Amended 2005 Compensation Information for Michael H. Madison, David M. Eppler, and Dilek Samil

Contract Categories: Human Resources › Compensation Agreements
Summary

This document outlines the amended 2005 compensation details for Michael H. Madison, David M. Eppler, and Dilek Samil, including base salaries, annual incentive plan targets, and long-term incentive plan (LTIP) share awards for the 2005-2007 cycle. It also details additional restricted stock grants for Mr. Madison and Ms. Samil, and retirement benefits for Mr. Eppler, including a lump sum payment, pro rata LTIP payouts, and a monthly SERP benefit. The agreement specifies compensation terms, share awards, and retirement benefits for these executives.

Read More Arrow
EX-10.1 2 exhibit101.htm EXHIBIT 10.1 Exhibit 10.1

Exhibit 10.1

Amended 2005 compensation information for Michael H. Madison, David M. Eppler and Dilek Samil:

 

 

2005-2007 LTIP Cycle (1)


Name and Principal
Position


2005 Base
Salary


2005 AIP
Target

Number of
Threshold
Shares

Number of
Target
Shares

Number of
Maximum
Shares

Michael H. Madison - President and Chief Executive Officer
 

$359,808 (2)

65%

2,477

8,255

16,510

David M. Eppler - Former President and Chief Executive Officer

$228,846 (3)

65%

4,784

15,946

31,892

Dilek Samil - President and Chief Operating Officer (Cleco Power LLC)

$280,385 (4)

50%

2,019

6,729

13,458

_______________________

1  Additional grants of 4,450 and 825 shares of time-based restricted stock were made to Mr. Madison and Ms. Samil, respectively, in connection with their appointments to their new positions.

2  Estimated total base salary for 2005.  Mr. Madison's annualized base salary prior to January 29, 2005 was $285,000; from January 29 through May 4, 2005 was $300,000; and from and after May 5, 2005 is $400,000.

3  Base Salary paid until Mr. Eppler's retirement effective July 1, 2005.  Mr. Eppler's annualized base salary for 2005 was $425,000.

4  Estimated total base salary for 2005.  Ms. Samil's annualized base salary prior to January 29, 2005 was $245,000; from January 29 through May 4, 2005 was $269,000; and from and after May 5, 2005 is $292,000.

Upon his retirement Mr. Eppler will also receive a $50,000 lump sump payment for his significant contributions to Cleco.  Mr. Eppler will also receive a pro rata payout of target and opportunity shares of LTIP performance cycles ending December 31, 2005, 2006 and 2007, which will result in the award of 3,773 additional shares over those currently awarded to him under these performance cycles.  Mr. Eppler's gross SERP benefit will be approximately $26,000 per month and will be reduced by any pension benefits payable.  The LTIP payout and the SERP monthly benefit are calculated as of July 1, 2005.