SEC Contract Filing

Filing Date: 2023-02-28

Document Content:
<DOCUMENT>
<TYPE>EX-10.66
<SEQUENCE>5
<FILENAME>pnmr12312022ex1066.htm
<DESCRIPTION>EX-10.66
<TEXT>
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<title>Document</title></head><body><div id="ie6ef8f87cf37409d8d96aed7c35f8e38_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:12pt;font-weight:700;line-height:100%">FIRST AMENDMENT TO </font></div><div style="margin-bottom:18pt;text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:700;line-height:100%">EMPLOYEE RETENTION AGREEMENT</font></div><div style="text-align:justify;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:232%">PNMR Services Company (the &#8220;Company&#8221;) and Elisabeth Eden (the &#8220;Employee&#8221;) entered into an Employee Retention Agreement (the &#8220;Agreement&#8221;) effective December&#160;1, 2020 in connection with the transaction contemplated by the Agreement and Plan of Merger, dated as of October&#160;20, 2020, by and among Avangrid, Inc., NM Green Holdings, Inc. and PNM Resources, Inc. (the &#8220;Transaction&#8221;). On December&#160;8, 2021, the New Mexico Public Regulation Commission rejected the Transaction. By this instrument, the Company and the Employee desire to amend the terms and conditions of the Agreement 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:12pt;font-weight:400;line-height:232%">1.</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:232%;padding-left:27pt">Section 2 (</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:232%;text-decoration:underline">Retention Bonuses</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:232%">) of the Agreement is hereby deleted and replaced in its entirety to reads as follows&#58;</font></div><div style="margin-bottom:12pt;padding-left:72pt;padding-right:72pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">2.&#160;&#160;&#160;&#160;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:700;line-height:100%;text-decoration:underline">Retention Bonuses</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">.</font></div><div style="margin-bottom:12pt;padding-left:72pt;padding-right:72pt;text-align:justify;text-indent:72pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(a)&#160;&#160;&#160;&#160;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:700;line-height:100%;text-decoration:underline">Attainment</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">. Employee shall be entitled to one or more Retention Bonuses, as described by this Section if, except as set forth in Section 3 (</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%;text-decoration:underline">Termination of Employment</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">), the Employee remains employed by the Company or an Affiliate through the applicable Retention Dates. </font></div><div style="margin-bottom:12pt;padding-left:72pt;padding-right:72pt;text-align:justify;text-indent:72pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">(b)&#160;&#160;&#160;&#160;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:700;line-height:100%;text-decoration:underline">Retention Dates&#59; Amounts</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">. For purposes of this Agreement, the Retention Dates and the Retention Bonus amounts are as follows&#58;</font></div><div style="padding-left:72pt"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:68.081%"><tr><td style="width:1.0%"></td><td style="width:22.687%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:28.923%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:45.090%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="background-color:#d9d9d9;border-left:0.5pt solid #000000;border-top:0.5pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:700;line-height:100%">Retention Date</font></td><td colspan="3" style="background-color:#d9d9d9;border-left:0.5pt solid #000000;border-right:0.5pt solid #000000;border-top:0.5pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:middle"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:700;line-height:100%">Retention Bonus Amount</font></td></tr><tr><td colspan="3" style="background-color:#d9d9d9;border-left:0.5pt solid #000000;border-top:0.5pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:middle"><font style="color:#000