Waiver of 2012 Base Compensation Increase by CEO Bruce A. Williamson – Cleco Corporation

Contract Categories: Business Finance › Waiver Agreements
Summary

Bruce A. Williamson, President and CEO of Cleco Corporation, formally notifies the Compensation Committee and Human Resource Management that he is waiving his contractual right to a minimum increase in base salary and related bonus opportunities for 2012. This decision aligns his compensation with other senior management, who will also not receive a base pay increase, and reflects a shift toward performance-based pay within the company.

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EX-10.E4 4 cnl-12312011xex10e14.htm EXHIBIT 10(E)(4) CNL-12.31.2011-EX 10(e)(14)



EXHIBIT 10(e)(14)

 
 
Cleco Corporation
2030 Donahue Ferry Road
P.O. Box 5000
Pineville, LA ###-###-####
Tel ###-###-####
Fax ###-###-####
 
 
 
 
 
Bruce A. Williamson
President & Chief Executive Officer


This note will serve as formal notification to the Compensation Committee of the Board of Directors of Cleco Corporation (the “Company”) and the Company's Human Resource Management of the following:

I intend to forego, and I hereby waive, the minimum increase in my base compensation and the related impacts on my cash and equity bonus opportunities for 2012 as set forth in my Executive Employment Agreement with the Company. This action keeps me, as CEO, aligned with other members of senior management who will not be receiving a base pay increase in 2012 consistent with my desire to shift more compensation to performance-based pay among senior management of the Company.




/s/ Bruce A. Williamson
 
Bruce A. Williamson
 
President and Chief Executive Officer