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CLECO CORP FILES (8-K) Disclosing Change in Directors or Principal Officers, Financial Statements and Exhibits(Edgar Glimpses Via Acquire Media NewsEdge) Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers. On October 21, 2014, the Board of Directors (the "Board") of Cleco Corporation ("the Company") approved an amendment to the Cleco Corporation Executive Severance Plan ("Executive Plan") to be effective following compliance with provisions under the Executive Plan requiring notice of any amendments to affected employees. The amendment modifies the definition of "Good Reason" under the Executive Plan in two ways. First, the amendment modifies the definition of "Good Reason" to include language providing that "in no event shall a Covered Executive's authority, duties or responsibilities be deemed to be reduced as a consequence of or related to the Company ceasing to be a publicly listed company." Second, the amendment deleted from the definition of "Good Reason" the following clause: "or such executive has reasonably determined that, as a result of a change in circumstances that materially affects his or her employment with the Company, he or she is unable to exercise the authority, power, duties and responsibilities assigned to him or her immediately before the commencement of such period." Item 9.01 Financial Statements and Exhibits. (d) Exhibits. The following exhibit is furnished herewith: 10.1 Text of the Amendment to the Cleco Corporation Executive Severance Plan -------------------------------------------------------------------------------- [ Back To TMCnet.com's Homepage ] |