FIRST AMENDMENT TO THE
PENSION SERVICE ADJUSTMENT AGREEMENT
FOR XXXXXXXX X. XXXXXXX
THIS FIRST AMENDMENT TO THE PENSION SERVICE ADJUSTMENT AGREEMENT is
approved as of the ______ day of _____________, 1998, by and between Public
Service Company of New Mexico, a New Mexico corporation ("PNM") and XXXXXXXX X.
XXXXXXX ("Xxxxxxx").
WHEREAS, PNM and Xxxxxxx entered into a Pension Service Adjustment
Agreement ("Agreement") on November 15, 1993; and
WHEREAS, on April 22, 1997, PNM amended the Public Service Company of
New Mexico Employees' Retirement Plan (the "Plan"), effective January 1, 1997,
limiting the additional accrual of credited service and freezing salaries for
purposes of pension calculations under the Plan; and
WHEREAS, Xxxxxxx acknowledges the amendment to the Plan and agrees to
incorporate the terms of the amendment, effective July 1, 1998; and
WHEREAS, paragraph 9 permits the Agreement to be amended by mutual
consent; and
WHEREAS, Xxxxxxx and PNM desire to amend the Agreement as set forth
below to incorporate the limitations pursuant to the amendment to the Plan.
NOW, THEREFORE, PNM and Xxxxxxx do hereby amend the Agreement by this
First Amendment as follows:
1. Paragraph 2(b), Calculation of Additional Retirement Benefits, is
hereby amended to read as follows:
(b) based upon the Retirement Plan in effect on January 1, 1998.
2. Except as hereinabove amended, PNM and Xxxxxxx hereby readopt and
redeclare each and every provision of the Agreement.
3. This First Amendment shall be reflected on Exhibit "A" of the Public
Service Company of New Mexico OBRA `93 Retirement Plan.
IN WITNESS WHEREOF, the parties hereto, personally or by their
authorized representatives, have signed this First Amendment to the Agreement
effective as of the date specified herein.
PUBLIC SERVICE COMPANY OF NEW
MEXICO
Date: _________________ By: ______________________________
Xxxx X. Xxxxxxxx,
Chairman
Date: _________________ __________________________________
Xxxxxxxx X. Xxxxxxx
