SEC Contract Filing

Filing Date: 2022-08-04

Document Content:
<DOCUMENT>
<TYPE>EX-10.4
<SEQUENCE>5
<FILENAME>pnm6302022ex104.htm
<DESCRIPTION>EX-10.4
<TEXT>
<!DOCTYPE html PUBLIC "-//W3C//DTD HTML 4.01 Transitional//EN" "http://www.w3.org/TR/html4/loose.dtd"><html><head>
<!-- Document created using Wdesk -->
<!-- Copyright 2022 Workiva -->
<title>Document</title></head><body><div id="i0e9c5dbb952f45febde364d263641346_1"></div><div style="min-height:72pt;width:100%"><div><font><br></font></div></div><div style="text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:700;line-height:100%">THIRD AMENDMENT</font></div><div style="text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:700;line-height:100%">TO THE</font></div><div style="text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:700;line-height:100%">PNM RESOURCES, INC.</font></div><div style="margin-bottom:18pt;text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:700;line-height:100%">2020 LONG-TERM INCENTIVE PLAN</font></div><div style="text-align:justify;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:232%">The 2020 Long-Term Incentive Plan (the &#8220;Plan&#8221;) was adopted pursuant to the PNM Resources, Inc. 2014 Performance Equity Plan (the &#8220;PEP&#8221;). The Plan has been amended on two previous occasions. By this instrument, the Company desires to amend the Plan as set forth below.</font></div><div style="text-align:justify;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:232%">1.</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:232%;padding-left:27.75pt">This Third Amendment shall be effective as of the date executed below. </font></div><div style="text-align:justify;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:232%">2.</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:232%;padding-left:27.75pt">The first bullet point (out of 3 bullet points in the Section) under the &#8220;Introduction&#8221; Section of the Plan is hereby amended and restated in its entirety to read as follows&#58;</font></div><div style="margin-bottom:12pt;padding-left:90pt;padding-right:72pt;text-align:justify;text-indent:-18pt"><font style="font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:100%"></font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:100%;padding-left:7pt">The 2020 Long-Term Incentive Plan (the &#8220;Plan&#8221; or the &#8220;2020 Plan&#8221;) provides eligible Officers of PNM Resources, Inc. (the &#8220;Company&#8221; or &#8220;PNMR&#8221;) with the opportunity to earn Performance Share Awards (70% of the total opportunity) and time-vested Restricted Stock Rights Awards (30% of the total opportunity). For purposes of the Plan, &#8220;Officer&#8221; means any Officer of the Company who&#58; (1) has the title of Chief Executive Officer, Executive Vice President, Senior Vice President, Vice President or higher&#59; and (2) who is in salary grade H18 or higher. </font></div><div style="text-align:justify;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:232%">3.</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:232%;padding-left:27.75pt">Attachment B to the Plan is hereby amended and restated to read as attached as </font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:232%;text-decoration:underline">Exhibit 1</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:232%"> hereto.</font></div><div style="text-align:justify;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:232%">4.</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:232%;padding-left:27.75pt">Attachment C to the Plan is hereby amended and restated to read as attached as </font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:232%;text-decoration:underline">Exhibit 2</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:232%"> hereto.</font></div><div style="text-align:justify;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:232%">5.</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:232%;padding-left:27.75pt">This Third Amendment amends only the provisions of the Plan as noted above, and those provisions not expressly amended shall be considered in full force and effect. Notwithstanding the foregoing, this Third Amendment shall supersede the provisions of the Plan to the extent those provisions are inconsistent with the provisions and intent of this Third Amendment. </font></div><div style="text-align:justify;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:232%">IN WITNESS WHEREOF, the Company has caused this Third Amendment to be executed by its duly authorized representative on this 7th day of July, 2022.</font></div><div style="padding-left:216pt"><font style="color:#00000