As reported in the Current Report on Form 8-K of Cleco Corporation (the “Company”) filed with the Securities and Exchange Commission on dated April 27, 2010, Dilek Samil, the former president and chief operating officer of Cleco Power LLC, a wholly-owned subsidiary of the Company, left her positions with Cleco Power effective May 23, 2010. On October 22, 2010, the Company and Ms. Samil entered into a Separation Agreement. Pursuant to the Separation Agreement, Ms. Samil is entitled to receive a payment of $145,000 to be paid within 10 days of her execution of a Waiver and Release attached as an exhibit to the Separation Agreement. The Waiver and Release contains a general release of claims, subject to certain exceptions, relating to Ms. Samil’s employment with the Company. In addition, the Separation Agreement provides that Ms. Samil is entitled to receive the benefits accrued and payable to her under the Company’s Supplemental Executive Retirement Plan (the “SERP”) with the parties agreeing that after the date on which Ms. Samil provides notice to the Company that she has retired from all substantial employ ment, her benefits under the SERP will be recalculated and prospectively paid as if she had attained age 55 as of May 23, 2010, the agreed date that Ms. Samil ceased being employed by the Company. In the Separation Agreement, Ms. Samil has also agreed to adhere to certain confidentiality, non-solicitation and non-disparagement covenants. The foregoing description of the Separation Agreement is qualified in its entirety by reference to the Separation Agreement that is attached hereto as Exhibit 10.1 and is incorporated herein by reference. |
