Document:

PNM 12.31.2014 EXh 10.3

Exhibit 10.3

EXTENSION OF LOI DEADLINE
UNDER AMENDMENT NO. SIX TO 
UNDERGROUND COAL SALES AGREEMENT

SAN JUAN COAL COMPANY, a Delaware corporation (“SJCC”), PUBLIC SERVICE COMPANY OF NEW MEXICO, a New Mexico corporation (“PNM”), and TUCSON ELECTRIC POWER COMPANY, an Arizona Corporation (“TEP” and  together with PNM, the “Utilities”), all parties to that certain Amendment No. Six to Underground Coal Sales Agreement dated October 2, 2014 (“Amendment Six”), do hereby agree as follows.
RECITALS
		
	A.
	All capitalized terms used but not defined herein shall have the meaning set forth in Amendment Six.

		
	B.
	SJCC and the Utilities entered into Amendment Six.

		
	C.
	Amendment Six contemplated negotiation of a Transaction involving the acquisition by the Purchaser Parties of the assets or stock of SJCC and SJTC, with the Purchaser Parties including one or more of the Utilities, an entity directly or indirectly wholly owned exclusively by either or both of the Utilities, or such other entity agreed to by the Parties.

		
	D.
	Amendment Six includes an obligation to extend the LOI Deadline to a date no later than March 31, 2015, and pursuant to that obligation the Parties previously extended the LOI Deadline to January 31, 2015.

		
	E.
	Since entering into Amendment Six, the Utilities now desire for SJCC, SJTC and BBNMC to negotiate with one or more third parties, as agreed by the Parties, as potential Purchaser Parties (each a “Third Party” and collectively, “Third Parties”), to extend the LOI Deadline to May 1, 2015, and to conclude a Purchase Agreement with a Third Party by no later than May 1, 2015. 

		
	F.
	SJCC, SJTC and BBNMC are willing to further extend the LOI Deadline until May 1, 2015 and to pursue negotiations of a Purchase Agreement with Third Parties identified by the Utilities under the terms and conditions set forth in this Agreement.  

AGREEMENT
NOW THEREFORE, for good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the parties hereto agree as follows: 

		
	1.
	The LOI Deadline under Amendment Six is extended until 5:00 p.m., Farmington, New Mexico time on May 1, 2015 under the following conditions:

		
	a.
	The LOI Deadline is now understood to contemplate execution of a Purchase Agreement between SJCC, SJTC and BBNMC and a Third Party, rather than an LOI between SJCC, SJTC and BBNMC and the Utilities. 

		
	b.
	Purchaser Parties is understood to include Third Parties.

		
	c.
	If no Purchase Agreement is entered into by the LOI Deadline, then the Parties have no further obligations (including those contemplated by the second paragraph of Section 12.6(A) of the UG-CSA) to negotiate a Purchase Agreement beyond the LOI Deadline unless mutually agreed in writing by the Parties.

		
	d.
	In the sole judgment of BBNMC, SJCC and SJTC, for reasons, including, but not limited to, the consideration or other terms and conditions of the Purchase Agreement are unacceptable, BBNMC, SJCC and SJTC may elect not to continue with negotiations or enter into a Purchase Agreement.  In addition, in the sole judgment of the Utilities, for reasons, including, but not limited to, the coal price under the proposed Coal Sales Agreement with a Third Party (“Coal Sales Agreement”) or other terms and conditions of the Coal Sales Agreement or Purchase Agreement are unacceptable, the Utilities may elect not to continue with negotiations or enter into a Coal Sales Agreement.  

		
	2.
	To the extent of any conflict between the terms of the Amendment Six and this Agreement, this Agreement shall control.

[SIGNATURE PAGES FOLLOW]

IN WITNESS WHEREOF, the Parties hereto have caused this Agreement to be executed on their behalf by their respective officers, thereunto duly authorized. 
Public Service Company of New Mexico

By:_/s/ Charles N. Eldred____________
Name:_ Charles N. Eldred___________
Title:_Executive Vice President_______
         and Chief Financial Officer             Date:__February 20, 2015___

Tucson Electric Power Company

By:_/s/ Mark C. Mansfield____________
Name:_ Mark C. Mansfield___________
Title:___VP Energy Resources_________                 Date:__20 Feb 2015_________

San Juan Coal Company

By:_/s/ Patrick Risner______________
Name:_ Patrick Risner______________
Title:___ President_________________                 Date:__ 18 Feb 2015_________

San Juan Transportation Company and BHP Billiton New Mexico Coal, Inc. hereby acknowledge and agree to the terms of this Extension of LOI Deadline with the understanding that this commitment does not make these entities a party to the UG-CSA for any purpose:

San Juan Transportation Company

By:_/s/ Patrick Risner______________
Name:_ Patrick Risner______________
Title:___ President_________________                 Date:__ 18 Feb 2015_________

BHP Billiton New Mexico Coal, Inc.

By:_/s/ Patrick Risner______________
Name:_ Patrick Risner______________
Title:___ President_________________                 Date:__ 18 Feb 2015_________PNM 12.31.2014 EX 10.4.1

Exhibit 10.4.1            
SHAREWORKS
Template Type Group: Grant Agreement
Template Type: Grant Agreement Template
Template Name:  PNM Officer Performance Share Grant Agreement
Language (s): English
Label: Agreement
HTML:
Acknowledgment Form

###GRANT DATE###

###PARTICIPANT NAME###

Dear ###PARTICIPANT_ NAME###:

Pursuant to the PNM Resources, Inc. 20__ Long-Term Performance Plan (‘LTIP’), you have earned____ shares of stock of PNM Resources, Inc. as outlined below.

	
			
	 

	 
	 
	 

	Employee ID:
	_______________
	 

	Granted To:
	_______________

	 

	Grant ID:
	_______________

	 

	Grant Date:
	_______________

	 

	Granted:
	_______________

	 

	Grant Price:
	$0.0000
	 

	 
	 
	 

	Vesting Schedule
	:  100% immediately

By my acceptance below, I hereby (1) accept delivery of the shares, which are being issued to me under the LTIP and the PNM Resources, Inc. Second Amended and Restated Omnibus Performance Equity Plan, as amended (the ‘Plan’) and (2) acknowledge my prior receipt of the LTIP and the Plan.  If you need additional copies of the LTIP and the Plan, please contact Gail Vavruska-Marcum at 505-241-4631.

[I ACCEPT/ACCEPTANCE BUTTON]PNM 12.31.2014 EX 10.4.2

Exhibit 10.4.2        
SHAREWORKS
Template Type Group: Grant Agreement
Template Type: Grant Agreement Template
Template Name:  PNM Officer RSA Grant Agreement
Language (s): English
Label: Agreement
HTML:
Acknowledgment Form

###GRANT_DATE###

###PARTICIPANT NAME###

Dear ###PARTICIPANT_ NAME###:

Pursuant to the PNM Resources, Inc. 20__ Long-Term Incentive Plan (the ‘LTIP’), you have been granted a Restricted Stock Rights Award for ____ shares of stock of PNM Resources, Inc. as outlined below.

	
			
	 

	 
	 
	 

	Employee ID:
	_______________
	 

	Granted To:
	_______________

	 

	Grant ID:
	_______________

	 

	Grant Date:
	_______________

	 

	Granted:
	_______________

	 

	Grant Price:
	$0.0000
	 

	 
	 
	 

	Vesting Schedule:
	One-third per year for 3 years
### on 3/_/__
### on 3/_/__
### on 3/_/__

By my acceptance below, I hereby (1) acknowledge receipt of this Grant on the date shown above, which has been issued to me under the  LTIP and the attached PNM Resources, Inc. 2014 Performance Equity Plan (the ‘Plan’), (2) acknowledge my prior receipt of the Plan and the LTIP, and (3) agree to conform to all of the terms and conditions of the Grant set forth in the Plan and the LTIP.  For an additional copy of the LTIP, please contact Gail Vavruska-Marcum at 505-341-4631.

[I ACCEPT/ACCEPTANCE BUTTON]PNM 12.31.2014 EX 10.4.3

Exhibit 10.4.3            
SHAREWORKS
Template Type Group: Grant Agreement
Template Type: Grant Agreement Template
Template Name:  PNM Director RSA Grant Agreement
Language (s): English
Label: Agreement
HTML:
Acknowledgment Form

###GRANT_DATE###

###PARTICIPANT NAME###

Dear ###PARTICIPANT_ NAME###:

Pursuant to the PNM Resources, Inc. 2014 Performance Equity Plan (the ‘Plan’), you have been granted a Restricted Stock Rights Award for ____ shares of stock of PNM Resources, Inc. as outlined below.

	
			
	 

	 
	 
	 

	Employee ID:
	_______________
	 

	Granted To:
	_______________

	 

	Grant ID:
	_______________

	 

	Grant Date:
	_______________

	 

	Granted:
	_______________

	 

	Grant Price:
	$0.0000
	 

	 
	 
	 

	Vesting Schedule:
	One-third per year for 3 years
### on 5/__/__
### on 5/__/__
### on 5/__/__

By my acceptance below, I hereby (1) acknowledge receipt of this Grant on the date shown above, which has been issued to me under the attached Terms and Conditions and the Plan, (2) acknowledge receipt of the copy of the Plan and the Terms and Conditions of this Grant, and (3) agree to conform to all of the attached Terms and Conditions of the Grant and the Plan.

[I ACCEPT/ACCEPTANCE BUTTON]

Terms and Conditions of Restricted Stock Rights Award to Non-Employee Directors

Pursuant to the PNM Resources, Inc. 2014 Performance Equity Plan, you have been granted a Restricted Stock Rights Award for the number of shares specified on the Acknowledgment Form attached. The Acknowledgment Form and these Terms and Conditions are collectively referred to as the “Award Document.”

The Restricted Stock Rights Award is subject to all of the provisions set forth in the PNM Resources, Inc. 2014 Performance Equity Plan (the “Plan”) and this Award Document. Capitalized terms used in the Award Document that are not otherwise defined herein shall have the meanings given to such terms in the Plan.
	
		
	1.
	Vesting.

	
		
	(a)
	The Restricted Stock Rights Award shall vest in accordance with the vesting schedule on the Acknowledgment Form.

	
		
	(b)
	If you have a Termination of Service as a Nonemployee Director, any nonvested Restricted Stock Rights Award will vest pursuant to Section 9.4 of the Plan.

	
		
	2.
	Form and Timing of Delivery of Stock.

	
		
	(a)
	If the Restricted Stock Rights vest as described on the Acknowledgment Form, you will receive the Stock payable with respect to such vested Restricted Stock Rights Award within ninety (90) days following the dates on which the Restricted Stock Rights vest.

	
		
	(b)
	If any Restricted Stock Rights vest as described in Section 1(b), you will receive the Stock payable with respect to such Restricted Stock Rights within ninety (90) days following your Termination of Service.

	
		
	3.
	Dividend Equivalents. You will not be entitled to receive a dividend equivalent for any of the Restricted Stock Rights granted hereunder.

	
		
	4.
	Voting Rights. You will have no voting rights with respect to nonvested Restricted Stock Rights.

	
		
	5.
	Clawback. All or any portion of this Restricted Stock Rights Award is subject to recapture or “clawback” to the extent necessary to comply with Company policy or applicable law. By accepting this Award, you agree to be bound by, and comply with, the terms of any such recapture or clawback provisions and with any Company request or demand for a recapture or clawback.

	
		
	6.
	Waiver and Modification. The provisions of this Award Document may not be waived or modified unless such waiver or modification is in writing signed by the Company.

MANY OF THE PROVISIONS OF THIS AWARD DOCUMENT ARE SUMMARIES OF SIMILAR OR PERTINENT PROVISIONS OF THE PLAN. TO THE EXTENT THIS AWARD DOCUMENT IS SILENT ON AN ISSUE OR THERE IS A CONFLICT BETWEEN THE PLAN AND THIS AWARD DOCUMENT, THE PLAN PROVISIONS SHALL CONTROL

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