Document:

Severance Plan for Corporate Executive Level Employees

 Exhibit 10.15 
 CAREER EDUCATION CORPORATION 
 SEVERANCE PLAN FOR EXECUTIVE LEVEL EMPLOYEES 
 PLAN DOCUMENT AND SUMMARY PLAN DESCRIPTION 
 [TIER THREE PLAN DOCUMENT] 
 (Effective as of February 1, 2008) 
 Career Education Corporation (“CEC”) has implemented this Severance Plan for Executive Level Employees (the “Plan”) to describe the
circumstances under which certain Eligible Employees of CEC and its subsidiaries (collectively, the “Company”) may receive severance benefits if their employment with the Company is involuntarily terminated. The purpose of the Plan is to
assist Eligible Employees, as defined below, during the transition to their next employment. The Plan is effective for terminations occurring on or after the Effective Date and supersedes and replaces any and all prior severance policies, plans, and
programs applicable to the Eligible Employees, as in effect prior to the Effective Date. 
 I. ELIGIBILITY 
 A. Eligibility for Discretionary Benefit Upon Involuntary Termination. 
 If the Plan Administrator (as defined in Section III.A) determines that the employment of an Eligible Employee (as defined in Section I.B) is
involuntarily terminated by action of the Company, the Plan Administrator may, in its sole discretion, provide such Eligible Employee a benefit, determined in accordance with Section II.A. An individual who does not meet the requirements of this
Section I shall not be entitled to receive a benefit under the Plan. 
 B. Eligible Employees. 
 Employees of the Company (i) whose regular place of employment is at a location in the United States, and (ii) who are designated as Executive
Level Employees by the Board of Directors of the Company are eligible to participate in the Plan (“Eligible Employees”). 
 C.
Terminations Deemed Not Involuntary. 
 If the Plan Administrator determines that an Eligible Employee’s employment with the
Company has terminated (i) for Cause, (ii) due to an agreement between the Company and the Eligible Employee whereby the Eligible Employee becomes a consultant or independent contractor with the Company, (iii) by reason of death,
disability, retirement (including voluntary retirement under a special early retirement incentive program), or (iv) for any form of voluntary termination, such termination shall not be considered involuntary, and such Eligible Employee shall
not be eligible to receive a benefit under the Plan. An employee’s termination of employment with the Company shall be a termination for Cause if the employee is discharged by the Company for poor performance, non-performance, or misconduct.
Misconduct shall include, but is not limited to, insubordination, dishonesty, theft, violation of Company rules, and willful destruction of Company property. 
 D. Early Departure. 
 The Plan Administrator, in its sole discretion, shall determine the date
that an Eligible Employee terminates employment with the Company for purposes of determining eligibility for benefits under the Plan. An Eligible 

 
Employee shall not be deemed terminated simply upon notice by the Company of termination or possible termination at some future date, whether or not such
date is fixed and certain. Any Employee who resigns before any termination date specified by the Company or while the Company still desires such Employee’s continuing services shall not be eligible to receive a benefit under the Plan.

 E. Reemployment and Offers of Reemployment. 
 Benefits under the Plan for any Eligible Employee who is terminated by the Company and thereafter reemployed or offered reemployment by the Company or a related entity of the Company shall cease as of and upon such
Eligible Employee’s reemployment, or offer of reemployment in a similar position, regardless of whether the Eligible Employee was otherwise entitled to additional benefits under the Plan. 
 F. Offer of Another Position. 
 If an Employee is terminated after having refused another position with the Company or a related entity (or, in the event of any type of corporate transaction, with a purchaser or other acquiring entity, or a related entity of the Company,
purchaser, or acquiring entity), such termination shall not be considered involuntary, and such employee shall not be eligible to receive a benefit under the Plan; provided, however, that the Plan Administrator, in its sole discretion, may treat
such termination as involuntary if such position is not the same as or similar to the employee’s current position or is at a location sufficiently distant from the location of the employee’s current position as would require relocation of
such employee’s residence. 
 G. Release of Claims. 
 In addition to the terms and conditions for benefits stated above, the Plan Administrator shall require that as a condition of eligibility for severance
benefits, an Eligible Employee shall sign a release of claims in a form acceptable to the Plan Administrator. The Eligible Employee’s failure or refusal to sign such release or the Eligible Employee’s revocation of such release, to the
extent revocation is permitted by the terms of the release and this Plan, shall disqualify the Eligible Employee from receiving any benefits under this Plan. 
 The Plan Administrator shall advise such Eligible Employee to consult an attorney at his or her own expense prior to executing such release and shall, in accordance with the circumstances of the termination, afford
such Eligible Employee either (a) a reasonable period of time, as determined solely within the Plan Administrator’s discretion, or (b) the period of time required by applicable law, to consider whether to execute such release. If an
Eligible Employee signs such release, he or she shall have seven (7) days after execution of such release to revoke such release. Upon the expiration of the seven (7) day revocation period, if the Eligible Employee has not effectively
revoked his or her release (as provided in the release document), then such release shall become irrevocable. 
 If an Eligible Employee
files a lawsuit, charge, complaint or other claim asserting any claim or demand within the scope of any such release, the Company and Plan Administrator, whether or not such claim may be valid, shall retain all rights and benefits of the release and
this Plan and shall have the right to recoup the value of all payments made in accordance with the Plan, together with costs and attorneys fees, in accordance with applicable law. Nothing provided herein shall restrict the Company’s ability or
freedom to make any offer in settlement of any claim against the Company, Plan Administrator, or any of the Company’s employee benefit plans without regard to the terms of this Plan. 
 H. Non-Solicitation, Non-Competition and Confidentiality Agreement. 
 In addition to the other requirements for benefits set forth in this Section I, the Plan Administrator shall require an Eligible Employee to enter into a
non-solicitation, non-competition and confidentiality agreement with the Company as a condition to obtaining benefits under the Plan. 

 I. Supplements. 
 The Plan Administrator may also attach, as a Supplement to this Plan, the terms and conditions (including the amount) of a severance arrangement
applicable to one or more Eligible Employees as the result of a corporate event, such as a down-sizing, reduction in force, or closing of a division or facility. Any such Supplement will be subject to the provisions of this Plan, unless otherwise
set forth in such Supplement. 
 II. AMOUNT AND PAYMENT OF SEVERANCE BENEFITS 
 A. Generally. 
 If, in
accordance with Section I.A, the Plan Administrator determines that an individual is an Eligible Employee under the terms of the Plan, the Plan Administrator shall determine, in its sole discretion and on a nondiscriminatory basis, the amount of
such benefit the Eligible Employee shall receive, subject to this Section II and taking into account any factors that the Plan Administrator deems reasonable and appropriate. The Plan Administrator may establish, and may from time to time and at any
time amend, standards or definitions applicable to such determinations if the Plan Administrator deems such standards or definitions appropriate. 
 An Eligible Employee, whose employment is involuntarily terminated for any reason, other than a termination deemed not involuntary under Section I.C., shall be entitled to a minimum of twenty-six (26) weeks of Pay and a maximum of
fifty-two (52) weeks of Pay at the time of termination to be paid in accordance with Section II.B and to be calculated as follows: 
  

	 	1.	An Eligible Employee with up to thirteen (13) full years of Continuous Service with the Company at the time of termination shall be entitled to twenty-six (26) weeks of
Pay. 

  

	 	2.	An Eligible Employee with fourteen (14) to twenty-five (25) full years of Continuous Service with the Company at the time of termination shall be entitled to two
(2) weeks of Pay per year of Continuous Service. 

  

	 	3.	An Eligible Employee with twenty-six (26) or more years of Continuous Service with the Company at the time of termination shall be entitled to fifty-two (52) weeks of Pay.

 An Eligible Employee shall also be entitled to a lump sum payment of his or her pro-rated bonus earned during the year of
termination, calculated in accordance with the method for determining bonuses for other similarly situated employees and paid in accordance with the normal procedures but not later than two and one-half months after the close of the calendar year in
which the termination takes place. 
 In addition, an Eligible Employee who is a participant in the Company’s health and/or dental
insurance plan(s) at the time of termination, and who after termination timely elects to continue such insurance coverage under federal COBRA law, shall be entitled to payment by the Company of the insurance premium(s) for continued insurance
coverage for the period of time immediately after termination that is equal to the number of weeks of Pay for which the Employee is eligible. 
 For purposes of computing an Eligible Employee’s benefits under the Plan, “Continuous Service” shall mean the Eligible Employee’s most recent unbroken period of employment with the Company, including service with a
predecessor employer acquired by the Company. Continuous service shall not include any period of earned, unused vacation or any period during which the Eligible Employee was a consultant or independent contractor of the Company. For purposes of this
definition, multiple periods of employment with the Company separated by a leave of absence of less than one (1) year shall be considered one continuous period of employment. 
 For purposes of this section, an Eligible Employee’s “Pay” shall mean his or her base pay at the time of termination. 

 B. Payment. 
 Payment of severance benefits shall be subject to the following terms and conditions: 
  

	 	1.	Severance benefits will be paid in a lump sum following termination of employment. Payment of severance benefits shall be made on or before March 15th of the year following the
year in which an Eligible Employee’s termination occurs. 

  

	 	2.	Bonus payments will be paid in a lump sum as soon as practical in the year following the year in which an Eligible Employee’s termination occurs; but in no event will payment
of bonus payments be made after March 15th of the year following the year in which an Eligible Employee’s termination occurs. 

  

	 	3.	Severance payments shall be subject to all applicable federal and state tax withholding, including FICA, and any other withholdings required under applicable law.

  

	 	4.	Severance payments shall be in addition to any pay for accrued but unused vacation to which a terminated Eligible Employee may be entitled. 

  

	 	5.	Severance payments shall not be considered “compensation” for purposes of determining any benefits provided under any pension, savings or other employee benefit plan
maintained by the Company. 

 C. Interaction With WARN Act. 
 Notwithstanding anything in this Plan to the contrary, benefits payable under the Plan will be reduced (but not below zero) by any amounts required to be
paid to each Eligible Employee pursuant to the Worker Adjustment and Retraining Notification Act (“WARN”), without regard to whether Eligible Employees assert such rights. The Plan is not intended to duplicate payments already required by
WARN. 
 D. Other Offsets. 
 Any benefit payment due to an Eligible Employee under this Plan will also be reduced (but not below zero) by any severance pay, salary continuation, termination pay, or similar pay or allowance (“Other Benefit Arrangement”) which
the Eligible Employee receives or is entitled to receive under any employment, severance or other agreement between the Eligible Employee and the Company. This Plan is not intended to, and shall not result in any duplication of payments or benefits
to any Eligible Employee under any Other Benefit Arrangement. 
 III. PLAN ADMINISTRATION 
 A. Employee Benefits Committee is Plan Administrator. 
 The Board of Directors of CEC has appointed the Employee Benefits Committee as the Plan Administrator and the Named Fiduciary of the Plan. The Plan Administrator may delegate its powers and responsibilities for
administration of the Plan to one or more persons or subcommittees. The Plan Administrator may adopt such rules and regulations and may make such decisions as it deems necessary or desirable for the proper administration of the Plan. 
 B. Plan Administrator’s Determination. 
 All determinations regarding benefits will be made by the Plan Administrator in accordance with the written terms of the Plan. The Plan Administrator shall have the express discretionary authority to determine
eligibility for benefits and the amount of benefits, to decide factual and other questions relating to the Plan, and to interpret the terms of the Plan. Determinations and interpretations by the Plan Administrator, including without limitation
decisions relating to eligibility for, entitlement to, and payment of benefits, shall be conclusive and binding for all purposes (unless determined by a court of competent jurisdiction to be an arbitrary and capricious 

 
abuse of discretion). When making any determination or calculation, the Plan Administrator shall be entitled to rely upon the accuracy and completeness of
information furnished by the Company’s employees and agents. 
 IV. CLAIMS FOR BENEFITS 
 A. Submission of Claims. 
 All
claims for benefits must be submitted to the Plan Administrator. 
 B. Denial of Claims. 
 If a claim for benefits is denied in whole or in part, the claimant shall receive a written or electronic notice explaining the denial of the claim within
ninety (90) days after the Plan Administrator’s receipt of the claim. If the Plan Administrator determines that for reasons beyond its control, a ninety (90) day extension of time is necessary to process the claim, the claimant shall
be notified in writing of the extension and reason for the extension within ninety (90) days after the Plan Administrator’s receipt of the claim. The written extension notification shall also indicate the date by which the Plan
Administrator expects to render a final decision. A notice of denial of claim shall contain the following: 
  

	 	1.	The specific reason or reasons for the denial; 

  

	 	2.	Reference to the specific Plan provisions on which the denial is based; 

  

	 	3.	A description of any additional materials or information necessary for such claimant to perfect the claim and an explanation of why such material or information is necessary; and

  

	 	4.	A description of the Plan’s review procedures and the time limits applicable to such procedures, including a statement of the claimant’s right to bring a civil action
under Section 502(c) of ERISA following an adverse benefit determination on review. 

 C. Review of Denied
Claims. 
 A claimant may file a written request for a review of the denial of a claim within sixty (60) days after receiving
written notice of the denial. The claimant may submit written comments, documents, records and other relevant information in support of the claim. A claimant shall be provided, upon request and without charge, reasonable access to, and copies of,
all documents, records, and other information relevant to the claimant’s claim for benefits. A document, record, or other information shall be considered relevant if it: (a) was relied upon in denying the claim; (b) submitted,
considered or generated in the course of processing the claim, regardless of whether it was relied upon; (c) demonstrates compliance with the claims procedures process; or (d) constitutes a statement of Plan policy or guidance concerning
the denied benefit. In reviewing a denied claim, the reviewer shall take into consideration all comments, documents, records, and other information submitted by the claimant in support of the claim, without regard to whether such information was
submitted or considered in the initial benefit determination. The Plan Administrator will notify the claimant in writing of its decision on the appeal. Such notification will be in writing in a form designed to be understood by the claimant. If the
claim is denied in whole or in part on appeal, the notification will also contain: 
  

	 	1.	The specific reason or reasons for the denial; 

  

	 	2.	Reference to the specific Plan provisions on which the determination is based; 

  

	 	3.	 A statement that the claimant is entitled to receive, upon request and free of charge, reasonable access to, and copies of, all documents, records, and other
information relevant to the claimant’s claim for benefits. A document, record, or other information shall be considered relevant if it: (i)

	 	 
was relied upon in denying the claim; (ii) submitted, considered or generated in the course of processing the claim, regardless of whether it was relied
upon; (iii) demonstrates compliance with the claims procedures process; or (iv) constitutes a statement of Plan policy or guidance concerning the denied benefit; and 

  

	 	4.	A statement that the claimant has a right to bring an action under Section 502(a) of ERISA. 

 Such notification will be given by the Plan Administrator within sixty (60) days after the complete appeal is received by the Plan Administrator (or
within one hundred twenty (120) days if the Plan Administrator determines special circumstances require an extension of time for considering the appeal, and if written notice of such extension and circumstances is given to the claimant within
the initial sixty (60) day period). Such written extension notice shall also indicate the date by which the Plan Administrator expects to render a decision. 
 D. Legal Action. 
 If a claimant decides to take legal action related to a claim for benefits
or such claimant’s rights under the Plan, the agent to receive legal process is the Plan Administrator. 
 V. MISCELLANEOUS

 A. Status of Plan. 
 The Plan is a severance plan and is therefore a welfare benefit plan within the meaning of Section 3(1) of ERISA, rather than a pension or retirement plan. Benefits payable under the Plan are not contingent, directly or indirectly, on
an Eligible Employee’s retirement. Eligible Employees have no vested right to benefits under the Plan. 
 B. Effective Date.

 The Effective Date of the Plan is February 1, 2008 
 C. No Vested Benefits. 
 Inclusion as an Eligible Employee does not confer any vested benefits
on a participant. No benefits are vested until an Eligible Employee has been terminated and notified of his or her benefits under the Plan. 
 D. Amendment and Termination. 
 CEC reserves the right to amend, modify or terminate, in whole or in part, the Plan at
any time. 
 E. Funding of Benefits. 
 Plan benefits are paid from the Company’s general assets as benefits become payable under the Plan. No separate trust or segregated assets shall be required to be established to pay benefits. 
 F. Binding on Successors and Assigns. 
 The provisions of this Plan shall be binding on the Company and its successors and assigns. 
 G. Severability.

 In the event that any provision of this Plan is held illegal or invalid, the remaining provisions of this Plan shall not be affected
thereby. 

 H. Non-alienation of Benefits. 
 The Company shall not in any manner be liable for or subject to the debts or liabilities of any individual by reason of the existence or operation of the
Plan. No right or benefit under the Plan shall, at any time, be subject to alienation, sale, transfer, assignment, pledge, or any encumbrance of any kind. If an Eligible Employee or former Eligible Employee shall attempt to or shall alienate, sell,
transfer, assign, pledge or otherwise encumber his or her rights, benefits, or amounts payable under the Plan, or any part thereof, or if by reason of his or her bankruptcy or other events happening at any time, such benefits would otherwise be
received by anyone else or would not be enjoyed by him or her, the Plan Administrator in its sole discretion may terminate his or her interest in any such right or benefit and hold or pay it to, or for the benefit of, such person, his or her spouse,
children, or other dependents, or any of them as the Plan Administrator may determine. 
 I. No Employment Contract.

 Nothing contained in this Plan shall be construed to be an employment contract between any Eligible Employee and the Company nor shall
it prohibit the Company from being able to terminate any Employee, or the Employee from being able to quit, at any time, at the will of the Company or the Employee, respectively, for any reason or for no reason, with or without notice. All Company
employees remain employees at-will. No rights shall be deemed to vest under the Plan. 
 J. Governing Law. 
 This Plan shall be construed and enforced in accordance with, and governed by, the laws of the State of Illinois, to the extent not preempted by
applicable federal law. 
 K. Dispute Resolution. 
  

	 	1.	In the event of a dispute under this Plan between the Company and an Employee where Article IV is not applicable or where the requirements of Article IV have been satisfied, the
claim shall be promptly submitted to binding arbitration. The arbitration hearing shall be completed within ninety (90) days of the submission to arbitration. 

  

	 	2.	Such arbitration shall be conducted in accordance with this Plan and, where not inconsistent, the appropriate commercial arbitration rules of the American Arbitration Association
(“AAA”), and shall be held in the City of Chicago at such location within Chicago as shall be determined by the AAA. Each side shall name one arbitrator. The two arbitrators shall select a third arbitrator either by mutual agreement or
from a list submitted by the AAA in accordance with AAA rules. The arbitrators shall permit reasonable discovery in accordance with Federal Rules of Civil Procedure and the local Rules of the U.S. District Court for the Northern District of
Illinois. The arbitrators shall make written findings of fact and conclusions of law reflecting the appropriate substantive law. The decision of the arbitrators shall be rendered within thirty (30) days of the close of the arbitration hearing
and shall be final and binding. The Company and the Employee shall pay their own expenses of arbitration and legal fees, and the expenses of the arbitrators and the AAA shall be equally shared; providing, however, that if, in the opinion of the
arbitrators, any claim under this Plan or any defense in objection thereto was unreasonable, the arbitrators may assess, as part of their award, all or any part of the arbitration expenses (including reasonable attorneys’ fees of the other
party and arbitrators’ fees under the standards and law applicable under Rules 11 and 27 of the Federal Rules of Civil Procedure) against the party raising such unreasonable claim, defense or objection. 

	 	3.	In any arbitration proceeding pursuant to subsection (2) above, this Plan shall be governed as to all matters, including validity, interpretation and enforcement, by the laws
of the State of Illinois, except as superseded by the laws of the United States. 

  

	 	4.	Judicial orders to enforce the arbitration provisions of this Plan and otherwise in aid of arbitration may be entered by the federal and state courts located in Chicago, Illinois,
at any time prior to or after a final decision by the arbitrators, and the Company and Employee hereby submit to personal jurisdiction in the State of Illinois and to venue in such courts. 

 VI. PARTICIPANT RIGHTS 
 Eligible Employees covered by the Plan (“Participants”) are entitled to certain rights and protections under ERISA, as amended. ERISA provides that all Plan Participants shall be entitled to the following: 
  

	 	•	 	 Participants may examine, without charge, at the Company’s office or its Human Resources Department, all Plan documents, including insurance contracts, and
copies of all documents filed with respect to the Plan with the U.S. Department of Labor, such as annual reports and Plan descriptions. These documents are available during regular business hours. 

  

	 	•	 	 Participants may obtain copies of all Plan documents and other Plan information upon written request to the Plan Administrator. The Plan Administrator may assess a
reasonable charge for copies. 

  

	 	•	 	 The law provides that Participants cannot be fired or discriminated against to prevent them from attaining a benefit or for exercising their rights under ERISA. If
a Participant’s claim for welfare benefits is denied in whole or in part, the Participant must receive a written explanation of the reason for the denial. The Participant has the right to have his or her claim reviewed and reconsidered.

  

	 	•	 	 Under ERISA, Participants can take certain steps to enforce the rights described above. For example, if a Participant requests Plan materials, he or she must
receive them within thirty (30) days. However, if the materials have not been received after about twenty (20) days, he or she should check with the Plan Administrator to see if there are any problems with the request. Then, if he or she
has not received the materials within thirty (30) days of the request, a Participant can file suit in federal court. The court can require the Plan Administrator to provide the materials and pay up to $110 for each day of delay until the
Participant receives the materials, unless they were not sent because of reasons beyond the control of the Plan Administrator. If a Participant has a claim for benefits which is denied or ignored, in whole or in part, he or she may file suit in
state or federal court, or ask the U.S. Department of Labor for help. If a Participant thinks Plan fiduciaries are misusing the Plan’s money, or feels that he or she is being discriminated against for exercising protected rights, he or she can
get assistance from the U.S. Department of Labor or file suit in federal court. Any time a Participant sues, the court will decide who should pay court costs and legal fees. If the Participant wins, the court may order the person he or she sued to
pay these costs and fees. If he or she loses, the court may order the Participant to pay these costs and fees. 

  

	 	•	 	 In addition to creating rights for Plan Participants, ERISA imposes duties upon the people who are responsible for the operation of the employee benefit plan. The
people who operate the Plan, called “fiduciaries” of the Plan, have certain duties to act prudently and in the interest of Plan Participants. 

 A Participant with questions about the Plan should contact the Plan Administrator. A Participant with questions about his or her rights under ERISA should contact the nearest Area Office of the Pension and Welfare
Benefits Administration, U.S. Department of Labor, listed in the telephone directory or the Division of Technical Assistance and Inquiries, Pension and Welfare Benefits Administration, U.S. Department of Labor, 200 Constitution Avenue, N.W.,
Washington, D.C. 20210. A Participant may also obtain certain publications about his or her rights and responsibilities under ERISA by calling the publications hotline of the Pension and Welfare Benefits Administration. 
 * * * * * * * * * * * * 

 IN WITNESS WHEREOF, Career Education Corporation has caused this Plan to be executed this 1st day of
February, 2008. 
  

									
	CAREER EDUCATION CORPORATION	 		 	
					
	By:	 	/s/ Gary E. McCullough	 		 		 	2/1/2008
		 	Signature	 		 		 	Date
	Name:	 	Gary E. McCullough	 		 		 	
	Title:	 	President and Chief Executive Officer	 		 		 	

 IMPORTANT PLAN INFORMATION 
 Plan Name 
 Career Education Corporation Severance Plan for Executive Level Employees 
 Plan Number 
 507 
 Plan Year 
 The Plan Year is the calendar year. The end of the
year for purposes of maintaining the Plan’s fiscal records is December 31. 
 Plan Sponsor 
 Career Education Corporation 
 847-781-3600 
 Employer Identification Number (EIN): 36-3932190 
 Plan Administrator

 Career Education Corporation Employee Benefits Committee 
 c/o Career Education Corporation 
 2895 Greenspoint Parkway 
 Suite 600 
 Hoffman Estates, IL 60169 
 847-781-3600Teco Energy Supplemental Executive Retirement Plan

 Exhibit 10.1 
 TECO ENERGY GROUP 
 SUPPLEMENTAL EXECUTIVE RETIREMENT PLAN 
 2007 Amendment and Restatement 
 PART ONE 
 GENERAL INFORMATION 
 SECTION 1. PURPOSE AND EFFECTIVE DATE 
 The purpose of this plan is to provide key executives of the Company and its subsidiaries
with additional retirement income by supplementing the retirement benefits provided under the retirement plan. The plan is amended and restated on December 20, 2007, generally effective as of November 1, 2007 (unless a specific effective
date is provided), but retroactively effective as of January 1, 2005 with respect to the changes incorporated to conform the plan to the restrictions contained in Section 409A of the Internal Revenue Code and the final Treasury Regulations
thereunder. 
 SECTION 2. DEFINITIONS 
 This
section contains definitions of some terms used in the plan. 
 2.1    Board means the Board of Directors of the
Company. 
 2.2    Committee means the retirement plan committee as constituted under the retirement plan.

 2.3    Company means TECO Energy, Inc. and any successor to all or a major portion of its assets or business
which assumes the obligations of the Company under this plan. 
 2.4    Employer has the same meaning as in the
retirement plan. 
 2.5    Participant means each employee of an employer who has satisfied the eligibility
requirements set forth in Section 4 or Section 10 hereof. 
 2.6    Plan means the TECO Energy Group
Supplemental Executive Retirement Plan, as set forth in this plan instrument, and as it may be amended from time to time. 
 2.7    Retirement plan means the TECO Energy Group Retirement Plan, as amended from time to time. 

 PART TWO 
 PARTICIPATION AND BENEFITS FOR EMPLOYEES 
 OTHER THAN FORMER EMPLOYEES OF PEOPLES GAS SYSTEM, INC.

 SECTION 3. DEFINITIONS 
 This section
contains definitions of terms used in this part of the plan that are not defined in Section 2. 
 3.1    Annual
earnings has the same meaning as in the retirement plan, except that the same will be determined without regard to any dollar limitation on such annual earnings that may be imposed under the retirement plan. 
 3.2    Average annual earnings of a participant as of his retirement date means the average of his annual earnings during
whichever of the following periods yields the highest average: (a) the 36 consecutive months of active employment preceding the retirement date (or all months of employment if less than 36), or (b) any three consecutive calendar years out
of the five calendar years preceding the retirement date. Bonuses are included as compensation for the period in which paid, provided that if more than three regular annual bonuses are paid in any 36 consecutive month period, only the largest three
consecutive bonuses will be counted. 
 3.3    Cause means (a) the willful and continued failure by a
participant to substantially perform his duties with the Company (other than any such failure resulting from the participant’s incapacity due to physical or mental illness or any such actual or anticipated failure after the issuance of a notice
of termination by the participant for good reason) after a written demand for substantial performance is delivered to the participant by the board, which demand specifically identifies the manner in which the board believes that the participant has
not substantially performed his duties, or (b) the willful engaging by the participant in conduct which is demonstrably and materially injurious to the Company, monetarily or otherwise. For purposes of this Section 3.3, no act, or failure
to act, on the participant’s part will be deemed “willful” unless done, or omitted to be done, by the participant not in good faith and without reasonable belief that the participant’s action or omission was in the best interest
of the Company. Notwithstanding the foregoing, the participant will not be deemed to have been terminated for cause unless and until there shall have been delivered to the participant a copy of a resolution duly adopted by the affirmative vote of
not less than three-quarters (3/4) of the entire membership of the board at a meeting of the board called and held for such purpose (after reasonable notice to the participant and an opportunity for the participant, together with the
participant’s counsel, to be heard before the board), finding that in good faith opinion of the board the participant was guilty of conduct set forth above in this Section 3.3 and specifying the particulars thereof in detail. 

3.4    Change in control of the company means a change in control of a nature that would be required to be reported in
response to Item 6(e) of Section 14A of Regulation 14A promulgated under the Securities Exchange Act of 1934, as amended (the “Exchange Act”), 

  

 2 

 
whether or not the Company is in fact required to comply therewith; provided, that, without limitation, such a change in control shall be deemed to have
occurred if: 
 (a)    any “person” (as such term is used in Sections 13(d) and 14(d) of the Exchange Act),
other than the Company, any trustee or other fiduciary holding securities under an employee benefit plan of the Company or a corporation owned, directly or indirectly, by the stockholders of the Company in substantially the same proportions as their
ownership of stock of the Company, is or becomes the “beneficial owner” (as defined in Rule 13d-3 under the Exchange Act), directly or indirectly, of securities of the Company representing 30% or more of the combined voting power of the
Company’s then outstanding securities; 
 (b)    the following individuals cease to constitute a majority of the
number of directors then serving: individuals who on the date hereof constitute the Board and any new director (other than a director whose initial assumption of office is in connection with an actual or threatened election contest, including but
not limited to a consent solicitation, relating to the election of directors of the Company) whose election by the Board or nomination for election by the stockholders of the Company was approved by a vote of at least two-thirds (2/3) of the
directors then still in office who either were directors on the date hereof or whose election or nomination for election was previously so approved, cease for any reason to constitute a majority thereof; or 
 (c)    there is consummated a merger or consolidation of the Company or any direct or indirect subsidiary of the Company with any
other corporation, other than (i) a merger or consolidation which would result in the voting securities of the Company outstanding immediately prior thereto continuing to represent (either by remaining outstanding or by being converted into
voting securities of the surviving entity) at least 50% of the combined voting securities of the Company or such surviving entity or any parent thereof outstanding immediately after such merger or consolidation or (ii) a merger or consolidation
effected to implement a recapitalization of the Company (or similar transaction) in which no “person” (as defined in this Section 3.4) acquires 30% or more of the combined voting power of the Company’s then outstanding
securities; or 
 (d)    the stockholders of the Company approve a plan of complete liquidation of the Company or an
agreement for the sale or disposition by the Company of all or substantially all of the Company’s assets. 
 3.5    Disability income plan means the TECO Energy Disability Income Plan, as amended from time to time. 
 3.6     Early retirement age is (i) prior to August 1, 2007, exactly ten years before the age specified in the table in Section 3.8; or (ii) on and after August 1, 2007, attainment of age
55. 
 3.7    Good reason means the occurrence (without the participant’s express written consent) prior to a
change in control of the Company under the circumstances described in Section 3.14 hereof of any one of the following acts by the Company, or failures by the Company to act: 
  

 3 

 (a)    the assignment to the participant of any duties inconsistent (except in the
nature of a promotion) with the position in the Company that the participant held immediately prior to the potential change in control of the Company or a substantial adverse alteration in the nature or status of the participant’s position or
responsibilities or the conditions of the participant’s employment from those in effect immediately prior to the potential change in control of the Company; 
 (b)    a reduction by the Company in the participant’s annual base salary as in effect on the effective date of this Section 3.7, or such higher amount as is in effect from time to time;

 (c)    the Company’s requiring the participant to be based more than fifty (50) miles from the
Company’s offices at which the participant was principally employed immediately prior to the date of the potential change in control of the Company except for required travel on the Company’s business to an extent substantially consistent
with the participant’s business travel obligations on the effective date of this Section 3.7 or, if later, on the date the participant first becomes eligible for this plan; 
 (d)    the failure by the Company to pay to the participant any portion of the participant’s current compensation or
compensation under any deferred compensation program of the Company, within seven (7) days of the date such compensation is due; 
 (e)    the failure by the Company to continue in effect any material compensation or benefit plan in which the participant participates immediately prior to the change in control of the Company unless an equitable
arrangement (embodied in an ongoing substitute or alternative plan) has been made with respect to such plan, or the failure by the Company to continue the participant’s participation therein (or in such substitute or alternative plan) on a
basis not materially less favorable, both in terms of the amount of benefits provided and the level of the participant’s participation relative to other participants, than existed at the time of the potential change in control; 
 (f)    the failure by the Company to continue to provide the participant with benefits substantially similar to those enjoyed by the
participant under any of the Company’s pension, life insurance, medical, health and accident, or disability plans in which the participant was participating at the time of the potential change in control of the Company, the taking of any action
by the Company which would directly or indirectly materially reduce any of such benefits or deprive the participant of any material fringe benefit enjoyed by the participant at the time of the potential change in control of the Company, or the
failure by the Company to provide the participant with the number of paid vacation days to which the participant is entitled on the basis of the participant’s years of service with the Company in accordance with the Company’s normal
vacation policy in effect at the time of the potential change in control of the Company; 
 (g)    the failure of the
Company to obtain a satisfactory agreement from any successor to assume and agree to perform the terms of this plan; or 
  

 4 

 (h)    any purported termination of the participant’s employment which is not
effected pursuant to a notice of termination satisfying the requirements of all other agreements between the Company and the participant, which purported termination shall not be effective for purposes of this plan. 
 The participant’s right to treat termination of employment as being within this Section 3.7 will not be affected by the participant’s incapacity due to
physical or mental illness. The participant’s continued employment will not constitute consent to, or a waiver or rights with respect to, any circumstance constituting good reason hereunder. 
 3.8    Normal retirement age for purposes of this plan is exactly three years before the age specified in the following table:

  

					
	Calendar year of birth	  	Specified age	  	
	Before 1938	  	65 exactly	  	
	1938	  	65 and 2 months	  	
	1939	  	65 and 4 months	  	
	1940	  	65 and 6 months	  	
	1941	  	65 and 8 months	  	
	1942	  	65 and 10 months	  	
	1943 through 1954	  	66 exactly	  	
	1955	  	66 and 2 months	  	
	1956	  	66 and 4 months	  	
	1957	  	66 and 6 months	  	
	1958	  	66 and 8 months	  	
	1959	  	66 and 10 months	  	
	After 1959	  	67 exactly	  	

 3.9    Potential change in control of the Company will be deemed to
have occurred if: 
 (a)    the Company enters into an agreement, the consummation of which would result in the
occurrence of a change in control of the Company; 
 (b)    any person (as defined in Section 3.4), including the
Company, publicly announces an intention to take or consider taking actions which if consummated would constitute a change in control of the Company; 
 (c)    any person (as defined in Section 3.4), other than the Company, any trustee or other fiduciary holding securities under an employee benefit plan of the Company or a corporation owned,
directly or indirectly, by the stockholders of the Company in substantially the same proportions as their ownership of stock of the Company (i) is or becomes the beneficial owner, (ii) discloses directly or indirectly to the Company or
publicly a plan or intention to become the beneficial owner, or (iii) makes a filing under the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended, with respect to securities to become the beneficial 

  

 5 

 
owners, directly or indirectly, of securities representing 9.9% or more of the combined voting power of the outstanding voting securities of the Company; or

 (d)    the Board adopts a resolution to the effect that, for purposes of this plan, a potential change in control of
the Company has occurred. 
 3.10    Retirement means a participant’s termination of employment from an
employer (a) on or after (i) he has reached his normal retirement age, (ii) he has reached his early retirement age and completed five years of service, or (iii) a change in control of the Company has occurred, or (b) in
contemplation of a change in control of the Company. 
 3.11    Service has the same meaning as “plan
service” in the retirement plan. 
 3.12    Social Security benefit of a participant as of his retirement
date (the “computation date”) means the primary insurance amount to which he is or would be entitled, payable under Title II of the Social Security Act as in effect on such date, based on the assumptions: (a) that no changes in the
benefit levels payable or the wage base under Title II occur after the computation date; (b) if the computation date falls on or after the date when he reaches his early retirement age and before the date when he reaches his normal retirement
age, that his annual earnings during the calendar year in which the computation date falls and any subsequent calendar year before the year in which his normal retirement age falls is zero; (c) if the computation date falls before the date when
he reaches his early retirement age, that his annual earnings during the calendar year in which the computation date falls and during each subsequent calendar year before the calendar year in which is normal retirement age falls is equal to his rate
of annual earnings on the computation date; (d) that payment of his primary insurance amount begins for the month after he reaches normal retirement age, or his retirement date if later, without reduction or delay because of future gainful
employment or delay in applying for benefits; and (e) that the participant’s earnings for calendar years before the calendar year in which the computation date falls will be determined using his actual earnings history if available, and
otherwise by applying a six percent retrospective salary scale to the employee’s rate of annual earnings in effect on the computation date. The social security benefit of a participant who retires after the age specified in the table in
Section 3.8 will include any delayed retirement credit. 
 3.13    Survivor income plan means the TECO Energy
Group Survivor Income Plan, as amended from time to time. 
 3.14    Termination of
employment.    Effective January 1, 2005, for purposes of qualifying for the payment of benefits under this part two (including Section 5), “termination of employment” means a termination of employment
that meets the definition of “separation from service” in Treasury Regulations Section 1.409A-1(h). This definition of termination of employment specifically qualifies the definitions of “retirement” in Section 3.10 and
of “termination of employment in contemplation of a change in control of the Company” in Section 3.15. 
  

 6 

 3.15    Termination of employment in contemplation of a change in control of the
Company means termination of a participant’s employment by the Company without cause or by the participant with good reason, if (a) the participant’s employment is terminated by the Company without cause prior to a change in
control of the Company (whether or not such a change in control ever occurs) and such termination was at the request or direction of a “person” (as such term is used in Section 13(d) and 14(d) of the Exchange Act) who has entered into
an agreement with the Company the consummation of which would constitute a change in control of the Company, (b) the participant terminates his employment for good reason prior to a change in control of the Company (whether or not such a change
in control ever occurs) and the circumstance or event which constitutes good reason occurs at the request or direction of such person, or (c) the participant’s employment is terminated by the Company without cause or by the participant for
good reason and such termination or circumstance or event which constitutes good reason is otherwise in connection with or in anticipation of a change in control of the Company (whether or not such a change in control ever occurs). 
 SECTION 4. PARTICIPATION 
 Any active employee of an
employer who is elected as an officer by such employer’s board of directors is covered by this part of the plan and is eligible to receive benefits hereunder if he falls in one of the following categories, but only if he is not covered by part
three of the plan or by another supplemental executive retirement plan or arrangement of the Company or any employer: 
 (a)    he is in salary grade level nine or above (prior to August 1, 2007, salary grade level five or above), and his participation hereunder is requested by the Vice President – Human Resources and approved by
the Chief Executive Officer of the Company; or 
 (b)    he is in a salary grade level below nine (prior to
August 1, 2007, below five), and his participation hereunder is requested by the Vice President – Human Resources and approved by the Chief Executive Officer of the Company and the Compensation Committee of the Board. 
 The provisions of this part two of the plan apply only to participants covered by part two. References in this part two to “participant” and
“eligible” individuals include only people who are covered by part two. 
 SECTION 5. RETIREMENT BENEFITS 
 5.1    Retirement at or after normal retirement age.    Subject to the reductions described in
Section 8.1 below, each eligible officer who retires on or after attaining normal retirement age will receive a supplemental monthly pension equal to one-twelfth of the following: (i) for individuals who become participants prior to
August 1, 2007, three percent of his average annual earnings multiplied by his years of service up to a maximum of 20 years; or (ii) for individuals who become participants on or after August 1, 2007, two percent of his average annual
earnings multiplied by his years of service up to a maximum of 30 years. A participant’s retirement 

  

 7 

 
benefit hereunder will be calculated using his years of service and average annual earnings as of the actual date of his retirement. 
 5.2    Retirement after early retirement age but before normal retirement age.    A participant who
retires on or after attaining early retirement age but before attaining normal retirement age and who has completed five years of service will receive a supplemental monthly pension equal to one-twelfth of the amount determined using the formula in
Section 5.1 above, multiplied by an early retirement factor determined under the following table: 
  

											
		 	 Years by which the start
 of payments precedes   
 normal
retirement age* 
	 	 Early
 retirement
 factor
	    		    		    	
		 	 9
	 	.55	    		    		    	
		 	 8
	 	.60	    		    		    	
		 	 7
	 	.65	    		    		    	
		 	 6
	 	.70	    		    		    	
		 	 5
	 	.75	    		    		    	
		 	 4
	 	.80	    		    		    	
		 	 3
	 	.85	    		    		    	
		 	 2
	 	.90	    		    		    	
		 	 1
	 	.95	    		    		    	

 *Interpolate for completed months. 
 Notwithstanding the foregoing, in the event of a change in control of the Company and the subsequent retirement of a participant on or after attaining
early retirement age but before normal retirement age, or in the event of termination of a participant’s employment with the Company on or after attaining early retirement age but before normal retirement age in contemplation of a change in
control of the Company, the participant will receive the benefits provided under this Section 5.2 whether or not he has completed five years of service. 
 5.3    Effect of change in control prior to attainment of early retirement age.    In the event of a change in control of the Company prior to the attainment of early
retirement age by any participant, or in the event of termination of a participant’s employment with the Company prior to the attainment of early retirement age by the participant in contemplation of a change in control of the Company, such
participant will receive upon his retirement a supplemental monthly pension equal to one-twelfth of the amount determined using the formula in Section 5.1 above, multiplied by an early retirement factor determined under the following table:

  

											
		 	 Years by which the start
 of payments precedes   
 normal
retirement age* 
	 	 Early
 retirement
 factor
	    		    		    	
		 	 30
	 	.10	    		    		    	
		 	 29
	 	.11	    		    		    	
		 	 28
	 	.12	    		    		    	
		 	 27
	 	.13	    		    		    	

  

 8 

											
		 	 26
	 	.14	    		    		    	
		 	 25
	 	.15	    		    		    	
		 	 24
	 	.16	    		    		    	
		 	 23
	 	.17	    		    		    	
		 	 22
	 	.18	    		    		    	
		 	 21
	 	.20	    		    		    	
		 	 20
	 	.21	    		    		    	
		 	 19
	 	.23	    		    		    	
		 	 18
	 	.25	    		    		    	
		 	 17
	 	.27	    		    		    	
		 	 16
	 	.30	    		    		    	
		 	 15
	 	.32	    		    		    	
		 	 14
	 	.35	    		    		    	
		 	 13
	 	.38	    		    		    	
		 	 12
	 	.41	    		    		    	
		 	 11
	 	.45	    		    		    	
		 	 10
	 	.49	    		    		    	
		 	 9
	 	.54	    		    		    	
		 	 8
	 	.59	    		    		    	

 *Interpolate for completed months. 
 5.4    Form of Payment.    Notwithstanding any provisions of the plan to the contrary (including, without
limitation, references to payments as a monthly pension), the only form of retirement benefit payable to a participant under the plan is a commuted lump sum payment that is the actuarial equivalent of a life annuity (including the value of earned
early retirement subsidies and value of the post-retirement surviving spouse benefit under Section 6.2(c)). Actuarial equivalence will be based on the actuarial assumptions specified from time to time in the retirement plan for lump sum
payments. The lump sum payment will be made on the first day of the month following separation from service (for payments commencing June 1, 2005 and later and prior to January 1, 2008, on the first day of the month that is six months
following separation from service). Notwithstanding anything in this plan to the contrary, to the extent required by Section 409A of the Code, payment of the amounts payable under this Agreement shall be made no earlier than the earlier of
(i) the first day of the first month commencing at least six (6) months following separation from service with the Company (within the meaning of Section 409A) or (ii) date of death, with imputed interest on the delayed payment
based on the interest rate used to determine actuarial equivalence. 
 5.5    Enhanced benefits for certain
retirees.    Certain retirees have been provided enhanced retirement benefits as set forth in Schedule A hereto. 
  

 9 

 SECTION 6. SURVIVING SPOUSE BENEFIT 
 6.1    Eligibility.    The surviving spouse of a deceased participant will receive the surviving spouse benefit if: 
 (a)    the participant dies (i) during employment with an employer on or after he has completed at least five years of service
and his combined age and years of service total 50 or more, or (ii) after retirement; and 
 (b)    the spouse and
the deceased participant were married to each other for at least the 12 months preceding the participant’s date of death and, in the case of a participant who dies after retirement, were married to each other on the participant’s date of
retirement. 
 6.2    Amount of surviving spouse benefit.    Subject to the reductions
described in Section 8.2 below, the benefit provided under the plan to the surviving spouse of a participant will be determined as follows: 
 (a)    Pre-retirement before normal retirement age.    If a participant dies during employment with an employer and before his normal retirement age, his surviving spouse will receive a monthly
survivor income payment equal to 50 percent of the participant’s monthly projected retirement benefit. A participant’s monthly projected retirement benefit is the monthly benefit he would have received at normal retirement age under
Section 5.1 calculated using the number of years of service he would have had if he had continued in employment with an employer until normal retirement age and his average annual earnings determined as of his date of death. 
 (b)    Pre-retirement on or after normal retirement age.    If the participant dies during employment with
an employer on or after his normal retirement age, his surviving spouse will receive a monthly survivor income payment equal to 50 percent of his monthly retirement benefit earned under Section 5.1 using his number of years of service and his
average annual earnings as of his date of death. 
 (c)    Post-retirement.    If a
participant dies on or after his date of retirement, his surviving spouse will receive a monthly survivor income payment equal to 50 percent of the monthly benefit payment he was receiving at his death (or would have received if he had survived
until the first payment date). 
 6.3    Form and time of surviving spouse
benefit.    Notwithstanding any provisions of the plan to the contrary (including, without limitation, references to monthly survivor income payments), surviving spouse benefits under this Section 6 will be payable only
in the form of a lump sum payment that is the actuarial equivalent of a life annuity to the surviving spouse. The lump sum payment will be made on the first day of the month on or after the date of the participant’s death. 
  

 10 

 6.4    Death benefit where lump sum paid.    If a
participant received a lump sum payment of his benefit under Section 5.4, no surviving spouse benefit or other death benefit will be payable under the plan to any person. 
 SECTION 7. DISABILITY 
 7.1    Service during
disability.    A participant who suffers a total disability, as defined in the disability income plan, will continue to be credited with service as if he were actively employed by an employer during his period of total
disability. If such a participant does not return to active service with an employer, his benefit under Section 5 will be calculated using his average annual earnings as of his disability date, his total service including service credited under
the preceding sentence, and his primary social security benefit calculated as of the date of his disability. 
 7.2    Period of disability.    A participant’s date of disability is his last day of work for his employer before becoming unable to continue working because of his total disability. A
period of total disability of a participant will begin on his disability date and will end on the earlier of the last day of the month in which his final disability income payment is due under the disability income plan or on the date he retires
hereunder and starts receiving benefit payments. 
 7.3    Death while disabled.    If a
participant dies while disabled, his surviving spouse will, if eligible, receive the pre-retirement surviving spouse benefit determined under Section 6.2(a) or (b). 
 7.4    No duplication of benefits.    A participant may not receive benefits under this plan at any time when he is receiving disability income benefits under the
disability income plan. 
 SECTION 8. OFFSET FOR OTHER PAYMENTS 
 8.1    Retirement benefit offsets.    The retirement benefit of a participant will be reduced (but not below zero) by the following payments, with such reductions
starting when such benefits are assumed to begin: (a) 100% percent of the social security benefit of the participant assuming such benefit begins on the later of his normal retirement age or his actual retirement, and (b) the amount of his
benefit payments under the retirement plan (converted to a life annuity if such payments are in an optional form), assuming such payments begin on the later of his early retirement age or his actual retirement. 
 8.2    Death benefit offsets.    The benefit of a surviving spouse will be reduced (but not below zero) by
the following payments: (a) payments under the survivor income plan, and (b) payments under the retirement plan. 
  

 11 

 PART THREE 
 PARTICIPATION AND BENEFITS FOR FORMER EMPLOYEES OF 
 PEOPLES GAS SYSTEM, INC. 
 SECTION 9. DEFINITIONS 
 This section contains definitions
of terms used in this part of the plan that are not defined in Section 2. 
 9.1    Beneficiary means the
person or persons, or the estate of a participant, entitled to receive Part A payments as set forth in Sections 11.1 and 12.1 and the surviving spouse of a participant and/or the participant’s unmarried children under the age of twenty three
(23) entitled to receive Part B payments as set forth in Section 11.1 and 12.1 subsequent to the death of a participant. 
 9.2    Beneficiary designation means the written designation in the form prescribed by the committee by which each participant names the beneficiary(ies) of the participant’s benefits under the plan.

 9.3    Current compensation means the total compensation as solely determined by the employer in determining
benefits under this plan. 
 9.4    Covered compensation means the amount specified in Schedule B that forms the
basis for computation of the participant’s death and retirement benefits pursuant to the terms and conditions of this plan. 
 9.5    Early retirement date means the date of a participant’s retirement prior to his normal retirement date, and may occur on the first day of any month following the month in which the participant attains
his fifty-fifth birthday and ten years of employment with the employer. 
 9.6    Normal retirement date means the
first day of the month following the month in which the participant attains either his sixty-fifth birthday and has completed five years as a plan participant or his sixty-second birthday, has completed five years as a plan participant, and has
completed fifteen years of employment with the employer. 
 9.7    Retirement and retire means severance of
employment with the employer at or after the attainment of normal retirement date or, with the consent of the employer, on or after the early retirement date, provided that for distributions made on or after January 1, 2005 the severance of
employment meets the definition of “separation from service” in Treasury Regulations Section 1.409A-1(h). This definition specifically applies for the purpose of determining the participant’s eligibility for benefits under
Section 12 of this plan. 
 9.8    Years of employment with the employer, years of participation in the plan,
and similar phrases will be construed in such a way that participants receive full credit for years of 

  

 12 

 
employment with Peoples Gas System, Inc. and any other affiliate of Lykes Energy, Inc., and years of participation in the Supplemental Executive Retirement
Plan of Lykes Energy, Inc. for all purposes of this plan. 
 SECTION 10. PARTICIPATION 
 Any active employee of an employer who was formerly employed by Peoples Gas System, Inc. or any other affiliate of Lykes Energy, Inc., was a participant
in the Supplemental Executive Retirement Plan of Lykes Energy, Inc. and is listed on Schedule B to this plan is covered by this part of the plan and is eligible to receive benefits hereunder. The provisions of this part three of the plan apply only
to participants covered by part three. References in this part three to “participant” and “eligible” individuals include only people who are covered by part three. 
 SECTION 11. DEATH BENEFIT 
 11.1    Amount and payment.    If
a participant dies before retirement, the employer will pay or cause to be paid a death benefit to such participant’s beneficiary. Such death benefit will be divided into two parts: Part A and Part B. 
 Part A will be paid in one sum to the participant’s beneficiary, as set forth in his beneficiary designation in effect at the time of death,
in an amount equal to two times the participant’s covered compensation less $50,000, to be paid on the first day of the month following the participant’s date of death. 
 Part B will be 40% of the participant’s covered compensation and will be paid in equal monthly installments for one hundred and eighty months
or until the participant would have attained his sixty-fifth birthday, whichever is later. Such payment will commence effective the first day of the month following the date of death. 
 Notwithstanding the immediately preceding paragraph of this Section 11.1, the employer will pay or cause to be paid the death benefit specified
therein only if: 
  

	 	(a)	at the time of the participant’s death prior to attaining his normal retirement date such participant was an employee and had not retired, or was totally disabled or on
authorized leave of absence; and 

  

	 	(b)	proof of death in such form as determined acceptable by the committee is furnished. 

 11.2    Participant disability.    If a participant becomes totally disabled before retirement, he will remain a participant in this plan, but only if 
  

	 	(a)	such disability was not either intentionally self-inflicted or caused by illegal or criminal acts of the participant; and 

  

 13 

	 	(b)	the participant was an employee at the time he became totally disabled. 

 If a participant dies prior to retirement and while disabled in accordance with this Section 11.2, the death benefit provided in this Section 11 will be paid. If a participant retires, the retirement benefit provided in
Section 12 will be paid. 
 The determination of what constitutes total disability and the removal thereof for purposes of this Section 11 will be
made by the committee, in its sole and absolute discretion, and such determination will be conclusive. 
 SECTION 12. RETIREMENT BENEFIT 
 12.1    Normal retirement.    If a participant has remained an employee until his normal retirement date
and then retires, the employer will pay or cause to paid to such participant a retirement benefit. Such retirement benefit will be divided into two parts: Part A and Part B. 
 Part A will be paid in one sum to the participant’s beneficiary, as set forth in his beneficiary designation in effect at the time of death
in an amount equal to one times the participant’s covered compensation, to be paid on the first day of the month following the participant’s date of death. 
 Part B will be 40% of the participant’s covered compensation and will be paid in equal monthly installments in an amount as set forth in Schedule B. Payment of such monthly amount will commence on the
participant’s normal retirement date and will continue for the life of the participant. If the participant dies after retirement, payments will continue to the beneficiary until January 1 of the year the participant would have attained his
normal life expectancy established at the date of retirement. 
 12.2    Retirement after normal retirement
date.    A participant who continues employment with an employer after his normal retirement date may remain a participant in the plan. Upon retirement such a participant will be entitled to the benefits provided in
Section 12.7 hereof. The monthly payments provided for in Section 12.7 hereof will commence on the date the participant retires. 
 12.3    Early retirement.    A participant shall receive an early retirement benefit commencing as of the first day of any month coincident with or following the participant’s early
retirement date, but before the attainment of his normal retirement date, provided that the participant retires. In such event, the participant’s monthly early retirement benefit will be the retirement benefit (Parts A and B) set forth in
Schedule B multiplied by a fraction, the numerator of which is the number of whole years the employee has been a participant and the denominator of which is the number of whole years between such participant’s age at entry into the plan and the
participant’s age sixty-five. If the participant’s benefits have been increased since the participant’s initial entry into this plan, or successor or predecessor plans, the early retirement 

  

 14 

 
benefit will be determined by reducing each incremental benefit increase in accordance with the formula. The reduced amounts will be payable as follows:

 Part A will be paid in a reduced one sum to the participant’s beneficiary, as set forth in his beneficiary designation in
effect at the time of death, to be paid on the first day of the month following the participant’s date of death. 
 Part B will
be paid in equal reduced monthly installments. Payment of such monthly amount will commence on the participant’s early retirement date and will continue for the life of the participant. If the participant dies after retirement, payments will
continue to the beneficiary until January 1 of the year the participant would have attained his normal life expectancy established at the date of retirement. 
 These reduced amounts shall be the only benefits to which such a participant is entitled. 
 12.4    Post-retirement death benefit.    If a participant dies after retirement but before the applicable retirement benefit is paid in full, the unpaid retirement benefit payments to which
the participant is entitled will continue to be paid to the participant’s beneficiary. Such payments shall be made in accordance with the payment schedule to that participant pursuant to Sections 12.1, 12.2 and 12.3 of the plan. 
 12.5    Exclusivity of post-retirement death benefit.    No death benefit, as defined in Section 11,
will be paid to the beneficiary of a participant who dies after retirement. 
 12.6    Accrual of retirement
benefit.    A participant who ceases to be an employee, except as a result of death, retirement, or total disability within the meaning of Section 11.2, will not be entitled to any benefits hereunder and the employer
will have no obligation hereunder to such participant, provided that in the event the employer is merged, consolidated, reorganized, or sells substantially all of its assets to another corporation, firm, or person and such corporation, firm or
person takes action to terminate this plan in accordance with Section 19 or to terminate a participant in the plan as a result of such merger, consolidation, reorganization, or sale of assets, such participant will be entitled to those benefits
as described in Sections 11.1 and 12.1 and 12.3. 
 12.7    Benefit at retirement after attainment of normal
retirement date.    If a participant elects to continue employment beyond his normal retirement date, the committee, and only the committee, will specify the amount of the participant’s retirement benefit. 
 SECTION 13. BENEFICIARY 
 Each participant will designate
his beneficiary to receive benefits under the plan by completing the beneficiary designation. If more than one beneficiary is named, the shares and/or precedence of each beneficiary will be indicated in the designation. A participant will have the
right to change the beneficiary by submitting to the committee a new beneficiary designation. The beneficiary designation must be approved in writing by the employer; however, upon the employer’s acknowledgement of approval, the effective date
of the beneficiary designation will 

  

 15 

 
be the date it was executed by the participant. If the employer has any doubts as to the proper beneficiary to receive payments hereunder, it will have the
right to withhold such payments until the matter is finally adjudicated. Any payment made by the employer in good faith and in accordance with the provisions of this plan and a participant’s beneficiary designation will fully discharge the
employer from all further obligations with respect to such payment. 
 Part B benefits as set forth in Sections 11.1 and 12.1 of the plan
will be paid only to the participant’s surviving spouse and/or participant’s unmarried children under the age of 23 as shown in the beneficiary designation. Part A benefits as set forth in Sections 11.1 and 12.1 of the plan will be paid as
shown in the beneficiary designation. 
 PART FOUR 
 MISCELLANEOUS 
 SECTION 14. BENEFITS NOT CURRENTLY FUNDED 
 14.1    No funding.    Nothing in this plan will be construed to create a trust or to obligate the Company
or any other employer to segregate a fund, purchase an insurance contract, or in any other way currently to fund the future payment of any benefits hereunder, nor will anything herein be construed to give any participant or any other person rights
to any specific assets of the Company or of any other employer or entity. 
 14.2    Grantor
trust.    Notwithstanding Section 14.1, the Company has established a grantor trust of which it is treated as the owner under Section 671 of the Internal Revenue Code. 
 SECTION 15. DEFINITIONS 
 Where the context so requires, in
construing terms used in the plan the masculine includes the feminine, the singular includes the plural, and the plural includes the singular. 
 SECTION 16.
ADMINISTRATION 
 The plan will be administered by the committee, which will have full power and authority to construe, interpret and
administer the plan. Decisions of the committee will be final and binding on all persons. The committee may, in its discretion, adopt, amend, and rescind rules and regulations relating to the administration of the plan. 
 SECTION 17. RIGHTS NON-ASSIGNABLE 
 No participant,
surviving spouse, beneficiary, or any other person will have any right to assign or otherwise to alienate the right to receive payments under the plan, in whole or in part. 
 SECTION 18. EXCESS BENEFIT PLAN 
 This plan will supersede any obligation to pay to participants excess plan
benefits under any excess benefit plan provisions in the retirement plan, as such plan may be amended from 

  

 16 

 
time to time; no excess plan benefits will be payable under any such excess benefit plan to participants. 
 SECTION 19. AMENDMENT OR TERMINATION 
 The Company reserves
the right at any time by action of the board to terminate the plan or to amend its provisions in any way, subject to the requirements of Section 409A. In addition, if the retirement plan is terminated, this plan will automatically terminate
also as of the same effective date, subject to the Section 409A requirements. Notwithstanding the foregoing, no termination or amendment of the plan may reduce the benefits payable under the plan to any person with respect to a participant
whose employment with his employer was terminated before such termination or amendment and no termination or amendment may reduce the benefits to be paid with respect to a participant on the date of such termination or amendment below the amount
which such participant would have received if his employment had terminated on the date before such termination or amendment. 
 EXECUTED as
of December 20, 2007. 
  

			
	TECO ENERGY, INC.
		
	By:	 	 /s/  Clinton E. Childress

		 	 Clinton E. Childress
 Chief Human Resources Officer

  

 17 

 SCHEDULE A 
 Enhanced Retirement Benefits 
 A.1.    David N. Campbell and G. Pierce Wood. The
retirement benefits of David N. Campbell and G. Pierce Wood are to be calculated as though each had continued in employment until age 62 with annual earning equal to the rate of earning in effect on his date of termination of employment. 

A.2.    1994-95 Early Retirement Window. 
 (a)    The retirement benefits of each of the following participants are to be calculated by using the factors set forth below: 
  

							
	 Name
	 	 Increase in Age
	 	 Increase in Service
	 	  
				
	William T. Snyder	 	3 years, 8 months	 	N/A	 	
				
	Robert T. Tomczak	 	3 years	 	3 years	 	
				
	Fred W. Maggard	 	4 years	 	4 years	 	
				
	R.D. Cornell	 	4 years	 	4 years	 	

 (b)    Average annual earnings for each of Philip G. Flood and John G. Graham
is to be calculated using the three consecutive calendar years out of the five calendar years preceding the date of retirement which yield the highest average. 
 A.3.    Larry D. Noland. The retirement benefit of Larry D. Noland is to be calculated
as though he were age 62  1/2 on his retirement date, resulting in an increase in the benefit otherwise payable under the plan of
$1,062.93 per month. 
  

 18 

 SCHEDULE B 
 Covered Compensation and Part A and Part B Benefits of 
 Participants Covered by Part Three of the
Plan 
  

											
		 		 	 Death benefits
 (Section 11.1)
	 	 Retirement benefits
 (Section 12.1)

	 Participant
	 	 Covered
 Compensation
	 	Part A	 	Part B	 	Part A	 	Part B
						
	 Gerald E. Cox
	 	$138,445	 	N/A*	 	N/A*	 	$138,445	 	$4,614.82
	 Wayne E. Huffman
	 	$114,736	 	N/A*	 	N/A*	 	$114,736	 	$3,824.53
	 Ernest L. Mize
	 	$96,626	 	N/A*	 	N/A*	 	$96,626	 	$3,220.87
	 Frank J. Sivard
	 	$146,257	 	**$242,514	 	**$4,875.23	 	***$146,257	 	***$4,875.23
	 M. Lee Young
	 	$179,610	 	N/A*	 	N/A*	 	$90,974.33	 	****$3,032.48

  

	*	He did not die before retirement, so he is not entitled to death benefits under Section 11.1. 

	**	Payable only if he dies before retirement. 

	***	Payable only if he retires before death. 

	****	Includes $933.01 per month for two extra years of service in accordance with severance agreement. 

  

 19

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