First Amendment, dated September 12, 2024, to TXNM's 2024 Long-Term Incentive Plan

Contract Categories: Human Resources - Bonus & Incentive Agreements
EX-10.2 3 txnm9302024ex102.htm EX-10.2 Document

FIRST AMENDMENT
TO THE
PNM RESOURCES, INC.
2024 LONG-TERM INCENTIVE PLAN
PNM Resources, Inc. previously adopted the 2024 Long-Term Incentive Plan (the “Plan”) pursuant to the PNM Resources, Inc. 2023 Performance Equity Plan (the “PEP”). PNM Resources, Inc. was subsequently renamed as TXNM Energy, Inc. (the “Company”). By this instrument, the Company desires to amend the Plan as set forth below.
1.This First Amendment shall be effective as of the date executed below.
2.Attachment B to the Plan is hereby amended and restated to read as attached as Exhibit 1 hereto.
3.Attachment C to the Plan is hereby amended and restated to read as attached as Exhibit 2 hereto.
4.This First 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 First Amendment shall supersede the provisions of the Plan to the extent those provisions are inconsistent with the provisions and intent of this First Amendment.
IN WITNESS WHEREOF, the Company has caused this First Amendment to be executed by its duly authorized representative on this 12th day of September , 2024.
TXNM ENERGY, INC.

By:    /s/ Patricia K. Collawn                
Patricia K. Collawn
Its: Chief Executive Officer                
4888-0262-7536.7


Exhibit 1

ATTACHMENT B
Performance Share Award Opportunity Table
Officer LevelThreshold AwardTarget AwardMaximum Award
CEOPerformance Shares = 101.5% of base salaryPerformance Shares = 203% of base salaryPerformance Shares = 406% of base salary
President and COO Performance Shares = 57.75% of base salaryPerformance Shares = 115.5% of base salaryPerformance Shares = 231% of base salary
General Counsel, Senior Vice President Regulatory and Public PolicyPerformance Shares = 47.25% of base salaryPerformance Shares = 94.5% of base salaryPerformance Shares = 189% of base salary
All other SVPsPerformance Shares = 29.75% of base salaryPerformance Shares = 59.5% of base salaryPerformance Shares = 119% of base salary
VP, NM Operations as of April 27, 2024Performance Shares = 22.75% of base salary Performance Shares = 45.5% of base salary Performance Shares = 91% of base salary
All other VPsPerformance Shares = 19.25% of base salaryPerformance Shares = 38.5% of base salaryPerformance Shares = 77% of base salary
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Exhibit 2

ATTACHMENT C
Time-Vested Restricted Stock Rights Award Opportunity Table
Officer LevelAward
CEORestricted Stock Rights = 87% of base salary
President and COORestricted Stock Rights = 49.5% of base salary
General Counsel, Senior Vice President Regulatory and Public PolicyRestricted Stock Rights = 40.5% of base salary
All other SVPs Restricted Stock Rights = 25.5% of base salary
VP, NM Operations as of April 27, 2024Restricted Stock Rights = 19.5% of base salary
All other VPsRestricted Stock Rights = 16.5% of base salary

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