Document:

Exhibit 10(g)
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Compensation of Named Executive Officers

         Base Salary
         -----------

         The base salary of Morris L. Maurer and Philip B. Roby are each
reviewed individually by the Compensation Committee, the review includes an
analysis of the performance of the Corporation and the Bank. In addition, the
review includes, among other things, an analysis of the individual's performance
during the past fiscal year, focusing primarily upon the following aspects of
the individual's job or characteristics of the individual exhibited during the
most recent fiscal year: quality and quantity of work; supervisory skills;
dependability; initiative; attendance; overall skill level; and overall value to
the Corporation.

         The base salary for Debra L. Ross is determined by the Chief Executive
Officer of the Corporation. For 2005, Debra L. Ross will receive a base salary
of $140,000. The salaries of Messrs. Maurer and Roby have historically been
adjusted on July 1 of each year. Messrs. Maurer and Roby will receive a base
salary of $264,000 and $233,000, respectively, until June 30, 2005. At that
time, the Compensation Committee may determine to adjust the respective
salaries.

         Bonus Amounts
         -------------

         For 2005, the Board of Directors are expected to approve an incentive
bonus plan ("Incentive Bonus Plan") for all employees of the Bank. Under the
terms of the Incentive Bonus Plan, all employees will be entitled to receive a
bonus of up to certain percentage of their salary, depending upon the amount, if
any, by which the Bank exceeded its profit plan.

         Employees, other than Morris L. Maurer and Philip B. Roby, will also be
entitled to participate in the 2005 Discretionary Bonus Plan. Under this plan,
all eligible employees, including Debra L. Ross, may receive a bonus as
determined in the discretion of Messrs. Maurer and Roby. These amounts are
determined by a comparison of the specific employee's goals and objectives with
actual performance.

         An additional bonus amount will also be established for the 2005 Top
Management Bonus Plan for Morris L. Maurer and Philip B. Roby. Bonuses are paid
from this plan for exceptional individual performance in areas considered
critical to the success of the Corporation and the Bank. This bonus will be
based upon a review of compensation levels in other financial institutions
similar in size to the Corporation and the Bank; a comparison of the
Corporation's performance compared to the 2005 goals for growth in assets,
loans, "wealth management" assets under management, and net income; and,
consideration of non-financial performance, including the results of regulatory
examinations.

                                       1
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          Stock Plans
          -----------

         The 1993 Employees' Stock Option Plan provides for the grant of
"incentive stock options" within the meaning of Section 422 of the Internal
Revenue Code and the grant of nonqualified stock options (the "Plan"). The Plan
provides for the award of stock options to elected officers and key employees of
the Corporation and its subsidiaries, including the Bank, which currently is the
Corporation's only subsidiary. The exercise price for all options granted under
the Plan will not be less than the greater of $10.00 or the fair market value of
the Shares on the date of grant. The Plan will expire on May 31, 2008. Options
may be granted under the Plan only to officers and other key employees who are
in positions to make significant contributions to the success of the
Corporation. Options are exercisable in whole or in part upon such terms and
conditions as may be determined by the Compensation Committee, but in no event
will any incentive stock options be exercisable later than ten years after date
of grant.

         The 1993 Restricted Stock Plan provides for the outright grant of
shares, subject to the vesting schedule set forth in the agreement between the
recipient and the Administrative Committee of the Restricted Stock Plan, to
officers of the Corporation and the Bank. Grants under the Restricted Stock Plan
may be made only to officers who are in position to make significant
contributions to the success of the Corporation.

         Other Compensation Plans
         ------------------------

         The Corporation also has adopted certain broad-based employee benefit
plans for all employees. Senior executives are permitted to participate in these
plans on the same terms as non-executive employees who meet applicable
eligibility criteria, subject to any legal limitations on the amount that may be
contributed or the benefits that may be payable under the plans. These plans
include such customary employee benefit plans as medical insurance, life
insurance, and a 401(k) plan.

         The Corporation sponsors The National Bank of Indianapolis Corporation
401(k) Savings Plan for the benefit of substantially all of the employees of the
Corporation and its subsidiaries. All employees of the Corporation and its
subsidiaries become participants in the 401(k) Plan after completing one year of
service for the Corporation or its subsidiaries and attaining age 21.

                                       23rd_supp-ind

Exhibit 4.3

     THIRD 

     SUPPLEMENTAL INDENTURE 

     EL PASO ELECTRIC 

     TO 

     STATE STREET BANK AND TRUST COMPANY TRUSTEE

     JANUARY 29, 1999

     THIS INSTRUMENT GRANTS A SECURITY INTEREST BY A UTILITY.

     THIS INSTRUMENT CONTAINS AFTER-ACQUIRED PROPERTY PROVISIONS. 

	
          

THIRD 

     SUPPLEMENTAL INDENTURE 

     _____________________ 

          EL PASO ELECTRIC COMPANY 

To 

STATE STREET BANK AND
                         TRUST COMPANY 

     Trustee 

     Dated as of January 29, 1999 

     _____________________ 

     Supplemental to General Mortgage Indenture 

and Deed of Trust 

     Dated as of February 1, 1996 

	
          

	     THIS
                              IS A SECURITY AGREEMENT GRANTING A SECURITY INTEREST
                              IN PERSONAL PROPERTY INCLUDING PERSONAL PROPERTY
                              AFFIXED TO REALTY AS WELL AS A MORTGAGE UPON REAL
               ESTATE AND OTHER PROPERTY. 

     

     THIRD SUPPLEMENTAL INDENTURE 

          THIS THIRD
     SUPPLEMENTAL INDENTURE, dated as of January 29, 1999 (the “Supplemental
     Indenture”),
between EL PASO ELECTRIC COMPANY, a
Texas corporation (the “Company”), whose principal office is located
at 100 North Stanton Street, El Paso, Texas, 79901, and STATE STREET BANK AND
TRUST COMPANY, a banking corporation organized under the laws  of The Commonwealth
of Massachusetts, as Trustee (the “Trustee”), whose
principal corporate trust office is located at 225 Franklin Street, Boston, Massachusetts,
02110. 

     WITNESSETH 

          WHEREAS,
     the Company and the Trustee have entered into that (i) General Mortgage
     Indenture and Deed of Trust, dated as of February 1, 1996 (the “Original Indenture”), relating to the
issuance of Bonds as may be created and established from time to time in one or more series; (ii) First Supplemental Indenture dated as of February 1, 1996 (the “First Supplemental Indenture”); (iii) Second Supplemental Indenture dated as
of August 19, 1997 (the “Second Supplemental Indenture” and, together with the Original Indenture and the First Supplemental Indenture, the “Indenture”);
and 

          WHEREAS, the Company issued Bonds pursuant to the terms of the Original Indenture, the First Supplemental Indenture and the Second Supplemental Indenture, and mortgaged and pledged the Mortgaged
Property to secure payment of the Bonds; and 

          WHEREAS, pursuant to the Indenture, there have been executed, authenticated, delivered and issued and there are now outstanding Bonds of series and in principal amounts as follows: 

	

        	

        	 
    	

        
	
          Series Designation
        	
          Issued and 

          Outstanding Amount
        	

        
	
          7.25% Series A First Mortgage Bonds due 1999
        	
          $
        	
          36,034,000
        	

        
	
          7.75% Series B First Mortgage Bonds due 2001
        	
          $
        	
          62,698,000
        	

        
	
          8.25% Series C First Mortgage Bonds due 2003
        	
          $
        	
          119,292,000
        	

        
	
          8.90% Series D First Mortgage Bonds due 2006
        	
          $
        	
          223,132,000
        	

        
	
          9.40% Series E First Mortgage Bonds due 2011
        	
          $
        	
          273,398,000
        	

        
	
          Collateral Series H First Mortgage Bonds
        	
          $
        	
          100,000,000
        	

        
	
          Collateral Series I First Mortgage Bonds
        	
          $
        	
          163,841,823
        	

        
	
          Collateral Series J First Mortgage Bonds
        	
          $
        	
          34,134,780
        	
          ;
        
	
          and
        	

        	

        	

        

     WHEREAS, Section
14.02 of the Original Indenture permits the Indenture to be amended, or compliance
with any provision thereof to be waived, with the consent of the Holders of not
less

      than a majority
in principal amount of the then Outstanding Bonds (provided, that if the proposed
     amendment or waiver affects only the Holders of certain series of Outstanding
     Bonds, then the consent only of the Holders of a majority in aggregate principal
     amount of Outstanding Bonds of such affected series, considered as one class,
shall be required); 

          WHEREAS, the Company proposes to amend Section 4.01 of the First Supplemental Indenture to permit the redemption of the Series A Preferred Stock beginning on February 12, 1999 instead of May 1,1999;

          WHEREAS, the proposed amendment
     to Section 4.01 of the First Supplemental Indenture affects the Holders of Series A, B, C, D, E
     and H Bonds, but not the Holders of Series I and J Bonds (because  Section 4.01 of the Second Supplemental
     Indenture permits the Company to redeem the Series A Preferred Stock beginning on February 12, 1999); 

          WHEREAS, the Company has obtained, in accordance with Section 15.07 of the Original Indenture, the written consent of the Holders of a majority in aggregate principal amount of Outstanding Bonds of
Series A, B, C, D, E and H, considered as one class, to the proposed amendment of Section 4.01 of the First Supplemental Indenture as set forth in this Supplemental Indenture; 

          WHEREAS, it is provided in the Original Indenture, among other things, that the Company shall execute and file with the Trustee, and the Trustee at the request of the Company, when required by the
Original Indenture, shall join in, indentures supplemental thereto, and which thereafter shall form a part thereof, for the purpose, among others, of amending the Indenture as permitted by Section 14.02 thereof; and 

          WHEREAS, all acts and things have been done and performed which are necessary to make this Supplemental Indenture, when duly executed and delivered, a valid, binding and legal instrument in accordance
with its terms and for the purposes herein expressed; and the execution and delivery of this Supplemental Indenture have been in all respects duly authorized. 

          NOW THEREFORE, in consideration of the premises and in further consideration of the sum of One Dollar in lawful money of the United States of America paid to the Company by the Trustee at or before
the execution and delivery of this Supplemental Indenture, the receipt whereof is hereby acknowledged, and of other good and valuable consideration, it is agreed by and between the Company and the Trustee as follows: 

2
     

     

     ARTICLE 1 

     DEFINITIONS

     SECTION 1.01 Terms Incorporated by Reference. 

          Except for the terms defined in this Supplemental Indenture, all capitalized terms used in this Supplemental Indenture have the respective meanings set forth in the Indenture. 

     ARTICLE 2 

AMENDMENT
     OF SECTION 4.01

     OF FIRST SUPPLEMENTAL INDENTURE

     SECTION 2.01 Amendment to Limitation on Restricted Payments. 

          Section
     4.01 of the First Supplemental Indenture is amended by deleting from clause
     (ii)(B) of the second full paragraph thereof the date “May 1, 1999” and substituting therefor the date
“February 12, 1999”. 

          ARTICLE 3 

THE TRUSTEE

     SECTION 3.01 Trustee’s
Disclaimer. 

          The Trustee shall not be responsible in any manner whatsoever for or in respect of the validity or sufficiency of this Supplemental Indenture or the due execution hereof by the Company, or for or in
respect of the recitals and statements contained herein, all of which recitals and statements are made solely by the Company. 

          Except as herein otherwise provided, no duties, responsibilities or liabilities are assumed, or shall be construed to be assumed, by the Trustee by reason of this Supplemental Indenture other than as
set forth in the Indenture, and this Supplemental Indenture is executed and accepted on behalf of the Trustee, subject to all the terms and conditions set forth in the Indenture, as fully to all intents as if the same were set forth at length
herein. 

3
     

     

ARTICLE 4 

      MISCELLANEOUS 

 SECTION 4.01 Reference
        to Original Indenture. 

      Except insofar
      as otherwise expressly provided herein, all the provisions, definitions,
      terms and conditions of the Original Indenture, as it has been and may
      from time to time be amended, shall be deemed to be incorporated in and
      made a part of this Supplemental Indenture; and the Original Indenture
      as heretofore supplemented and as supplemented by this Supplemental Indenture
      is in all respects ratified and confirmed;
      and the Original Indenture, as amended, and this Supplemental Indenture
      shall be read, taken and construed as one and the same instrument.

SECTION 4.02 Governing Law. 

          In view of the fact that Bondholders may reside in various states and the desire to establish with certainty that this Supplemental Indenture will be governed by and construed and interpreted in
accordance with the law of a state having a well developed body of commercial and financial law relevant to transactions of the type contemplated herein, this Supplemental Indenture shall be construed in accordance with and governed by the laws of
the State of New York (without regard to the conflict of laws provisions thereof) applicable to agreements made and to be performed therein, except to the extent that the TIA shall be applicable and except to the extent the law of any jurisdiction
wherein any portion of the Mortgaged Property is located shall mandatorily govern the perfection, priority or enforcement of the Lien of the Indenture with respect to such portion of the Mortgaged Property. 

     SECTION 4.03 Successors. 

          All covenants, stipulations and agreements of the Company in this Supplemental Indenture shall bind its successors and assigns. All agreements of the Trustee in this Supplemental Indenture shall bind
its successor. 

     SECTION 4.04 Counterparts. 

          This Supplemental Indenture may be executed in any number of counterparts, and each of such counterparts when so executed shall be deemed to be an original, but all such counterparts shall together
constitute by one and the same instrument. 

4
     

     

          IN WITNESS WHEREOF, EL PASO ELECTRIC COMPANY has caused this Supplemental Indenture to be executed by its Chairman of the Board, Chief Executive Officer, President or one of its Vice Presidents and
duly attested by its Secretary or one of its Assistant Secretaries, and STATE STREET BANK AND TRUST COMPANY has caused the same to be executed by one of its Vice Presidents or Assistant Vice Presidents and its corporate seal to be hereunto affixed,
and duly attested by one of its Assistant Secretaries, as of the day and year first above written. 

	
          EL PASO ELECTRIC COMPANY
        

	By:	  /s/ Gary R. Hedrick  
	 	
          
	 	
          Gary R. Hedrick
        
	 	
          Vice President and Chief
        
	 	Financial Officer

	Attest: 
	 
	/s/ Guillermo Silva, Jr.  
	

	Secretary

5
     

     

	          STATE STREET BANK
          AND TRUST 

                       COMPANY

	By:	 /s/ Ruth
               A. Smith 
	 	
          
	 	
          Name:
        	 
        	          Ruth
          A. Smith
        
	 	
          Title:
        	 
        	
          Vice President 
	 	 
      	 	 

     (Corporate Seal)

	Attest: 
	 
	(Illegible)  
	

	Title:

6

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