Document:

Exhibit
4.8

 

 

 

 

 

 

 

Investment
Agreement

Of

Hebei
Taiying Communications Outsourcing Service 

Co., Ltd.

 

 

 

 

 

 

 

 

 

 

 

July
2016

 

 

 

 

 

 

     

     

    

 

This
Investment Agreement (hereinafter referred to as “this Agreement”) is concluded and entered into by and between the
following parties in Hebei, China on July 1, 2016.

 

	Party
    A:	Beijing
    Jiate Information Technology Co., Ltd. (hereinafter referred to as “Party A”)
	 	 
	Legal
    representative: Dong Wenjuan
	 
	Domicile:	Yard
    No. 23, Beice Middle Road, Erbozi Village, Huilongguan Town, Changping District, Beijing
	 	 
	Party
    B:	Hebei
    Taiying Communications Outsourcing Service Co., Ltd. (hereinafter referred to as “Target Company” or “Party
    B”)
	 	 
	Legal
    representative: Wang Zhili
	 
	Domicile:	Bai
    Shi Jin Gu Yanjiao International Industrial Base, North of Gushan West Road, West of Yingbin North Road, Yanjiao, Sanhe City,
    Hebei Province
	 	 
	Party
    C:	Shandong
    Taiying Technology Co., Ltd. (hereinafter referred to as “Party C” or “Original Shareholder”)
	 	 
	Legal
    representative: Wang Zhili
	 
	Domicile:	No.
    1366, Zhongtianmen Avenue, Tai’an Hi-Tech Industrial Development Zone, Tai’an City, Shandong Province 

 

Whereas:

		1.	Party
                                         B is a limited liability company duly incorporated and validly existing under the laws
                                         of the People’s Republic of China, currently, the registered capital of Party B is RMBFive
                                         Million (¥5 Million) only (unless otherwise specified, the monetary unit referred
                                         to herein is RMB), and it has 1 corporate shareholder, which is Shandong Taiying Technology
                                         Co., Ltd. The shareholding status upon signing this Agreement is: Party C accounts for
                                         100%, all in monetary contribution.
	 	 	 
		2.	Due
                                         to business needs, Party B intends to introduce investor to optimize the shareholding
                                         structure and expand business scale. As an investor, Party A is willing to participate
                                         in the investment mentioned herein. Party B and Party C agree unanimously upon Party
                                         A’s investment in Party B.

 

Now,
all parties agree to implement this investment plan based on the investment terms and conditions agreed herein, therefore, all
parties hereby agree as follows:

 

    	 	2	 

     

    

 

		Article 1:	Party
A’s investment

 

		1.1	The
                                         price of this investment is based on the registered capital of company, namely RMB10
                                         Million, which is agreed by all parties hereto.
	 	 	 
		1.2	Both
                                         Party B and Party C agree upon Party A’s equity investment, agreeing Party A to invest
                                         [RMBFour Million Nine Hundred Thousand] only (in figures: ¥[4.9 Million] only)
                                         in cash, after investment Party A will hold 49% shares of Party B; and Party A guarantees
                                         that the source of investment fund is legal.
	 

                                                                                
	1.3	After
                                         the completion of this investment, corresponding shareholdings held by Party A in Party
                                         B are as follows:

 

	Investor	 	Amount of investment (RMB)	 	 	Shareholding ratio	 
	Beijing Jiate Information Technology Co., Ltd.	 	 	4,900,000.00	 	 	 	49	%

 

		1.4	For
                                         the convenience of Party B’s needs in future operation management, Party A, Party B and
                                         Party C unanimously consent and agree upon the processes of this investment as follows:

 

	 	(1)	On or before February 1, 2017, Party A shall remit the
first investment fund of RMB2.45 Million into the company account of Party B.
	 	 	 
	 	(2)	And the rest investment money will be credited into
the account as agreed in Articles of Association.

		1.5	All
                                         parties agree to go through the change registration formalities in the administrative
                                         department for industry and commerce within 30 working days as of the date of signature
                                         hereof.

		1.6	All
                                         parties agree that, Party A will cooperate with Party B to carry out registered capital
                                         increase and industrial and commercial registration of changes etc., and all parties
                                         guarantee that the proportion of company shares held by Party A will be 49% after the
                                         completion of industrial and commercial registration of changes under the condition that
                                         the agreed investment amount remains the same.

		1.7	All
                                         relevant expenses incurred from this investment (including but not limited to capital
                                         verification fee, audit fee, assessment fee, counsel fee, charges for industrial and
                                         commercial registration of changes etc.) shall be borne by the company after change.

 

		Article 2:	Effective
condition

		2.1	This
                                         Agreement will become effective as of the date of signature by all parties.

 

		Article 3:	Guarantee
of Party B and Party C

 

On
the date of signature hereof, Party B and Party C guarantee that:

 

		3.1	Party
                                         B and Party C are the legal persons duly incorporated and validly existing under the
                                         laws of the People’s Republic of China.

 

    	 	3	 

     

    

 

		3.2	Their
                                         signing and performance of this Agreement do not violate the restriction of the law or
                                         contract having binding effect or impact on them.
	 	 	 
		3.3	They
                                         have all necessary powers, authorizations and approvals for signing this Agreement, and
                                         will have all necessary powers, authorizations and approvals for full performance of
                                         all obligations hereunder.
	 	 	 
		3.4	Assist
                                         Party A to sign all necessary documents and go through necessary formalities to successfully
                                         accomplish the purpose hereof; and assist Party A to give priority to recommend one candidate
                                         to hold the post of director of Party B under the same conditions after Party B has completed
                                         the industrial and commercial registration of changes.
	 	 	 
		3.5	Party
                                         A will become the shareholder of Party B after completion of investment, and the accumulated
                                         profits and accumulations of Party B will be shared by the shareholders after investment.
	 	 	 
		3.6	Once
                                         this Agreement has been signed, it will constitute legal and valid obligations with binding
                                         effect to them.

 

		Article 4:	Guarantee
of Party A

 

On
the date of signature hereof, Party A guarantees that:

 

		4.1	Party
                                         A promises to promptly pay the investment fund in full in order to guarantee sound and
                                         rapid development of Party B.
	 	 	 
		4.2	Party
                                         A promises to no longer invest or hold equity interest in projects or companies whose
                                         business scope is similar to that of Party B and Party C.
	 	 	 
		4.3	Party
                                         A is the legal person duly incorporated and validly existing under the laws of the People’s
                                         Republic of China.
	 	 	 
		4.4	Party
                                         A’s signing and performance of this Agreement do not violate the restriction of the law
                                         or contract having binding effect or impact on it
	 	 	 
		4.5	Party
                                         A has all necessary powers, authorizations and approvals for signing this Agreement,
                                         and will have all necessary powers, authorizations and approvals for full performance
                                         of all obligations hereunder.
	 	 	 
		4.6	The
                                         source of capital used by Party A in this investment is legal.
	 	 	 
		4.7	In
                                         order to facilitate continuous and stable development of Party B after this investment,
                                         Party A agrees to sign this concerted action agreement jointly with Party C.
	 	 	 
		4.8	Once
                                         this Agreement has been signed, it will constitute legal and valid obligations with binding
                                         effect to them.

 

    	 	4	 

     

    

 

		Article 5:	Responsibility
for breach of contract

 

		5.1	If
                                         this Agreement is not performed or cannot be fully performed due to the breach of contract
                                         by any party hereto, the breaching party shall bear the responsibility for breach of
                                         contract arising therefrom and pay the innocent party liquidated damages of RMB300 Thousand.
                                         In case of breach of contract by all parties, each party shall bear the corresponding
                                         responsibility arising therefrom respectively.
	 	 	 
		5.2	If
                                         Party B fails to accomplish the industrial and commercial registration of changes within
                                         the deadline agreed in Article 1.5, then Party A is entitled to ask Party B for returning
                                         the investment fund, and pay the interest on fund occupation (calculate based on 5% of
                                         annual interest rate, subject to actual number of days). If Party B fails to promptly
                                         accomplish the industrial and commercial registration of changes due to the reason of
                                         Party A, then the agreed time for doing so will be postponed accordingly.
	 	 	 
		5.3	Except
                                         for the circumstances of breach of contract as stipulated in Article 5.1 and 5.2, before
                                         accomplishing the industrial and commercial registration of changes for this investment,
                                         if Party A asks for withdrawal of fund, or Party B refuses to go through the industrial
                                         and commercial registration of changes and asks for returning the fund to Party A, then
                                         the breaching party shall compensate RMB300 Thousand only to the innocent party.

 

		Article 6:	Force
majeure

 

		6.1	In
                                         case of earthquake, typhoon, flood, fire, war and other unforeseeable, unpreventable
                                         or unavoidable force majeure events (including but not limited to act of god, strike,
                                         riot, act of war, outbreaks of infectious diseases, government control after contract
                                         conclusion, rainstorm or other natural disasters), and thereby causing direct impact
                                         on the performance of this Agreement or this Agreement cannot be performed according
                                         to the terms agreed, the party who encounters the aforesaid force majeure event shall
                                         immediately inform the other party on the situations related to such event, and shall
                                         provide written report on details of force majeure within 5 business days after the occurrence
                                         of force majeure event, and submit valid supporting documents on such force majeure within
                                         one month after submitting such written report, such supporting documents shall be issued
                                         by the notary authority located in the place of force majeure event, except for it is
                                         forbidden by national laws, regulations and policies. Based on the event’s degree of
                                         impact on agreement performance, all parties may, through consultation, decide whether
                                         or not to exempt from performing the obligations of this Agreement, or delay the performance
                                         of this Agreement. Neither party may propose a claim for compensation for the loss caused
                                         by force majeure. Once the force majeure disappears, all parties shall immediately take
                                         measure to continue to perform the agreement due to be performed.

 

		Article 7:	Dispute
settlement

 

		7.1	The
                                         conclusion, validity, performance, interpretation and dispute settlement of this Agreement
                                         shall be governed by the laws of the People’s Republic of China.

 

    	 	5	 

     

    

 

		7.2	For
                                         all disputes arising from performance of this Agreement or related hereto, all parties
                                         shall settle them through friendly consultation. But if consultation fails, any party
                                         may submit the dispute to Hebei Arbitration Commission to be arbitrated pursuant to the
                                         arbitration rules effective currently upon arbitration application. The arbitral tribunal
                                         comprises of 3 arbitrators. The arbitration procedures are proceeded in Chinese. The
                                         arbitration award is final and has binding effect on all parties, and the arbitration
                                         fees will be borne by the losing party.

 

		Article 8:	Notice

 

		8.1	Unless
                                         otherwise prescribed herein, any party shall adopt the written form when sending the
                                         notice hereunder and related hereto. If sent by personal service or by fax, or sent to
                                         the contact address listed at the start of this Agreement by recognized express service,
                                         or sent to other address already informed by the recipient beforehand, then it shall
                                         be deemed to have been served.

 

		Article 9:	Agreement
signing and counterpart

 

		9.1	This
                                         Agreement is signed by Party A, Party B and Party C in Hebei on July 1, 2016. For other
                                         matters not covered herein, all parties will otherwise sign supplementary agreement.
	 	 	 
		9.2	The
                                         original copy of this Agreement is made in quadruplicate, each party hereto holds one
                                         copy respectively, and the rest one will be kept by Party B for industrial and commercial
                                         registration of changes.

  

	Party
    A:	Beijing
        Jiate Information Technology Co., Ltd. (Seal)

                                                                                                  

        Beijing
        Jiate Information Technology Co., Ltd. (Seal)

	 

        Legal
        (authorized) representative (Signature): /s/ Zhao Guiwu

         

	 	 
	Party
    B:	Hebei
        Taiying Communications Outsourcing Service Co., Ltd. (Seal)

                                                                                      

        Hebei
        Taiying Communications Outsourcing Service Co., Ltd. (Seal)

	 	 
	Legal
    (authorized) representative (Signature): /s/ Wang Debao
	 	 
	Party
    C:	Shandong
        Taiying Technology Co., Ltd. (Seal)

                                                                                      

        Shandong
        Taiying Technology Co., Ltd. (Seal)

         

	Legal
    (authorized) representative (Signature): /s/ Wang Debao

 

 

6Exhibit

EXHIBIT 10.1

PNM RESOURCES, INC. 
2017 OFFICER ANNUAL INCENTIVE PLAN

Introduction
PNM Resources, Inc. (the “Company” or “PNMR”) has adopted this 2017 Officer Annual Incentive Plan (the “Plan”) for the purpose of providing annual cash-based incentive awards (each an “Award”) to eligible Officers (as defined below).  The Awards payable to Officers under the Plan are intended to qualify as Performance Cash Awards granted pursuant to Section 7.2 of the PNM Resources, Inc. 2014 Performance Equity Plan (the “PEP”).  In the case of Officers who are Covered Employees as defined in the PEP, the Awards also are intended to qualify as Performance-Based Awards granted pursuant to Section 10 of the PEP.
Capitalized terms used in the PEP and not otherwise defined in this Plan document have the meanings given to them in the PEP.
Eligibility
All Officers of the Company are eligible to participate in the Plan.  For purposes of the Plan, the term “Officer” means any employee who has the title of Chief Executive Officer, Executive Vice President, Senior Vice President or Vice President and who is in salary grade H18 or higher.
Award Determinations in General
Awards are based on the Incentive Earnings Per Share (“Incentive EPS”) levels for the Performance Period as set forth in Table 1 of Attachment A, the weighting between Corporate and Business Area Goals as described in Table 2 of Attachment A and Award levels achieved during the Performance Period as described in Table 3 of Attachment A.  The Performance Period began on January 1, 2017 and will end on December 31, 2017.
An Officer’s Award will equal the Officer’s share of the Incentive EPS Award Pool described below.  If the Officer’s share of the appropriate Performance Award Pool described below is less than the Officer’s share of the Incentive EPS Award Pool; however, the Officer will receive the smaller amount.
An  Officer’s  share  of  the  Incentive  EPS  Award  Pool  or  the  Performance  Award  Pool (individually,  an “Award Pool”),  as  applicable,  will  be  based  upon  the  amount  potentially payable to the Officer for the attained level of performance (Threshold, Target or Maximum), as determined in accordance with Table 3 of Attachment A, as compared to the aggregate amounts potentially payable for the attained level of performance to all of the Officers who are entitled to share in that Award Pool.  In determining the amount potentially payable to an Officer, the base salaries will be determined as of January 1, 2017.  In no event will the amount payable to an Officer exceed the indicated percentage of the Officer’s base salary for the attained performance 

level as set forth in Table 3 of Attachment A.  In addition, in no event will the amount payable to one Officer be increased due to a decrease in the amount payable to any other Officer.
Incentive EPS Award Pool
In order for any Awards to be payable to eligible Officers, the Company must achieve the Threshold Incentive EPS level set forth in Table 1 of Attachment A.  If the Company does not achieve the Threshold Incentive EPS level (calculated before any charges for amounts due pursuant to this Plan), no Awards are payable under the Plan to any Officer.  If the Company achieves the Threshold Incentive EPS level (calculated before any charges for amounts due pursuant to this Plan), but the charges for amounts due pursuant to this Plan reduce the Incentive EPS to an amount below the Threshold Incentive EPS level, the Threshold level Incentive EPS Award Pool shall be reduced by the amount necessary to assure that the Incentive EPS is equal to the Threshold Incentive EPS level, unless the Committee, in the exercise of its discretion concludes that no Awards should be payable.
If the Threshold, Target or Maximum Incentive EPS levels, as listed in Table 1 of Attachment A, are achieved, the aggregate potential Awards payable to the Officers at that level of performance (e.g., the aggregate level of Awards payable at Threshold, Target or Maximum as shown in Table 3 of Attachment A) will make up the “Incentive EPS Award Pool.”  If the actual Incentive EPS exceeds the minimum level for a performance level by at least $0.01, but is less than the maximum level for that performance level (e.g., if the actual Incentive EPS exceeds $1.77 but is less than $1.82), the Incentive EPS Award Pool will be increased by using straight-line interpolation between the size of the Incentive EPS Award Pool based on the attained level (e.g., Threshold) and the size of the Incentive EPS Award Pool at the next higher level (e.g., Target).  The Committee has the discretion to increase the Incentive EPS Award Pool by an amount less than the amount determined by using straight-line interpolation.  The Incentive EPS Award Pool is capped by the aggregate Maximum Awards shown in Table 3 of Attachment A for all eligible Officers.
Performance Award Pools
A Corporate Goals Scorecard and Business Area Goals Scorecard listing each performance measure established by the Committee will be maintained by the PNM Resources, Inc. Management Systems group.  As set forth in Table 2 of Attachment A, the performance of the Chief Executive Officer and the Senior Officers (the Executive Vice President and the Senior Vice Presidents) 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.
The “Performance Award Pool” for each Business Area is the amount that could be paid in the aggregate to the Vice Presidents assigned to that Business Area based on performance alone, determined by using the following multi-step process:
		
	a)
	Select the scorecard results from the appropriate Corporate Goals and Business Area Goals Scorecards;

2

		
	b)
	Then multiply each result by the appropriate weighting for the scorecard as set forth in Table 2 of Attachment A;

		
	c)
	Then multiply the total Vice President salaries for that Business Area by the Target Award Level as set forth in Table 3 of Attachment A;

		
	d)
	Then multiply the result of each scorecard (Step b), expressed as a percentage of Target, by the aggregate base salaries of the Vice Presidents included in that Business Area (Step c); and

		
	e)
	Sum the results for the Vice President participants.

The Performance Award Pool for the Chief Executive Officer and the Senior Officers will be constructed by using the same process but will be based solely upon the Corporate Goals Scorecard.
Award Approval and Payout Timing
In February 2018, the Committee will determine and certify the level of Awards, if any, payable for the Performance Period in the manner described above.  The final Awards calculation and recommendation to the Committee by management will be reviewed and certified by the Vice-President, Human Resources; Director, Audit and Cost of Service; Director, Customer Services (who is oversees the Management Systems group); and Vice President, Finance and Controller, respectively.  The independent directors of the Board then will approve the Chief Executive Officer’s Award and the Committee will approve the Awards for all other Officers.  To the extent Awards are payable under the Plan, the Company will make the payment on or before March 15, 2018 in a single lump sum cash payment, subject to applicable withholding.
The Committee shall retain the authority to adjust the Incentive EPS Award Pool and the Performance Award Pool, to adjust the level of attainment of the Incentive EPS or Corporate Goals and Business Area Goals Scorecards or to otherwise increase or decrease the amount payable with respect to any Award made pursuant to this Plan.  Notwithstanding the foregoing, the Committee’s authority to increase Awards made pursuant to this Plan does not apply to Covered Employees.
Provisions for a Change in Control
If a Change in Control occurs during the Performance Period and the Officer remains employed by the Company or an Affiliate at the end of the Performance Period, the Officer may be entitled to receive an Award for the Performance Period as determined in accordance with the provisions of this Plan.  If the Plan is modified after the occurrence of a Change in Control in a manner that has the effect of reducing the amounts otherwise payable under the Plan, an Officer who remains employed by the Company or an Affiliate at the end of the Performance Period will receive, at a minimum, an Award equal to 50% of the Maximum Award available under this Plan for the Performance Period.
If an Officer terminates employment with the Company or an Affiliate during the Performance Period due to a Qualifying Change in Control Termination, the Officer may be entitled to receive 

3

a special payment pursuant to the PNM Resources, Inc. Officer Retention Plan in lieu of any payments under this Plan.
Pro-rata Awards for Partial Service Periods
In certain circumstances (as set forth below) Officers may or may not be eligible for a pro-rata Award under the Plan.
The following Officers may be eligible for a pro-rata Award:
		
	–
	Officers who are newly hired during the Performance Period and are employed by the Company or an Affiliate on the day on which Awards are distributed for the Performance Period.

		
	–
	Employees or Officers who are promoted, transferred or demoted during the Performance Period and are employed by the Company or an Affiliate on the day on which Awards are distributed for the Performance Period.

		
	–
	Officers who are on leave of absence for any full month(s) during the Performance Period and are employed by the Company or an Affiliate on the day on which Awards are distributed for the Performance Period.

		
	–
	Officers who terminate employment with the Company or an Affiliate during the Performance Period due to Impaction (as defined in the PNM Resources, Inc. Non-Union Severance Pay Plan), Retirement or Disability.

		
	–
	Officers who die during the Performance Period, in which case the Award will be paid to the spouse of a married Officer, including a same sex spouse, or the estate of an unmarried Officer.

The following Officers are not eligible for any Award, including a pro-rata Award:
		
	-    
	Officers who terminate employment with the Company or an Affiliate on or before the date on which Awards are distributed for the Performance Period for any reason other than death, Impaction (as defined in the PNM Resources, Inc. Non-Union Severance Pay Plan), Retirement or Disability.  As noted above, Officers who terminate employment with the Company or an Affiliate during the Performance Period due to a Qualifying Change in Control Termination may be entitled to receive a special payment pursuant to the PNM Resources, Inc. Officer Retention Plan in lieu of any payments under this Plan.

		
	-
	Officers who elect voluntary separation or Retirement in lieu of termination for performance or misconduct.

If an Officer is eligible for a pro-rata Award, it will be calculated based on the number of full month(s) that the Officer was actively employed at each eligibility level during the Performance Period compared to the number of full months included in the Performance Period.  (Note:  Only months  in  which  the  Officer  is actively employed on the payroll on the first and last day of the

4

month will count as a full month.)  Any pro-rata Award to which an Officer becomes eligible pursuant to this paragraph will be paid to the Officer in a single lump sum cash payment subject to applicable withholding, on or before March 15, 2018.
Ethics
The purpose of the Plan is to fairly reward performance achievement.  Any Officer who manipulates or attempts to manipulate the Plan for personal gain at the expense of customers, shareholders, other employees or the Company or its Affiliates will be subject to disciplinary action, up to and including termination of employment, and will forfeit and be ineligible to receive any Award under the Plan.
Continuation of Employment
This Plan does not confer upon any Officer any right to continue in the employment of the Company or any Affiliate and does not limit the right of the Company or any Affiliate, in its sole discretion, to terminate the employment of any Officer at any time.  This Plan also does not limit any right that the Company or any Affiliate has to terminate the employment of any Officer in accordance with any written employment agreement the Company and Officer may have.
Clawbacks 
All Awards issued under this Plan are subject to potential forfeiture or recovery to the fullest extent called for by any Clawback Policy that may be adopted by the Company.  By accepting an Award, an Officer consents to the Clawback Policy and agrees to be bound by and comply with the Clawback Policy and to return the full amount required by the Clawback Policy.  
Amendments
The Committee, in its sole discretion, reserves the right to adjust, amend or suspend the Plan during the Performance Period.  The Senior Vice President and General Counsel is hereby authorized to correct any typographical or similar errors in the Plan and any other documents issued in connection with the Plan.

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

Dated:  March 29    , 2017

5

ATTACHMENT A

Incentive EPS Table 
(Table 1)
	
		
	 
	Incentive EPS1

	No Award
	Less than $1.77

	Threshold
	Greater than or equal to $1.77 and less than $1.82

	Target
	Greater than or equal to $1.82 and less than $1.90

	Maximum
	Greater than or equal to $1.90

Scorecard Weighting Table 
(Table 2)
	
			
	Scorecard Results

	Scorecard Level
	Corporate Weighting
	Business Area Weighting

	CEO & Senior Officers
	100%
	0%

	Vice Presidents
	60%
	40%

Award Levels Table 
(Table 3)
	
				
	Award Levels
	Threshold
	Target
	Maximum

	CEO
	

55%
	

110%
	

220%

	 
	 
	 
	 

	EVP
	35%
	70%
	140%

	SVP
	27.5%
	55%
	110%

	 
	 
	 
	 

	Vice-Presidents
	20%
	40%
	80%

___________________________
1 Equals  PNMR’s  diluted  EPS  for  the  fiscal  year  ending  December  31,  2017  calculated  in accordance with Generally Accepted Accounting Principles and reported in the Company’s Form 10-K for PNM Resources adjusted to exclude the following items: (1) mark-to-market impact of economic hedges, (2) regulatory disallowances, (3) change in unrealized impacts of plant decommissioning and coal mine reclamation trust securities, (4) gains or losses on reacquired debt, (5) goodwill or other intangible asset impairments, (6) impacts of acquisition and disposition activities, including but not limited to pension expense or income associated with PNM’s former gas utility operations, (7) impact of the Company’s adoption of an accounting pronouncement or the Company’s adoption of a change in accounting pronouncement on or after February 24, 2017, (8) the loss, impairment, or write-up of any deferred tax asset or liability that was earned and recognized in a prior tax year, but that must be revalued in the current year due to changes in state or federal tax law, (9) judgments entered or settlements reached in litigation or other regulatory proceedings, (10) increases or decreases in the liabilities associated with PNM’s retired generating stations, including but not limited to expenses incurred in demolition or environmental work of such retired generating stations, (11) costs associated with process improvement initiatives, and (12) changes to the liabilities associated with mine reclamation costs that are attributable to (a) changes in the discount rate used to measure those liabilities, (b) an early retirement of generating stations or (c) action taken by the New Mexico Public Regulation Commission.

A-1

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