Document:

Exhibit

Exhibit 10.5

Acknowledgement Form
[Date]
[Name of Director]
Dear: ____________
Pursuant to the PNM Resources, Inc. 2014 Performance Equity Plan (the ‘Plan’), you have been granted a Restricted Stock Rights Award for ____ shares of stock of PNM Resources, Inc. as outlined below.
Employee ID: _________
Granted To: _________
Grant ID: ___
Grant Date: _________
Granted: _____
Grant Price: $0.000000
Vesting Schedule: 1 year cliff

	
		
	Vesting Schedule - Restricted Stock Rights Award

	Vest Date 1
	Vest Quantity

	_________
	_______

 

By my acceptance below, I hereby (1) acknowledge receipt of this Grant on the date shown above, which has been issued to me under the attached Terms and Conditions and the Plan, (2) acknowledge receipt of the copy of the Plan and the Terms and Conditions of this Grant, and (3) agree to conform to all of the attached Terms and Conditions of the Grant and the Plan.

_____________________
1 Vested Restricted Stock Rights will be delivered in accordance with any elections made under the Director Deferred Rights Program, provided that if vesting or any applicable deferred delivery dates occur during a blackout period, the vested shares will be delivered at a later date after such blackout period ends.

Exhibit 10.5

Terms and Conditions of Restricted Stock Rights Award to Non-Employee Directors
Pursuant to the PNM Resources, Inc. 2014 Performance Equity Plan, you have been granted a Restricted Stock Rights Award for the number of shares specified on the Acknowledgment Form attached. The Acknowledgment Form and these Terms and Conditions are collectively referred to as the “Award Document.”
The Restricted Stock Rights Award is subject to all of the provisions set forth in the PNM Resources, Inc. 2014 Performance Equity Plan (the “Plan”) and this Award Document.  The Restricted Stock Rights Award is also subject to the provisions set forth in the PNM Resources, Inc. Director Deferred Restricted Stock Rights Program (“Deferral Program”) if you chose to defer your Restricted Stock Rights Award.  
Capitalized terms used in the Award Document that are not otherwise defined herein shall have the meanings given to such terms in the Plan or the Deferral Program.  
		
	1.
	Vesting.

(a)The Restricted Stock Rights Award shall vest in accordance with the vesting schedule on the Acknowledgment Form.

(b)If you have a Termination of Service as a Nonemployee Director, any nonvested Restricted Stock Rights Award will vest pursuant to Section 9.4 of the Plan.

2.Form and Timing of Delivery of Stock.

(a)If the Restricted Stock Rights vest as described on the Acknowledgment Form, you will receive the Stock payable with respect to such vested Restricted Stock Rights Award within ninety (90) days following the dates on which the Restricted Stock Rights vest.

(b)If any Restricted Stock Rights vest as described in Section 1(b), you will receive the Stock payable with respect to such Restricted Stock Rights within ninety (90) days following your Termination of Service. 

(c)Notwithstanding the foregoing Sections 2(a) and 2(b), if you elected to participate in the Deferral Program, you will be paid in accordance with your elections and the terms of the Deferral Program. 

(d)The delivery of the Restricted Stock Rights may be delayed to the extent necessary to comply with Federal securities laws. 
 
3.Divided Equivalents.  You will not be entitled to receive a dividend equivalent for any of the Restricted Stock Rights granted hereunder.  You also will not be entitled to receive dividend equivalents, if any, on any Restricted Stock Rights that you deferred pursuant to the Deferral Program. 
4.Voting Rights.   You  will  have  no  voting  rights  with  respect  to  nonvested  Restricted Stock Rights.   You  also  will  have  no  voting  rights  with  respect  to  any  Restricted Stock Rights 

Exhibit 10.5

that you deferred pursuant to the Deferral Program.

5.Clawback.  All or any portion of this Restricted Stock Rights Award is subject to recapture or “clawback” to the extent necessary to comply with Company policy or applicable law. By accepting this Award, you agree to be bound by, and comply with, the terms of any such recapture or clawback provisions and with any Company request or demand for a recapture or clawback.

6.Waiver and Modification.  The provisions of this Award Document may not be waived or modified unless such waiver or modification is in writing signed by the Company.

MANY OF THE PROVISIONS OF THIS AWARD DOCUMENT ARE SUMMARIES OF SIMILAR OR PERTINENT PROVISIONS OF THE PLAN OR THE DEFERRAL PROGRAM.  TO THE EXTENT THIS AWARD DOCUMENT IS SILENT ON AN ISSUE OR THERE IS A CONFLICT BETWEEN THE PLAN AND THIS AWARD DOCUMENT OR THE DEFERRAL PROGRAM AND THIS AWARD DOCUMENT, THE PROVISIONS OF THE PLAN OR THE DEFERRAL PROGRAM SHALL CONTROL.Exhibit

Exhibit 10.6

THIRD AMENDMENT
TO THE
PNM RESOURCES, INC.
NON-UNION SEVERANCE PAY PLAN

Effective January 1, 2002, Public Service Company of New Mexico ("PNM") adopted
the Public Service Company of New Mexico Benefits My Way Plan (the "BMW Plan").
Effective November 27, 2002, sponsorship of the BMW Plan was transferred from PNM to PNM
Resources, Inc. (the "Company") and the BMW Plan was renamed the "PNM Resources, Inc.
Benefits My Way Plan." The BMW Plan consisted of a number of component programs
including Program 12, Non-Union Severance Pay Program (the "Non-Union Severance
Program"). Effective as of January 1, 2004, the Company amended and restated the BMW Plan
to divide it into a number of separate plans that replaced several of the component programs in
effect on December 31, 2003. As part of the amendment and restatement, the PNM Resources,
Inc. Non-Union Severance Pay Plan (the "Plan") was created as a successor plan to the Non-
Union Severance Program, effective as of January 1, 2004. The Plan was most recently amended
and restated effective August 1, 2007. By this instrument, the Company now desires to amend
the Plan as set forth below.
		
	1.
	   Except as otherwise provided, this Third Amendment shall be effective as of

January 3, 2015.

		
	2.
	   Section 2.1(o) (Definitions "Management Group") is hereby amended and

restated to read as follows:

(o) "Management Group" means any Participant who 
               is in salary grade G04 through G01 at the time of Impaction.

		
	3.
	    This Third Amendment amends only the provisions of the Plan as noted above,

and those provisions not expressly amended shall be considered in full force and effect.

1

Exhibit 10.6

Notwithstanding the foregoing, this Third Amendment shall supersede the provisions of the Plan
to the extent those provisions are inconsistent with the provisions and intent of this Third
Amendment.
IN WITNESS WHEREOF, the Company has caused this Third Amendment to be
executed as of this 11th day of November, 2015.
PNM RESOURCES, INC.
By:   /s/ Patrick V. Apodaca                                
Its:    Sr VP, General Counsel and Corporate 
Secretary

2itg_Ex_10_15

		
			Exhibit 10.15
		

		
			 
		

		
			United States
		

		
			 
		

		
			INVESTMENT TECHNOLOGY GROUP, INC.
		

		
			 
		

		
			2007 OMNIBUS EQUITY COMPENSATION PLAN
VARIABLE COMPENSATION STOCK UNIT AWARD PROGRAM SUBPLAN
		

		
			 
		

		
			20XX GRANT NOTICE (OpCo Performance-Based Awards)
		

		
			 
		

		
			Investment Technology Group, Inc. (the “Company”), pursuant to Section 6 of its Variable Compensation Stock Unit Award Program Subplan (the “Program”), hereby grants to you as a Participant under the Program, Stock Units representing a generally nontransferable right to receive one share of Company Stock with respect to each underlying Stock Unit at a specified future date (the “Grant”), subject to all of the terms and conditions as set forth herein, the Program and the Investment Technology Group, Inc. 2007 Omnibus Equity Compensation Plan (the “Plan”).1  Notwithstanding any provision of the Program, no Dividend Equivalents shall be credited on the Stock Units. All capitalized terms herein that are not otherwise defined shall have the meanings ascribed to such terms in the Program or Plan, as applicable. 
		

			
					
						 

					
					
						 

					
					
						 

				
	
					
						Participant:

					
					
						 

					
					
						 

				
	
					
						Date of Grant:

					
					
						 

					
					
						 

				
	
					
						Number of Basic Units subject to Grant:

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

				

		
			 
		

		
			Vesting Schedule: The Basic Units subject to this Grant are designated as Performance-Based Units under the Program and are subject in all respects to the vesting provisions set forth in Section 6(c) of the Program.  
		

		
			The Basic Units subject to this Grant shall be divided into three equal annual installments, and each installment shall vest, if at all, on ______________, ______________ and ______________, based on the levels of Revenue and Pre-Tax Margin (each a “Performance Metric” as defined below and together, the “Performance Metrics”) achieved for each of the 20XX, 20XX and 20XX fiscal years (each a “Performance Year”), respectively, that ends immediately prior to the applicable vesting date,  if the Participant remains continuously employed by the Company or its Subsidiaries through, and is in Good Standing (as defined below) on, each applicable vesting date. Between January 1 and ___________ of the year following each Performance Year, the Compensation Committee of the Board of Directors (the “Board”), or any other committee appointed by the Board to administer the Program (the “Compensation Committee”), shall determine and certify the extent to which Basic Units have been earned and are eligible for vesting, if at all, based on the levels of Revenue and Pre-Tax Margin achieved for the applicable Performance Year.
		

		
			The number of Basic Units set forth above is the number of Basic Units that may be earned and eligible for vesting based on achievement of the Performance Metrics in each Performance Year at levels that equal 100% in the payout matrix set forth below (the “Target Award”).2  The actual number of Basic Units that may be earned and eligible for vesting pursuant to this Grant may be greater or less than the Target Award, or even zero, and will be based on the level of the Performance Metrics achieved in each Performance Year in accordance with the following payout matrix. 
		

		
			 
		

			
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						Pre-Tax Margin

					
					
						Payout Matrix (%)

				
	
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						Revenue ($m)

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

				

		
			 
		

		
			1 The Plan, Plan prospectus, and Program are available on ITG Exchange. In addition, paper copies of the Plan, Plan prospectus and Program are available upon request by contacting the Legal Department of the Company at ITG_Legal.
		

		
			2 For illustrative purposes only, if Revenue and Pre-Tax Margin in each Performance Year are $X and X%, respectively, 100% of the Basic Units set forth above will be earned and eligible for vesting, subject to the continued employment and Good Standing requirements noted above.
		

		
			

		 

 

		

		
			If actual results for the Performance Metrics fall between the specified performance levels set forth in the payout matrix, the actual number of Basic Units that may vest on the applicable vesting date will be determined by equally weighting the interpolated payout percentage for each Performance Metric.3  Failure to achieve the threshold performance level for either of the Performance Metrics will result in no Basic Units vesting as of the applicable vesting date and in no event will the number of Basic Units vesting as of the applicable vesting date exceed 200% of the Basic Units subject to the applicable annual installment.4 
		

		
			For purposes of this Grant, (i) “Good Standing” means the Participant is actively employed by the Company or its Subsidiaries on the applicable date and has not given a notice of resignation to, or received a notice of termination from, the Company or any of its Subsidiaries prior to such date, (ii) “Revenue” means all revenues generated by the Company for the relevant Performance Year (adjusted to exclude unique and/or non-operating items in accordance with the Company’s historical practices, such as gains and losses on divestitures, and the impact on revenues of certain acquisitions or divestitures as determined by the Compensation Committee) and (iii) “Pre-Tax Margin” means the percentage determined by dividing the pre-tax income of the Company for the relevant Performance Year (adjusted to exclude unique and/or non-operating  items such as acquisitions, divestitures, restructuring charges, large write-offs, asset impairments, significant charges associated with litigation or regulatory matters together with related expenses or items outside of management’s control, in accordance with the Company’s historical practices and as determined by the Compensation Committee) by Revenue. 
		

		
			Settlement: The Participant shall receive shares of Company Stock in settlement of the Basic Units in accordance with the terms of the Program, subject to the collection of applicable taxes in connection with the issuance of Company Stock.  
		

		
			Violation of Code of Conduct; Financial Restatement; Forfeiture of Unvested Basic Units:  If, prior to the date the Basic Units otherwise become vested in accordance with the vesting schedule set forth above (i) the Participant materially breaches the Company’s Code of Business Conduct and Ethics, as such material breach is determined by the Compensation Committee, in its sole discretion, or (ii) the Company is required to prepare a restated financial statement that is filed with an external regulator because of material noncompliance of the Company with any financial reporting requirement, whether or not such restatement involves misconduct of the Participant, then the Compensation Committee may determine, in its sole discretion, that the Basic Units shall cease to vest effective as of the date of the material breach or the date on which the Company is notified of such requirement, as applicable, in each case, subject to compliance with applicable law. 
		

		
			Recoupment Policy:  You agree that you will be subject to any compensation clawback or recoupment policies that may be applicable to you as an employee of the Company or any of its affiliates, as in effect from time to time and as approved by the Board or the Compensation Committee, whether or not approved before or after the Date of Grant.
		

		
			 
		

		
			Acknowledgements: You acknowledge receipt of this Grant Notice, the Program, the Plan and the Plan prospectus.1  You further acknowledge that this Grant is made under, and governed by the terms and conditions of, the Plan and the Program except as otherwise set forth herein, and you agree to be bound by such terms. The Compensation Committee has the authority to interpret and construe this Grant pursuant to the terms of the Program and the Plan, and its decisions shall be conclusive as to any questions arising hereunder. 
		

		
			 
		

			
					
						 

					
					
						 

					
					
						 

				
	
					
						INVESTMENT TECHNOLOGY GROUP, INC.

					
					
						 

					
					
						 

					
					
						PARTICIPANT

				
	
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						By:

					
					
						 

					
					
						 

					
					
						 

					
					
						By:

					
					
						 

				
	
					
						Name:

					
					
						 

					
					
						 

					
					
						 

					
					
						Name:

					
					
						 

				
	
					
						Title:

					
					
						 

					
					
						 

					
					
						 

					
					
						Date:

					
					
						 

				
	
					
						Date:

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

				

		
			 
		

		
			3 For illustrative purposes only, if Revenue and Pre-Tax Margin for the 20XX Performance Year were $X and X%, respectively, the payout level would be determined by interpolating between performance levels of X% and X%, for a payout percentage of X% for the applicable installment.
		

		
			4 For illustrative purposes only, assume you were granted 100 Basic Units. If (a) Revenue and Pre-Tax Margin for each Performance Year were $X and X%, respectively, 200 Basic Units would vest in total over the course of the term of the award, (b) Revenue and Pre-Tax Margin for each Performance Year were $X and X%, respectively, 50 Basic Units would vest in total over the course of the term of the award and (c) Revenue or Pre-Tax Margin for each Performance Year were less than $X or less than X%, respectively, no Basic Units would vest.  For the avoidance of doubt, vesting in (a) and (b) is subject to the continued employment and Good Standing requirements noted above.

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