Document:

Exhibit

Exhibit 10.28
Compensation Arrangements for the Executive Officers
Set forth below is a summary of the compensation by SEACOR Holdings Inc. (the “Company”) to its executive officers in their positions as of the date of filing of the Company's Annual Report on Form 10-K for the year ended December 31, 2017 (the “Form 10-K”). All of the Company's executive officers are at-will employees whose compensation and employment status may be changed at any time in the discretion of the Company's Board of Directors.
Base Salary.  Effective January 1, 2018, the executive officers are scheduled to receive the following annual base salaries in their current positions:
	
					
	Name and Current Position
	 
	Base Salary

	Charles Fabrikant, Executive Chairman of the Board and Chief Executive Officer
	 
	$
	460,000
	

	Eric Fabrikant, Chief Operating Officer
	 
	$
	450,000
	

	William Long, Executive Vice President, Chief Legal Officer and Corporate Secretary
	 
	$
	375,000
	

	Bruce Weins, Senior Vice President and Chief Financial Officer
	 
	$
	300,000
	

Cash Bonus and Share Incentive Plan.  In their current positions, the executive officers are eligible to:
		
	•
	Receive an annual cash incentive award subject to the discretion of the Compensation Committee of the Board of Directors.

		
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	Participate in incentive programs, which currently involve awards of restricted stock and stock options pursuant to SEACOR Holdings Inc.'s 2014 Share Incentive Plan (Exhibit 10.28 in this Annual Report on Form 10-K).

Benefit Plans and Other Arrangements.  In their current positions, the executive officers are eligible to participate in the Company's broad‐based benefit programs generally available to its salaried employees, including health, disability and life insurance programs, a qualified 401(k) plan, and the employee stock purchase plan.Exhibit

Exhibit 10.29
Compensation of Non-Employee Directors
Directors who are not officers of SEACOR Holdings Inc. (the “Company”) receive an annual retainer of $52,000 and $2,000 for every regular and special Board and Committee meeting they attend via telephone and $4,000 for every regular and special Board and Committee meeting they attend in person.
Each member of the Board who is not an employee of the Company is also granted options and Common Stock pursuant to the SEACOR Holding Inc.'s 2014 Share Incentive Plan (Exhibit 10.28 in this Annual Report on Form 10-K).Exhibit

Exhibit 10.1

PNM RESOURCES, INC.
DIRECTOR DEFERRED RESTRICTED
STOCK RIGHTS PROGRAM
This PNM Resources, Inc. Director Deferred Restricted Stock Rights Program (the “Program”) is adopted by the Board of Directors (the “Board”) of PNM Resources, Inc. (the “Company”) pursuant to the PNM Resources, Inc. 2014 Performance Equity Plan (the “Plan”).  The Program is effective as of December 1, 2017.
1.Background.  Nonemployee Directors are compensated for their services, in part, by the receipt of Restricted Stock Rights.  Unless the Board determines otherwise, the Grant Date for the Restricted Stock Rights made to Nonemployee Directors is the Annual Meeting Date.  Currently, Restricted Stock Rights granted to Nonemployee Directors vest on the first anniversary of the Grant Date and payment in the form of Company Stock is made for these Restricted Stock Rights following vesting.  Tax is due when the payment is made.  
The purpose of the Program is to allow Nonemployee Directors to defer receipt of payment (and taxation) of Restricted Stock Rights granted under the Plan as described below.  This Program applies only to grants of Restricted Stock Rights made on and after May 2018.  All Nonemployee Directors are eligible to participate in the Program.  If a Nonemployee Director chooses to not participate in the Program, the Restricted Stock Rights will be paid to the Nonemployee Director at such time as determined by the Board, which is currently following vesting.    
2.Deferral of Restricted Stock Rights.  Pursuant to the Program, a Nonemployee Director may make an annual election to defer receipt of payment for vested Restricted Stock Rights to a future date selected by the Nonemployee Director.  The election to defer the payment is made by filing a signed election form (that will be provided by the Company) by December 31 of the calendar year prior to the year for which the election relates.  The election will become irrevocable as of the relevant December 31.  The election will only be effective for the calendar year to which it relates.  A new election will be required if the Nonemployee Director wants to participate in the Program in any later calendar year.  
For the calendar year in which an individual first becomes a Nonemployee Director, he or she may elect to defer receipt of his or her Restricted Stock Rights by filing a signed election form provided by the Company prior to the first day on which he or she becomes a Nonemployee Director.  The election form shall be conditional on his or her actually becoming a Nonemployee Director and it shall become irrevocable on the day prior to the first day on which the Nonemployee Director becomes a member of the Board.  
3.Payment for Restricted Stock Rights.  As in the past, payment of Restricted Stock Rights will be in the form of Company Stock.  If a Director chooses to participate in this Program, a Director may elect among three payment timing alternatives:  
		
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	A Director may elect to have the payment made in May of a year specified by the Nonemployee Director.  In no event may the payment be made later than the fifth anniversary of the Nonemployee Director’s Termination of Service as a Nonemployee Director.  

		
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	Alternatively, a Director may elect to have the payment made within sixty (60) days following the Director’s Termination of Service as a Nonemployee Director. 

		
	•
	As a third alternative, a Director may elect to have the payment made on a specified anniversary (not to exceed the fifth anniversary) of the Nonemployee Director’s Termination of Service as a Nonemployee Director.  

If a Nonemployee Director elects to participate in the Program, but fails to make an election as to the time of payment of the Director’s Restricted Stock Rights, such payment will be made within sixty (60) days following the Director’s Termination of Service as a Nonemployee Director.  If the Nonemployee Director dies prior to receiving all of the Nonemployee Director’s Restricted Stock Rights under the Program, the Director’s remaining Restricted Stock Rights will be paid within ninety (90) days following the Nonemployee Director’s death to the Director’s beneficiary as described in Section 12.2 of the Plan.  If the Company is in a blackout period at the time a payment would otherwise be made, payment of the Restricted Stock Rights will be delayed until a later date after the blackout period ends.  This date is the “Payment Date.”
4.No Dividend Equivalents.  A Nonemployee Director who elects to defer payment of his or her vested Restricted Stock Rights will not be entitled to receive payment equal to the amount of dividends, if any, that he or she would have received if he or she had directly owned the Stock to which the vested Restricted Stock Rights relate from the date of vesting to the Payment Date.  
5.Amendment and Termination.  The Board reserves the right to modify, amend or terminate this Program at any time and from time to time.  Any such amendment, modification or termination, however, shall be subject to the requirements of Article 15 of the Plan, to the extent that it is applicable.
6.Definitions.  When a word or phrase appears in this Program document with the initial letter capitalized and the word or phrase does not begin a sentence, the word or phrase shall generally be given the meaning ascribed to it in the Plan, unless a clearly different meaning is required by the context in which the word or phrase is used or a different meaning is specifically provided in this Program document.
7.Compliance with the Plan.  This Program at all times will be subject to the terms and conditions of the Plan and any related Award Document.  The terms and provisions of the Plan and any related Award Document, as amended from time to time, are hereby incorporated herein by reference.  The Board shall have the sole and complete discretion with respect to the interpretation of the Program.  The Board and/or the Compensation and Human Resources Committee shall have the sole and complete discretion with respect to the interpretation of the Plan.  The decisions of the majority of the Board shall be final and binding upon a Nonemployee Director and the Company. In the event of any conflict between the terms and conditions of the Program and the Plan, the provisions of the Plan shall control.
8.Section 409A Compliance.  This Program shall be administered in accordance with  the  requirements  of  the  Plan,  including  Section  18.3.   This  Program  is intended to be 

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administered in compliance with Section 409A of the Code and each provision of the Program shall be interpreted, to the extent possible, to comply with Section 409A of the Code.

3Exhibit

Exhibit 10.2

SECOND AMENDMENT
TO THE
PNM RESOURCES, INC.
EXECUTIVE SPENDING ACCOUNT PLAN
Effective as of January 1, 1980, Public Service Company of New Mexico (“PNM”) adopted the Amended and Restated Medical Reimbursement Plan of Public Service Company of New Mexico (the “MERP”).  Sponsorship of the MERP was subsequently transferred from PNM to PNM Resources, Inc. (the “Company”) on November 30, 2002.  Effective January 1, 2002, the Company established the Executive Spending Account (the “ESA”).  Effective December 1, 2002, the Company merged the MERP with and into the ESA and named the combined program the “PNM Resources, Inc. Executive Spending Account Plan” (the “Plan”).  The Plan has been amended and restated on a number of occasions, with the most recent restatement being effective as of January 1, 2011.  The Plan was subsequently amended on one occasion.  By this instrument, the Company now desires to: 1) clarify that the Plan does not reimburse individual health insurance premiums; and 2) clarify that the Plan has been operated on an integrated basis beginning January 1, 2014.    
1.This Second Amendment shall be effective as of January 1, 2014, unless otherwise specifically provided. 
2.    Article 2 of the Plan (“Defined Terms”), as amended by the First Amendment, is hereby amended by restating the Covered Expense section to read as follows: 

		
	Covered Expense: 
	Expenses incurred by the Participant or a Dependent during the current  or  preceding  Paycheck  Year,  while  covered  by  the Plan, for any of the following:  (1) income tax preparation; (2) estate planning (including preparation of wills and trusts); (3) financial counseling, but excluding brokerage fees or commissions; (4) financial management services (this would include,  for  example,  the  services  provided  by  a  management firm that manages your real estate investments); (5) premiums covering  the  Participant  and  his  or  her  Dependents for health

Exhibit 10.2

care (but only if such health care is provided under an employer group health plan providing “minimum value” pursuant to Code Section 36B(c)(2)(C)(ii) and not an individual health insurance policy, such as an individual Medicare supplement policy), accident, disability, life, dependent life, and/or supplemental insurance (similar to AFLAC), whether paid for by the Participant as a private party or deducted from the Participant’s salary under a PNM Resources benefit program; (6) premiums for home, auto, title or personal liability umbrella insurance; (7) premiums covering the Participant or Family Members for long-term care insurance, whether paid for by the Participant as a private party or deducted from the Participant’s salary under a PNM Resources benefit program; or (8) reasonable transportation and lodging expenses in connection with the Participant’s health care (but only if such health care is provided under the PNM Resources, Inc. Annual Executive Physical Exam Program, which uses the “minimum value required method” of integration outlined in Internal Revenue Service Notice 2013-54), financial planning and real estate management, including estate planning, financial counseling and financial management services as described in items (2), (3) and (4).  An expense that qualifies as a Covered Expense pursuant to items (1) through (8) above, is “incurred” as of the date on which you are billed for the expense or premium.
3.    Article 4 of the Plan (“Eligibility and Participation Requirements”), as amended by the First Amendment, is hereby amended by restating the Eligibility section to read as follows: 

		
	Eligibility: 
	You  are  eligible  to  participate  in  the  Plan  if  you  are  an Employee  of  the  Company  and  you  are  a  vice-president  or higher-ranking officer and you are classified and coded as an officer pursuant to the Company’s compensation system.  Your Spouse and “Dependents,” as defined in Article 2 are eligible to participate in the Plan if you are.

As required by the “minimum value required method” of integration  outlined  in  Internal  Revenue  Service  Notice 2013- 54,     you     may     opt     out     of     and     waive     future    benefits/reimbursements for “health care” from the Plan at least annually, and as provided in Article 4, your participation in the Plan terminates as of the date you terminate employment, if not sooner.   “Health  care”  for  the  purpose  of  this  paragraph is as 

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Exhibit 10.2

defined in clauses (5) and (8) of the “Covered Expense” section in Article 2 of the Plan.
4.    This Second 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.  Notwithstanding the foregoing, this Second Amendment shall supersede the provisions of the Plan to the extent those provisions are inconsistent with the provisions and intent of this Second Amendment.
IN WITNESS WHEREOF, PNM Resources has caused this Second Amendment to be executed as of this   13th   day of    December  , 2017.
PNM RESOURCES, INC.
By:   /s/ Patrick V. Apodaca                                
      Its:    SVP and General Counsel            

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