SEC Contract Filing

Filing Date: 2017-02-28

Document Content:
<DOCUMENT>
<TYPE>EX-10.9
<SEQUENCE>10
<FILENAME>pnm12312016ex109.htm
<DESCRIPTION>EXHIBIT 10.9
<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 1 -->
 <!-- Copyright 2017 Workiva -->
 <title>Exhibit</title>
	</head>
	<body style="font-family:Times New Roman;font-size:10pt;">
<div><a name="s131F9ABFDDFE2EF49CA1522A0E131AAC"></a></div><div><div style="line-height:120%;text-align:right;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;font-weight:bold;">Exhibit 10.9</font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></div><div><br></div><div style="line-height:120%;text-align:center;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;font-weight:bold;text-decoration:underline;">FORM OF INDEMNITY AGREEMENT</font></div><div style="line-height:120%;text-align:center;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div><div style="line-height:120%;text-align:justify;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div><div style="line-height:240%;text-align:justify;text-indent:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">This AGREEMENT is made and entered into this _____ day of _______, 20__, by and between </font><font style="font-family:inherit;font-size:12pt;font-weight:bold;">PNM Resources, Inc.</font><font style="font-family:inherit;font-size:12pt;">, a New Mexico corporation (the &#8220;Company&#8221; or &#8220;PNMR&#8221;), and </font><font style="font-family:inherit;font-size:12pt;font-weight:bold;">__________________________</font><font style="font-family:inherit;font-size:12pt;">&#32;(the &#8220;Indemnitee&#8221;).</font></div><div style="line-height:240%;text-align:justify;text-indent:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">WHEREAS, it is essential to the Company to retain and attract as directors and officers, the most capable persons available;</font></div><div style="line-height:240%;text-align:justify;text-indent:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">WHEREAS, Indemnitee is a director or officer of the Company or one of its affiliates;</font></div><div style="line-height:240%;text-align:justify;text-indent:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">WHEREAS, both the Company and Indemnitee recognize the increased risk of litigation and other claims being asserted against directors and officers of public companies in today&#8217;s environment;</font></div><div style="line-height:240%;text-align:justify;text-indent:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">WHEREAS, basic protection against undue risk of personal liability of directors and officers has been provided through insurance coverage but the need for substantial protection against personal liability in order to attract highly qualified directors and officers should not be solely dependent upon insurance coverage and the uncertainties of the insurance markets;</font></div><div style="line-height:240%;text-align:justify;text-indent:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">WHEREAS, the Articles and the Bylaws of the Company require the Company to indemnify its directors and officers to the full extent of the authority of the Company to so indemnify as authorized by the law of New Mexico, and the Indemnitee has agreed to serve as a director or officer of the Company or one of its affiliates in part in reliance on indemnification;</font></div><div style="line-height:240%;text-align:justify;text-indent:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">WHEREAS, to provide Indemnitee with specific contractual assurance that the protection promised by the Articles and the Bylaws will be available to Indemnitee (regardless of, among other things, any amendment to the Articles or Bylaws or any change in the composition of the Company&#8217;s Board of Directors or acquisition transaction relating to the Company), the Company </font></div><div><br></div><div></div><hr style="page-break-after:always"><div></div><div><br></div><div style="line-height:240%;text-align:justify;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">wishes to provide in this Agreement for the indemnification of, and the advancing of expenses to, Indemnitee to the fullest extent permitted by law and as set forth in this Agreement and, to the extent insurance is maintained, for the continued coverage of Indemnitee under the Company&#8217;s directors&#8217; and officers&#8217; liability insurance policies;</font></div><div style="line-height:240%;text-align:justify;text-indent:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">NOW, THEREFORE, in consideration of the premises and of Indemnitee&#8217;s service to the Company or one of its affiliates, the parties agree as follows: </font></div><div style="line-height:240%;text-align:justify;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;font-weight:bold;">1.&#160;&#160;&#160;&#160;</font><font style="font-family:inherit;font-size:12pt;font-weight:bold;text-decoration:underline;">DEFINITIONS</font></div><div style="line-height:240%;text-align:justify;padding-left:6px;text-indent:42px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;font-weight:bold;">(a)&#160;&#160;&#160;&#160;&#8220;Change in Control&#8221;</font><font style="font-family:inherit;font-size:12pt;">&#32;shall be deemed to have occurred if: (i) any &#8220;person&#8221; (as the term is used in &#167;&#167; 13(d) and 14(d) of the Securities Exchange Act of 1934, as amended (&#8220;1934 Act&#8221;)), other than a trustee or other fiduciary holding securities under an employee benefit plan of the Company or