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FIRST AMENDMENT
TO THE
PNM RESOURCES, INC.
2022 OFFICER ANNUAL INCENTIVE PLAN
The Company previously adopted the 2022 Officer Annual Incentive Plan (the “Plan”).  By this instrument, the Company desires to amend the Plan as set forth below.
1.This First Amendment shall be effective as of the date executed below. 
2.The first paragraph of the Performance Award Pool Section of the Plan is hereby amended and restated to read as follows:
A Corporate Goals Scorecard and Business Area Goals Scorecard listing each performance measure established by the Committee will be maintained by the PNMR Services Company Human Resources Department.  As set forth in Table 2 of Attachment A, the performance of the Chief Executive Officer and the Senior Officers (i.e., Officers with the title of Senior Vice President or higher) are measured 100% on the Corporate Goals Scorecard.  Vice Presidents are measured 60% on the Corporate Goals Scorecard and 40% on the Business Area Goals Scorecard.
3.Table 3 (Award Levels Table) of Attachment A to the Plan is hereby amended and restated to read as follows:
Award Levels Table 
(Table 3)
												
	Award Levels	Threshold	Target	Maximum
	CEO	57.5%	115%	230%
	EVP	37.5%	75%	150%
	President and COO as of May 21, 2022
	35%	70%	140%
	SVP and CFO from January 1, 2022 through May 20, 2022
	32.5%	65%	130%
	SVP, CFO and Treasurer as of May 21, 2022	30%	60%	120%
	SVPs (other than those listed above)	27.5%	55%	110%
	Vice-Presidents	22.5%	45%	90%

			
	4854-1796-6879.3

4.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, the Company has caused this First Amendment to be executed by its duly authorized representative on this 7th day of July, 2022. 
PNM RESOURCES, INC.

   /s/ Patrick V. Apodaca                
Patrick V. Apodaca
SVP and General Counsel

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	4854-1796-6879.3Document

FIRST AMENDMENT
TO THE
PNM RESOURCES, INC.
2022 LONG-TERM INCENTIVE PLAN
The 2022 Long-Term Incentive Plan (the “Plan”) was adopted pursuant to the PNM Resources, Inc. 2014 Performance Equity Plan (the “PEP”).  By this instrument, the Company desires to amend the Plan as set forth below.
1.This First Amendment shall be effective as of the date executed below. 
2.Attachment B to the Plan is hereby amended and restated to read as attached as Exhibit 1 hereto.
3.Attachment C to the Plan is hereby amended and restated to read as attached as Exhibit 2 hereto.
4.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, the Company has caused this First Amendment to be executed by its duly authorized representative on this 7th day of July, 2022. 
PNM RESOURCES, INC.

   /s/ Patrick V. Apodaca                
Patrick V. Apodaca
SVP and General Counsel

			
	4858-6321-7695.3

Exhibit 1

ATTACHMENT B
Performance Share Award Opportunity Table
												
	Officer Level	Threshold Award	Target Award	Maximum Award
	CEO	Performance Shares = 101.5% of base salary	Performance Shares = 203% of base salary	Performance Shares = 406% of base salary
	President and COO as of May 21, 2022	Performance Shares = 57.75% of base salary	Performance Shares = 115.5% of base salary	Performance Shares = 231% of base salary
	EVP; and 
SVP and Chief Financial Officer from January 1, 2022 through May 20, 2022
	Performance Shares = 52.5% of base salary	Performance Shares = 105% of base salary	Performance Shares = 210% of base salary
	All other SVPs (other than SVP and Chief Financial Officer from January 1, 2022 through May 20, 2022)	Performance Shares = 29.75% of base salary	Performance Shares = 59.5% of base salary	Performance Shares = 119% of base salary
	VP and Chief Information Officer and VP, Human Resources	Performance Shares = 19.25% of base salary	Performance Shares = 38.5% of base salary	Performance Shares = 77% of base salary
	VP (other than VP and Chief Information Officer and VP, Human Resources)	Performance Shares = 17.5% of base salary	Performance Shares = 35% of base salary	Performance Shares = 70% of base salary

			
	4858-6321-7695.3

    2

Exhibit 2

ATTACHMENT C
Time-Vested Restricted Stock Rights Award Opportunity Table
						
	Officer Level	Award
	CEO	Restricted Stock Rights = 87% of base salary
	President and COO	Restricted Stock Rights = 49.5% of base salary
	EVP	Restricted Stock Rights = 45% of base salary
	SVP	Restricted Stock Rights = 25.5% of base salary
	VP and Chief Information Officer and VP, Human Resources	Restricted Stock Rights = 16.5% of base salary
	VP (other than VP and Chief Information Officer and VP, Human Resources)	Restricted Stock Rights = 15% of base salary

			
	4858-6321-7695.3

    3Document

SECOND AMENDMENT
TO THE
PNM RESOURCES, INC.
2021 LONG-TERM INCENTIVE PLAN
The 2021 Long-Term Incentive Plan (the “Plan”) was adopted pursuant to the PNM Resources, Inc. 2014 Performance Equity Plan (the “PEP”).  The Plan has been amended on one previous occasion.  By this instrument, the Company desires to amend the Plan as set forth below.
1.This Second Amendment shall be effective as of the date executed below. 
2.The first bullet point (out of 3 bullet points in the Section) under the “Introduction” Section of the Plan is hereby amended and restated in its entirety to read as follows:
The 2021 Long-Term Incentive Plan (the “Plan” or the “2021 Plan”) provides eligible Officers of PNM Resources, Inc. (the “Company” or “PNMR”) with the opportunity to earn Performance Share Awards (70% of the total opportunity) and time-vested Restricted Stock Rights Awards (30% of the total opportunity).  For purposes of the Plan, “Officer” means any Officer of the Company who:  (1) has the title of Chief Executive Officer, Executive Vice President, Senior Vice President, Vice President or higher; and (2) who is in salary grade H18 or higher. 
3.Attachment B to the Plan is hereby amended and restated to read as attached as Exhibit 1 hereto.
4.Attachment C to the Plan is hereby amended and restated to read as attached as Exhibit 2 hereto.
5.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, the Company has caused this Second Amendment to be executed by its duly authorized representative on this 7th day of July, 2022.
PNM RESOURCES, INC.

   /s/ Patrick V. Apodaca                
Patrick V. Apodaca
			
	4895-3687-3503.3

SVP and General Counsel
			
	4895-3687-3503.3

    2

Exhibit 1

ATTACHMENT B
Performance Share Award Opportunity Table
												
	Officer Level	Threshold Award	Target Award	Maximum Award
	CEO	Performance Shares = 101.5% of base salary	Performance Shares = 203% of base salary	Performance Shares = 406% of base salary
	President and COO	Performance Shares = 57.75% of base salary	Performance Shares = 115.5% of base salary	Performance Shares = 231% of base salary
	EVP	Performance Shares = 52.5% of base salary	Performance Shares = 105% of base salary	Performance Shares = 210% of base salary
	SVP	Performance Shares = 29.75% of base salary	Performance Shares = 59.5% of base salary	Performance Shares = 119% of base salary
	VP	Performance Shares = 17.5% of base salary	Performance Shares = 35% of base salary	Performance Shares = 70% of base salary

			
	4895-3687-3503.3

    3

Exhibit 2

ATTACHMENT C
Time-Vested Restricted Stock Rights Award Opportunity Table
						
	Officer Level	Award
	CEO	Restricted Stock Rights = 87% of base salary
	President & COO	Restricted Stock Rights = 49.50% of base salary
	EVP	Restricted Stock Rights = 45% of base salary
	SVP	Restricted Stock Rights = 25.5% of base salary
	VP	Restricted Stock Rights = 15% of base salary

			
	4895-3687-3503.3

    4Document

THIRD AMENDMENT
TO THE
PNM RESOURCES, INC.
2020 LONG-TERM INCENTIVE PLAN
The 2020 Long-Term Incentive Plan (the “Plan”) was adopted pursuant to the PNM Resources, Inc. 2014 Performance Equity Plan (the “PEP”).  The Plan has been amended on two previous occasions.  By this instrument, the Company desires to amend the Plan as set forth below.
1.This Third Amendment shall be effective as of the date executed below. 
2.The first bullet point (out of 3 bullet points in the Section) under the “Introduction” Section of the Plan is hereby amended and restated in its entirety to read as follows:
The 2020 Long-Term Incentive Plan (the “Plan” or the “2020 Plan”) provides eligible Officers of PNM Resources, Inc. (the “Company” or “PNMR”) with the opportunity to earn Performance Share Awards (70% of the total opportunity) and time-vested Restricted Stock Rights Awards (30% of the total opportunity).  For purposes of the Plan, “Officer” means any Officer of the Company who:  (1) has the title of Chief Executive Officer, Executive Vice President, Senior Vice President, Vice President or higher; and (2) who is in salary grade H18 or higher. 
3.Attachment B to the Plan is hereby amended and restated to read as attached as Exhibit 1 hereto.
4.Attachment C to the Plan is hereby amended and restated to read as attached as Exhibit 2 hereto.
5.This Third Amendment amends only the provisions of the Plan as noted above, and those provisions not expressly amended shall be considered in full force and effect.  Notwithstanding the foregoing, this Third Amendment shall supersede the provisions of the Plan to the extent those provisions are inconsistent with the provisions and intent of this Third Amendment. 
IN WITNESS WHEREOF, the Company has caused this Third Amendment to be executed by its duly authorized representative on this 7th day of July, 2022.
PNM RESOURCES, INC.

   /s/ Patrick V. Apodaca                
			
	4867-7747-9199.3

Patrick V. Apodaca
SVP and General Counsel
			
	4867-7747-9199.3

    2

Exhibit 1

ATTACHMENT B
Performance Share Award Opportunity Table
												
	Officer Level	Threshold Award	Target Award	Maximum Award
	CEO	Performance Shares = 101.5% of base salary	Performance Shares = 203% of base salary	Performance Shares = 406% of base salary
	President and COO	Performance Shares = 57.75% of base salary	Performance Shares = 115.5% of base salary	Performance Shares = 231% of base salary
	EVP	Performance Shares = 52.5% of base salary	Performance Shares = 105% of base salary	Performance Shares = 210% of base salary
	SVP	Performance Shares = 29.75% of base salary	Performance Shares = 59.5% of base salary	Performance Shares = 119% of base salary
	VP	Performance Shares = 17.5% of base salary	Performance Shares = 35% of base salary	Performance Shares = 70% of base salary

			
	4867-7747-9199.3

    3

Exhibit 2

ATTACHMENT C
Time-Vested Restricted Stock Rights Award Opportunity Table
						
	Officer Level	Award
	CEO	Restricted Stock Rights = 87% of base salary
	President & COO	Restricted Stock Rights = 49.50% of base salary
	EVP	Restricted Stock Rights = 45% of base salary
	SVP	Restricted Stock Rights = 25.5% of base salary
	VP	Restricted Stock Rights = 15% of base salary

			
	4867-7747-9199.3

    4

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