Exhibit 10.1
TENTH AGREEMENT TO EXTEND THE
BOARD OF MANAGERS SERVICES AGREEMENT
This Tenth Agreement to Extend the Boards of Managers Services Agreement (the “Tenth Extension Agreement”) is made by and between Cleco Group LLC, a Delaware limited liability company, Cleco Corporate Holdings LLC, a Louisiana limited liability, and Cleco Power LLC, a Louisiana limited liability company (each a “Company” and collectively, the “Companies”), and _____________________. (“Manager”).
WHEREAS, the Board of Managers Services Agreement (the “Agreement”) between the Companies and Manager dated April 11, 2016 expired on April 30, 2017;
WHEREAS, the Companies and the Manager entered into an extension agreement dated May 1, 2017 which expired on April 30, 2018 (the “First Extension Agreement”);
WHEREAS, the Companies and the Manager entered into an extension agreement dated May 1, 2018 which expired on April 30, 2019 (the “Second Extension Agreement”);
WHEREAS, the Companies and the Manager entered into an extension agreement dated May 1, 2019 which expired on April 30, 2020; (the “Third Extension Agreement”); and
WHEREAS, the Companies and the Manager entered into an extension agreement dated May 1, 2020 which expired on April 30, 2021; (the “Fourth Extension Agreement”); and
WHEREAS, the Companies and the Manager entered into an extension agreement dated May 1, 2021 which expired on April 30, 2022; (the “Fifth Extension Agreement”); and
WHEREAS, the Companies and the Manager entered into an extension agreement dated May 1, 2022 which expired on April 30, 2023; (the “Sixth Extension Agreement”); and
WHEREAS, the Companies and the Manager entered into an extension agreement dated May 1, 2023 which expired on April 30, 2024; (the “Seventh Extension Agreement”); and
WHEREAS, the Companies and the Manager entered into an extension agreement dated May 1, 2024 which expired on April 30, 2025; (the “Eighth Extension Agreement”); and
WHEREAS, the Companies and the Manager entered into an extension agreement dated May 1, 2025 which expires on April 30, 2026; (the “Ninth Extension Agreement”); and
WHEREAS, the Companies and the Manager each desire to extend and continue said Agreement for the period of time and subject to the terms set forth in this Tenth Extension Agreement;
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NOW THEREFORE, for good value, the parties hereto agree to the following:
1. This Tenth Extension Agreement shall become effective on May 1, 2026 and continue through April 30, 2027 subject to the early termination provisions found in Section 3 of the Agreement.
2. “Schedule 1 – Independent Director Compensation” of the Agreement shall continue as follows:
| Independent director compensation Annual Per Quarter | ||
| Base compensation - each independent director $ 180,000 $ 45,000 | ||
| Additional compensation if a Committee Chair $ 20,000 $ 5,000 | ||
| Additional compensation if Board Chair $ 95,000 $ 23,750 |
3. This Tenth Extension Agreement shall be on all other terms and conditions as stated in the Agreement.
By their signatures below, the undersigned representative of the Companies certifies that they are fully authorized to enter into the terms and conditions of this Tenth Extension Agreement and to execute and bind the Companies and their predecessors, successors, parents, subsidiaries, affiliates and assigns to this Tenth Extension Agreement.
[Signature page follow]
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In witness whereof, the parties hereto enter into this Tenth Extension Agreement effective as of May 1, 2026.
Cleco Group LLC
By: _________________________________
Name: _William G. Fontenot_____________
Title: _President & CEO________________
Cleco Corporate Holdings LLC
By: _________________________________
Name: _William G. Fontenot_____________
Title: _President & CEO________________
Cleco Power LLC
By: _________________________________
Name: _William G. Fontenot_____________
Title: _ CEO________________
MANAGER
____________________________________
Manager name
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