Summary of TECO ENERGY INC

Change in Directors or Principal Officers, Financial Statements and Exhibits

Item 5.02 - Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers

(e) On July 30, 2009, TECO Energy, Inc. (the "Corporation") filed a Current Report on Form 8-K reporting on a management reorganization in which the Corporation's subsidiary, Tampa Electric Company (the "Company"), appointed Gordon L. Gillette to replace its former President (Charles R. Black) and President of its Peoples Gas System Division (William N. Cantrell). In connection with such reorganization, the Company entered into a Retirement Agreement and General Release with Mr. Cantrell dated August 11, 2009 (the "Agreement"). The Agreement provides for Mr. Cantrell to receive a payment equal to 1.5 times his base salary plus target bonus and a credit of two years additional age and service to be applied toward his retirement benefits. The Agreement also provides that, if the threshold performance goal is achieved for the Corporation's 2009 Annual Incentive Plan, Mr. Cantrell will receive an amount equal to his target incentive award with respect to his individual goals under such Plan, and an amount calculated based on corporate performance for the financial incentive goals under such Plan (in both cases prorated for 8 months). The Agreement provides for a waiver of the retiree portion of the retiree medical premium for 18 months and an option to participate in a 12-month outplacement program. Mr. Cantrell's time-vested restricted stock will vest and he will receive the number of performance-based restricted shares that were earned based on performance as of August 31, 2009. His stock options will remain excercisable for the remainder of their respective 10-year terms.

The foregoing summary of the Agreement is qualified in its entirety by reference to the Agreement, which is filed as Exhibit 10.1 hereto, and is incorporated herein by reference.