Document:

exh10-2_123108.htm

    Exhibit
10.2

    FIRST
AMENDMENT TO THE

    PNM
RESOURCES, INC.

    LONG-TERM
PERFORMANCE CASH PROGRAM

     

    Effective
January 1, 2004, PNM Resources, Inc. established the PNM Resources, Inc.
Long-Term Performance Cash Program (the “Plan”).  The purpose of this
First Amendment is to satisfy the requirements of Section 409A of the Internal
Revenue Code of 1986 (the “Code”).  Section 409A of the Code became
applicable to the Plan as of January 1, 2005.  The Plan has been
and shall continue to be administered in good faith compliance with the
requirements of Section 409A from January 1, 2005 through December 31,
2008.

    1.           Except
as noted below, this First Amendment shall be effective as of January 1,
2009.

    2.           The
Section of the Plan entitled “Award Payouts” is hereby amended and restated in
its entirety to read as follows:

     

    · Award
Payouts

     

    After the
end of each Performance Period, the Committee will calculate the Company’s TSR
performance and will approve Awards, if applicable.  The payment,
generally, will be made by March 15 following the end of the applicable
Performance Period.  If it is administratively impracticable to make
the payment by March 15, the payment will be made as soon as reasonably
practical following March 15.  The payments also may be delayed
in accordance with regulations issued pursuant to Section 409A of the Internal
Revenue Code.  Awards will be issued to Participants in the form of
cash.

     

    3.           This
First Amendment amends only the provisions of the Plan as noted below, and those
provisions not expressly amended shall be considered in full force and
effect.  Notwithstanding the foregoing, this First Amendment shall
supersede the provisions of the Plan to the extent those provisions are
inconsistent with the provisions and intent of this First
Amendment.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    IN
WITNESS WHEREOF, the Company has caused this First Amendment to be executed as
of this 8th day
of December,
2008.

    PNM
RESOURCES, INC.

     

     

    By:   /s/ Alice A. Cobb
                                                                    

             
Its: SVP, Chief
Administrative Officer

    
      
        
           

        

         

      

      
        2exh10-3_123108.htm

    Exhibit
10.3

    FIRST
AMENDMENT

    TO
THE

    PNM
RESOURCES, INC.

    NON-UNION
SEVERANCE PAY PLAN

     

    Effective
January 1, 2002, Public Service Company of New Mexico (“PNM”) adopted the Public
Service Company of New Mexico Benefits My Way Plan (the “BMW
Plan”).  Effective November 27, 2002, sponsorship of the BMW Plan was
transferred from PNM to PNM Resources, Inc. (the “Company”) and the Plan was
renamed the “PNM Resources, Inc. Benefits My Way Plan.”  The BMW Plan
consisted of a number of component programs including Program 12, Non-Union
Severance Pay Program (the “Non-Union Severance Program”).  Effective
as of January 1, 2004, PNM Resources amended and restated the BMW Plan to divide
it into a number of separate plans that replaced several of the component
programs in effect on December 31, 2003.  As part of the
amendment and restatement, the PNM Resources, Inc. Non-Union Severance Pay Plan
(the “Plan”) was created as a successor plan to the Non-Union Severance Program,
effective as of January 1, 2004.  The Plan was most recently amended
and restated effective August 1, 2007.  Section 409A of the Code
became applicable to the Plan as of January 1, 2005.  The Plan
has been and shall continue to be administered in good faith compliance with the
requirements of Section 409A from January 1, 2005 through December 31,
2008.  By this instrument, PNM Resources now desires to amend the Plan
as set forth below.

     

    1.     
  Except as
otherwise provided, this First Amendment shall be effective as of
January 1, 2009.

     

    2.      
 Section
2.1(z) (Separation
from Service) of the Plan is hereby amended and restated in its entirety
to read as follows:

     

    (z)           “Separation
from Service”
means either (1) the termination of a Participant’s employment with the Company
and 

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    all
Affiliates and 50% Affiliates due to death, retirement, or other reasons, or (2)
a permanent reduction in the level of bona fide services the Participant
provides to the Company and all Affiliates and 50% Affiliates to an amount that
is 20% or less of the average level of bona fide services the Participant
provided to the Company and all Affiliates and 50% Affiliates in the immediately
preceding 36 months, with the level of bona fide service calculated in
accordance with Treas. Reg. § 1.409A-1(h)(1)(ii).

     

    A
Participant’s employment relationship is treated as continuing while a
Participant is on military leave, sick leave, or other bona fide leave of
absence (if the period of such leave does not exceed six months, or if longer,
so long as a Participant’s right to reemployment with the Company or an
Affiliate or 50% Affiliate is provided either by statute or
contract).  If a Participant’s period of leave exceeds six months and
a Participant’s right to reemployment is not provided either by statute or by
contract, the employment relationship is deemed to terminate on the first day
immediately following the expiration of such six-month
period.  Whether a termination of employment has occurred will be
determined based on all of the facts and circumstances and in accordance with
regulations issued by the United States Treasury Department pursuant to
Section 409A of the Code.

     

    3.    
   Section
3.6(a) (Release
Agreement – General) of the Plan is hereby amended and restated in its
entirety to read as follows:

     

    (a)           General.  The
Release Agreement shall contain such terms and conditions as are satisfactory to
the Company, including, but not limited to, the release of any and all claims
that the Participant may then have, as of the signing of such release, against
the Company, its employees, officers and directors.  The Participant
shall generally receive the Release Agreement on the date of the Participant’s
Separation from Service and in no event more than five (5) days following the
Participant’s Separation from Service and shall have up to forty-five (45)
unpaid days following the date the Release Agreement is given to the Participant
to sign and return the Release Agreement to the Company.

     

    4.      
 Section
4.6 (No Duplication of
Benefits) of the Plan is hereby amended and restated in its entirety to
read as follows:

     

    4.6           No
Duplication of Benefits.  Notwithstanding anything herein to
the contrary, the right to receive any benefits under the 

     

    
      
        
        

      

      
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Plan by any Participant is specifically conditioned upon the Participant either
waiving or being ineligible for any and all benefits under:

    

     

    (a)           the
PNM Resources, Inc. Employee Retention Plan, as it may be amended or restated
from time to time;

     

    (b)           the
PNM Resources, Inc. Union Severance Pay Plan, as it may be amended or restated
from time to time;

     

    (c)           the
PNM Resources, Inc. Officer Retention Plan, as it may be amended or restated
from time to time; or

     

    (d)           any
successor or other severance, retention or change in control plan, program or
agreement sponsored by the Company.

     

    Section
4.6(d) shall not apply to any individual agreement that provides a Participant
with a special payment in order to induce the Participant to remain employed by
the Company unless the agreement specifically states otherwise.  The
Company also may override the provisions of this Section 4.6 by expressly
stating in the other change in control, severance, retention or other plan or
agreement that some or all of the benefits provided by the other change in
control, severance, retention or other plan or agreement are intended to
supplement the benefits provided by this Plan.

     

    5.       
This
First 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 First Amendment shall
supersede the provisions of the Plan to the extent those provisions are
inconsistent with the provisions and intent of this First Amendment.

     

    IN
WITNESS WHEREOF, PNM Resources has caused this First Amendment to be executed as
of this 20th
day of November,
2008.

     

    PNM
RESOURCES, INC.

     

     

    By:  /s/ Alice A.
Cobb                                                                       

                                                                                                               
Its: SVP, Chief
Administrative Officer

    
      
        
           

        

         

      

      
        3exh10-4_123108.htm

    Exhibit
10.4

     

    SEVENTH
AMENDMENT

     

    TO
THE

     

    PNM
RESOURCES, INC.

     

    ACCELERATED
MANAGEMENT PERFORMANCE PLAN

     

    Effective
as of January 14, 1981, Public Service Company of New Mexico (“PNM”)
established the Public Service Company of New Mexico Accelerated Management
Performance Plan (the “Plan”).  The Plan was subsequently restated,
with the restatement being effective, generally, as of August 1,
1988.  The restated Plan has been amended on six previous
occasions.  The Fifth Amendment to the restated Plan transferred
sponsorship of the Plan from PNM to PNM Resources, Inc. (the “Company”) and
changed the name of the Plan to the “PNM Resources, Inc. Accelerated Management
Performance Plan.”

     

    1.           This
Amendment amends only the provisions of the Plan as set forth
herein.  Those provisions not expressly amended by this Amendment
shall continue in full force and effect.

     

    2.           Article
1 (Title and
Purpose) of the Plan is hereby amended by adding the following new
section to the end thereof:

     

    1.05           Effective
as of January 1, 2005, Section 409A of the Internal Revenue Code of 1986 (the
“Code”) imposed a series of new requirements on deferred compensation plans such
as the Plan.  The requirements of Section 409A, however, do not apply
to “Grandfathered Benefits,” which are benefits that were accrued and vested as
of December 31, 2004.  Most benefits payable pursuant to this Plan are
Grandfathered Benefits.

     

    If a
Participant accrued benefits under the Plan on or after January 1, 2005,
the portion of the benefit accrued on or after January 1, 2005 is subject
to the requirements of Section 409A.  For administrative ease, in this
situation, the Participant’s entire benefit will be treated as
“Non-Grandfathered Benefits” and will be subjected to the special rules set
forth in the Addendum to the 

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    Plan.  The
Addendum is intended to comply with the requirements of Section 409A with
respect to the Non-Grandfathered Benefits.  The Plan has been and
shall continue to be administered in good faith compliance with the requirements
of Section 409A from January 1, 2005 through December 31, 2008 with
respect to the Non-Grandfathered Benefits.

     

    3.           The
Plan is hereby amended by the addition of the Addendum which is attached to the
end of this Seventh Amendment.

     

    IN
WITNESS WHEREOF, the Company has caused this Seventh Amendment to be executed as
of this 21st
day of November,
2008.

    PNM
RESOURCES, INC.

     

    By: /s/ Alice A. Cobb

          Its:
SVP, Chief
Administrative Officer

     

    

     

    
      
        
        

      

      
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    ADDENDUM

     

    This
Addendum applies only to a Participant who accrued a benefit under the Plan on
or after January 1, 2005 (a “Non-Grandfathered Participant”).  If
a Non-Grandfathered Participant accrued any benefit under the Plan on or after
January 1, 2005, his entire benefit shall be subject to both the terms of the
Plan and the terms of this Addendum.  In the case of a conflict, the
provisions of this Addendum shall control.

    1.           Payment
of the benefits hereunder shall commence within ninety (90) days following the
date on which the Non-Grandfathered Participant incurs a Separation from Service
as defined in Treasury Regulation Section
1.409A-1(h)(1).  Notwithstanding the foregoing, if a Non-Grandfathered
Participant is a “Specified Employee,” as defined in the PNM Resources, Inc.
Executive Savings Plan II, at the time of his Separation from Service, such
payment shall be delayed for six months in accordance with Treasury Regulation
Section 1.409A-1(c)(3)(v).  As of January 1, 2009, all Participants
have Separated from Service and commenced benefits under the Plan.

    2.           A
Non-Grandfathered Participant may receive his benefit in the form of any annuity
available under the Employees’ Retirement Plan at the time payments are to
begin.  All annuity forms shall be actuarially equivalent to a single
life annuity.  The Non-Grandfathered Participant shall be permitted to
select among the available annuities at any time before the first payment is
due.  If no election is made, the payment will be in the form of a
single life annuity if the Non-Grandfathered Participant is not married at the
time benefits commence and in the form of a joint and survivor annuity if the
Non-Grandfathered Participant is married at the time benefits
commence.

     

    
      
        
        

      

      
        A-1

        
          

        

      

      
        
        

      

    

     

    3.           Section
6.03 of the Plan shall not apply to a Non-Grandfathered
Participant.  If a Change in Control (as defined in the PNM Resources,
Inc. Officer Retention Plan, as it may be amended from time to time) occurs, a
Non-Grandfathered Participant may request that the Company sufficiently fund the
Public Service Company of New Mexico and Paragon Resources, Inc., Deferred
Compensation Trust Agreement and/or the Trust Agreement between PNM Resources,
Inc. and Fiduciary Trust International of Delaware (collectively, the “Rabbi
Trust”) to provide in full for any benefits accrued under this Plan as of the
date of the occurrence of the Change in Control.  If the
Non-Grandfathered Participant’s request is accompanied by an opinion of counsel
acceptable to Company that the funding of the Rabbi Trust will not result in
violation of, or the immediate taxation of the Non-Grandfathered Participant
pursuant to Section 409A of the Code, the Company shall fund the Rabbi
Trust as requested.

    4.           Notwithstanding
any provision of this Plan to the contrary, the Plan may not be amended or
terminated if it will result in a violation of Section 409A of the Code and any
such amendment or termination shall at no time have any legal
validity.

    5.           Pursuant
to Treasury Regulation Section 1.409A-3(d), if the Company fails to make a
payment due under the Plan, either intentionally or unintentionally, within the
time period specified in the Plan, but the payment is made within the same
calendar year, such payment will be treated as made within the time period
specified in the Plan.  In addition, if a payment is not made due to a
dispute with respect to such payment, the payment may be delayed in accordance
with Treasury Regulation Section 1.409A-3(g).

    6.           Under
no circumstances may the time or schedule of any payment made or benefit
provided pursuant to this Plan be accelerated or subject to a further deferral
except as otherwise

     

    
      
        
        

      

      
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     permitted
or required pursuant to regulations and other guidance issued pursuant to
Section 409A of the Code.

    7.           Other
than the selection of the form of annuity payment under the Plan, a
Non-Grandfathered Participant does not have any right to make any election
regarding the time or form of any payment due under this Plan.

    8.           This
Plan shall be operated in compliance with Section 409A and each provision
of this Plan shall be interpreted, to the extent possible, to comply with
Section 409A.

    

     

    
      
        
                                                                    

        

         

      

      
        A-3

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