SEC FORM 4

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

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Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

1. Name and Address of Reporting Person^*

NOLEN KATHLEEN F

(Last)

(First)

(Middle)

P.O. BOX 5000

(Street)

PINEVILLE

71361-5000

(City)

(State)

(Zip)

2. Issuer Name and Ticker or Trading Symbol
CLECO CORP [ CNL ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

	Director	10% Owner
X	Officer (give title below)	Other (specify below)
	Sr VP - CFO

3. Date of Earliest Transaction (Month/Day/Year)
05/28/2008

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	Code	V	Amount	(A) or (D)	Price		6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
Common Stock, $1 par	05/28/2008		M		15,667	A	⁽¹⁾	54,912.1701⁽²⁾	D
Common Stock, $1 par	05/28/2008		S		15,667	D	$25.0598	39,245.1701	D
Common stock, $1 par	05/31/2008		D⁽³⁾		6,151	D	$0	33,094.1701	D

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares	8. Price of Derivative Security (Instr. 5)		10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
Non-Qualified Stock Option	$19.205	05/28/2008		X			1	07/23/2004	07/23/2009	Common Stock, $1 par	1	⁽⁴⁾	15,666	D
Non-Qualified Stock Option	$20.355	05/28/2008		X			3,333	07/23/2004	07/23/2009	Common Stock, $1 par	3,333	⁽⁴⁾	12,333	D
Non-Qualified Stock Option	$21.58	05/28/2008		X			3,333	07/23/2004	07/23/2009	Common Stock, $1 par	3,333	⁽⁴⁾	9,000	D
Non-Qualified Stock Option	$22.25	05/28/2008		X			4,000	07/27/2006	07/27/2011	Common Stock, $1 par	4,000	⁽⁴⁾	5,000	D
Non-Qualified Stock Option	$24.25	05/28/2008		X			5,000	04/17/2007	04/17/2012	Common Stock, $1 par	5,000	⁽⁴⁾	0	D

Explanation of Responses:

1. 1 shares @ $19.205; 3,333 shares @ $20.355; 3,333 shares @ $21.58; 4,000 shares @ $22.25; and 5,000 shares @ $24.25.

2. Total includes 191.3317 shares acquired 2/15/08 and 190.7921 shares acquired 5/15/08 through the Company's dividend reinvestment plan and 126.22 shares acquired through the Company's 401(k) Savings and Investment Plan during the period 1/1/08 - 5/28/08.

3. Forfeiture of performance shares awarded under the Company's 2000 Long-Term Incentive Compensation Plan as a result of the reporting person's separation from the Company on 5/31/08.

4. Right to buy granted under the Company's 1990 and 2000 Long-Term Incentive Compensation Plans.

	Judy P. Miller, Atty-in-Fact for Kathleen F. Nolen	05/29/2008
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
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