Document:

Exhibit 10-3a

EXECUTION
COPY

 

INTERCREDITOR AGREEMENT JOINDER

The undersigned, Valley
Rents and Ready Mix, Inc., a Delaware corporation, hereby agrees to become
party as a Grantor under the Intercreditor Agreement dated as of July 8, 2005
(the “Intercreditor Agreement”), among Neff Rental LLC and Neff Finance
Corp. (collectively, “Holdings”), Neff Rental, Inc., the other Grantors
(such term and each other capitalized term used but not defined herein having
the meaning set forth in the Intercreditor Agreement) from time to time party
thereto, the Credit Agreement Agent under the Credit Agreement and as Priority
Lien Collateral Agent, and Wells Fargo Bank, National Association, as Trustee
and as Parity Junior Lien Collateral Agent, as amended, supplemented, amended
and restated or otherwise modified and in effect from time to time, for all
purposes thereof on the terms set forth therein, and to be bound by the terms
of the Intercreditor Agreement as fully as if the undersigned had executed and
delivered the Intercreditor Agreement as of the date thereof.

Notices and other
communications provided for in the Intercreditor Agreement shall be delivered
by hand or by nationally recognized overnight courier service, mailed by
certified or registered mail or sent by fax to the undersigned as follows:

Valley Rents and Ready Mix, Inc., c/o Neff Rental LLC, 3750 N.W. 87th
Avenue, Suite 400, Miami, Florida 33718, Attention: Chief Financial Officer,
(Facsimile No.: (305) 513-4156).

 

The provisions of Section 4.1 and Article VI of the Intercreditor
Agreement will apply with like effect to this Joinder.

 

[signature page follows]

 

IN WITNESS WHEREOF, the
parties hereto have caused this Intercreditor Agreement Joinder to be executed
by their respective officers or representatives as of May ___, 2006.

	
   

  	
  VALLEY RENTS AND READY MIX, INC.

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
  Name:

  
	
   

  	
   

  	
  Title:

  

 

S-1Exhibit 10.1 - Executive Employment Agreement between Samuel H. Charlton III
      and Cleco Corporation

    
      

      

    

    EXHIBIT
      10.1

       

      CLECO
        CORPORATION

      

      EXECUTIVE
        EMPLOYMENT AGREEMENT

      (Level
        1)

      

      THIS
        AGREEMENT
        (the
“Agreement”) is entered into as of this 29th day of June, 2006, by and between
Samuel
        H. Charlton III (“Executive”),
        and Cleco Corporation, a Louisiana corporation (the “Company”), and is intended
        to supercede that certain Executive Employment Agreement between Cleco
        Corporation and Executive, initially effective as of July 28, 2000, and that
        certain letter agreement between Cleco Corporation and Executive dated February
        21, 2001. 

      

      1.
        EMPLOYMENT AND TERM

      

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

       

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

      

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

      

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

       

       

      
        

        

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      will
        not
        result in Executive owning beneficially at any time 5% or more of the equity
        securities of any corporation engaged in a business competitive with that
        of the
        Company. 

      

      1.4 Term.
        Executive’s employment under this Agreement shall commence as of June 29, 2006
        (the “Effective Date”), and shall terminate on June 29, 2009 (such date or the
        last day of employment specified in any renewal or amendment hereof referred
        to
        herein as the “Termination Date”) (the period commencing as of the Effective
        Date and ending as of the Termination Date referred to herein as the “Employment
        Term”). 

      

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

      

      2.
        COMPENSATION AND BENEFITS

      

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

      

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

      

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

      

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

       

      
        
          Page
            2

        

        
          
            

          

        

        
        

      

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

      

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

      

      3.
        TERMINATION

      

      3.1 Termination
        Payments to Executive.
        As set
        forth more fully in this Section 3, and except as provided in Sections 3.3
        or
        3.8 hereof, Executive shall be paid the greater of the amounts or benefits
        set
        forth below or the amounts or benefits provided under the terms of the separate
        severance plan or arrangement maintained by the Company (or its Affiliates)
        on
        account of termination of employment hereunder, but in no event will Executive
        be entitled to recover under both:

      

      
        	 	
                a.

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

              

      

      

      
        	 	
                b.

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

              

      

      

      
        	 	
                c.

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

              

      

      

      
        	 	
                d.

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

              

      

      

      
        	 	
                e.

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

              

      

      

      
        	 	
                i.

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

              

      

       

       
        
          Page
            3

        

        
          
            

          

        

        
        

      

       

      
        	
              	
                 

              	
                fair
                  market value of such Principal Residence as determined by the Company’s
                  usual relocation practice; and 

              

      

       

      
        	
              	
                ii. 

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

                

                 

              

      

      

      Notwithstanding
        the foregoing, the Company shall not be obligated hereunder, unless, within
        2 1⁄2
months after the year in which occurs the termination
        of his employment with the Company (and its Affiliates), the Company is
        requested to purchase such Principal Residence or Executive has actually
        relocated from the Pineville, Louisiana area. Any payments by the Company
        pursuant to this Section 3.1e shall be made no later than March 15th
        of the
        calendar year following the calendar year in which Executive’s employment is
        terminated.

      

      
        	 	
                f.

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

              

      

      

      
        	 	
                g.

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

              

      

      

      Notwithstanding
        any provision to the contrary, the amounts set forth in Sections 3.1a, b,
        c, d
        and e hereof shall be paid no later than March 15thof
        the calendar year following the calendar year in which Executive’s employment is
        terminated.

       

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

      

      3.2 Termination
        for Death or Disability.
        If
        Executive dies or becomes disabled during the Employment Term, this Agreement
        and Executive’s employment hereunder shall immediately terminate and the
        Company’s obligations hereunder shall automatically cease. In 

       

      
        
          Page
            4

        

        
          
            

          

        

        
        

      

      such
        event, the Company shall pay to Executive (or his estate) the amounts described
        in Sections 3.1a and 3.1c hereof. Payment shall be made in the form of one
        or
        more single-sums as soon as practicable after Executive’s death or disability or
        as and when such amounts are ascertainable, but in no event later than March
        15th
        of the
        calendar year following the Executive’s termination of employment due to death
        or disability.

      

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

      

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

      

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

      

      
        	 	
                a.

              	
                Committed
                  an intentional act of fraud, embezzlement or theft in the course
                  of his
                  employment or otherwise engaged in any intentional misconduct which
                  is
                  materially injurious to the Company’s (or an Affiliate’s) financial
                  condition or business reputation;

              

      

      

      
        	 	
                b.

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

              

      

      

      
        	 	
                c.

              	
                Intentionally
                  refused to perform the material duties of his position;
                  or

              

      

      

      
        	 	
                d.

              	
                A
                  material breach of this Agreement by
                  Executive.

              

      

      

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

      

      The
        Board, acting in good faith, may terminate Executive’s employment hereunder on
        account of Cause (or may determine that any termination by the Company is
        on
        account of Cause). The Board shall provide written notice to Executive,
        including a description of the specific reasons for the determination of
        Cause.
        Executive shall have the opportunity to appear 

       

      
        
          Page
            5

        

        
          
            

          

        

        
        

      

      before
        the Board, with or without legal representation, to present arguments and
        evidence on his behalf. Following such presentation (or upon Executive’s failure
        to appear), the Board, by an affirmative vote of not less than 66% of its
        members, shall confirm whether the actions or inactions of Executive constitute
        Cause hereunder.

      

      3.4 Executive’s
        Constructive Termination. Executive
        may terminate this Agreement and his employment hereunder on account of a
        Constructive Termination upon 30 days prior written notice to the Chief
        Executive Officer (or such shorter period as may be agreed upon by the parties
        hereto.) In such event, the Company shall provide to Executive (a) the amount
        described in Section 3.1a hereof, payable not later than three days after
        his
        termination of employment, (b) the amounts determined under Sections 3.1b
        and
        3.1d hereof, payable in not more than two equal installments, one-half not
        later
        than 30 days after termination and the other one-half six months after such
        termination, or, if earlier, on March 15th
        of the
        calendar year following the calendar year in which such termination occurs,
        and
        (c) the benefits described in Sections 3.1e, 3.1f and 3.1g hereof.

      

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

      

      
        	 	
                a.

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

              

      

      

      
        	 	
                b.

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

              

      

      

      
        	 	
                c.

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

              

      

      

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

      

      3.5 Termination
        by the Company, without Cause.
        The
        Company may terminate this Agreement and Executive’s employment hereunder,
        without Cause, upon 30 days prior written notice to Executive (or such shorter
        period as may be agreed upon by Executive and the Chief Executive officer).
        In
        such event, the Company shall provide to Executive (a) the amount described
        in
        Section 3.1a hereof, payable not later than three days after such termination,
        (b) the amounts determined under Sections 3.1b and 3.1d hereof, payable in
        not
        more than two equal installments, one-half not later than 30 days after
        termination and the other one-half six months after such termination, or,
        if
        earlier, on March 15th
        of the
        calendar year following the calendar year in which such termination occurs,
        and
        (c) the benefits described in Sections 3.1e, 3.1f and 3.1g hereof.

       

      
        
          Page
            6

        

        
          
            

          

        

        
        

      

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

      

      3.7 Return
        of Property.
        Upon
        termination of this Agreement for any reason, Executive shall promptly return
        to
        the Company all of the property of the Company (and its Affiliates), including,
        without limitation, automobiles, equipment, computers, fax machines, portable
        telephones, printers, software, credit cards, manuals, customer lists, financial
        data, letters, notes, notebooks, reports and copies of any of the above and
        any
        Confidential Information (as defined in Section 5.2 hereof) that is in the
        possession or under the control of Executive. 

      

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

      

      4.
        CHANGE IN CONTROL AND BUSINESS TRANSACTION

      

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

      

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

      

      
        	 	
                a.

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

              

      

      

      
        	 	
                b.

              	
                Executive’s
                  authority, duties or responsibilities are significantly reduced
                  from those
                  contemplated in Section 1.1 hereof or Executive has reasonably
                  determined
                  that, as a result of a change in circumstances that significantly
                  affects
                  his 

              

      

       

      
        
          Page
            7

        

        
          
            

          

        

        
        

      

       

      
        	 	
                 

              	
                 employment
                  with the Company (or an Affiliate), he is unable to exercise the
                  authority, power, duties and responsibilities contemplated in Section
                  1.1
                  hereof;

              

      

      

      
        	 	
                c.

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

              

      

      

      
        	 	
                d.

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

              

      

      

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

      

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

      

      
        	 	
                a.

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

              

      

       

      
        	 	
                b.

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

              

      

      

      
        	 	
                c.

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

              

      

       

      
        
          Page
            8

        

        
          
            

          

        

        
        

         

      

      
        	 	
                d.

              	
                Vesting
                  shall be accelerated, any restrictions shall lapse, and all performance
                  objectives shall be deemed satisfied as to any outstanding grants
                  or
                  awards made to Executive under the 2000 Long-Term Incentive Compensation
                  Plan. Executive shall be entitled to such additional benefits or
                  rights as
                  may be provided in the documents evidencing such plans or the terms
                  of any
                  agreement evidencing such grant or award. All payments and benefits
                  to be
                  provided by this section 4.2d shall be paid no later than March
                  15th
                  of
                  the calendar year following the calendar year in which such termination
                  occurs.

              

      

      

      
        	 	
                e.

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

              

      

       

      
        	 	
                f.

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

              

      

      

      
        	 	
                i.

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

              

      

      

      
        	 	 	
                ii.

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

              

      

      

      Notwithstanding
        the foregoing, the Company shall not be obligated hereunder, unless, within
        2 1⁄2
months after the year in which occurs the termination of his employment with
        the
        Company (and its Affiliates), the Company is requested to purchase such
        Principal Residence or Executive has actually relocated from the Pineville,
        Louisiana area. Any payments by the Company pursuant to this Section 4.2f
        shall
        be made no later than March 15th
        of the
        calendar year following the calendar year in which Executive’s employment is
        terminated.

       

      
        
          Page
            9

        

        
          
            

          

        

        
        

      

      

      
        	 	
                g.

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

              

      

       

      4.3 Business
        Transaction. If
        Executive’s employment hereunder is terminated (other than on account of Cause
        as defined in Section 3.3 hereof) in connection with a Business Transaction,
        then notwithstanding any provision of this Agreement to the contrary, the
        Company shall pay or provide to Executive benefits as described in Section
        4.2.

      

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

      

      5.
        LIMITATIONS ON ACTIVITIES

       

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

      

      5.2 Confidential
        Information. Executive
        recognizes and acknowledges that during the terms of his employment, he will
        have access to confidential, proprietary, non-public information concerning
        the
        Company and its Affiliates, which may include, without limitation, (a) books
        and
        records relating to operations, finance, accounting, personnel and management,
        (b) price, rate and volume data, future price and rate plans, and test data,
        (c)
        information related to product design and development, (d) computer software,
        customer lists, information obtained on competitors, and sales tactics, and
        (e)
        various other non-public trade or business information, including business
        opportunities, marketing or business diversification plans, methods and
        processes, and financial data and the like (collectively, the “Confidential
        Information”). 

       

      
        
          Page
            10

        

        
          
            

          

        

        
        

      

      Executive
        agrees that he will not at any time, either while employed by the Company
        or
        afterwards, make any independent use of, or disclose to any other person
        or
        organization (except as authorized by the Company or pursuant to court order)
        any of the Confidential Information.

      

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

      

      
        	 	
                a.

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

              

      

      

      
        	 	
                b.

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

              

      

      

      
        	 	
                c.

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

              

      

      

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

      

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

      

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

      

      5.5 Remedies.  In
        the event of a breach or threatened breach by Executive of the provisions
        of
        Sections 5.2, 5.3 or 5.4 hereof, Executive agrees that the Company shall
        be
        entitled to a temporary restraining order or a preliminary injunction (without
        the necessity of posting bond in connection therewith) and that any additional
        payments or benefits due to Executive or 

       

      
        
          Page
            11

        

        
          
            

          

        

        
        

      

      her
        dependents under Sections 3 and 4 hereof shall be canceled and forfeited.
        Nothing herein shall be construed as prohibiting the Company from pursuing
        any
        other remedy available to it for such breach or threatened breach, including
        the
        recovery of damages from Executive.

      

      6.
        MISCELLANEOUS

      

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

      

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

      

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

      

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

      

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

       

      
        
          Page
            12

        

        
          
            

          

        

        
        

      

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

      

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

      

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

      

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

      

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

      

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

       

       

      
        	             If
                to Executive:	 Samuel H. Charlton III 
	 	 2916 George’s Lane
	 	 Alexandria, LA 71301
	 	 
	             If
                to the Company:	Cleco
                Corporation                                                             
	 	2030 Donahue Ferry Road
	 	Pineville,
                LA 71360
	 	Attention: Chief Executive Officer
                
	 	Telecopier: (318)
                484-7777

                    

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

      

      6.10 Assignment.
        This
        Agreement will inure to the benefit of and be binding upon the Company, its
        Affiliates, successors and assigns, including, without limitation, any person,
        

       

      
        
          Page
            13

        

        
          
            

          

        

        
        

      

      partnership,
        company, corporation or other entity that may acquire substantially all of
        the
        Company’s assets or business or with or into which the Company may be
        liquidated, consolidated, merged or otherwise combined, and will inure to
        the
        benefit of and be binding upon Executive, his heirs, estate, legatees and
        legal
        representatives. If payments become payable to Executive’s surviving spouse or
        other assigns and such person thereafter dies, such payment will revert to
        Executive’s estate. 

      

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

      

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

      

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

      

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

      

      6.15 Section
        409A. The
        parties intend that this Agreement comply, to the extent applicable, with
        the
        provisions of Section 409A of the Internal Revenue Code and related regulations
        and Treasury pronouncements ("Section 409A"). If the parties determine in
        good
        faith that any provision provided herein would result in the imposition of
        an
        excise tax under the provisions of Section 409A, Executive and the Company
        agree
        that each will use good faith efforts to reform any such provision to avoid
        imposition of any such excise tax in the manner that Executive and the Company
        mutually determine is appropriate to comply with Section 409A.

       

      
        Page
          14

      

      
        
          

        

      

      
      

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

      

      

      

      

      
        	
                            CLECO
                  CORPORATION

              	
                EXECUTIVE

              
	 	 
	
                            By:
                  /s/
                  G.W.
                  Bausewine                               

              	
                /s/  Samuel
                  H. Charlton
                  III                        

              
	 	
                Samuel
                  H. Charlton III

              
	
                            Its:
                  SVP,
                  Corporate
                  Services                        

              	 
	 	 
	
                            Date:        6/29/06                                          

              	
                Date:
                             June
                  29,
                  2006                      

              
	 	 

      

       

       

      

      
        Page
          15

      

      
        
          

        

      

      

      CLECO
        CORPORATION

      EXECUTIVE
        EMPLOYMENT AGREEMENT

      

      EXHIBIT
        A

      

      

      This
        Exhibit B is intended to form a part of that certain Executive Employment
        Agreement by and between Cleco Corporation and Samuel
        H. Charlton III, effective
        as of June 29, 2006. The parties agree that the proscriptions set forth in
        Section 5.3 thereof shall apply in the State of Louisiana, Parishes
        of:

      

      

         
        Acadia Parish

      Allen
        Parish

      Avoyelles
        Parish

      Beauregard
        Parish

      Calcasieu
        Parish

      Catahoula
        Parish

      Desoto
        Parish

      Evangeline
        Parish

      Grant
        Parish

      Iberia
        Parish

      Jefferson
        Davis Parish

      Lafayette
        Parish

      Lasalle
        Parish

      Natchitoches
        Parish

      Rapides
        Parish

      Red
        River
        Parish

      Sabine
        Parish

      St.
        Landry Parish

      St.
        Martin Parish

      St.
        Mary
        Parish

      St.
        Tammany Parish

      Vernon
        Parish

      Washington
        Parish

      

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

       

      
        
          
            
              Page
                16

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