**EXHIBIT 10.31**

**Summary Description of PNMResources, Inc. Officer Paid Time OffProgram Effective January 1, 2006**

The Company provides for paid time off to Regular, full-timeOfficers under the Officer Paid Time Off (PTO) Program.  Other classifications ofemployees are not eligible for the benefits covered under this program.   SeeDefinitions for further information.  Unless otherwise specified, absencescovered under this program are paid at the Officer's straight time rate.

With PTO, each Officer gets a bank of time off each calendaryear.  The general rules of PTO use are:
    - PTO is used for vacation,     personal days and sick time (up to seven consecutive calendar days,     generally five PTO days).
    - PTO is designed to be used     each calendar year.  Only 100 hours can be carried over from year to year     for full-time employees.   
    - PTO can be sold during the     annual Open Enrollment.  Up to 50% of the following year's bank can be     sold during Open Enrollment.  PTO cannot be sold at any other time.
    - PTO is not used for holidays,     jury time, approved funeral leave, military leave, voting time, or doctor     appointments (for the employee only).
    - PTO is not used after Short     Term Illness/Injury (STI) benefits begin (generally seven consecutive     calendar days, or five PTO days).

Officers are awarded twenty-five(25) days of paid time off annually until the Officer's years of service wouldentitle them to more paid time off under the employee program.  

Once the Officer is entitled tomore time off under the employee program (achieved more than 13 years ofservice), he/she will receive time off pursuant to that program.  Under theemployee program, PTO is based on an employee's years of service.  The moreservice an employee has, the more time off he/she gets each calendar year. 

 
| **Service	(years)** | **PTO Hours** | **PTO Days** | ** ** | **Service	(years)** | **PTO Hours** | **PTO Days** |
|---------------------|---------------|--------------|------------|---------------------|---------------|--------------|
| < 1              | Pro-rated     | Pro-rated    |            | 22                  | 232           | 29           |
| 1                   | 128           | 16           |            | 23                  | 240           | 30           |
| 2                   | 136           | 17           |            | 24                  | 248           |  31     |
| 3                   | 144           | 18           |            | 25                  | 256           | 32           |
| 4                   | 152           | 19           |            | 26                  | 264           |  33     |
| 5                   | 168           | 21           |            | 27                  | 272           | 34           |
| 6                   | 168           | 21           |            | 28                  | 280           |  35     |
| 7                   | 168           | 21           |            | 29                  | 288           | 36           |
| 8                   | 176           | 22           |            | 30                  | 296           |  37     |
| 9                   | 176           | 22           |            | 31                  | 304           | 38           |

 

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| 10                  | 176           | 22           |        | 32                  | 312           |  39     |
|---------------------|---------------|--------------|--------|---------------------|---------------|--------------|
| 11                  | 184           | 23           |        | 33                  | 320           | 40           |
| 12                  | 192           |  24     |        | 34                  | 328           |  41     |
| **Service	(years)** | **PTO Hours** | **PTO Days** |   | **Service	(years)** | **PTO Hours** | **PTO Days** |
| 13                  | 200           | 25           |        | 35                  | 336           | 42           |
| 14                  | 208           |  26     |        | 36                  | 344           |  43     |
| 15                  | 208           | 26           |        | 37                  | 352           | 44           |
| 16                  | 208           | 26           |        | 38                  | 360           |  45     |
| 17                  | 208           | 26           |        | 39                  | 368           | 46           |
| 18                  | 216           | 27           |        | 40                  | 376           |  47     |
| 19                  | 216           | 27           |        | 41                  | 384           | 48           |
| 20                  | 224           | 28           |        | 42                  | 392           |  49     |
| 21                  | 224           | 28           |        | 43                  | 400           | 50           |

# DEFINITIONS

**Absence** - any time an employee is not present at theassigned work location during scheduled work hours.

**Company**- PNM Resources, Inc. or any of itsaffiliates.

**Full-time Status** - Employees who regularly work 32hours or more per week.

**Officer** - An employee of the Company in a position ofVice President or higher.

**Regular Status** - Employees who have successfullycompleted their Introductory Status.