DEFERRED COMPENSATION AGREEMENT
BETWEEN
JEFFRY E. STERBA
AND
PUBLIC SERVICE COMPANY OF NEW MEXICO
It is hereby agreed by Jeffry E. Sterba and Public Service Company of
New Mexico (PNM) that payment for Mr. Sterba services as an employee of
PNM for the pay period ending 11/17/95 through the pay period ending
12/15/95 will be deferred and will be paid on January 5, 1996.
The amount of employee compensation subject to this agreement will be
$11,450.25. No interest will be paid on the $11,450.25.
The parties agree that, during the time this agreement is in effect,
Mr. Sterba will be an unsecured creditor of PNM and will have no claims
on the Company beyond those of any other unsecured creditor.
It is further agreed that PNM will be held harmless, and that Mr.
Sterba will be solely at risk for any unanticipated adverse tax
consequences arising to either party as a result of this agreement, and
that appropriate income and payroll taxes will be withheld at the time
of payment.
/s/ Jeffry E. Sterba /s/ Donna M. Burnett
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Jeffry E. Sterba Name and Title of Public
Service Company of New
Mexico
State of New Mexico
County of Bernalillo
Subscribed and sworn before me on this 13th day of
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November 1995 by Jeffry E. Sterba.
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May 31, 1998 /s/ Pamela M. Ragsdale
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Commission Expires Notary Signature
Pamela M. Ragsdale