of Initial Securities acquired by Broker-Dealers for their own accounts as a result of market-making activities or other trading activities, and to ensure that the Exchange Offer Registration Statement conforms with the requirements of this Agreement, the Securities Act and the policies, rules and regulations of the Commission as announced from time to time, for a period ending on the earlier of (i) 180 days from the date on which the Exchange Offer Registration Statement is declared effective and (ii) the date on which a Broker-Dealer is no longer required to deliver a prospectus in connection with market-making or other trading activities.
The Company shall provide sufficient copies of the latest version of such Prospectus to Broker-Dealers promptly upon request at any time during such 180-day (or shorter as provided in the foregoing sentence) period in order to facilitate such resales.
SECTION 4. Shelf Registration.
(a)Shelf Registration. If (i) the Company reasonably determines that it is not permitted to file an Exchange Offer Registration Statement or to Consummate the Exchange Offer because the Exchange Offer is not permitted by applicable law or Commission policy (after the procedures set forth in section 6(a) hereof have been complied with), or (ii) with respect to any Holder of Transfer Restricted Securities (A) such Holder is prohibited by applicable law or Commission policy from participating in the Exchange Offer, or (B) such Holder may not resell the Exchange Securities acquired by it in the Exchange Offer to the public without delivering a prospectus and the Prospectus contained in the Exchange Offer Registration Statement is not appropriate or available for such resales by such Holder, or (C) such Holder is a Broker-Dealer and holds Initial Securities acquired directly from the Company or one of its affiliates, then the Company shall use commercially reasonable efforts to:

(x) cause to be filed with the Commission a shelf registration statement pursuant to Rule 415 under the Securities Act, which may be an amendment to the Exchange Offer Registration Statement (in either event, the “Shelf Registration Statement”) on or prior to the earliest to occur of (1) in the case of clause (i) above, as soon as practicable after the date on which the Company determines that it is not permitted to file the Exchange Offer Registration Statement, but in no event later than the 45th day after the date on which the Company determines that it is not permitted to file the Exchange Offer Registration Statement (or if such 45th day is not a Business Day, the next succeeding Business Day), and (2) in the case of clause (ii) above, as soon as practicable after the date on which the Company receives notice from such a Holder of Transfer Restricted Securities, but in no event later than the 45th day after the date on which the Company receives notice from such a Holder of Transfer Restricted Securities (or if such 45th day is not a Business Day, the next succeeding Business Day) (such earliest date being the “Shelf Filing Deadline”), which Shelf Registration Statement shall 

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provide for resales of all Transfer Restricted Securities the Holders of which shall have provided the information required pursuant to Section 4(b) hereof; and
(y) cause such Shelf Registration Statement to be declared effective by the Commission as soon as practicable after the Shelf Filing Deadline, but in no event later than the 45th day after the Shelf Filing Deadline (or if such 45th day is not a Business Day, the next succeeding Business Day).
The Company shall use commercially reasonable efforts to keep such Shelf Registration Statement continuously effective, supplemented and amended as required by the provisions of Sections 6(b) and (c) hereof to the extent necessary to ensure that it is available for resales of Initial Securities by the Holders of Transfer Restricted Securities entitled to the benefit of this Section 4(a), and to ensure that the Shelf Registration Statement conforms with the requirements of this Agreement, the Securities Act and the policies, rules and regulations of the Commission as announced from time to time, for a period of at least two years following the effective date of such Shelf Registration Statement (or shorter period that will terminate when all the Initial Securities covered by such Shelf Registration Statement have been sold pursuant to such Shelf Registration Statement).
(b)Provision by Holders of Certain Information in Connection with the Shelf Registration Statement. No Holder of Transfer Restricted Securities may include any of its Transfer Restricted Securities in any Shelf Registration Statement pursuant to this Agreement unless and until such Holder furnishes to the Company in writing, within 20 Business Days after receipt of a request therefor, such information as the Company may reasonably request for use in connection with any Shelf Registration Statement or Prospectus or preliminary Prospectus included therein. Each Holder as to which any Shelf Registration Statement is being effected agrees to furnish promptly to the Company all information required to be disclosed in order to make the information previously furnished to the Company by such Holder not materially misleading.

SECTION 5. Additional Interest. If (i) any of the Registration Statements required by this Agreement is not filed with the Commission on or prior to the date specified for such filing in this Agreement, (ii) any of such Registration Statements has not been declared effective by the Commission on or prior to the date specified for such effectiveness in this Agreement (the “Effectiveness Target Date”), (iii) the Exchange Offer has not been Consummated by the Company within the time period set forth in this Agreement, or (iv) any Registration Statement required by Sections 3 and 4 of this Agreement is filed and declared effective and the Exchange Offer Registration Statement or the Shelf Registration Statement ceases to be effective or fails to be usable without being succeeded immediately by a post-effective amendment to such Registration Statement that is immediately declared effective (each such event referred to in clauses (i) through (iv), a “Registration Default”), the Company hereby agrees that the interest rate borne by the Transfer Restricted Securities shall be increased by 0.25% per annum during the 90-day period immediately following the occurrence of any Registration Default and shall increase by 0.25% per annum at the end of each subsequent 90-day period, but in no event shall such increase exceed 1.00% per annum in the aggregate for all Registration Defaults (as applicable, the “Additional Interest”). Following the cure of all Registration Defaults relating to any particular Transfer Restricted Securities, the interest rate borne by the relevant Transfer Restricted Securities will be reduced to the original interest rate borne by such Transfer Restricted Securities; provided, however, that, if after any such reduction in interest rate, a different Registration Default occurs, the interest rate borne by the relevant Transfer Restricted Securities shall again be increased pursuant to the foregoing provisions.
All obligations of the Company set forth in the preceding paragraph that are outstanding with respect to any Transfer Restricted Security at the time such security ceases to be a Transfer Restricted Security shall survive until such time as all such obligations with respect to such security shall have been satisfied in full.
SECTION 6. Registration Procedures. 

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(a)Exchange Offer Registration Statement. In connection with the Exchange Offer, the Company shall comply with all of the provisions of Section 6(c) hereof, shall use commercially reasonable efforts to effect such exchange to permit the sale of Transfer Restricted Securities being sold in accordance with the intended method or methods of distribution thereof, and shall comply with all of the following provisions:

(i)If in the reasonable opinion of counsel to the Company there is a question as to whether the Exchange Offer is permitted by applicable law, the Company hereby agrees to seek a no-action letter or other favorable decision from the Commission allowing the Company to Consummate an Exchange Offer for such Initial Securities. The Company hereby agrees to pursue the issuance of such a decision to the Commission staff level but shall not be required to take commercially unreasonable action to effect a change of Commission policy. The Company hereby agrees, however, to (A) participate in telephonic conferences with the Commission, (B) deliver to the Commission staff an analysis prepared by counsel to the Company setting forth the legal bases, if any, upon which such counsel has concluded that such an Exchange Offer should be permitted and (C) diligently pursue a favorable resolution by the Commission staff of such submission.

(ii)As a condition to its participation in the Exchange Offer pursuant to the terms of this Agreement, each Holder of Transfer Restricted Securities shall furnish, upon the request of the Company, prior to the Consummation thereof, a written representation to the Company (which may be contained in the letter of transmittal contemplated by the Exchange Offer Registration Statement) to the effect that (A) it is not an affiliate of the Company, (B) it is not engaged in, and does not intend to engage in, and has no arrangement or understanding with any Person to participate in, a distribution of the Exchange Securities to be issued in the Exchange Offer and (C) it is acquiring the Exchange Securities in its ordinary course of business. In addition, all such Holders of Transfer Restricted Securities shall otherwise cooperate in the Company’s preparations for the Exchange Offer. Each Holder hereby acknowledges and agrees that any Broker-Dealer and any such Holder using the Exchange Offer to participate in a distribution of the securities to be acquired in the Exchange Offer (1) could not under Commission policy as in effect on the date of this Agreement rely on the position of the Commission enunciated in Morgan Stanley and Co., Inc.  (available June 5, 1991) and Exxon Capital Holdings Corporation (available May 13, 1988), as interpreted in the Commission’s letter to Shearman & Sterling dated July 2, 1993, and similar no-action letters (which may include any no-action letter obtained pursuant to clause (i) above), and (2) must comply with the registration and prospectus delivery requirements of the Securities Act in connection with a secondary resale transaction and that such a secondary resale transaction should be covered by an effective registration statement containing the selling security holder information required by Item 507 or 508, as applicable, of Regulation S-K if the resales are of Exchange Securities obtained by such Holder in exchange for Initial Securities acquired by such Holder directly from the Company.

(b)Shelf Registration Statement. In connection with the Shelf Registration Statement, the Company shall comply with all the provisions of Section 6(c) hereof and shall use commercially reasonable efforts to effect such registration to permit the sale of the Transfer Restricted Securities being sold in accordance with the intended method or methods of distribution thereof, and pursuant thereto the Company will as expeditiously as possible prepare and file with the Commission a Registration Statement relating to the registration on any appropriate form under the Securities Act, which form shall be available for the sale of the Transfer Restricted Securities in accordance with the intended method or methods of distribution thereof.

(c)General Provisions. In connection with any Registration Statement and any Prospectus required by this Agreement to permit the sale or resale of Transfer Restricted Securities (including, without limitation, any Registration Statement and the related Prospectus required to permit resales of Initial Securities by Broker-Dealers), the Company shall:

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(i)use commercially reasonable efforts to keep such Registration Statement continuously effective and provide all requisite financial statements for the period specified in Section 3 or 4 hereof, as applicable; upon the occurrence of any event that would cause any such Registration Statement or the Prospectus contained therein (A) to contain a material misstatement or omission or (B) not to be effective and usable for resale of Transfer Restricted Securities during the period required by this Agreement, the Company shall file promptly an appropriate amendment to such Registration Statement, in the case of clause (A), correcting any such misstatement or omission, and, in the case of either clause (A) or (B), use commercially reasonable efforts to cause such amendment to be declared effective and such Registration Statement and the related Prospectus to become usable for their intended purpose(s) as soon as practicable thereafter;

(ii)use commercially reasonable efforts to prepare and file with the Commission such amendments and post-effective amendments to the applicable Registration Statement as may be necessary to keep the Registration Statement effective for the applicable period set forth in Section 3 or 4 hereof, as applicable, or such shorter period as will terminate when all Transfer Restricted Securities covered by such Registration Statement have been sold; cause the Prospectus to be supplemented by any required Prospectus supplement, and as so supplemented to be filed pursuant to Rule 424 under the Securities Act, and to comply fully with the applicable provisions of Rules 424 and 430A under the Securities Act in a timely manner; and comply with the provisions of the Securities Act with respect to the disposition of all securities covered by such Registration Statement during the applicable period in accordance with the intended method or methods of distribution by the sellers thereof set forth in such Registration Statement or supplement to the Prospectus;

(iii)advise the underwriter(s), if any, and selling Holders promptly and, if requested by such Persons, to confirm such advice in writing, (A) when the Prospectus or any Prospectus supplement or post-effective amendment has been filed, and, with respect to any Registration Statement or any post-effective amendment thereto, when the same has become effective, (B) of any request by the Commission for amendments to a Registration Statement or amendments or supplements to the Prospectus or for additional information relating thereto, (C) of the issuance by the Commission of any stop order suspending the effectiveness of a Registration Statement under the Securities Act or of the suspension by any state securities commission of the qualification of the Transfer Restricted Securities for offering or sale in any jurisdiction, or the initiation of any proceeding for any of the preceding purposes or (D) of the existence of any fact or the happening of any event that makes any statement of a material fact made in a Registration Statement, Prospectus, any amendment or supplement thereto, or any document incorporated by reference therein untrue, or that requires the making of any additions to or changes in a Registration Statement or Prospectus in order to make the statements therein not misleading. If at any time the Commission shall issue any stop order suspending the effectiveness of a Registration Statement, or any state securities commission or other regulatory authority shall issue an order suspending the qualification or exemption from qualification of the Transfer Restricted Securities under state securities or blue sky laws, the Company shall use commercially reasonable efforts to obtain the withdrawal or lifting of such order at the earliest possible time;

(iv)furnish via e-mail or other delivery method as determined by the Company without charge to each Initial Purchaser, if so requested, each selling Holder named in any Registration Statement and each of the underwriter(s), if any, before filing with the Commission, copies of any Registration Statement or any Prospectus included therein or any amendments or supplements to any such Registration Statement or Prospectus (including all documents incorporated by reference after the initial filing of such Registration Statement), which documents will be subject to the review and comment of such Holders and underwriter(s) in connection with such sale, if any, for a period of at least two Business Days, and the Company will not file any such Registration Statement or Prospectus or any amendment or supplement 

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to any such Registration Statement or Prospectus to which an Initial Purchaser of Transfer Restricted Securities covered by such Registration Statement or the underwriter(s), if any, shall reasonably object in writing within two Business Days after the receipt thereof (such objection to be deemed timely made upon confirmation of telecopy transmission within such period). The objection of an Initial Purchaser or underwriter, if any, shall be deemed to be reasonable if such Registration Statement, amendment, Prospectus or supplement, as applicable, as proposed to be filed, contains a material misstatement or omission;

(v)upon request, promptly provide copies of any document that is to be incorporated by reference into a Registration Statement or Prospectus to the Initial Purchasers, each selling Holder named in any Registration Statement and to the underwriter(s), if any, and make the Company’s representatives available for discussion of such document and other customary due diligence matters, and include such information in such document prior to the filing thereof as such selling Holders or underwriter(s), if any, reasonably may request;

(vi)make available at reasonable times, for inspection by the managing underwriter(s), if any, participating in any disposition pursuant to such Registration Statement and any attorney or accountant retained by any of the underwriter(s) (each, an “Inspector”), all financial and other records, pertinent corporate documents and properties of the Company and cause the Company’s officers, directors and employees to supply all information reasonably requested by any such Inspector in connection with such Registration Statement or any post-effective amendment thereto subsequent to the filing thereof and prior to its effectiveness;

(vii)if requested by any selling Holders or the underwriter(s), if any, promptly incorporate in any Registration Statement or Prospectus, pursuant to a supplement or post-effective amendment if necessary, such information as such selling Holders or underwriter(s), if any, may reasonably request to have included therein, including, without limitation, information relating to the “Plan of Distribution”, or similarly titled section, of the Transfer Restricted Securities, information with respect to the principal amount of Transfer Restricted Securities being sold to such underwriter(s), the purchase price being paid therefor and any other terms of the offering of the Transfer Restricted Securities to be sold in such offering; and make all required filings of such Prospectus supplement or post-effective amendment as soon as practicable after the Company is notified of the matters to be incorporated in such Prospectus supplement or post-effective amendment;

(viii)furnish to each selling Holder and each of the underwriter(s), if any, without charge, at least one copy of any Registration Statement, as first filed with the Commission, and of each amendment thereto, including financial statements and schedules, all documents incorporated by reference therein and if requested, all exhibits (including exhibits incorporated therein by reference);

(ix)deliver to each selling Holder and each of the underwriter(s), if any, without charge, as many copies of the Prospectus (including each preliminary Prospectus) and any amendment or supplement thereto as such Persons reasonably may request; the Company hereby consents to the use of the Prospectus and any amendment or supplement thereto by each of the selling Holders and each of the underwriter(s), if any, in connection with the offering and the sale of the Transfer Restricted Securities covered by the Prospectus or any amendment or supplement thereto;

(x)in the case of any Shelf Registration Statement, enter into such commercially reasonable agreements (including an underwriting agreement), and make such representations and warranties, and take all such other actions in connection therewith in order to expedite or facilitate the disposition of the Transfer Restricted Securities pursuant to any Shelf Registration Statement contemplated by this Agreement, all to such extent as may be reasonably requested by any Initial Purchaser or by any Holder of Transfer Restricted Securities or underwriter in 

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connection with any sale or resale pursuant to any Shelf Registration Statement contemplated by this Agreement; and whether or not an underwriting agreement is entered into and whether or not the registration is an Underwritten Registration, the Company shall:

(A)furnish to each Initial Purchaser that has requested a Shelf Registration Statement, each selling Holder and each underwriter, if any, in such substance and scope as they may request and as are customarily made by issuers to underwriters in primary underwritten offerings, upon the date of the effectiveness of the Shelf Registration Statement:

(1)a certificate, dated the date of effectiveness of the Shelf Registration Statement, signed by (y) the President or any Vice President and (z) a principal financial or accounting officer of the Company or Treasurer of the Company, confirming, as of the date thereof, the matters set forth in paragraphs (i), (ii) and (iii) of Section 5(e) of the Purchase Agreement and such other matters as such parties may reasonably request;

(2)an opinion or opinions, dated the date of effectiveness of the Shelf Registration Statement, of New York and Louisiana counsel for the Company, covering the matters set forth in Section 5(c) of, and Exhibit A and Exhibit B to, the Purchase Agreement and such other matters as such parties may reasonably request, and, in any event, such opinion or one of such opinions, if separate opinions are delivered by New York counsel for the Company and Louisiana counsel for the Company, including a statement to the effect that such counsel has participated in conferences with officers and other representatives of the Company, representatives of the independent public accountants for the Company, representatives of the underwriter(s), if any, and counsel to the underwriter(s), if any, in connection with the preparation of such Shelf Registration Statement and the related Prospectus and have considered the matters required to be stated therein and the statements contained therein, although such counsel does not assume any responsibility for, the accuracy, completeness or fairness of such statements; and that such counsel advises that, on the basis of the foregoing, no facts came to such counsel’s attention that caused such counsel to believe that the applicable Shelf Registration Statement, at the time such Shelf Registration Statement or any post-effective amendment thereto became effective, and, that the Prospectus contained in such Shelf Registration Statement as of its date contained an untrue statement of a material fact or omitted to state a material fact necessary in order to make the statements therein, in the light of circumstances under which they were made, not misleading; furthermore, such counsel may state that such counsel assumes no responsibility for, has not independently verified, and does not express any belief with respect to, the accuracy, completeness or fairness of the financial statements, notes and schedules and other financial, accounting or statistical information included or incorporated by reference in or omitted from any Shelf Registration Statement contemplated by this Agreement or the related Prospectus; and

(3)a customary comfort letter, dated the date of the effectiveness of the Shelf Registration Statement, from the Company’s independent accountants, in the customary form and covering matters of the type customarily requested to be covered in comfort letters by underwriters in connection with primary underwritten offerings, and covering or affirming the matters set forth in the comfort letters delivered pursuant to Section 5(a) of the Purchase Agreement, without exception;

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(B)set forth in full or incorporate by reference in the underwriting agreement, if any, the indemnification provisions and procedures of Section 8 hereof with respect to all parties to be indemnified pursuant to said Section; and

(C)deliver such other documents and certificates as may be reasonably requested by such parties to evidence compliance with Section 6(c)(x)(A) hereof and with any customary conditions contained in the underwriting agreement or other agreement entered into by the Company pursuant to this Section 6(c)(x), if any.

If at any time the representations and warranties of the Company contemplated in Section 6(c)(x)(A)(1) hereof cease to be true and correct, the Company shall so advise the Initial Purchasers and the underwriter(s), if any, and each selling Holder promptly and, if requested by such Persons, shall confirm such advice in writing;
(xi)prior to any public offering of Transfer Restricted Securities, cooperate with the selling Holders, the underwriter(s), if any, and their respective counsel in connection with the registration and qualification of the Transfer Restricted Securities under the state securities or blue sky laws of such jurisdictions as the selling Holders or underwriter(s), if any, may request and do any and all other acts or things necessary or advisable to enable the disposition in such jurisdictions of the Transfer Restricted Securities covered by the Registration Statement; provided, however, that the Company shall not be required to register or qualify as a foreign corporation where it is not then so qualified or to take any action that would subject it to the service of process in suits or to taxation, other than as to matters and transactions relating to the Registration Statement, in any jurisdiction where it is not then so subject;

(xii)shall issue, upon the request of any Holder of Initial Securities covered by the Registration Statement, Exchange Securities having an aggregate principal amount equal to the aggregate principal amount of Initial Securities surrendered to the Company by such Holder in exchange therefor or being sold by such Holder; such Exchange Securities to be registered in the name of such Holder or in the name of the purchaser(s) of such Exchange Securities, as the case may be; in return, the Initial Securities held by such Holder shall be surrendered to the Company for cancellation;

(xiii)cooperate with the selling Holders and the underwriter(s), if any, to facilitate the timely preparation and delivery of certificates representing Transfer Restricted Securities to be sold and not bearing any restrictive legends; and enable such Transfer Restricted Securities to be in such denominations and registered in such names as the Holders or the underwriter(s), if any, may request at least two Business Days prior to any sale of Transfer Restricted Securities made by such Holders or underwriter(s);

(xiv)use commercially reasonable efforts to cause the Transfer Restricted Securities covered by the Registration Statement to be registered with or approved by such other governmental agencies or authorities as may be necessary to enable the seller or sellers thereof or the underwriter(s), if any, to consummate the disposition of such Transfer Restricted Securities, subject to the proviso contained in Section 6(c)(xi) hereof;

(xv)if any fact or event contemplated by Section 6(c)(iii)(D) hereof shall exist or have occurred, prepare a supplement or post-effective amendment to the Registration Statement or related Prospectus or any document incorporated therein by reference or file any other required document so that, as thereafter delivered to the purchasers of Transfer Restricted Securities, the Prospectus will not contain an untrue statement of a material fact or omit to state any material fact necessary in order to make the statements therein not misleading;

(xvi)provide a CUSIP number for all Transfer Restricted Securities not later than the effective date of the Registration Statement covering such Transfer Restricted Securities 

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and provide the Trustee under the Indenture with printed certificates for such securities which are in a form eligible for deposit with The Depository Trust Company and take all other action necessary to ensure that all such Transfer Restricted Securities are eligible for deposit with The Depository Trust Company;

(xvii)cooperate and assist in any filings required to be made with FINRA and in the performance of any due diligence investigation by any underwriter (including any “qualified independent underwriter”) that is required to be retained in accordance with the rules and regulations of FINRA;

(xviii)otherwise use commercially reasonable efforts to comply with all applicable rules and regulations of the Commission, and make generally available to its security holders, as soon as practicable, a consolidated earnings statement meeting the requirements of Rule 158 (which need not be audited) for the twelve-month period (A) commencing at the end of any fiscal quarter in which Transfer Restricted Securities are sold to underwriters in a firm commitment or best efforts Underwritten Offering or (B) if not sold to underwriters in such an offering, beginning with the first month of the Company’s first fiscal quarter commencing after the effective date of the Registration Statement;

(xix)to the extent required under the Securities Act and/or the Trust Indenture Act and the rules and regulations thereunder, cause the Indenture to be qualified under the Trust Indenture Act not later than the effective date of the first Registration Statement required by this Agreement, and, in connection therewith, cooperate with the Trustee and the Holders of Transfer Restricted Securities to effect such changes to the Indenture as may be required for such Indenture to be so qualified in accordance with the terms of the Trust Indenture Act; and to execute, and use commercially reasonable efforts to cause the Trustee to execute, all documents that may be required to effect such changes and all other forms and documents required to be filed with the Commission to enable such Indenture to be so qualified in a timely manner; and

(xx)provide promptly to each Holder upon request each document filed with the Commission pursuant to the requirements of Section 13 and Section 15 of the Exchange Act.

Each Holder agrees by acquisition of a Transfer Restricted Security that, upon receipt of any notice from the Company of the existence of any fact of the kind described in Section 6(c)(iii)(D) hereof, such Holder will forthwith discontinue disposition of Transfer Restricted Securities pursuant to the applicable Registration Statement until such Holder’s receipt of the copies of the supplemented or amended Prospectus contemplated by Section 6(c)(xv) hereof, or until it is advised in writing (the “Advice”) by the Company that the use of the Prospectus may be resumed, and has received copies of any additional or supplemental filings that are incorporated by reference in the Prospectus. If so directed by the Company, each Holder will deliver to the Company (at the Company’s expense) all copies, other than permanent file copies then in such Holder’s possession, of the Prospectus covering such Transfer Restricted Securities that was current at the time of receipt of such notice. In the event the Company shall give any such notice, the time period regarding the effectiveness of such Registration Statement set forth in Section 3 or 4 hereof, as applicable, shall be extended by the number of days during the period from and including the date of the giving of such notice pursuant to Section 6(c)(iii)(D) hereof to and including the date when each selling Holder covered by such Registration Statement shall have received the copies of the supplemented or amended Prospectus contemplated by Section 6(c)(xv) hereof or shall have received the Advice; provided, however, that no such extension shall be taken into account in determining whether Additional Interest is due pursuant to Section 5 hereof or the amount of such Additional Interest, it being agreed that if the Company suspends the use of a Registration Statement pursuant to this paragraph and such suspension lasts more than ten (10) Business Days, such suspension shall be treated as a Registration Default for purposes of Section 5 hereof.
SECTION 7. Registration Expenses. 

12

(a)All expenses incident to the Company’s performance of or compliance with this Agreement will be borne by the Company, regardless of whether a Registration Statement becomes effective, including, without limitation: (i) all registration and filing fees and expenses (including filings made by any Holder with FINRA (and, if applicable, the fees and expenses of any “qualified independent underwriter” and its counsel that may be required by the rules and regulations of FINRA)); (ii) all fees and expenses of compliance with federal securities and state securities or blue sky laws; (iii) all expenses of printing (including printing certificates for the Exchange Securities to be issued in the Exchange Offer and printing of Prospectuses), messenger and delivery services and telephone; (iv) all fees and disbursements of counsel for the Company and, subject to Section 7(b) hereof, the Holders of Transfer Restricted Securities; (v) all application and filing fees in connection with listing the Exchange Securities on a securities exchange or automated quotation system pursuant to the requirements thereof; and (vi) all fees and disbursements of independent certified public accountants of the Company (including the expenses of any special audit and comfort letters required by or incident to such performance).

The Company will, in any event, bear its internal expenses (including, without limitation, all salaries and expenses of its officers and employees performing legal or accounting duties), the expenses of any annual audit and the fees and expenses of any Person, including special experts, retained by the Company.
(b)In connection with any Registration Statement required by this Agreement (including, without limitation, the Exchange Offer Registration Statement and the Shelf Registration Statement), the Company will reimburse the Holders of Transfer Restricted Securities being tendered in the Exchange Offer and/or resold pursuant to the “Plan of Distribution”, or similarly titled section, contained in the Exchange Offer Registration Statement or registered pursuant to the Shelf Registration Statement, as applicable, for the reasonable fees and disbursements of not more than one counsel, as may be chosen by the Holders of a majority in principal amount of the Transfer Restricted Securities for whose benefit such Registration Statement is being prepared.

SECTION 8. Indemnification.
(a)The Company agrees to indemnify and hold harmless (i) each Holder, (ii) each Person, if any, who controls (within the meaning of Section 15 of the Securities Act or Section 20 of the Exchange Act) any Holder (any of the Persons referred to in this clause (ii) being hereinafter referred to as a “Holder controlling person”) and (iii) the respective officers, directors, partners, employees, representatives and agents of any Holder or any Holder controlling person (any Person referred to in clause (i), (ii) or (iii) may hereinafter be referred to as an “Indemnified Holder”), to the fullest extent lawful, from and against any and all losses, claims, damages, liabilities, judgments, actions and expenses (including, without limitation, and as incurred, reimbursement of all reasonable costs of investigating, preparing, pursuing, settling, compromising, paying or defending any claim or action, or any investigation or proceeding by any governmental agency or body, commenced or threatened, including the reasonable fees and expenses of counsel to any Indemnified Holder), insofar as such losses, claims, damages, liabilities, judgments, actions and expenses arise out of or are based upon any untrue statement or alleged untrue statement of a material fact contained in any Registration Statement or Prospectus (or any amendment or supplement thereto), or any omission or alleged omission to state therein a material fact required to be stated therein or necessary to make the statements therein not misleading, except insofar as such losses, claims, damages, liabilities or expenses are caused by (x) an untrue statement or omission or alleged untrue statement or omission that is made in reliance upon and in conformity with information relating to any of the Holders furnished in writing to the Company by any of the Holders expressly for use therein, or (y) use of a Registration Statement or the related Prospectus during a period when a stop order has been issued in respect of such Registration Statement or any proceedings for that purpose have been initiated; provided, that Holders received prior notice of such stop order or initiation of proceedings, and; provided, further, that the Company shall have the burden of proving that the Holders actually received such notice before any Holder loses its right to indemnification hereunder, which burden shall have been satisfied by showing that the Company 

13

delivered such notice in accordance with the terms of this Agreement. This indemnity agreement shall be in addition to any liability which the Company may otherwise have.

In case any action or proceeding (including any governmental or regulatory investigation or proceeding) shall be brought or asserted against any of the Indemnified Holders with respect to which indemnity may be sought against the Company, such Indemnified Holder (or the Indemnified Holder controlled by such Holder controlling person) shall promptly notify the Company in writing; provided, however, that the failure to give such notice shall not relieve the Company of its obligations pursuant to this Agreement. Such Indemnified Holder shall have the right to employ its own counsel in any such action and the fees and expenses of such counsel shall be paid, as incurred, by the Company (regardless of whether it is ultimately determined that an Indemnified Holder is not entitled to indemnification hereunder); provided, however, that such counsel shall be reasonably satisfactory to the Company. The Company shall not, in connection with any one such action or proceeding or separate but substantially similar or related actions or proceedings in the same jurisdiction arising out of the same general allegations or circumstances, be liable for the reasonable fees and expenses of more than one separate firm of attorneys (in addition to any local counsel) at any time for such Indemnified Holders, which firm shall be designated by the Holders. The Company shall be liable for any settlement of any such action or proceeding effected with the Company’s prior written consent, which consent shall not be withheld unreasonably, and the Company agrees to indemnify and hold harmless any Indemnified Holder from and against any loss, claim, damage, liability or expense by reason of any settlement of any action effected with the written consent of the Company. The Company shall not, without the prior written consent of each Indemnified Holder, settle or compromise or consent to the entry of judgment in or otherwise seek to terminate any pending or threatened action, claim, litigation or proceeding in respect of which indemnification or contribution may be sought hereunder (whether or not any Indemnified Holder is a party thereto), unless such settlement, compromise, consent or termination includes an unconditional release of each Indemnified Holder from all liability arising out of such action, claim, litigation or proceeding.
(b)Each Holder of Transfer Restricted Securities agrees, severally and not jointly, to indemnify and hold harmless (i) the Company and its directors, officers of the Company who sign a Registration Statement, (ii) any Person who controls (within the meaning of Section 15 of the Securities Act or Section 20 of the Exchange Act) the Company (any of the Persons referred to in this clause (ii) being hereinafter referred to as a “Company controlling person”) and (iii) the respective officers, directors, partners, employees, representatives and agents of each such Person, to the same extent as the foregoing indemnity from the Company to each of the Indemnified Holders, but only with respect to claims and actions based on information relating to such Holder furnished in writing by such Holder expressly for use in any Registration Statement. In case any action or proceeding shall be brought against the Company or its directors or officers or any such Company controlling person in respect of which indemnity may be sought against a Holder of Transfer Restricted Securities, such Holder shall have the rights and duties given the Company, and the Company, its directors and officers and such Company controlling person shall have the rights and duties given to each Holder by the preceding paragraph.

(c)If the indemnification provided for in this Section 8 is unavailable to an indemnified party under Section 8(a) or (b) hereof (other than by reason of exceptions provided in those Sections) in respect of any losses, claims, damages, liabilities, judgments, actions or expenses referred to therein, then each applicable indemnifying party, in lieu of indemnifying such indemnified party, shall contribute to the amount paid or payable by such indemnified party as a result of such losses, claims, damages, liabilities or expenses in such proportion as is appropriate to reflect the relative benefits received by the Company, on the one hand, and the Holders, on the other hand, from the Initial Placement (which in the case of the Company shall be deemed to be equal to the total gross proceeds to the Company from the Initial Placement), the amount of Additional Interest which did not become payable as a result of the filing of the Registration Statement resulting in such losses, claims, damages, liabilities, judgments actions or expenses, and such Registration Statement, or if such allocation is not permitted by applicable law, the relative fault of the Company, on the one hand, and the Holders, on 

14

the other hand, in connection with the statements or omissions which resulted in such losses, claims, damages, liabilities or expenses, as well as any other relevant equitable considerations. The relative fault of the Company on the one hand and of the Indemnified Holder on the other shall be determined by reference to, among other things, whether the untrue or alleged untrue statement of a material fact or the omission or alleged omission to state a material fact relates to information supplied by the Company, on the one hand, or the Indemnified Holders, on the other hand, and the parties’ relative intent, knowledge, access to information and opportunity to correct or prevent such statement or omission. The amount paid or payable by a party as a result of the losses, claims, damages, liabilities and expenses referred to above shall be deemed to include, subject to the limitations set forth in the second paragraph of Section 8(a) hereof, any legal or other fees or expenses reasonably incurred by such party in connection with investigating or defending any action or claim.

The Company and each Holder of Transfer Restricted Securities agree that it would not be just and equitable if contribution pursuant to this Section 8(c) were determined by pro rata allocation (even if the Holders were treated as one entity for such purpose) or by any other method of allocation which does not take account of the equitable considerations referred to in the immediately preceding paragraph. The amount paid or payable by an indemnified party as a result of the losses, claims, damages, liabilities or expenses referred to in the immediately preceding paragraph shall be deemed to include, subject to the limitations set forth above, any legal or other expenses reasonably incurred by such indemnified party in connection with investigating or defending any such action or claim. Notwithstanding the provisions of this Section 8, none of the Holders (and its related Indemnified Holders) shall be required to contribute, in the aggregate, any amount in excess of the amount by which the total discount received by such Holder with respect to the Initial Securities exceeds the amount of any damages which such Holder has otherwise been required to pay by reason of such untrue or alleged untrue statement or omission or alleged omission. No Person guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of the Securities Act) shall be entitled to contribution from any Person who was not guilty of such fraudulent misrepresentation. The Holders’ obligations to contribute pursuant to this Section 8(c) are several in proportion to the respective principal amount of Initial Securities held by each of the Holders hereunder and not joint.
SECTION 9. Rule 144A. The Company hereby agrees with each Holder, for so long as any Transfer Restricted Securities remain outstanding, to make available to any Holder or beneficial owner of Transfer Restricted Securities in connection with any sale thereof and any prospective purchaser of such Transfer Restricted Securities from such Holder or beneficial owner the information required by Rule 144A(d)(4) under the Securities Act in order to permit resales of such Transfer Restricted Securities pursuant to Rule 144A under the Securities Act.
SECTION 10. Participation in Underwritten Registrations. No Holder may participate in any Underwritten Registration hereunder unless such Holder (a) agrees to sell such Holder’s Transfer Restricted Securities on the basis provided in any underwriting arrangements approved by the Persons entitled hereunder to approve such arrangements and (b) completes and executes all reasonable questionnaires, powers of attorney, indemnities, underwriting agreements, lock-up letters and other documents required under the terms of such underwriting arrangements.
SECTION 11. Selection of Underwriters. The Holders of Transfer Restricted Securities covered by the Registration Statement who desire to do so may sell such Transfer Restricted Securities in an Underwritten Offering. In any such Underwritten Offering, the investment banker(s) and managing underwriter(s) that will administer such offering will be selected by the Holders of a majority in aggregate principal amount of the Transfer Restricted Securities included in such offering; provided, however, that such investment banker(s) and managing underwriter(s) must be reasonably satisfactory to the Company.
SECTION 12. Miscellaneous.

15

(a)Remedies. The Company hereby agrees that monetary damages would not be adequate compensation for any loss incurred by reason of a breach by it of the provisions of this Agreement and hereby agrees to waive the defense in any action for specific performance that a remedy at law would be adequate.

(b)No Inconsistent Agreements. The Company will not on or after the date of this Agreement enter into any agreement with respect to its securities that is inconsistent with the rights granted to the Holders in this Agreement or otherwise conflicts with the provisions hereof. The Company has not previously entered into any agreement granting any registration rights with respect to its securities to any Person, other than any agreement under which the Company has no existing obligations to register any securities. The rights granted to the Holders hereunder do not in any way conflict with and are not inconsistent with the rights granted to the holders of the Company’s securities under any agreement in effect on the date hereof.

(c)Adjustments Affecting the Securities. The Company will not take any action, or permit any change to occur, with respect to the terms or provisions of the Transfer Restricted Securities that would materially and adversely affect the ability of the Holders to Consummate any Exchange Offer.

(d)Amendments and Waivers. The provisions of this Agreement may not be amended, modified or supplemented, and waivers or consents to or departures from the provisions hereof may not be given, unless the Company has (i) in the case of Section 5 hereof and this Section 12(d)(i), obtained the written consent of Holders of all outstanding Transfer Restricted Securities and (ii) in the case of all other provisions hereof, obtained the written consent of Holders of a majority of the outstanding principal amount of Transfer Restricted Securities (excluding any Transfer Restricted Securities held by the Company or its affiliates). Notwithstanding the foregoing, a waiver or consent to departure from the provisions hereof that relates exclusively to the rights of Holders whose securities are being tendered pursuant to the Exchange Offer and that does not affect directly or indirectly the rights of other Holders whose securities are not being tendered pursuant to such Exchange Offer may be given by the Holders of a majority of the outstanding principal amount of Transfer Restricted Securities being tendered or registered; provided, however, that, with respect to any matter that directly or indirectly adversely affects the rights of any Initial Purchaser hereunder, the Company shall obtain the written consent of each such Initial Purchaser with respect to which such amendment, qualification, supplement, waiver, consent or departure is to be effective.

(e)Notices. All notices and other communications provided for or permitted hereunder shall be made in writing by hand-delivery, first-class mail (registered or certified, return receipt requested), telex, telecopier, or air courier guaranteeing overnight delivery:

(i)if to a Holder, at the address set forth on the records of the Registrar under the Indenture, with a copy to the Registrar under the Indenture;

(ii)if to the Initial Purchasers, to the representatives at the respective addresses set forth in Section 12 of the Purchase Agreement; provided, however, that any documents or information requested by an Initial Purchaser pursuant to Section 6(c)(iv) of this Agreement may be furnished by e-mail;

(iii)if to the Company:
Cleco Corporate Holdings LLC
2030 Donahue Ferry Road
Pineville, Louisiana 71360
Facsimile: 318-484-7697
Attention: Julia Callis, General Counsel

With a copy to:

16

Baker Botts L.L.P.
910 Louisiana Street
Houston, Texas 77002
Facsimile: (713) 229-7784
Attention: Timothy S. Taylor

All such notices and communications shall be deemed to have been duly given: at the time delivered by hand, if personally delivered; five Business Days after being deposited in the mail, postage prepaid, if mailed; when answered back, if telexed; when receipt acknowledged, if telecopied; and on the next Business Day, if timely delivered to an air courier guaranteeing overnight delivery.
Copies of all such notices, demands or other communications shall be concurrently delivered by the Person giving the same to the Trustee at the address specified in the Indenture.
(f)Successors and Assigns. This Agreement shall inure to the benefit of and be binding upon the successors and assigns of each of the parties, including, without limitation, and without the need for an express assignment, subsequent Holders of Transfer Restricted Securities; provided, however, that this Agreement shall not inure to the benefit of or be binding upon a successor or assign of a Holder unless and to the extent such successor or assign acquired Transfer Restricted Securities from such Holder. 

(g)Counterparts. This Agreement may be executed in any number of counterparts and by the parties hereto in separate counterparts, each of which when so executed shall be deemed to be an original and all of which taken together shall constitute one and the same agreement.

(h)Headings. The headings in this Agreement are for convenience of reference only and shall not limit or otherwise affect the meaning hereof.

(i)Governing Law. THIS AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK, WITHOUT REGARD TO THE CONFLICTS OF LAW RULES THEREOF.

(j)Severability. In the event that any one or more of the provisions contained herein, or the application thereof in any circumstance, is held invalid, illegal or unenforceable, the validity, legality and enforceability of any such provision in every other respect and of the remaining provisions contained herein shall not be affected or impaired thereby.

(k)Entire Agreement. This Agreement is intended by the parties as a final expression of their agreement and intended to be a complete and exclusive statement of the agreement and understanding of the parties hereto in respect of the subject matter contained herein. There are no restrictions, promises, warranties or undertakings, other than those set forth or referred to herein with respect to the registration rights granted by the Company with respect to the Transfer Restricted Securities. This Agreement supersedes all prior agreements and understandings between the parties with respect to such subject matter.

17

IN WITNESS WHEREOF, the parties have executed this Agreement as of the date first written above.

CLECO CORPORATE HOLDINGS LLC 

By:     /s/ Kazi K. Hasan____________
Name: Kazi K. Hasan    
Title:   Chief Financial Officer    

By:     /s/ Kristin L. Guillory_________
Name: Kristin L. Guillory     
Title:   Treasurer     

[Signature Page to Registration Rights Agreement]

The foregoing Registration Rights Agreement is hereby confirmed and accepted as of the date first above written:

MIZUHO SECURITIES USA LLC

By:    /s/ Victor Forte            
Name: Victor Forte    
Title:   Managing Director    

CREDIT AGRICOLE SECURITIES (USA) INC. 

By:    /s/ David C. Travis            
Name: David C. Travis    
Title:   Managing Director    

SCOTIA CAPITAL (USA) INC. 

By:    /s/ Juan Fullaondo            
Name: Juan Fullaondo     
Title:   Managing Director & Head    

[Signature Page to Registration Rights Agreement]Blueprint

 

EXHIBIT 4.12

 

 

 

DESCRIPTION OF SECURITIES

General

 

The
following description of our capital stock is intended as a summary
only and is qualified in its entirety by reference to our amended
and restated certificate of incorporation and bylaws, which are
filed as exhibits to the report of which this exhibit is attached.
Our authorized capital stock consists of:

 

●

300,000,000
shares of common stock, par value $0.01 per share, and

●

10,000,000
shares of preferred stock, par value $0.01 per share, of which
9,736,000 shares are undesignated.

 

As
of September 10, 2019, we had outstanding:

 

●

227,039,363
shares of our common stock;

●

4,030
shares of Series A Convertible Preferred Stock, convertible into
65,625 shares of common stock, subject to adjustment, for no
further consideration;

●

stock
options to purchase 14,358,550 shares of common stock at a weighted
average exercise price of $0.84 per share;

●

restricted
stock units representing 4,125,683 shares of common stock which
vest on dates between December 12, 2019 and June 24, 2023, subject
to the fulfillment of service conditions or attaining defined
performance conditions;

●

5,978,150
shares of common stock which have vested under restricted stock
unit agreements, but are subject to provisions to delay delivery;
and

●

warrants
to purchase 22,288,713 shares of common stock issuable on the
exercise of warrants at a weighted average exercise price of $0.77
per share.

 

Common Stock

 

             
We have the authority to issue 300,000,000 shares of common stock,
par value $0.01 per share. As of September 10, 2019, there were
227,039,363 shares of our common stock outstanding, and a maximum
of 46,816,721 shares of common stock were issuable on conversion of
outstanding convertible preferred stock, exercise of outstanding
options and warrants, and vesting and delivery of restricted stock
units.

 

             
Holders of our common stock are entitled to one vote per share for
the election of directors and on all other matters that require
stockholder approval. Holders of shares of common stock do not have
any cumulative voting rights. Subject to any preferential rights of
any outstanding preferred stock, in the event of our liquidation,
dissolution or winding up, holders of our common stock are entitled
to share ratably in the assets remaining after payment of
liabilities and the liquidation preferences of any outstanding
preferred stock. See “Preferred Stock” and
“Series A Convertible Preferred Stock,” below. Our
common stock does not carry any redemption rights or any preemptive
or preferential rights enabling a holder to subscribe for, or
receive shares of, any class of our common stock or any other
securities convertible into shares of any class of our common
stock. Holders of our common stock have the right to participate
ratably in dividend distributions. Our outstanding Series A
Preferred Stock, consisting of 4,030 shares on September 10, 2019,
provides that we may not pay a dividend or make any distribution to
holders of any class of stock unless we first pay a special
dividend or distribution of $100 per share to the holders of the
Series A Preferred Stock.

 

Market Information

 

             
Our common stock is listed on the NYSE American under the symbol
“PTN.” On September 10, 2019, the closing price of the
common stock was $1.01 per share. We do not have any other class of
securities listed for trading.

  

 

 

 

 

 

 

 

Transfer Agent and Registrar

 

The transfer agent for our common
stock is American Stock Transfer & Trust Company, located at
6201 15th Avenue, Brooklyn, New York
11219. Their telephone number is (800)
937-5449.

 

Preferred Stock

 

             
We have the authority to issue 10,000,000 shares of preferred
stock. As of September 10, 2019, 264,000 shares of our preferred
stock were designated as a single class, Series A Convertible
Preferred Stock, of which 4,030 shares were outstanding (see
“Series A Convertible Preferred Stock” below). The
description of preferred stock provisions set forth below is not
complete and is subject to and qualified in its entirety by
reference to our amended and restated certificate of incorporation
and the certificate of designations relating to the Series A
Convertible Preferred Stock.

 

             
The board of directors has the right, without the consent of
holders of common stock, to designate and issue one or more series
of preferred stock, which may be convertible into common stock at a
ratio determined by the board. A series of preferred stock may bear
rights superior to common stock as to voting, dividends,
redemption, distributions in liquidation, dissolution, or winding
up, and other relative rights and preferences. The board may set
the following terms of any series preferred stock (which will be
specified in any applicable prospectus or prospectus
supplement):

 

●

the
number of shares constituting the series and the distinctive
designation of the series;

●

dividend
rates, whether dividends are cumulative, and, if so, from what date
and the relative rights of priority of payment of
dividends;

●

voting
rights and the terms of the voting rights;

●

conversion
privileges and the terms and conditions of conversion, including
provision for adjustment of the conversion rate;

●

redemption
rights and the terms and conditions of redemption, including the
date or dates upon or after which shares may be redeemable, and the
amount per share payable in case of redemption, which may vary
under different conditions and at different redemption
dates;

●

sinking
fund provisions for the redemption or purchase of
shares;

●

rights
in the event of voluntary or involuntary liquidation, dissolution
or winding up of the corporation, and the relative rights of
priority of payment; and

●

any
other relative powers, preferences, rights, privileges,
qualifications, limitations and restrictions of the
series.

             
Dividends on outstanding shares of preferred stock will be paid or
declared and set apart for payment before any dividends may be paid
or declared and set apart for payment on the common stock with
respect to the same dividend period.

 

             
If upon any voluntary or involuntary liquidation, dissolution or
winding up of the corporation, the assets available for
distribution to holders of preferred stock are insufficient to pay
the full preferential amount to which the holders are entitled,
then the available assets will be distributed ratably among the
shares of all series of preferred stock in accordance with the
respective preferential amounts (including unpaid cumulative
dividends, if any) payable with respect to each
series.

 

             
Holders of preferred stock will not be entitled to preemptive
rights to purchase or subscribe for any shares of any class of
capital stock of the corporation. The preferred stock will, when
issued, be fully paid and non-assessable. The rights of the holders
of preferred stock will be subordinate to those of our general
creditors.

 

Series A Convertible Preferred Stock

 

The
board of directors established a series of 264,000 shares of
preferred stock, designated Series A Convertible Preferred Stock,
par value $0.01 per share (the “Series A”). We issued
137,780 shares of Series A in 1997, of which 4,030 shares remain
outstanding as of September 10, 2019, the rest having been
converted into common stock. The Series A has the following rights
and preferences.

 

 

 

 

 

 

             
Optional
conversion. Each share of Series A is
convertible at any time, at the option of the holder, into the
number of shares of common stock equal to $100 divided by the
conversion price, as defined in the Series A certificate of
designations. As of September 10, 2019, the conversion price is
$6.14, so each share of Series A is convertible as of September 10,
2019, into approximately 16.3 shares of common
stock.

 

             
Mandatory
conversion. We may, at our option,
cause the conversion of the Series A, in whole or in part, on a pro
rata basis, into common stock, if the closing bid price of the
common stock has exceeded 200% of the conversion price for at least
20 trading days in any 30 consecutive trading day period, ending
three days prior to the date of mandatory
conversion.

 

             
Price
protection provisions. The conversion price
decreases if we sell common stock (or equivalents) for a price per
share less than the conversion price or less than the market price
of the common stock, subject to certain exceptions. The conversion
price is also subject to adjustment upon the occurrence of a
merger, reorganization, consolidation, reclassification, stock
dividend or stock split which results in an increase or decrease in
the number of shares of common stock
outstanding.

 

             
Dividend and
distribution preference. We may not pay a dividend
or make any distribution to holders of any other capital stock
unless and until we first pay a special dividend or distribution of
$100 per share to the holders of Series A.

 

             
Liquidation
preference. Upon (i) liquidation,
dissolution or winding up of the Company, whether voluntary or
involuntary, (ii) sale or other disposition of all or substantially
all of the assets of the Company, or (iii) any consolidation,
merger, combination, reorganization or other transaction in which
Palatin is not the surviving entity or in which the shares of
common stock constituting in excess of 50% of the voting power of
the Company are exchanged for or changed into other stock or
securities, cash and/or any other property, after payment or
provision for payment of the debts and other liabilities of the
Company, the holders of Series A will be entitled to receive, pro
rata and in preference to the holders of any other capital stock,
an amount per share equal to $100 plus accrued but unpaid
dividends, if any.

 

             
Voting
rights. Each holder of Series A has
the number of votes equal to the number of shares of common stock
issuable upon conversion of the holder’s Series A at the
record date for determination of the stockholders entitled to vote
or, if no record date is established, at the date a vote is taken.
Except as provided above or as required by applicable law, the
holders of the Series A are entitled to vote together with the
holders of the common stock and not as a separate
class.

 

Debt Securities

 

As
of September 10, 2019, we have no debt securities issued and
outstanding.

 

The
following description, together with the additional information we
include in any applicable prospectus or prospectus supplement,
summarizes the material terms and provisions of the debt securities
that we may offer under any applicable prospectus or prospectus
supplement. While the terms we have summarized below will apply
generally to any future debt securities we may offer, we will
describe the particular terms of any debt securities that we may
offer in more detail in any applicable prospectus or prospectus
supplement. The terms of any debt securities we offer under a
prospectus or prospectus supplement may differ from the terms we
describe below.

 

We
will issue notes under an indenture, which we will enter into with
the trustee named in the indenture. Any indenture will be qualified
under the Trust Indenture Act of 1939. You should read the summary
below, any applicable prospectus or prospectus supplement and the
provisions of the applicable indenture and any related security
documents, if any, in their entirety before investing in our debt
securities.

 

We
will describe in each prospectus supplement the following terms
relating to a series of debt securities:

 

●

the
title;

●

the
principal amount being offered, and if a series, the total amount
authorized and the total amount outstanding;

●

any
limit on the amount that may be issued;

●

whether
or not we will issue the series of debt securities in global form,
and if so, the terms and who the depository will be;

●

the
maturity date;

 

 

 

 

 

●

the
principal amount due at maturity, and whether the debt securities
will be issued with an original issue discount;

●

whether
and under what circumstances, if any, we will pay additional
amounts on any debt securities held by a person who is not a United
States person for tax purposes, and whether we can redeem the debt
securities if we have to pay such additional amounts;

●

the
annual interest rate, which may be fixed or variable, or the method
for determining the rate and the date interest will begin to
accrue, the dates interest will be payable and the regular record
dates for interest payment dates or the method for determining such
dates;

●

whether
or not the debt securities will be secured or unsecured, and the
terms of any secured debt;

●

the
terms of the subordination of any series of subordinated
debt;

●

the
place where payments will be payable;

●

restrictions
on transfer, sale or other assignment, if any;

●

our
right, if any, to defer payment of interest and the maximum length
of any such deferral period;

●

the
date, if any, after which the conditions upon which, and the price
at which, we may, at our option, redeem the series of debt
securities pursuant to any optional or provisional redemption
provisions and the terms of those redemption
provisions;

●

the
date, if any, on which, and the price at which we are obligated,
pursuant to any mandatory sinking fund or analogous fund provisions
or otherwise, to redeem, or at the holder’s option to
purchase, the series of debt securities and the currency or
currency unit in which the debt securities are
payable;

●

whether
the indenture will restrict our ability to pay dividends, or will
require us to maintain any asset ratios or reserves;

●

whether
we will be restricted from incurring any additional indebtedness,
issuing additional securities, or entering into a merger,
consolidation or sale of our business;

●

a
discussion of any material or special United States federal income
tax considerations applicable to the debt securities;

●

information
describing any book-entry features;

●

provisions
for a sinking fund purchase or other analogous fund, if
any;

●

any
provisions for payment of additional amounts for taxes and any
provision for redemption, if we must pay such additional amount
with respect to any debt security;

●

whether
the debt securities are to be offered at a price such that they
will be deemed to be offered at an “original issue
discount” as defined in paragraph (a) of Section 1273 of the
Internal Revenue Code;

●

the
denominations in which we will issue the series of debt securities,
if other than denominations of $1,000 and any integral multiple
thereof;

●

the
terms on which a series of debt securities may be convertible into
or exchangeable for our common stock, any other of our securities
or securities of a third party, and whether conversion or exchange
is mandatory, at the option of the holder or at our
option;

●

events
of default;

●

whether
we and/or the debenture trustee may change an indenture without the
consent of any holders;

●

the
form of debt security and how it may be exchanged and
transferred;

●

descriptions
of the debenture trustee and paying agent, and the method of
payments; and

●

any
other specific terms, preferences, rights or limitations of, or
restrictions on, the debt securities, including any additional
events of default or covenants provided with respect to the debt
securities, and any terms which may be required by us or advisable
under applicable laws or regulations.

             

Specific
indentures will contain additional important terms and provisions
and will be incorporated by reference as an exhibit to the
registration statement that includes a prospectus, or as an exhibit
to a report filed under the Exchange Act, incorporated by reference
in any applicable prospectus or prospectus supplement.

 

 

 

 

 

 

 

Warrants

 

As
of September 10, 2019, warrants for the purchase of 22,288,713
shares of our common stock were outstanding, exercisable at a
weighted average exercise price of $0.77 per share. The outstanding
warrants expire on various dates from December 23, 2019 through
December 6, 2021.

 

The
following description, together with the additional information we
may include in any applicable prospectus or prospectus supplement,
summarizes the material terms and provisions of the warrants that
we may offer and the related warrant agreements and warrant
certificates. While the terms summarized below will apply generally
to any warrants that we may offer, we will describe the particular
terms of any series of warrants in more detail in the applicable
prospectus or prospectus supplement. The terms of any warrants
offered under a prospectus or prospectus supplement may differ from
the terms described below. Specific warrant agreements will contain
additional important terms and provisions and will be incorporated
by reference as exhibits to the registration statement that
includes such a prospectus or prospectus supplement, or as exhibits
to a report filed under the Exchange Act, incorporated by reference
in this prospectus.

 

General. We
will describe in the applicable prospectus or prospectus supplement
the terms of the series of warrants, including:

 

●

the
title of warrants;

●

the
offering price and aggregate number of warrants
offered;

●

the
currency for which the warrants may be purchased;

●

if
applicable, the designation and terms of the securities with which
the warrants are issued and the number of warrants issued with each
such security or each principal amount of such
security;

●

if
applicable, the date on and after which the warrants and the
related securities will be separately transferable;

●

in
the case of warrants to purchase common stock or preferred stock,
the number of shares of common stock or preferred stock, as the
case may be, purchasable upon the exercise of one warrant and the
price at which these shares may be purchased upon
exercise;

●

in
the case of warrants to purchase debt securities, the principal
amount of debt securities purchasable upon exercise of one warrant
and the price at which, and currency in which, this principal
amount of debt securities may be purchased upon
exercise;

●

the
effect of any merger, consolidation, sale or other disposition of
our business on the warrant agreement and the
warrants;

●

the
terms of any rights to redeem or call the warrants;

●

any
provisions for changes to or adjustments in the exercise price or
number of securities issuable upon exercise of the
warrants;

●

the
dates on which the right to exercise the warrants will commence and
expire;

●

the
manner in which the warrant agreement and warrants may be
modified;

●

federal
income tax consequences of holding or exercising the
warrants;

●

information
relating to book-entry procedures, if any;

●

the
terms of the securities issuable upon exercise of the warrants;
and

●

any
other specific terms, preferences, rights or limitations of or
restrictions on the warrants.

 

Before
exercising their warrants, holders of warrants will not have any of
the rights of holders of the securities purchasable upon such
exercise, including:

 

●

in
the case of warrants to purchase debt securities, the right to
receive payments of principal of, or premium, if any, or interest
on, the debt securities purchasable upon exercise or to enforce
covenants in the applicable indenture; or

●

in
the case of warrants to purchase common stock or preferred stock,
the right to receive dividends, if any, or, payments upon our
liquidation, dissolution or winding up or to exercise voting
rights, if any.

 

 

 

 

 

Exercise of
Warrants. Each warrant will entitle
the holder to purchase the securities that we specify in the any
applicable prospectus or prospectus supplement at the exercise
price that we describe in any applicable prospectus or prospectus
supplement. Unless we otherwise specify in the applicable
prospectus supplement, holders of the warrants may exercise the
warrants at any time up to 5:00 P.M. New York time on the
expiration date that we set forth in the applicable prospectus or
prospectus supplement. After the close of business on the
expiration date, unexercised warrants will become
void.

 

Holders
of the warrants may exercise the warrants by delivering the warrant
certificate representing the warrants to be exercised together with
specified information, and paying the required amount to the
warrant agent in immediately available funds, as provided in the
applicable prospectus or prospectus supplement. We will set forth
on the reverse side of the warrant certificate and/or in the
applicable prospectus or prospectus supplement the information that
the holder of the warrant will be required to deliver to the
warrant agent.

 

Upon
receipt of the required payment and the warrant certificate
properly completed and duly executed at the corporate trust office
of the warrant agent or any other office indicated in the
applicable prospectus or prospectus supplement, we will issue and
deliver the securities purchasable upon such exercise. If fewer
than all of the warrants represented by the warrant certificate are
exercised, then we will issue a new warrant certificate for the
remaining amount of warrants. If we so indicate in the applicable
prospectus or prospectus supplement, holders of the warrants may
surrender securities as all or part of the exercise price for the
warrants (cashless exercise).

 

Enforceability
of Rights by Holders of Warrants. Each warrant agent will act
solely as our agent under the applicable warrant agreement and will
not assume any obligation or relationship of agency or trust with
any holder of any warrant. A single bank or trust company may act
as warrant agent for more than one issue of warrants. A warrant
agent will have no duty or responsibility in case of any default by
us under the applicable warrant agreement or warrant, including any
duty or responsibility to initiate any proceedings at law or
otherwise, or to make any demand upon us. Any holder of a warrant
may, without the consent of the related warrant agent or the holder
of any other warrant, enforce by appropriate legal action its right
to exercise, and receive the securities purchasable upon exercise
of, its warrants.

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