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Exhibit 10.1
The purpose of
this letter is to memorialize our agreement on the terms of a fee
arrangement for legal services that you will provide to PNM
Resources, Inc. and its
subsidiaries (“Company”) in calendar year
2010.
You will
provide legal services to Company during calendar year 2010 for the
annual retainer amount of $240,000.00, payable in equal monthly
installments of $20,000.00. The monthly retainer payment
typically will be made by the 10th day of each
month. Retainer payments will not be paid prior to the
expiration of the revocation period described in the Release
Agreement that you will execute pursuant to the terms and
provisions of your Executive Transition Agreement. As
provided in the Executive Transition Agreement, this Retainer
Agreement will be void if the Release Agreement is not signed in a
timely manner, or if it is revoked. Monthly retainer
payments that have been accrued but have not been paid pending
execution of the Release Agreement will be paid within five (5)
business days after expiration of the revocation period.
If your total
services during 2010 exceed 1,200 hours, and Company’s
General Counsel or his/her designee authorizes additional services
beyond 1,200 hours, Company will pay you at the rate of $275 per
hour for each authorized hour in excess of 1,200 hours.
All of the work
performed pursuant to this Retainer Agreement will be performed by
you personally.
Company will
pay gross receipts or similar taxes and actual costs for ancillary
services without mark-up in addition to the retainer amount, except
that you will not bill for routine photocopying, long distance
telephone calls, facsimile charges, secretarial
services,
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