2006 Executive Compensation and Long-Term Incentive Plan Summary for Cleco Corporation Executives
This document outlines the 2006 compensation and long-term incentive plan for key executives of Cleco Corporation and its subsidiaries. It details each executive's base salary, merit bonuses, annual incentive plan targets, and the number of shares or share equivalents they may receive under the 2006–2008 Long-Term Incentive Plan. The plan includes both cash-settled stock equivalent units and restricted stock, with specific thresholds and targets for each executive. The agreement sets out the compensation structure and performance-based incentives for the named officers for the specified period.
EXHIBIT 10.1
| Name and Principal Position | 2006 Base Salary | 2006 Merit Lump Sum Bonus | 2006 AIP Target | 2006 - 2008 LTIP Cycle (1) | ||
| Number of Threshold Shares | Number of Target Shares | Number of Maximum Shares | ||||
| Michael H. Madison - President and Chief Executive Officer | $425,000 | $0 | 70% | 8,208 | 27,360 | 54,720 |
| Dilek Samil - President and Chief Operating Officer (Cleco Power LLC) | $300,000 | $5,000 | 55% | 3,951 | 13,168 | 26,336 |
| Kathleen F. Nolen - Senior Vice President and Chief Financial Officer | $222,000 | $0 | 45% | 1,949 | 6,496 | 12,992 |
| R. O'Neal Chadwick, Jr. - Senior Vice President and General Counsel | $225,000 | $4,000 | 45% | 2,173 | 7,242 | 14,484 |
| Samuel H. Charlton III - Senior Vice President and Chief Operating Officer (Cleco Midstream Resources LLC) | $218,000 | $9,000 | 40% | 2,106 | 7,018 | 14,036 |
(1) One half of all share amounts shown in these columns is in the form of common stock equivalent units, which are payable in cash. The other half is in the form of restricted stock.
