Document:

INDEMNIFICATION AGREEMENT

This Indemnification Agreement (“
Agreement”), dated as of December 12, 2014, is between Cover-All Technologies Inc., a Delaware corporation (including its subsidiaries, the
“Company”), and _______________ (“Indemnitee”).

WHEREAS, Indemnitee is or will become a director
and/or officer of the Company;

WHEREAS, both the Company and Indemnitee
recognize the risk of litigation and other claims being asserted against directors and officers of public companies; and

WHEREAS, in recognition of Indemnitee’s
need for substantial protection against personal liability for services rendered to the Company, in order to procure Indemnitee’s continued service to the
Company as a director or officer, as the case may be, and to enhance Indemnitee’s ability to effectively serve the Company, and in order to provide
specific contractual assurance that the protection promised by the Company’s Certificate of Incorporation and/or By-Laws, each as may be amended and
restated from time to time (collectively, the “Constituent Documents”) will be available to Indemnitee (regardless of, among other
things, any amendment to or revocation of any of the Constituent Documents, any change in the composition of the Board (as defined below) or any change in
control or business combination transaction relating to the Company), the Company wishes to provide in this Agreement for the indemnification of, and the
advancement of Expenses (as defined below) to, Indemnitee to the fullest extent (whether partial or complete) permitted by law and as set forth in this
Agreement and, to the extent insurance is maintained, to provide for the continued coverage of Indemnitee under the Company’s directors’ and
officers’ liability insurance policies.

NOW, THEREFORE, in consideration of the
foregoing and Indemnitee’s agreement to provide services to the Company, the parties agree as follows:

1.

Definitions.  For purposes of this
Agreement, the following terms shall have the following meanings:

(a)

“Board” means the Board
of Directors of the Company.

(b)

“Change in Control”
means the occurrence after the date of this Agreement of any of the following events: (i) any Person is or becomes the beneficial owner, directly or indirectly,
of securities of the Company representing 20% or more of the Company’s then outstanding Voting Securities unless the change in relative beneficial
ownership of the Company’s securities by any Person results solely from a reduction in the aggregate number of outstanding shares of securities entitled to
vote generally in the election of directors; (ii) the consummation of a reorganization, merger or consolidation, unless immediately following such
reorganization, merger or consolidation, all of the beneficial owners of the Voting Securities of the Company immediately prior to such transaction beneficially
own, directly or indirectly, more than 50% of the combined voting power of the outstanding Voting Securities of the entity resulting from such transaction;
(iii) during any period of two (2) consecutive years, not including any period prior to the execution of this Agreement, individuals who at the beginning of
such period constituted the Board (including for this purpose any new directors whose election by the Board or nomination for election by the Company’s
stockholders was approved by a vote 

of at least two-thirds (2/3) of the
directors then still in office who either were directors at the beginning of the period or whose election or nomination for election was previously so approved)
cease for any reason to constitute at least a majority of the Board; or (iv) the stockholders of the Company approve a plan of complete liquidation or
dissolution of the Company or an agreement for the sale or disposition by the Company of all or substantially all of the Company’s assets.

(c)

“Claim” means any
threatened, pending or completed action, suit, proceeding, subpoena, arbitration or alternative dispute resolution mechanism or other written demand for damages
or equitable relief, whether civil, criminal, administrative, arbitrative, investigative or other, and whether made pursuant to federal, state or other law or
any inquiry, hearing or investigation (whether internal or external) that might lead to the institution of any such action, suit, proceeding, arbitration or
other alternative dispute resolution mechanism, including, without limitation any action, suit or proceeding seeking injunctive or declarative relief regarding
the existence of any fiduciary duty, brought or conducted by any third party or by or in the right of the Company or an affiliate of the Company.

(d)

“Disinterested Director
” means a director of the Company who is not and was not a party to the Claim in respect of which indemnification is sought by Indemnitee.

(e)

“Exchange Act” means
the Securities Exchange Act of 1934, as amended.

(f)

“Expense Advance” means
any payment of Expenses advanced to Indemnitee by the Company pursuant to Section 4 or Section 5.

(g)

“Expenses” means any
and all expenses, including attorneys’, consultants’ and experts’ fees, court costs, transcript costs, travel expenses, duplicating, printing and
binding costs, telephone charges, and all other costs and expenses incurred in connection with investigating, defending, being a witness in or participating in
(including on appeal), or preparing to defend, be a witness or participate in, any Claim, including, without limitation, all costs and fees reasonably incurred
in connection with the enforcement of this Agreement.

(h)

“Indemnifiable Event”
means any act or omission, event or occurrence, whether occurring before, on or after the date of this Agreement, related to the fact that Indemnitee or
Indemnitee’s testator or intestate is or was or has agreed to become a director or officer or is or was serving or has agreed to serve, at the request of
the Company, any other corporation, limited liability company, partnership, joint venture, trust, employee benefit plan or other entity or enterprise in any
capacity, or by reason of an action or inaction by Indemnitee in any such capacity (whether or not serving in such capacity at the time any Loss is incurred for
which indemnification can be provided under this Agreement).

(i)

“Independent Counsel”
means a law firm, or a member of a law firm, that is experienced in matters of corporation law and neither presently performs, nor in the past five (5) years
has performed, services for either: (i) the Company or Indemnitee (other than in connection with matters concerning Indemnitee under this Agreement or of other
indemnitees under similar agreements); or (ii) any other party to the Claim giving rise to a claim for indemnification hereunder.  Notwithstanding the
foregoing, the term “Independent Counsel” 

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shall not include any person who, under
the applicable standards of professional conduct then prevailing, would have a conflict of interest in representing either the Company or Indemnitee in an
action to determine Indemnitee’s rights under this Agreement.

(j)

“Losses” means any and
all Expenses, damages, losses, liabilities, judgments, fines, penalties (whether civil, criminal or other), excise taxes
assessed on Indemnitee with respect to an employee benefit plan, amounts paid or payable in settlement, including any interest, assessments, and all
other charges paid or payable in connection with investigating, defending, being a witness in or participating in (including on appeal), or preparing to defend,
be a witness or participate in, any Claim.

(k)

“Person” means any
individual, corporation, firm, partnership, joint venture, limited liability company, estate, trust, business association, organization, governmental entity or
other entity.

(l)

“Voting Securities”
means any securities of the Company that vote generally in the election of directors.

2.

Services to the Company.  Indemnitee
hereby agrees to serve the Company for so long as Indemnitee is duly elected or appointed or until Indemnitee tenders his or her resignation or is removed,
subject to the terms of any retention agreement between Indemnitee and the Company.  This Agreement shall not be deemed an employment agreement or an
agreement for the nomination, appointment or election as a director or officer between the Company and Indemnitee, and the Indemnitee acknowledges that, other
than with respect to the terms of any relevant employment agreement or applicable policy, the Indemnitee is an at-will employee and can be discharged by the
Company at any time, with or without cause.

3.

Indemnification. 

(a)

Generally.  Subject to the terms
and conditions of this Agreement, the Company shall indemnify Indemnitee, to the fullest extent permitted by the DGCL as in effect on the date of this Agreement
or as authorized or permitted by any amendment to or replacement of the DGCL adopted after the date of this Agreement that increases the extent to which a
corporation may provide indemnification, against any and all Losses if Indemnitee was or is or becomes a party to or a witness or other participant in, or is
threatened to be made a party to or witness or other participant in, any Claim by reason of or arising in part out of an Indemnifiable Event.

(b)

Requests for Indemnification.  In
order to obtain indemnification pursuant to this Agreement, Indemnitee shall submit to the Company a written request therefor, including in such request such
documentation and information as is reasonably available to Indemnitee and is reasonably necessary to determine whether and to what extent Indemnitee is
entitled to indemnification following the final disposition of the applicable Claim, provided that documentation and information need not be so provided to the
extent that the provision thereof would undermine or otherwise jeopardize attorney-client privilege.  Indemnification shall be made insofar as the
Indemnitee is entitled to indemnification in accordance with Section 3(c) or Section 3(d).

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(c)

Mandatory Indemnification.  In
accordance with Section 3(a) and notwithstanding any other provisions of this Agreement to the contrary, the Company shall indemnify Indemnitee against all
Losses (i) to the extent that Indemnitee shall have been successful on the merits or otherwise in defense of any Claim relating to an Indemnifiable Event or any
portion thereof or in defense of any issue or matter therein, including without limitation dismissal without prejudice, or (ii) to the extent that
Indemnitee’s involvement in a Claim relating to an Indemnifiable Event is to prepare to serve and serve as a witness, and not as a party.

(d)

Determination of Entitlement to
Indemnification.  To the extent that the provisions of Section 3(c) are inapplicable to a Claim relating to an Indemnifiable Event, upon the final
disposition of a Claim that is the subject of a request for indemnification delivered in accordance with and pursuant to Section 3(b), any determination of
whether Indemnitee has satisfied any applicable standard of conduct under the DGCL that is a legally required condition to indemnification of Indemnitee
hereunder against Losses relating to such Claim and any determination that Expense Advances must be repaid to the Company shall be made as follows:

(i)

if no Change in Control has occurred, (A) by a
majority vote of the Disinterested Directors, even if less than a quorum of the Board, (B) by a committee of Disinterested Directors designated by a majority
vote of the Disinterested Directors, even though less than a quorum, or (C) if there are no such Disinterested Directors, by Independent Counsel in a written
opinion addressed to the Board, a copy of which shall be delivered to Indemnitee; and

(ii)

if a Change in Control shall have occurred,
such determination shall be made (A) if Indemnitee so requests in writing, by a majority vote of the Disinterested Directors, even if less than a quorum of the
Board, or (B) otherwise, by Independent Counsel in a written opinion addressed to the Board, a copy of which shall be delivered to Indemnitee.

The Company shall use its commercially reasonable efforts to cause
any determination required under this Section 3(d) to be made as promptly as practicable.  If such determination shall not have been made within thirty
(30) days after the later of (A) receipt by the Company of a written request from Indemnitee for indemnification pursuant to Section 3(b) (the date of such
receipt being the “Notification Date”) and (B) the selection of an Independent Counsel, if such determination is to be made by
Independent Counsel, then Indemnitee shall be deemed to have satisfied the applicable standard of conduct; provided that such 30-day period may be extended for
a reasonable time, not to exceed an additional fifteen (15) days, if the Person or Persons making such determination in good faith requires such additional time
to obtain or evaluate information relating thereto.  Notwithstanding anything in this Agreement to the contrary, no determination as to entitlement of
Indemnitee to indemnification under this Agreement shall be required to be made prior to the final disposition of any Claim.

(e)

Selection of Independent Counsel.
 If any determination required to be made pursuant to Section 3(d) is to be made by Independent Counsel pursuant to Section 3(d)(i), the Independent
Counsel shall be selected by the Board, and the Company shall give written notice to Indemnitee advising Indemnitee of the identity of the Independent Counsel
so selected.  If such determination is to be made by Independent Counsel pursuant to Section 3(d)(ii), the 

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Independent Counsel shall be selected by
Indemnitee, and Indemnitee shall give written notice to the Company advising it of the identity of the Independent Counsel so selected.  In either case,
Indemnitee or the Company, as applicable, may, within ten (10) days after receiving written notice of selection from the other, deliver to the other a written
objection to such selection; provided, however, that such objection may be asserted only on the ground that the Independent Counsel so selected does not satisfy
the criteria set forth in the definition of “Independent Counsel” in Section 1, and the objection shall set forth with particularity the factual basis
of such assertion.  Absent a proper and timely objection, the Person or firm so selected shall act as Independent Counsel.  If a proper and timely
objection is made, the Person selected may not serve as Independent Counsel unless and until such objection is withdrawn or the Delaware Court (as defined in
Section 23), or, at Indemnitee’s option, pursuant to an arbitration, has determined that such objection is without merit.  If, within fourteen (14)
days after receipt by the Company of a request for indemnification pursuant to this Agreement, no Independent Counsel shall have been selected and not objected
to, either the Company or Indemnitee may petition the Delaware Court (as defined in Section 23), or, at such Person’s option, initiate an arbitration, for
resolution of any objection which shall have been made to the selection of Independent Counsel and/or for the appointment of another Person as Independent
Counsel, and the Person with respect to whom all objections are so resolved or the Person so appointed shall act as Independent Counsel.  The Company shall
pay all of the reasonable fees and expenses of the Independent Counsel and Indemnitee incurred in connection with the Independent
Counsel’s determination pursuant to Section 3(d).

(f)

Appeal Right.  Indemnitee and the
Company shall each have the right to appeal any decision of the Disinterested Directors, the Board or Independent Counsel to the Delaware Court.  Any such
adjudication shall be conducted in all respects as a de novo trial on the merits.  In any such adjudication, the presumptions and burdens set forth
in Section 9 shall apply.

(g)

Payment of Losses Subject to Indemnification
.  If in regard to any Losses (i) Indemnitee shall be entitled to indemnification pursuant to Section 3(c) or (ii) Indemnitee has been determined or
deemed to be entitled to indemnification in accordance with Section 3(d), then, in each case, the Company shall pay to Indemnitee, within ten (10) days after
the later of (x) the Notification Date or (y) the earliest date on which the applicable criterion specified in clause (i) or (ii) is satisfied, an amount equal
to such Losses.

4.

Advancement of Expenses.  The
Company shall pay on behalf of Indemnitee, advance to Indemnitee or reimburse Indemnitee for any and all Expenses actually and reasonably paid or incurred by
Indemnitee in connection with any Claim arising out of an Indemnifiable Event within ten (10) days after written request by Indemnitee, whether such request is
made prior to or after final disposition of any Claim.  In connection with any request for Expense Advances, Indemnitee shall not be required to provide
any documentation or information to the extent that the provision thereof would undermine or otherwise jeopardize attorney-client privilege.  Execution and
delivery to the Company of this Agreement by Indemnitee constitutes a promise and undertaking by Indemnitee to repay any and all amounts paid, advanced or
reimbursed by the Company pursuant to this Section 4 in respect of Expenses relating to, arising out of or resulting from any Claim in respect of which it shall
be determined, pursuant to Section 3(d), following the final disposition of such Claim, that Indemnitee is not entitled to 

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indemnification under Section 3 or has
received reimbursement or advances for Expenses in excess of the amount to which Indemnitee is entitled.  Any and all amounts Indemnitee is required to
reimburse to the Company pursuant to this Section 4 shall be repaid promptly, but in no event later than sixty (60) days, following such determination.  No
other form of undertaking shall be required other than the execution of this Agreement.  Indemnitee’s obligation to reimburse the Company for Expense
Advances shall be unsecured and no interest shall be charged thereon.  

5.

Indemnification for or Advancement of
Expenses in Enforcing Rights.  To the fullest extent allowable under applicable law, the Company shall also indemnify Indemnitee for, subject to and in
accordance with Section 3, and, if requested by Indemnitee in writing, shall advance to Indemnitee, subject to and in accordance with Section 4, any expenses
actually and reasonably paid or incurred by Indemnitee in connection with any action or proceeding by Indemnitee for (a) indemnification or reimbursement or
advance payment of Expenses by the Company under any provision of this Agreement or under any other agreement or provision of the Constituent Documents or any
applicable law, rule or regulation now or hereafter in effect relating to Claims relating to Indemnifiable Events, and/or (b) recovery under any directors’
and officers’ liability insurance policies maintained by the Company, regardless of whether Indemnitee ultimately is determined to be entitled to such
indemnification or insurance recovery, as the case may be. However, in the event that Indemnitee is ultimately determined not to be entitled to such
indemnification or insurance recovery, as the case may be, then all amounts advanced under this Section 5 shall be repaid in accordance with Section 4.
Indemnitee shall be required to reimburse the Company in the event that a final judicial determination is made that such action brought by Indemnitee was
frivolous or not made in good faith.  Indemnitee’s obligation to reimburse the Company for Expense Advances shall be unsecured and no interest shall
be charged thereon.

6.

Partial Indemnity, Etc.  If
Indemnitee is entitled under any provision of this Agreement to indemnification by the Company for some or a portion of any Losses in respect of a Claim related
to an Indemnifiable Event but not, however, for all of the total amount thereof, the Company shall nevertheless indemnify Indemnitee for the portion thereof to
which Indemnitee is entitled.  Moreover, notwithstanding any other provision of this Agreement, to the extent that Indemnitee has been successful on the
merits or otherwise in defense of any or all Claims relating in whole or in part to an Indemnifiable Event or in defense of any issue or matter therein,
including dismissal without prejudice, Indemnitee shall be indemnified against all Expenses incurred in connection therewith.

7.

Exclusions from Indemnification or
Advancement of Expenses.  Notwithstanding anything in this Agreement to the contrary, the Company shall not be obligated to:

(a)

indemnify or advance funds to Indemnitee for
Expenses or Losses with respect to proceedings initiated by Indemnitee, including any proceedings against the Company or its directors, officers, employees or
other Indemnitees and not by way of defense, except: (i) proceedings brought to establish or enforce a right to indemnification under this Agreement or any
other statute or law or otherwise as required under the DGCL (unless a final adjudication, after all appeals or motions for leave to appeal have been exhausted,
by a court of competent jurisdiction determines that each of the material assertions made by Indemnitee in such 

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proceeding was not made in good faith or
was frivolous); (ii) where the Company has joined in or the Board has consented to the initiation of such proceedings; or (iii) where the Board finds it to be
appropriate;

(b)

indemnify Indemnitee if a final adjudication,
after all appeals or motions for leave to appeal have been exhausted, by a court of competent jurisdiction determines that such indemnification is prohibited by
applicable law;

(c)

indemnify Indemnitee for the disgorgement of
profits arising from the purchase or sale by Indemnitee of securities of the Company in circumstances in which such profits are required to be paid to the
Company pursuant to Section 16(b) of the Exchange Act or any similar successor statute; or

(d)

indemnify or advance funds to Indemnitee for
Indemnitee’s reimbursement or payment to the Company of any bonus or other incentive-based or equity-based compensation previously received by Indemnitee
or payment of any profits realized by Indemnitee from the sale of securities of the Company, as required in each case under the Exchange Act (including any such
reimbursements under Section 304 of the Sarbanes-Oxley Act of 2002 in connection with an accounting restatement of the Company or the payment to the Company of
profits arising from the purchase or sale by Indemnitee of securities in violation of Section 306 of the Sarbanes-Oxley Act).

8.

Notification, Defense and Settlement of
Claims.

(a)

Notification of Claims by Indemnitee.
 Indemnitee shall notify the Company as soon as practicable of any Claim which could relate to an Indemnifiable Event or for which Indemnitee could seek
Expense Advances, including a brief description (based upon information then available to Indemnitee) of the nature of, and the facts underlying, such Claim.
 The failure by Indemnitee to timely notify the Company hereunder shall not relieve the Company from any liability hereunder unless the Company’s
ability to defend such claim was materially and adversely affected by such failure.

(b)

Notification of Claims by Company.
 The Company shall notify Indemnitee as soon as practicable of any Claim which could relate to an Indemnifiable Event or for which Indemnitee could seek
Expense Advances, including a brief description (based upon information then available to the Company) of the nature of, and the facts underlying, such Claim.

(c)

Defense of Claims.  The Company
shall be entitled to participate in the defense of any Claim relating to an Indemnifiable Event at its own expense and, except as otherwise provided below, to
the extent the Company so wishes, it may assume the defense thereof with counsel reasonably satisfactory to Indemnitee.  After notice from the Company to
Indemnitee of its election to assume the defense of any such Claim, the Company shall not be liable to Indemnitee under this Agreement or otherwise for any
Expenses subsequently directly incurred by Indemnitee in connection with Indemnitee’s defense of such Claim other than reasonable costs of investigation or
as otherwise provided below. Indemnitee shall have the right to employ its own legal counsel in such Claim, but all Expenses related to such counsel incurred

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after notice from the Company of its
assumption of the defense shall be at Indemnitee’s own expense; provided, however, that if (i) Indemnitee’s employment of its own legal counsel has
been authorized by the Company, (ii) Indemnitee has reasonably determined that there may be a conflict of interest between Indemnitee and the Company in the
defense of such Claim, (iii) after a Change in Control, Indemnitee’s employment of its own counsel has been approved by the Independent Counsel or (iv) the
Company shall not in fact have employed counsel to assume the defense of such Claim, then Indemnitee shall be entitled to retain its own separate counsel (but
not more than one law firm plus, if applicable, local counsel in respect of any such Claim) and all Expenses related to such separate counsel shall be borne by
the Company. 

(d)

Settlement of Claims.  The Company
shall not settle, in whole or in part, any Claim relating to an Indemnifiable Event in a manner that imposes any Expense, liability or limitation on Indemnitee
without Indemnitee’s prior written consent, unless the Company first confirms its obligations to indemnify Indemnitee pursuant hereto and otherwise pays to
Indemnitee all such Losses and Expenses with respect thereto, which such consent shall not be unreasonably withheld.  Indemnitee shall not settle, in whole
or in part, any Claim relating to an Indemnifiable Event in a manner that imposes any Expense, liability or limitation on the Company without the Company’s
prior written consent, which such consent shall not be unreasonably withheld.

9.

Presumptions and Defenses.

(a)

Indemnitee’s Entitlement to
Indemnification.  Indemnitee shall be entitled to the presumption that Indemnitee has satisfied the applicable standard of conduct and is entitled to
indemnification provided that, if applicable, the notification provisions of Section 8(a) have been satisfied, and the Company shall have the burden of proving
by a preponderance of the evidence that Indemnitee has not satisfied the applicable standard of conduct and is not entitled to indemnification.  No
determination by the Company (including by its Disinterested Directors or any Independent Counsel) that Indemnitee has not satisfied any applicable standard of
conduct shall in and of itself be dispositive in (but may be used as a defense to) any legal proceedings brought by Indemnitee to secure indemnification or
reimbursement or advance payment of Expenses by the Company hereunder or create a presumption that Indemnitee has not met any applicable standard of conduct.
 The termination of any Claim by judgment, settlement (whether with or without court approval), conviction or upon a plea of nolo contendere, or its
equivalent, will not create a presumption that Indemnitee did not meet any applicable standard of conduct or have any particular belief, or that indemnification
hereunder is otherwise not permitted.

(b)

Defense to Indemnification and Burden of
Proof.  It shall be a defense to any action brought by Indemnitee against the Company to enforce this Agreement (other than an action brought to
enforce a claim for Losses incurred in defending against a Claim related to an Indemnifiable Event in advance of its final disposition) that it is not
permissible under applicable law for the Company to indemnify Indemnitee for the amount claimed.  In connection with any such action or any related
determination as to whether any applicable standard of conduct has been met, the burden of proving such a defense or that Indemnitee did not satisfy the
applicable standard of conduct shall be on the Company.

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(c)

Reliance as a Safe Harbor.  For
purposes of this Agreement, and without creating any presumption as to a lack of good faith if the following circumstances do not exist, Indemnitee shall be
deemed to have acted in good faith, for a purpose which he or she reasonably believed to be in, or, in the case of service for any other entity, not opposed to,
the best interests of the Company and, in criminal actions or proceedings, in addition, had no reasonable cause to believe that his or her conduct was unlawful,
if Indemnitee’s actions or omissions to act are taken in good faith reliance upon information, advice, opinions, reports or statements including financial
statements and other financial data, in each case prepared or presented by: (i) one or more officers or employees of the Company or any entity of which the
Company owns 50% or more of such entity’s voting securities, whom Indemnitee believes to be reliable and competent in the matters presented; (ii) counsel,
public accountants or other persons as to matters which Indemnitee believes to be within such Person’s professional or expert competence; or (iii) a
committee of the Board upon which Indemnitee does not serve, duly designated in accordance with a provision of the Constituent Documents as to matters within
its designated authority, which committee Indemnitee believes to merit confidence.  Notwithstanding the foregoing, Indemnitee shall not be considered to be
acting in good faith if Indemnitee has knowledge concerning the matter in question that would cause such reliance to be unwarranted.

(d)

Resolution of Claims.  The Company
acknowledges that a settlement or other disposition short of final judgment may be successful on the merits or otherwise for purposes of clause (i) of Section
3(c) if it permits a party to avoid expense, delay, distraction, disruption and uncertainty.  In the event that any Claim relating to an Indemnifiable
Event to which Indemnitee is a party is resolved in good faith in any manner other than by adverse judgment against Indemnitee (including, without limitation,
settlement of such action, claim or proceeding with our without payment of money or other consideration) it shall be presumed that Indemnitee has been
successful on the merits or otherwise for purposes of clause (i) of Section 3(c).  The Company shall have the burden of proof by preponderance of the
evidence to overcome this presumption.

10.

Non-Exclusivity.  The rights of
Indemnitee hereunder will be in addition to any other rights Indemnitee may have under the Constituent Documents, the DGCL, any other contract or otherwise
(collectively, “Other Indemnity Provisions”); provided, however, that (a) to the extent that Indemnitee otherwise would have any greater
right to indemnification under any Other Indemnity Provision, Indemnitee will be deemed to have such greater right hereunder, and (b) to the extent that any
change is made to any Other Indemnity Provision which permits any greater right to indemnification than that provided under this Agreement as of the date
hereof, Indemnitee will be deemed to have such greater right hereunder.

11.

No Duplication of Payments. The Company
shall not be liable under this Agreement to make any payment to Indemnitee in respect of any Losses to the extent Indemnitee has otherwise received payment
under any insurance policy, the Constituent Documents, Other Indemnity Provisions or otherwise of the amounts otherwise indemnifiable by the Company hereunder.

12.

Insurance.  For the duration of
Indemnitee’s service as a director or officer of the Company, and thereafter for so long as Indemnitee shall be subject to any pending Claim relating to an
Indemnifiable Event, the Company shall use commercially reasonable efforts (taking into 

9

account the scope and amount of coverage
available relative to the cost thereof) to continue to maintain in effect policies of directors’ and officers’ liability insurance providing coverage
that is at least substantially comparable in scope and amount to that provided by the Company’s current policies of directors’ and officers’
liability insurance.  In all policies of directors’ and officers’ liability insurance maintained by the Company, Indemnitee shall be named as an
insured in such a manner as to provide Indemnitee the same rights and benefits as are provided to the most favorably insured of the Company’s directors, if
Indemnitee is a director, or of the Company’s officers, if Indemnitee is an officer (and not a director) by such policy.  Upon request, the Company
will provide to Indemnitee copies of all directors’ and officers’ liability insurance applications, binders, policies, declarations, endorsements and
other related materials.  The Company shall promptly notify Indemnitee of any material change in such insurance coverage.

13.

Subrogation.  In the event of
payment to Indemnitee under this Agreement, the Company shall be subrogated to the extent of such payment to all of the rights of recovery of Indemnitee.
 Indemnitee shall execute all papers required and shall do everything that may be necessary to secure such rights, including the execution of such
documents necessary to enable the Company effectively to bring suit to enforce such rights.

14.

Statute of Limitations.  The Company
agrees not to assert that a claim for indemnification is barred by the statute of limitations as an affirmative defense or otherwise.

15.

Validity of Agreement.  The Company
shall not oppose the right of Indemnitee to seek any adjudication or arbitration sought under the terms of this Agreement and shall be precluded from asserting
that the procedures or presumptions contained herein are not valid, binding or enforceable and shall stipulate in any such adjudication or arbitration that the
Company is bound by all of the provisions of this Agreement.

16.

Notices.  All notices, requests,
demands and other communications under this Agreement shall be in writing and shall be deemed to have been duly given (a) if delivered by hand or by courier and
receipted for by the party to whom said notice or other communication shall have been directed, (b) if mailed by certified or registered mail with postage
prepaid, on the third business day after the date on which it is so mailed, or (c) if sent by facsimile transmission and fax confirmation is received, on the
next business day following the date on which such facsimile transmission was sent. Addresses for notice to either party are as shown on the signature page of
this Agreement, or such other address as any party shall have given by written notice to the other party as provided above.

17.

Binding Effect.  This Agreement
shall be binding upon and inure to the benefit of and be enforceable by the parties hereto and their respective successors (including any direct or indirect
successor by purchase, merger, consolidation or otherwise to all or substantially all of the business and/or assets of the Company), assigns, spouses, heirs and
personal and legal representatives.  The Company shall require and cause any successor (whether direct or indirect by purchase, merger, consolidation or
otherwise) to all, substantially all or a substantial part of the business and/or assets of the Company, by written agreement expressly to assume and agree to
perform this Agreement in the same manner and to the same extent that the Company would be required to perform if no such succession had taken place.

10

18.

Amendments.  No supplement,
modification or amendment of this Agreement shall be binding unless executed in writing by both of the parties hereto.  No waiver of any of the provisions
of this Agreement shall be binding unless in the form of a writing signed by the party against whom enforcement of the waiver is sought, and no such waiver
shall operate as a waiver of any other provisions hereof (whether or not similar), nor shall such waiver constitute a continuing waiver.  Except as
specifically provided herein, no failure to exercise or any delay in exercising any right or remedy hereunder shall constitute a waiver thereof.  This
Agreement shall be deemed automatically amended through no additional act of the Company or Indemnitee in the event of a change in the jurisdiction of
incorporation of the Company (through a merger, re-incorporation or otherwise) so as to effect the original intent of the parties as closely as possible in a
mutually acceptable manner in order that the transactions contemplated hereby be consummated as originally contemplated to the greatest extent possible under
the law of the new jurisdiction of incorporation of the Company.

19.

Severability.  The provisions of
this Agreement shall be severable in the event that any of the provisions hereof (including any portion thereof) are held by a court of competent jurisdiction
to be invalid, illegal, void or otherwise unenforceable, and the remaining provisions shall remain enforceable to the fullest extent permitted by law.
 Upon such determination that any term or other provision is invalid, illegal or unenforceable, the parties hereto shall negotiate in good faith to modify
this Agreement so as to effect the original intent of the parties as closely as possible in a mutually acceptable manner in order that the transactions
contemplated hereby be consummated as originally contemplated to the greatest extent possible.

20.

Headings.  The headings of the
sections and paragraphs of this Agreement are inserted for convenience only and shall not be deemed to constitute part of this Agreement or to affect the
construction or interpretation thereof.

21.

Interpretation.  As used in this
Agreement, the words “herein,” “hereof,” and “hereunder” and other words of similar import refer to this Agreement as a whole and
not to any particular paragraph, subparagraph, Section, or other subdivision and the words “include,” “includes” and “including”
shall be deemed to be followed by the words “without limitation.”  Whenever the context may require, any pronoun used in this Agreement shall
include the corresponding masculine, feminine or neuter forms, and the singular form of nouns, pronouns and verbs shall include the plural and vice versa.
 Unless the context otherwise requires, references herein: (a) to sections, schedules and exhibits mean the sections of, and schedules and exhibits
attached to, this Agreement; (b) to an agreement, instrument or other document means such agreement, instrument or other document as amended, supplemented and
modified from time to time to the extent permitted by the provisions thereof; and (c) to a statute means such statute as amended from time to time and includes
any successor legislation thereto and any regulations promulgated thereunder.  This Agreement shall be construed without regard to any presumption or rule
requiring construction or interpretation against the party drafting an instrument or causing any instrument to be drafted.

22.

Counterparts.  This Agreement may be
executed in one or more counterparts, each of which shall for all purposes be deemed to be an original, but all of which together shall constitute one and the
same Agreement.  A signed copy of this Agreement delivered by 

11

facsimile, e-mail or other means of
electronic transmission shall be deemed to have the same legal effect as delivery of an original signed copy of this Agreement.

23.

Governing Law and Forum; Service of Process
.  This Agreement shall be governed by and construed and enforced in accordance with the laws of the State of Delaware applicable to contracts made and
to be performed in such state without giving effect to its principles of conflicts of laws.  Except with respect to any arbitration commenced by Indemnitee
or the Company as permitted hereunder, the Company and Indemnitee hereby irrevocably and unconditionally (a) agree that any action, suit or other proceeding
arising out of or in connection with this Agreement shall be brought only in the Court of Chancery of the State of Delaware (the “Delaware Court
”), and not in any other state or federal court in the United States of America or any court in any other country, (b) consent to submit to the
exclusive jurisdiction of the Delaware Court for purposes of any action, suit or other proceeding arising out of or in connection with this Agreement, (c) waive
any objection to the laying of venue of any such action, suit or other proceeding in the Delaware Court, and (d) waive, and agree not to plead or to make, any
claim that any such action, suit or other proceeding brought in the Delaware Court has been brought in an improper or inconvenient forum.

[Signatures follow on next page]

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IN WITNESS WHEREOF,
the parties hereto have executed this Agreement as of the date first above written.

COVER-ALL TECHNOLOGIES INC.

By:    ________________________________

Name:

Title:

Address:

______________________________________

______________________________________

______________________________________

Attention:  _____________________________ 

Phone: ________________________________

Fax: __________________________________

Email:  ________________________________

Indemnitee:

______________________________________

Name:

Address:

______________________________________

______________________________________

______________________________________

Attention:  _____________________________ 

Phone: ________________________________

Fax: __________________________________

Email:  ________________________________

 

13Exhibit 10.1 PNMR Revolver Third Amendment

EXHIBIT 10.1

THIRD AMENDMENT TO CREDIT AGREEMENT
THIS THIRD AMENDMENT TO CREDIT AGREEMENT (this "Amendment") is entered into as of December 17, 2014 among PNM RESOURCES, INC., a New Mexico corporation (the "Borrower"), the Lenders party hereto and WELLS FARGO BANK, NATIONAL ASSOCIATION, as Administrative Agent for the Lenders (in such capacity, the "Administrative Agent").  Capitalized terms used herein and not otherwise defined shall have the meanings ascribed thereto in the Credit Agreement (as defined below).
R E C I T A L S
WHEREAS, the Borrower, the Lenders party thereto and the Administrative Agent are parties to that certain Credit Agreement, dated as of October 31, 2011 (as amended by the First Amendment to Credit Agreement, dated as of January 18, 2012, the Second Amendment to Credit Agreement, dated as of October 31, 2013, and as otherwise amended or modified from time to time, the "Credit Agreement");
WHEREAS, the Borrower has requested a modification to the Credit Agreement as described below; and
WHEREAS, the Lenders party hereto are willing to agree to such modification, subject to the terms set forth herein as more fully set forth below.
NOW, THEREFORE, in consideration of the premises and the mutual covenants contained herein, and for other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the parties hereto agree as follows:
A G R E E M E N T
1.    Amendments to Credit Agreement.
(a)    The following definitions in Section 1.1 of the Credit Agreement are amended and restated in their entirety to read as follows:
"Arrangers" means Wells Fargo Securities, LLC, MUFG Union Bank, N.A., Citigroup Global Markets, Inc. and J.P. Morgan Securities LLC together with their successors and/or assigns.
"Excluded Taxes" means, with respect to the Administrative Agent, any Lender, any L/C Issuer or any other recipient of any payment to be made by or on account of any obligation of the Borrower hereunder, (a) taxes imposed on or measured by its overall net income (however denominated), and franchise taxes imposed on it (in lieu of net income taxes), by the jurisdiction (or any political subdivision thereof) under the laws of which such recipient is organized or in which its principal office is located or, in the case of any Lender, in which its applicable Lending Office is located, (b) any branch profits taxes imposed by the United States or any similar tax imposed by any other jurisdiction in which the Borrower is located, (c) in the case of a Foreign Lender, any withholding tax that is imposed on amounts payable to such Foreign Lender at the time such Foreign Lender becomes a party hereto (or designates a new Lending Office) or is attributable to such Foreign Lender's failure or inability (other than as a result of a Change in Law) to comply with Section 3.13(e), except to the extent that such Foreign Lender (or its assignor, if any) was entitled, at the time of designation of a new Lending Office (or assignment), to receive additional amounts from 

the Borrower with respect to such withholding tax pursuant to Section 3.13(a) and (d) any U.S. federal withholding Taxes imposed under FATCA.
"FATCA" means Sections 1471 through 1474 of the Code, as of the date hereof, (or any amended or successor version that is substantively comparable and not materially more onerous to comply with), any current or future regulations or official interpretations thereof, any agreements entered into pursuant to Section 1471(b)(1) of the Code and any applicable intergovernmental agreements entered into by the United States that implement the foregoing.

"Initial L/C Issuers" means Wells Fargo Bank, National Association and MUFG Union Bank, N.A. in their capacity as L/C Issuers. 

"L/C Commitment" means, (a) with respect to Wells Fargo Bank, National Association, in its capacity as an Initial L/C Issuer, its obligation to issue Letters of Credit to the Borrower pursuant to Section 2.2 in an aggregate principal amount at any one time outstanding not to exceed $90,000,000 and (b) with respect to MUFG Union Bank, N.A., in its capacity as an Initial L/C Issuer, its obligation to issue Letters of Credit to the Borrower pursuant to Section 2.2 in an aggregate principal amount at any one time outstanding not to exceed $35,000,000, in each case, as such amount may be adjusted from time to time in accordance with this Credit Agreement.

"Letter of Credit Sublimit" means an amount equal to TWO HUNDRED MILLION DOLLARS ($200,000,000).  The Letter of Credit Sublimit is part of, and not in addition to, the Revolving Committed Amount.

"Maturity Date" means October 31, 2018 or with respect to some or all of the Lenders if such date is otherwise extended pursuant to Section 2.5, October 31, 2019 and/or October 31, 2020, as applicable (subject to the limitations set forth in Section 2.5).
“Sanctioned Person” means (a) a Person named on the list of “Specially Designated Nationals and Blocked Persons” maintained by OFAC available at http://www.treasury.gov/resource-center/sanctions/SDN-List/Pages/default.aspx, or as otherwise published from time to time, (b) a Person named on the lists maintained by the United Nations Security Council available at http://www.un.org/sc/committees/list_compend.shtml, or as otherwise published from time to time, (c) a Person named on the lists maintained by the European Union available at http://eeas.europa.eu/cfsp/sanctions/consol-list_en.htm, or as otherwise published from time to time, (d) a Person named on the lists maintained by Her Majesty’s Treasury available at http://www.hm-treasury.gov.uk/fin_sanctions_index.htm, or as otherwise published from time to time, or (e) (i) an agency of the government of a Sanctioned Country, (ii) an organization controlled by a Sanctioned Country, or (iii) a Person resident in a Sanctioned Country, to the extent any Person described in clauses (i), (ii) or (iii) is the subject of a sanctions program administered by OFAC.

(b)    The definition of “Sanctioned Entity” is hereby deleted from Section 1.1 of the Credit Agreement.

(c)    The following definitions are hereby added to Section 1.1 of the Credit Agreement in the appropriate alphabetical order to read as follows:

“OFAC” means the U.S. Department of the Treasury’s Office of Foreign Assets Control.

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“Sanctioned Country” means a country subject to a comprehensive country-wide sanctions program administered and enforced by OFAC, which countries are, as of the Third Amendment Effective Date, limited to Cuba, Iran, North Korea, Sudan and Syria.
“Third Amendment Effective Date” means December 17, 2014.
“TNMP Credit Agreement” means that certain credit agreement, dated as of September 18, 2013, among TNMP, the lenders party thereto and KeyBank National Association, as administrative agent.

(d)    The following sentence is hereby added to the end of the definition of “Eurodollar Base Rate” in Section 1.1 of the Credit Agreement to read as follows:

If the Eurodollar Base Rate shall be less than zero, such rate shall be deemed zero for purposes of this Agreement.

(e)    The following sentence is hereby added to the end of the definition of “Federal Funds Rate” in Section 1.1 of the Credit Agreement to read as follows:

If the Federal Funds Rate shall be less than zero, such rate shall be deemed zero for purposes of this Agreement.

(f)    The following sentence is hereby added to the end of the definition of “LIBOR Market Index Rate” in Section 1.1 of the Credit Agreement to read as follows:

If the LIBOR Market Index Rate shall be less than zero, such rate shall be deemed zero for purposes of this Agreement.

(g)    Section 2.5(a) of the Credit Agreement is amended and restated in its entirety to read as follows:

(a)    Request for Extensions.  On the Third Amendment Effective Date, the Borrower may, on a one-time basis, by notice to the Lenders, request that the Lenders extend the Maturity Date for one additional year.  At any time on or after October 2, 2015, the Borrower may, on a one-time basis, by notice to the Lenders, request that the Lenders extend the then current Maturity Date for one additional year.  Each Lender shall, by notice to the Borrower and the Administrative Agent not later than the 30th day following the date of any such request from the Borrower, advise the Borrower whether or not it agrees to extend the Maturity Date as requested.   Each decision by a Lender shall be in the sole discretion of such Lender, and any Lender that has not so advised the Administrative Agent by the 30th day following the date of such request from the Borrower shall be deemed to have declined to agree to such extension.  Each of the parties hereto acknowledges and agrees that no Lender shall be obligated to extend the Maturity Date pursuant to the terms of this Section 2.5.  Any Lender who fails to agree to the extension request of the Borrower, as set forth herein, shall be referred to, for purposes of this Section, as a "Non-Extending Lender".

(h)    Section 3.13(a) of the Credit Agreement is amended and restated in its entirety to read as follows:

(a)    Payments Free of Taxes.  Any and all payments by or on account of any obligation of the Borrower hereunder or under any other Credit Document shall to the extent 

3

permitted by applicable law be made free and clear of and without reduction or withholding for any Indemnified Taxes or Other Taxes; provided that if the Borrower or the Administrative Agent shall be required by applicable Law to deduct any Indemnified Taxes (including any Other Taxes) from such payments, then (i) the sum payable by the Borrower shall be increased as necessary so that after making all required deductions (including deductions applicable to additional sums payable under this Section) the Administrative Agent, the applicable Lender or the applicable L/C Issuer, as the case may be, receives an amount equal to the sum it would have received had no such deductions been made, (ii) the Borrower or the Administrative Agent shall make such deductions and (iii) the Borrower or the Administrative Agent shall timely pay the full amount deducted to the relevant Governmental Authority in accordance with applicable Law.

(i)    Section 3.13(e) of the Credit Agreement is amended and restated in its entirety to read as follows:

(e)    Status of Lenders.  Any Lender or L/C Issuer that is entitled to an exemption from or reduction of withholding tax under the law of the jurisdiction in which the Borrower is resident for tax purposes, or any treaty to which such jurisdiction is a party, with respect to payments hereunder or under any other Credit Document shall deliver to the Borrower (with a copy to the Administrative Agent), at the time or times prescribed by applicable Law or reasonably requested by the Borrower or the Administrative Agent, such properly completed and executed documentation prescribed by applicable Law as will permit such payments to be made without withholding or at a reduced rate of withholding.  In addition, any Lender or L/C Issuer, if requested by the Borrower or the Administrative Agent, shall deliver such other documentation prescribed by applicable Law or reasonably requested by the Borrower or the Administrative Agent as will enable the Borrower or the Administrative Agent to determine whether or not such Lender or L/C Issuer is subject to backup withholding or information reporting requirements.  Notwithstanding anything to the contrary in the preceding two sentences, the completion, execution and submission of such documentation (other than the documentation described in (i), (ii), (iii), (iv), (v) and (vii) below) shall not be required if in the Lender's or the L/C Issuer’s reasonable judgment such completion, execution or submission would subject such Lender to any material unreimbursed cost or expense or would materially prejudice the legal or commercial position of such  Lender or L/C Issuer.  Without limiting the generality of the foregoing, in the event that the Borrower is a resident for tax purposes in the United States, any Lender or L/C Issuer shall deliver to the Borrower and the Administrative Agent (in such number of copies as shall be requested by the recipient) on or prior to the date on which such Lender or L/C Issuer becomes a Lender or L/C Issuer under this Credit Agreement (and from time to time thereafter upon the request of the Borrower or the Administrative Agent, but, in the case of any Foreign Lender, only if such Foreign Lender is legally entitled to do so), whichever of the following is applicable:

(i)    duly completed and executed originals of IRS Form W-9;

(ii)    duly completed and executed originals of IRS Form W-8BEN or W-8BEN-E (as applicable) claiming eligibility for benefits of an income tax treaty to which the United States is a party;

(iii)    duly completed copies of IRS Form W-8ECI;

(iv)    in the case of a Foreign Lender claiming the benefits of the exemption for portfolio interest under section 881(c) of the Code, (x) a certificate to the effect that
such Foreign Lender is not (A) a "bank" within the meaning of section 881(c)(3)(A) of the 

4

Code, (B) a "10 percent shareholder" of the Borrower within the meaning of section 881(c)(3)(B) of the Code, or (C) a "controlled foreign corporation" described in section 881(c)(3)(C) of the Code and (y) duly completed and executed originals of IRS Form W-8BEN or W-8BEN-E (as applicable);

(v)     to the extent a Foreign Lender is not the beneficial owner, properly completed and executed originals of IRS Form W-8IMY, accompanied by IRS Form W-8ECI, IRS Form W-8BEN or W-8BEN-E (as applicable), IRS Form W-9, and/or other certification documents from each beneficial owner, as applicable;

(vi)    any other form prescribed by applicable Law as a basis for claiming exemption from or a reduction in United States Federal withholding tax duly completed together with such supplementary documentation as may be prescribed by applicable Law to permit the Borrower to determine the withholding or deduction required to be made.
    
(vii)    If a payment made to a Lender or an L/C Issuer under any Credit Document would be subject to U.S. Federal withholding Tax imposed by FATCA if such Lender or L/C Issuer fails to comply with any requirements of FATCA (including those contained in Section 1471(b) or 1472(b) of the Code, as applicable), such Lender or L/C Issuer shall deliver to the Borrower and the Administrative Agent at the time or times prescribed by applicable Law and at such time or times reasonably requested by the Borrower or the Administrative Agent such documentation prescribed by applicable Law (including as prescribed by Section 1471(b)(3)(C)(i) of the Code) and such additional documentation reasonably requested by the Borrower or the Administrative Agent as may be necessary for the Borrower and the Administrative Agent to comply with their obligations under FATCA and to determine that such Lender or such L/C Issuer has complied with such Lender’s or such L/C Issuer’s obligations under FATCA or to determine the amount to deduct and withhold from such payment.  Solely for purposes of this clause (vii), “FATCA” shall include any amendments made to FATCA after the date of this Credit Agreement.  

To the extent that the relevant documentation provided pursuant to this section is rendered obsolete or inaccurate in any material respect as a result of changes in circumstances with respect to the status of a Lender or an L/C Issuer, such Lender or such L/C Issuer shall, to the extent permitted by applicable Law, deliver to the Borrower and the Administrative Agent revised and/or updated documentation  or promptly notify the Borrower and the Administrative Agent in writing of its legal inability to do so.

For purposes of determining withholding Taxes imposed under FATCA, from and after the Third Amendment Effective Date, the Borrower and the Administrative Agent shall treat (and the Lenders and the L/C Issuers hereby authorize the Administrative Agent to treat) each of the Loans as not qualifying as “grandfathered obligations” within the meaning of Treasury Regulation Section 1.1471-2(b)(2)(i).

(j)    The references to “December 31, 2010” in Section 6.7 of the Credit Agreement are hereby amended to be “December 31, 2013”.

(k)    Section 6.18 of the Credit Agreement is amended and restated in its entirety to read as follows:

5

6.18    Material Leases.

Set forth on Schedule 6.18 hereto is a complete and accurate list of the Material Leases on the Third Amendment Effective Date, showing the expiration date and annual rental cost thereof.  PSNM is entitled to exercise all of the rights of lessee purported to be granted to PSNM under each such Material Lease.

(l)    Section 6.20 of the Credit Agreement is amended and restated in its entirety to read as follows:

6.20    Compliance with OFAC Rules and Regulations.

(a)    None of the Borrower or any of its Subsidiaries or, to the knowledge of the Borrower, their respective directors, officers, employees and agents is in violation of (or will take any action that would violate) any of the country or list based economic and trade sanctions administered and enforced by OFAC that are described or referenced at http://www.ustreas.gov/offices/enforcement/ofac/ or as otherwise published from time to time.

(b)    None of the Borrower or any of its Subsidiaries or, to the knowledge of the Borrower, their respective directors, officers, employees and agents (i) is a Sanctioned Person, (ii) has more than 10% of its assets located in Sanctioned Countries, or (iii) derives more than 10% of its operating income from investments in, or transactions with Sanctioned Persons or Sanctioned Countries.  

(m)    Section 6.22 of the Credit Agreement is hereby deleted in its entirety.

(n)    Section 7.5(b) of the Credit Agreement is amended and restated in its entirety to read as follows:

(b)    Without limiting clause (a) above, the Borrower will, and will cause each of its Subsidiaries to, ensure that no person who owns a controlling interest in or otherwise controls the Borrower or any Subsidiary is or shall be a Sanctioned Person.

(o)    New clauses (d) and (e) are hereby added to the end of Section 7.5 of the Credit Agreement to read as follows:

(d)    No proceeds of any Credit Extension will be used to fund any operations in, finance any investments or activities in or make any payments to, a Sanctioned Person or a Sanctioned Country, or in any other manner that will result in any violation by any Person (including any Lender, any Arranger, the Administrative Agent, any L/C Issuer or the Swing Line Lender) of any U.S. sanctions laws or regulations.

(e)    The Borrower shall, and shall cause each Subsidiary to, provide such information and take such actions as are reasonably requested by the Administrative Agent or any Lender in order to assist the Administrative Agent and the Lenders in maintaining compliance with the PATRIOT Act.

(p)    Clause (n) in Section 8.5 of the Credit Agreement is amended and restated in its entirety to read as follows:

6

(n) Liens on assets of TNMP to the extent such Liens are not prohibited by (i) the TNMP First Mortgage Bonds or the indenture pursuant to which the TNMP First Mortgage Bonds are issued, as the TNMP First Mortgage Bonds or such indenture may be amended, supplemented, refunded or replaced from time to time, or (ii) the TNMP Credit Agreement, as the TNMP Credit Agreement may be amended, restated or replaced from time to time, subject in each case to compliance with Section 7.2,

(q)    Clause (v) in Section 11.5(b) of the Credit Agreement is amended and restated in its entirety to read as follows:

(v) any penalty or fine assessed by OFAC against, and all reasonable costs and expenses (including counsel fees and disbursements) incurred in connection with defense thereof, by the Administrative Agent or any Lender as a result of conduct of the Borrower that violates a sanction enforced by OFAC (all the foregoing, collectively, the "Indemnified Liabilities"),

(r)    Schedules 6.18 and 6.19 to the Credit Agreement are hereby deleted and replaced with Schedules 6.18 and 6.19 attached hereto.

2.    Extension.

Pursuant to Section 2.5(a) of the Credit Agreement, as amended by this Amendment, the Borrower has requested that the Maturity Date be extended for an additional year until October 31, 2019.  By executing this Amendment, each Lender shall have consented to the requested extension of the Maturity Date until October 31, 2019.

3.    Effectiveness; Conditions Precedent.

This Amendment shall be effective on the date on which the following conditions precedent have been satisfied:

(a)    Receipt by the Administrative Agent of copies of this Amendment duly executed by the Borrower, the Required Lenders, the L/C Issuers and each Lender consenting to the extension of its Maturity Date.

(b)    Receipt by the Administrative Agent of the following:

(i)    Copies of the articles of incorporation of the Borrower certified to be true and complete as of a recent date by the appropriate Governmental Authority of the state or other jurisdiction of its formation and copies of the bylaws of the Borrower certified by a secretary or assistant secretary (or the equivalent) of the Borrower to be true and correct as of the Third Amendment Effective Date.

(ii)    Copies of resolutions of the board of directors of the Borrower approving and adopting this Amendment, the transactions contemplated herein and authorizing execution and delivery hereof, certified by a secretary or assistant secretary (or the equivalent) of the Borrower to be true and correct and in full force and effect as of the Third Amendment Effective Date.

(iii)    An incumbency certificate of the Borrower certified by a secretary or assistant secretary (or the equivalent) of the Borrower to be true and correct as of the Third Amendment Effective Date.

7

(c)    Receipt by the Administrative Agent of opinions of counsel from counsel to the Borrower (which may include in-house counsel with respect to matters of New Mexico law), in form and substance acceptable to the Administrative Agent, addressed to the Administrative Agent and the Lenders and dated as of the Third Amendment Effective Date.

(d)    The Borrower shall have paid to the Administrative Agent, for the account of each Lender extending its Maturity Date, a fee in an amount equal to 0.06% of such Lender’s Commitment.

(e)    The Borrower shall have paid to the Administrative Agent and Wells Fargo Securities, LLC, all fees due and payable to such Persons on the date hereof.

4.    Ratification of Credit Agreement.  The term "Credit Agreement" as used in each of the Credit Documents shall hereafter mean the Credit Agreement as amended and modified by this Amendment.  Except as herein specifically agreed, the Credit Agreement, as amended by this Amendment, is hereby ratified and confirmed and shall remain in full force and effect according to its terms.  Each party hereto acknowledges and consents to the modifications set forth herein and agrees that, other than as explicitly set forth in Section 1 above, this Amendment does not impair, reduce or limit any of its obligations under the Credit Documents (including, without limitation, the indemnity obligations set forth therein) and that, after the date hereof, this Amendment shall constitute a Credit Document.  The execution, delivery and effectiveness of this Amendment shall not, except as expressly provided herein, operate as a waiver of any right, power or remedy of any Lender or the Administrative Agent under any of the Credit Documents or constitute a waiver of any provision of any of the Credit Documents.

5.    Authority/Enforceability.  The Borrower represents and warrants as follows:
(a)    It has taken all necessary action to authorize the execution, delivery and performance of this Amendment.
(b)    This Amendment has been duly executed and delivered by the Borrower and constitutes the Borrower’s legal, valid and binding obligations, enforceable in accordance with its terms, except as such enforceability may be subject to (i) bankruptcy, insolvency, reorganization, fraudulent conveyance or transfer, moratorium or similar laws affecting creditors' rights generally and (ii) general principles of equity (regardless of whether such enforceability is considered in a proceeding at law or in equity).
(c)    No consent, approval, authorization or order of, or filing, registration or qualification with, any court or governmental authority or third party is required in connection with the execution, delivery or performance by the Borrower of this Amendment.
6.    Representations and Warranties.  The Borrower represents and warrants to the Lenders that (a) the representations and warranties of the Borrower set forth in Section 6 of the Credit Agreement are true and correct as of the date hereof, unless they specifically refer to an earlier date, (b) no event has occurred and is continuing which constitutes a Default or an Event of Default, and (c) it has no claims, counterclaims, offsets, credits or defenses to its obligations under the Credit Documents, or to the extent it has any, they are hereby released in consideration of the Lenders party hereto entering into this Amendment.
7.    No Conflicts.  The Borrower represents and warrants that the execution and delivery of this Amendment, the consummation of the transactions contemplated herein and in the Credit Agreement 

8

(before and after giving effect to this Amendment), and the performance of and compliance with the terms and provisions hereof by the Borrower will not (a) violate, contravene or conflict with any provision of its articles or certificate of incorporation, bylaws or other organizational or governing document, (b) violate, contravene or conflict with any law, rule, regulation (including, without limitation, Regulation U and Regulation X), order, writ, judgment, injunction, decree or permit applicable to the Borrower, (c) violate, contravene or conflict with contractual provisions of, or cause an event of default under, any indenture, loan agreement, mortgage, deed of trust, contract or other agreement or instrument to which the Borrower is a party or by which it or its properties may be bound or (d) result in or require the creation of any Lien upon or with respect to the Borrower's properties.
8.    Counterparts/Telecopy.  This Amendment may be executed in any number of counterparts, each of which when so executed and delivered shall be an original, but all of which shall constitute one and the same instrument.  Delivery of executed counterparts by telecopy or by electronic format (pdf) shall be effective as an original.
9.    GOVERNING LAW.  THIS AMENDMENT AND THE RIGHTS AND OBLIGATIONS OF THE PARTIES HEREUNDER SHALL BE GOVERNED BY AND CONSTRUED AND INTERPRETED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK.
[remainder of page intentionally left blank]

9

Each of the parties hereto has caused a counterpart of this Amendment to be duly executed and delivered as of the date first above written.
BORROWER:

PNM RESOURCES, INC.,
a New Mexico corporation
By:    /s/ Terry R. Horn                
Name:    Terry R. Horn                
Title:    Vice President and Treasurer        

PNM RESOURCES, INC.
THIRD AMENDMENT TO CREDIT AGREEMENT

ADMINISTRATIVE AGENT:

WELLS FARGO BANK, NATIONAL ASSOCIATION,
as Administrative Agent, as a Lender and as an L/C Issuer
By:    /s/ Yann Blindert            
Name:    Yann Blindert                
Title:    Director                

PNM RESOURCES, INC.
THIRD AMENDMENT TO CREDIT AGREEMENT

LENDERS:                
MUFG UNION BANK, N.A., 
as a Lender and an L/C Issuer

By:    /s/ Paul V. Farrell            
Name:    Paul V. Farrell                
Title:    Managing Director            

CITIBANK, N.A., 
as a Lender

By:    /s/ Amit Vasani                
Name:    Amit Vasani                
Title:    Vice President                

JPMORGAN CHASE BANK, N.A., 
as a Lender

By:    /s/ Helen D. Davis            
Name:    Helen D. Davis                
Title:    Vice President                

MORGAN STANLEY BANK, N.A., 
as a Lender

By:    /s/ Michael King            
Name:    Michael King                
Title:    Authorized Signatory            

ROYAL BANK OF CANADA, 
as a Lender

By:    /s/ D. Scott McMurtry            
Name:    D. Scott McMurtry            
Title:    Authorized Signatory            

KEYBANK NATIONAL ASSOCIATION, 
as a Lender

By:    /s/ Keven D. Smith            
Name:    Keven D. Smith                
Title:    Senior Vice President            

SUNTRUST BANK, 
as a Lender

By:    /s/ Andrew Johnson            
Name:    Andrew Johnson            
Title:    Director                

PNM RESOURCES, INC.
THIRD AMENDMENT TO CREDIT AGREEMENT

U.S. BANK, NATIONAL ASSOCIATION, 
as a Lender

By:    /s/ Holland H. Williams            
Name:    Holland H. Williams            
Title:    Vice President                

THE BANK OF NEW YORK MELLON, 
as a Lender

By:    /s/ Mark W. Rogers            
Name:    Mark W. Rogers            
Title:    Vice President                

BOKF, d/b/a BANK OF ALBUQUERQUE, 
as a Lender

By:    /s/ John M. Valentine            
Name:    John M. Valentine            
Title:    SVP                    

PNM RESOURCES, INC.
THIRD AMENDMENT TO CREDIT AGREEMENT

SCHEDULE 6.18

MATERIAL LEASES

Description                            Expiration        Annual Rent

Palo Verde Unit 1
 
 
Facility Lease dated as of December 16, 1985 between        1/15/2023        $ 5,580,122.54*
PNM and U.S. Bank National Association (successor to                    
State Street Bank and Trust Company, successor
to The First National Bank of Boston), as Owner Trustee under
a Trust Agreement dated as of December 16, 1985, with Citicorp
Buffalo Basin, Inc. (successor to Cypress PV Partnership, successor
to MFS Leasing Corp.), as Owner Participant, as amended.

Facility Lease dated as of December 16, 1985 between        1/15/2023        $15,693,862.76*
PNM and U.S. Bank National Association (successor to                    
State Street Bank and Trust Company, successor
to The First National Bank of Boston), as Owner Trustee under
a Trust Agreement dated as of  December 16, 1985, with 
DaimlerChrysler Capital Services (debis) (ultimate successor to 
Chrysler Financial Corporation), as Owner Participant, as amended.

Facility Lease dated as of December 15, 1986 between        1/15/2023        $ 6,974,313.00*
PNM and U.S. Bank National Association (successor to                    
State Street Bank and Trust Company, successor
to The First National Bank of Boston), as Owner Trustee under
a Trust Agreement dated as of  December 15, 1986, with Palo
Verde 1- PNM December 75 Corporation (successor to
Chase Manhattan Realty Leasing Corporation), as Owner
Participant , as amended.

Facility Lease dated as of July 31, 1986 between            1/15/2023        $ 4,757,769.00* 
PNM and U.S. Bank National Association (successor to                                                                         
State Street Bank and Trust Company, successor
to The First National Bank of Boston), as Owner Trustee under
a Trust Agreement dated as of July 31, 1986, with Palo
Verde 1- PNM August 50 Corporation (successor to
Chase Manhattan Realty Leasing Corporation), as Owner
Participant, as amended.

Total – Unit 1*                                        $33,006,067.10*

*On December 11, 2013, the above four Facility Leases were amended to extend the term from January 15, 2015 to January 15, 2023 and to reduce the semi-annual rental payments by 50% effective July 15, 2015.

Description                            Expiration        Annual Rent

Palo Verde Unit 2

Facility Lease dated as of August 12, 1986 between            1/15/2016        $ 5,742,060.00
PNM and U.S. Bank National Association (successor to
State Street Bank and Trust Company, successor
to The First National Bank of Boston), as Owner Trustee under
a Trust Agreement dated as of August 12, 1986, with 
Cypress Verde LLC (successor to Cypress PV Partnership,
successor to MFS Leasing Corp.), as Owner Participant, as amended.

Facility Lease dated as of August 12, 1986 between            1/15/2016        $ 9,958,478.04
PNM and U.S. Bank National Association (successor to
State Street Bank and Trust Company, successor
to The First National Bank of Boston), as Owner Trustee under
a Trust Agreement dated as of August 12, 1986, with CGI
Capital, Inc., as Owner Participant, as amended.

Facility Lease dated as of August 12, 1986 between            1/15/2016        $ 9,569,653.00
PNM and U.S. Bank National Association (successor to
State Street Bank and Trust Company, successor
to The First National Bank of Boston), as Owner Trustee under
a Trust Agreement dated as of August 12, 1986, with PNM (successor to
PNMR Development and Management Corp., successor to Palo Verde
Leasing Corporation, successor to First Chicago Lease
Holdings, Inc.), as Owner Participant, as amended.

Facility Lease dated as of August 12, 1986  between            1/15/2016        $ 4,743,012.00
PNM and U.S. Bank National Association (successor to
State Street Bank and Trust Company, successor
to The First National Bank of Boston), as Owner Trustee under
a Trust Agreement dated as of August 12, 1986, with 
Cypress Second PV Partnership (successor to MFS Leasing
Corp., successor to Beneficial Leasing Group, Inc.),
as Owner Participant, as amended.

Facility Lease dated as of December 15, 1986 between        1/15/2024*        $ 3,272,560.40
PNM and U.S. Bank National Association (successor to
State Street Bank and Trust Company, successor
to The First National Bank of Boston), as Owner Trustee under
a Trust Agreement dated as of December 15, 1986, with Palo
Verde 2- PNM December 35 Corporation (successor-in-interest
To Chase Manhattan Realty Leasing Corporation), as Owner
Participant (Unit 2), as amended.

Total –Unit 2                                        $33,285,763.44

*On March 18, 2014, this Unit 2 Facility Lease was amended to extend the term from January 15, 2016 to January 15, 2024 and to reduce the semi-annual rental payment by 50% effective July 15, 2016. 

PNM RESOURCES, INC.
THIRD AMENDMENT TO CREDIT AGREEMENT

Description                            Expiration        Annual Rent

Eastern Interconnection Project (EIP)

Amended and Restated Lease dated as of 
September 1, 1993 between                    4/1/2015            $ 2,675,739.30*
 PNM as Lessee, and U.S. Bank National                            $ 2,844,913.50
Association (successor to State Street Bank
and Trust Company, successor to The First National
Bank of Boston), as Owner Trustee under a Trust
Agreement dated as of January 2, 1985, with 
Corridor InfraTrust Management, LLC 
(successor to Tortoise Capital Resources Corp., successor to General
Foods Credit Corporation), as Lessor.

Total                                            $ 2,675,739.30*
$ 2,844,913.50

* 1994 Only

PNM RESOURCES, INC.
THIRD AMENDMENT TO CREDIT AGREEMENT

	
													
	Schedule 6.19
	 
	 
	 
	 

	Material Lease Interest Payments and Discount Rates
	 

	 
	 
	 
	 
	 

	Eastern Interconnection Project: EIP
	 
	 
	 
	 

	Discount Rate: 12.85%
	 
	 
	 

	 
	 
	 
	 
	 

	Date
	Interest Payment
	Principal Payment
	Total Payment
	Loan Balance EoY

	12/31/2011
	

	$56,485
	

	

	($2,495
	)
	

	$53,990
	

	

	$441,586
	

	12/31/2012
	

	$56,811
	

	

	$441,586
	

	

	$498,398
	

	

	$0
	

	 
	

	$2,158,879
	

	

	$4,638,915
	

	

	$6,797,794
	

	 

	 
	 
	 
	 
	 

	 
	 
	 
	 
	 

	PVNGS
	 
	 
	 
	 

	Discount Rate:
	10.25%
	 
	 
	 

	 
	 
	 
	 
	 

	Date
	Interest Payment
	Principal Payment
	Total Payment
	Loan Balance EoY

	12/31/2011
	

	$8,959,529
	

	

	$4,475,002
	

	

	$13,434,530
	

	

	$82,935,034
	

	12/31/2012
	

	$8,500,841
	

	

	$16,577,255
	

	

	$25,078,096
	

	

	$66,357,779
	

	12/31/2013
	

	$6,801,672
	

	

	$20,625,202
	

	

	$27,426,874
	

	

	$45,732,577
	

	12/31/2014
	

	$4,687,589
	

	

	$27,548,271
	

	

	$32,235,860
	

	

	$18,184,306
	

	12/31/2015
	

	$1,863,891
	

	

	$15,218,064
	

	

	$17,081,955
	

	

	$2,966,242
	

	12/31/2016
	

	$304,040
	

	

	$2,966,242
	

	

	$3,270,281
	

	

	$0
	

On December 11, 2013 the PVNGS Unit 1 Facility Leases were amended to extend the term from January 15, 2015 to January 15, 2023 and to reduce the semi-annual rental payments by 50% effective July 15, 2015.  The original lessor notes related to these leases remain unchanged with Unit 1 notes being paid in full and expiring on 1/15/2015 and Unit 2 notes being paid in full and expiring on 1/15/2016.

PNM RESOURCES, INC.
THIRD AMENDMENT TO CREDIT AGREEMENT

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