SEC Contract Filing

Filing Date: 2023-05-05

Document Content:
<DOCUMENT>
<TYPE>EX-10.1
<SEQUENCE>2
<FILENAME>pnm3312023ex101.htm
<DESCRIPTION>EX-10.1
<TEXT>
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<title>Document</title></head><body><div id="i8b58ea874eea4a4abf2c92c6bbbe20d7_1"></div><div style="min-height:72pt;width:100%"><div style="text-align:right"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">Exhibit 10.1</font></div></div><div><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:97.012%"><tr><td style="width:1.0%"></td><td style="width:98.900%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="border-bottom:7pt double #000000;border-left:7pt double #000000;border-right:7pt double #000000;border-top:7pt double #000000;padding:2px 1pt;text-align:left;vertical-align:middle"><div style="padding-left:2.75pt;padding-right:2.75pt;text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:700;line-height:100%">PNM RESOURCES, INC. </font></div><div style="padding-left:2.75pt;padding-right:2.75pt;text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:700;line-height:100%">2023 OFFICER ANNUAL INCENTIVE PLAN</font></div></td></tr></table></div><div><font><br></font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:700;line-height:100%;text-decoration:underline">Introduction</font></div><div style="text-align:justify"><font><br></font></div><div style="margin-bottom:12pt;text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">PNM Resources, Inc. (the &#8220;Company&#8221; or &#8220;PNMR&#8221;) has adopted this 2023 Officer Annual Incentive Plan (the &#8220;Plan&#8221;) for the purpose of providing annual cash-based incentive awards (each an &#8220;Award&#8221;) to eligible Officers (as defined below). </font></div><div style="margin-bottom:12pt;text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">Capitalized terms that are used, but not defined, in this Plan document shall have the meanings given to them in the PNM Resources, Inc. 2014 Performance Equity Plan (the &#8220;PEP&#8221;).</font></div><div style="margin-bottom:12pt;text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:700;line-height:100%;text-decoration:underline">Eligibility</font></div><div style="margin-bottom:12pt;text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">All Officers of the Company are eligible to participate in the Plan. For purposes of the Plan, the term &#8220;Officer&#8221; means any employee who&#58; (1)&#160;has the title of Chief Executive Officer, President, Senior Vice President, Vice President or higher&#59; and (2)&#160;who is in salary grade H18 or higher.</font></div><div style="margin-bottom:12pt;text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:700;line-height:100%;text-decoration:underline">Award Determinations in General</font></div><div style="margin-bottom:12pt;text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">Awards are based on&#58; (1)&#160;the Incentive Earnings Per Share (&#8220;Incentive EPS&#8221;) levels (as described below and as set forth in Table 1 of Attachment&#160;A) for the Performance Period&#59; (2)&#160;the weighting between Corporate and Business Area Goals (as set forth in Table&#160;2 of Attachment A)&#59; and (3)&#160;Award levels (as set forth in Table&#160;3 of Attachment&#160;A) achieved during the Performance Period. For purposes of the Plan, the &#8220;Performance Period&#8221; means the period beginning on January&#160;1, 2023 and ending on December 31, 2023. </font></div><div style="margin-bottom:12pt;text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">An Officer&#8217;s Award will equal the Officer&#8217;s share of the Incentive EPS Award Pool as described below. If, however, the Officer&#8217;s share of the appropriate Performance Award Pool as described below is less than the Officer&#8217;s share of the Incentive EPS Award Pool, the Officer will receive the smaller amount.</font></div><div style="margin-bottom:12pt;text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">An Officer&#8217;s share of the Incentive EPS Award Pool or the Performance Award Pool (each, an &#8220;Award Pool&#8221;), 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&#160;3 of Attachment&#160;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 Officer&#8217;s base salary will be determined as of April 1, 2023. In no event will the amount payable to an Officer exceed the indicated percentage of the Officer&#8217;s base salary for the attained performance level set forth in Table&#160;3 of Attachment&#160;A. In addition, in no event will the amount payable to one Officer be increased due to a de