SEC Contract Filing

Filing Date: 2018-04-30

Document Content:
<DOCUMENT>
<TYPE>EX-10.3
<SEQUENCE>4
<FILENAME>pnm3312018ex103.htm
<DESCRIPTION>EXHIBIT 10.3
<TEXT>
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<div><a name="s3620BE3B7DD205A0900BF5B85517064B"></a></div><div><div style="line-height:120%;text-align:right;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div><div style="line-height:120%;text-align:right;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;font-weight:bold;">Exhibit 10.3</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;">THIRD AMENDMENT <br>TO THE</font><font style="font-family:inherit;font-size:10pt;">&#32;<br></font><font style="font-family:inherit;font-size:12pt;font-weight:bold;">PNM RESOURCES, INC.</font></div><div style="line-height:120%;padding-bottom:24px;text-align:center;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;font-weight:bold;">EXECUTIVE SPENDING ACCOUNT PLAN</font></div><div style="line-height:240%;text-align:justify;text-indent:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">Effective as of January 1, 1980, Public Service Company of New Mexico (&#8220;PNM&#8221;) adopted the Amended and Restated Medical Reimbursement Plan of Public Service Company of New Mexico (the &#8220;MERP&#8221;). Sponsorship of the MERP was subsequently transferred from PNM to PNM Resources, Inc. (the &#8220;Company&#8221;) on November 30, 2002. Effective January&#160;1, 2002, the Company established the Executive Spending Account (the &#8220;ESA&#8221;). Effective December&#160;1, 2002, the Company merged the MERP with and into the ESA and named the combined program the &#8220;PNM Resources, Inc. Executive Spending Account Plan&#8221; (the &#8220;Plan&#8221;). The Plan has been amended and restated on a number of occasions, with the most recent restatement being effective as of January&#160;1, 2011. The Plan was subsequently amended on two occasions. By this instrument, the Company now desires to change the name of the Plan to the &#8220;Executive Choice Account Plan.&#8221; </font></div><div style="line-height:240%;padding-left:0px;text-align:justify;text-indent:48px;"><font style="text-align:justify;font-family:inherit;font-size:12pt;padding-right:48px;">1.</font><font style="font-family:inherit;font-size:12pt;">Except as otherwise set forth below, this Third Amendment shall be effective as of February&#160;22, 2018.</font></div><div style="line-height:240%;padding-left:0px;text-align:justify;text-indent:48px;"><font style="text-align:justify;font-family:inherit;font-size:12pt;padding-right:48px;">2.</font><font style="font-family:inherit;font-size:12pt;">The name of the Plan is hereby amended to read as follows:</font></div><div style="line-height:120%;text-align:center;padding-left:96px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div><div style="line-height:120%;text-align:center;padding-left:96px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;font-weight:bold;">PNM RESOURCES, INC. </font></div><div style="line-height:120%;text-align:center;padding-left:96px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;font-weight:bold;">EXECUTIVE CHOICE ACCOUNT PLAN</font></div><div style="line-height:240%;padding-left:0px;text-align:justify;text-indent:48px;"><font style="text-align:justify;font-family:inherit;font-size:12pt;padding-right:48px;">3.</font><font style="font-family:inherit;font-size:12pt;">The third paragraph of the Introduction to the Plan is hereby amended and restated in its entirety to read as follows:</font></div><div style="line-height:120%;text-align:justify;padding-left:96px;text-indent:24px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div><div style="line-height:120%;padding-bottom:16px;text-align:justify;padding-left:96px;text-indent:24px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">Effective December 1, 2002, PNM Resources merged the MERP with and into the ESA and amended and restated both plans in the form of a combined program known as the &#8220;PNM Resources, Inc. Executive Spending Account Plan.&#8221; Effective February&#160;22, 2018, the Plan was renamed the PNM Resources, Inc. Executive Choice Account Plan (the &#8220;Plan&#8221;).</font></div><div><br></div><div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></div><hr style="page-break-after:always"><div></div><div><br></div><div style="line-height:240%;padding-left:0px;text-align:justify;text-indent:48px;"><font style="text-align:justify;font-family:inherit;font-size:12pt;padding-right:48px;">4.</font><font style="font-family:inherit;font-size:12pt;">Article 2 (</font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">Defined Terms</font><font style="font-family:inherit;font-size:12pt;">) of the Plan is hereby amended by restating the Plan section to read as follows:</font></div><div style="line-height:120%;text-align:justify;padding-left:156px;text-indent:-60px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman; font-size:10pt;"><tr><td style="width:96px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:12pt;padding-left:96px;"><font style="font-family:inherit;font-size:12pt;font-weight:bold;">Plan:</font></div></td><td style="vertical-align:top;padding-left:60px;"><div style="line-height:120%;text-align:justify;font-size:12pt;text-indent:-60p