SEC Contract Filing

Filing Date: 2017-02-28

Document Content:
<DOCUMENT>
<TYPE>EX-10.1
<SEQUENCE>2
<FILENAME>pnm12312016ex101.htm
<DESCRIPTION>EXHIBIT 10.1
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<div><a name="sC0CD17CD279EBB18B5AD520646FBA5C8"></a></div><div></div><div><br></div><div style="line-height:100%;text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Exhibit 10.1</font></div><div style="line-height:100%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">2017 Director Compensation Summary</font></div><div style="line-height:100%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:100%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Non-employee directors of PNM Resources, Inc. (the &#8220;Company&#8221;) receive their annual retainer in the form of cash and stock-based compensation as determined by the Company's Board of Directors (the &#8220;Board&#8221;). At the December 2016 Board meeting, the Board approved making the following changes to director compensation for 2017: increasing the annual cash retainer from $60,000 to $80,000, increasing the market value of the annual award of restricted stock rights from $75,000 to $90,000, and providing that meeting attendance fees are only payable for and after attending more than eight meetings per year of the full Board or a particular committee. In addition, the vesting period for restricted stock rights was reduced to one year. Thus, the 2017 annual retainer for non-employee directors is as follows:</font></div><div style="line-height:100%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:100%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:center;font-size:10pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;margin-left:auto;margin-right:auto;width:100%;border-collapse:collapse;text-align:left;"><tr><td colspan="3"></td></tr><tr><td style="width:34%;"></td><td style="width:6%;"></td><td style="width:60%;"></td></tr><tr><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:18px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:18px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:18px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:18px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:top;padding-left:1px;padding-top:2px;padding-bottom:2px;padding-right:1px;"><div style="padding-top:2px;padding-left:1px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Annual Retainer</font><font style="font-family:inherit;font-size:10pt;">:</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:1px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">An annual cash retainer of $80,000 paid in quarterly installments and restricted stock rights* with a grant date market value of $90,000</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:1px;padding-bottom:2px;padding-right:1px;"><div style="text-align:left;padding-left:2px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Lead Director Fee:</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:1px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$20,000 paid in quarterly installments</font></div></td></tr><tr><td style="vertical-align:top;padding-left:1px;padding-top:2px;padding-bottom:2px;padding-right:1px;"><div style="padding-top:2px;padding-left:1px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Audit and Ethics Committee Chair Retainer</font><font style="font-family:inherit;font-size:10pt;">:</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:1px;"><div style="padding-top:1px;text-align:left;padding-left:2px;font-size:10pt;"><f