<SEC-DOCUMENT>0001108426-11-000082.txt : 20111104
<SEC-HEADER>0001108426-11-000082.hdr.sgml : 20111104
<ACCEPTANCE-DATETIME>20111104171703
ACCESSION NUMBER:		0001108426-11-000082
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20111104
ITEM INFORMATION:		Entry into a Material Definitive Agreement
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20111104
DATE AS OF CHANGE:		20111104

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			PNM RESOURCES INC
		CENTRAL INDEX KEY:			0001108426
		STANDARD INDUSTRIAL CLASSIFICATION:	ELECTRIC SERVICES [4911]
		IRS NUMBER:				850019030
		STATE OF INCORPORATION:			NM
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-32462
		FILM NUMBER:		111182109

	BUSINESS ADDRESS:	
		STREET 1:		ALVARADO SQUARE
		STREET 2:		NEW MEXICO
		CITY:			ALBUQUERQUE
		STATE:			NM
		ZIP:			87158
		BUSINESS PHONE:		5052412700

	MAIL ADDRESS:	
		STREET 1:		ALVARADO SQUARE
		CITY:			ALBUQUERQUE
		STATE:			NM
		ZIP:			87158

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	MANZANO CORP
		DATE OF NAME CHANGE:	20000303
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>a201111048-kcascadecommons.htm
<DESCRIPTION>FORM 8-K
<TEXT>
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		<title>20111104 8-K Cascade common shares</title>
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<a name="sae67f4b4-0b24-4c3e-979a-811d8a1a0639"></a><div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></div><br><div style="line-height:120%;text-align:center;font-size:10pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;margin-left:auto;margin-right:auto;width:93.359375%;border-collapse:collapse;text-align:left;"><tr><td colspan="1"></td></tr><tr><td width="100%"></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">UNITED STATES</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">SECURITIES AND EXCHANGE COMMISSION</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Washington, D.C.  20549</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:17px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:17px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">FORM 8-K</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">CURRENT REPORT</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:17px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:17px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">PURSUANT TO SECTION 13 OR 15(d) OF THE</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">SECURITIES EXCHANGE ACT OF 1934</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:17px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:17px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr></table></div></div><div style="line-height:120%;text-align:center;font-size:10pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;margin-left:auto;margin-right:auto;width:92.96875%;border-collapse:collapse;text-align:left;"><tr><td colspan="3"></td></tr><tr><td width="61%"></td><td width="21%"></td><td width="18%"></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Date of Report (Date of earliest event reported)</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">November 4, 2011</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(November 4, 2011)</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr></table></div></div><div style="line-height:120%;text-align:center;font-size:10pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;margin-left:auto;margin-right:auto;width:93.1640625%;border-collapse:collapse;text-align:left;"><tr><td colspan="5"></td></tr><tr><td width="17%"></td><td width="5%"></td><td width="51%"></td><td width="4%"></td><td width="23%"></td></tr><tr><td colspan="5" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:8px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Commission</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Name of Registrants, State of Incorporation,</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">I.R.S. Employer</font></div></td></tr><tr><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">File Number</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Address and Telephone Number</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Identification No.</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;"><div style="overflow:hidden;height:18px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:18px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;"><div style="overflow:hidden;height:18px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:18px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;"><div style="overflow:hidden;height:18px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">001-32462</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">PNM Resources, Inc.</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">85-0468296</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(A New Mexico Corporation)</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Alvarado Square</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Albuquerque, New Mexico  87158</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(505) 241-2700</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:18px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:18px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:18px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:18px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:18px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td colspan="5" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">______________________________</font></div></td></tr><tr><td colspan="5" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:18px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td colspan="5" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(Former name or former address, if changed since last report)</font></div></td></tr></table></div></div><div style="line-height:120%;padding-bottom:6px;padding-top:6px;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;padding-bottom:6px;padding-top:6px;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;padding-bottom:6px;padding-top:6px;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Check the appropriate box below if the Form&#160;8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions: </font></div><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman; font-size:10pt; width:100%;"><tr><td style="width:24px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:174%;font-size:10pt;padding-left:0px;"><font style="font-family:inherit;font-size:10pt;">&#61551;</font></div></td><td style="vertical-align:top;"><div style="line-height:174%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Written communications pursuant to Rule&#160;425 under the Securities Act (17 CFR 230.425)</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman; font-size:10pt; width:100%;"><tr><td style="width:24px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:174%;font-size:10pt;padding-left:0px;"><font style="font-family:inherit;font-size:10pt;">&#61551;</font></div></td><td style="vertical-align:top;"><div style="line-height:174%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Soliciting material pursuant to Rule&#160;14a-12 under the Exchange Act (17 CFR 240.14a-12)</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman; font-size:10pt; width:100%;"><tr><td style="width:24px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:174%;font-size:10pt;padding-left:0px;"><font style="font-family:inherit;font-size:10pt;">&#61551;</font></div></td><td style="vertical-align:top;"><div style="line-height:174%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Pre-commencement communications pursuant to Rule&#160;14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman; font-size:10pt; width:100%;"><tr><td style="width:24px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:174%;font-size:10pt;padding-left:0px;"><font style="font-family:inherit;font-size:10pt;">&#61551;</font></div></td><td style="vertical-align:top;"><div style="line-height:174%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Pre-commencement communications pursuant to Rule&#160;13e-4 (c)&#160;under the Exchange Act (17 CFR 240.13e-4(c))</font></div></td></tr></table><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><hr style="page-break-after:always"><a name="sF2D76250973955043A496F51FBCC6489"></a><div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></div><br><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Item 1.01 Entry into a Material Definitive Agreement.</font></div><div style="line-height:120%;text-align:justify;text-indent:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;&#160;&#160;&#160;</font></div><div style="line-height:120%;text-align:left;text-indent:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"></font><font style="font-family:inherit;font-size:10pt;">On November </font><font style="font-family:inherit;font-size:10pt;">4</font><font style="font-family:inherit;font-size:10pt;">, 2011, PNM Resources, Inc. (&#8220;PNMR&#8221;) entered into a Sale and Purchase Agreement (the &#8220;Sale and Purchase Agreement&#8221;) with Cascade Investment, L.L.C. (&#8220;Cascade&#8221;) under which PNMR will purchase from Cascade the lesser of (i) 7,019,550 shares of its common stock, no par value (the &#8220;Common Stock&#8221;)  and (ii) the  number of shares of Common Stock equal to $156,525,490 divided by the purchase price per share (rounded down to the nearest whole share).  The Sale and Purchase Agreement provides that the Common Stock will be purchased at a price per share equal to the product of (a) 0.98 and (b) the arithmetic mean of the volume weighted average price on each trading day in the period beginning October 27, 2011 and ending November 9, 2011.  The repurchase of the Common Stock is anticipated to close on November 10, 2011. In the event that the volume weighted average price on any trading day in the period beginning October 27, 2011 and ending November 9, 2011, inclusive, is less than $14.1811 per share, Cascade will have the option not to close the transaction.  Similarly, in the event that the volume weighted average price on any trading day in the period beginning October 27, 2011 and ending November 9, 2011, inclusive, is greater than $21.2717 per share, PNMR will have the option not to close the transaction.  Any repurchased shares will become authorized but unissued shares of common stock. </font></div><div style="line-height:120%;text-align:left;padding-left:80px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:left;text-indent:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The foregoing description of the Sale and Purchase Agreement is not complete and is qualified in its entirety by reference to the full text of the Sale and Purchase Agreement, which is filed as Exhibit 10.1 hereto and is incorporated by reference herein. </font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Item 9.01 Financial Statements and Exhibits.</font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(d) Exhibits </font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:center;font-size:10pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;margin-left:auto;margin-right:auto;width:100%;border-collapse:collapse;text-align:left;"><tr><td colspan="2"></td></tr><tr><td width="16%"></td><td width="84%"></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Exhibit Number&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Description</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:12px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:12px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">10.1</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Sale and Purchase Agreement, dated as of November </font><font style="font-family:inherit;font-size:10pt;font-weight:bold;">4</font><font style="font-family:inherit;font-size:10pt;">, 2011, by and between PNM Resources, Inc. and Cascade Investment, L.L.C.</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:12px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:12px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr></table></div></div><div style="line-height:120%;text-align:left;text-indent:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><br><div style="text-align:center;"><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;">2</font></div></div><hr style="page-break-after:always"><div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></div><br><div style="line-height:120%;text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;text-decoration:underline;">SIGNATURE</font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;padding-bottom:8px;text-align:justify;text-indent:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"></font><font style="font-family:inherit;font-size:10pt;">Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.</font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:center;font-size:10pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;margin-left:auto;margin-right:auto;width:92.3828125%;border-collapse:collapse;text-align:left;"><tr><td colspan="2"></td></tr><tr><td width="39%"></td><td width="61%"></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:13px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:13px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">PNM RESOURCES, INC.</font></div><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(Registrant)</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:9px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:9px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:18px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:18px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Date:  November&#160;</font><font style="font-family:inherit;font-size:10pt;">4</font><font style="font-family:inherit;font-size:10pt;">, 2011</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">/s/ Thomas G. Sategna</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Thomas G. Sategna</font></div><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Vice President and Corporate Controller</font></div><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(Officer duly authorized to sign this report)</font></div></td></tr></table></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 style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><br><div style="text-align:center;"><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;">3</font></div></div>	</body>
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<TYPE>EX-10.1
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<FILENAME>a20111104exhibit101.htm
<DESCRIPTION>EXHIBIT 10.1
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<a name="s8dd7ae84-bee9-4f0d-9e85-8f44f48b0059"></a><div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></div><br><div style="line-height:120%;text-align:right;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">Exhibit 10.1</font></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;">Execution Copy</font></div><div style="line-height:120%;padding-bottom:32px;padding-top:128px;text-align:center;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;font-weight:bold;">SALE AND PURCHASE AGREEMENT</font></div><div style="line-height:120%;padding-bottom:32px;text-align:center;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">by and between</font></div><div style="line-height:120%;padding-bottom:16px;text-align:center;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">PNM RESOURCES, INC.</font></div><div style="line-height:120%;padding-bottom:16px;text-align:center;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">and</font></div><div style="line-height:120%;padding-bottom:16px;text-align:center;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">CASCADE INVESTMENT, L.L.C.</font></div><div style="line-height:120%;padding-bottom:16px;padding-top:112px;text-align:center;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">Dated as of November 4, 2011</font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><hr style="page-break-after:always"><a name="s52E8D5BF273813A78C6F6F6DF766D14B"></a><div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></div><br><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;padding-right:6px;text-align:center;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;font-weight:bold;">Table of Contents</font></div><div style="line-height:120%;padding-right:6px;padding-bottom:13px;text-align:right;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div><div style="line-height:120%;padding-right:6px;padding-bottom:13px;text-align:left;text-indent:606px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;font-weight:bold;">Page</font></div><div style="line-height:120%;text-align:center;text-indent:336px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font></div><div style="line-height:120%;padding-right:48px;padding-bottom:8px;padding-top:16px;text-align:right;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">ARTICLE I     SALE AND TRANSFER&#160;&#160;&#160;&#160;1</font></div><div style="line-height:120%;padding-right:48px;padding-bottom:8px;padding-top:16px;text-align:right;padding-left:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">Section 1.01.    Sale and Transfer</font><font style="font-family:inherit;font-size:10pt;">&#160;&#160;&#160;&#160;</font><font style="font-family:inherit;font-size:12pt;">1</font></div><div style="line-height:120%;padding-right:48px;padding-bottom:8px;padding-top:16px;text-align:center;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">ARTICLE II     PURCHASE PRICE</font><font style="font-family:inherit;font-size:10pt;">&#160;&#160;&#160;&#160;</font><font style="font-family:inherit;font-size:12pt;">1</font></div><table cellpadding="0" cellspacing="0" style="padding-bottom:8px;font-family:Times New Roman; font-size:10pt; width:100%;"><tr><td style="width:149px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:120%;padding-right:48px;font-size:12pt;padding-left:46px;"><font style="font-family:inherit;font-size:12pt;">Section 2.01.</font></div></td><td style="vertical-align:top;"><div style="line-height:120%;padding-right:48px;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">Purchase and Sale&#160;&#160;&#160;&#160;1</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-bottom:8px;font-family:Times New Roman; font-size:10pt; width:100%;"><tr><td style="width:149px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:120%;padding-right:48px;font-size:12pt;padding-left:46px;"><font style="font-family:inherit;font-size:12pt;">Section 2.02.</font></div></td><td style="vertical-align:top;"><div style="line-height:120%;padding-right:48px;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">Purchase Price&#160;&#160;&#160;&#160;1</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman; font-size:10pt; width:100%;"><tr><td style="width:149px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:120%;padding-right:48px;font-size:12pt;padding-left:46px;"><font style="font-family:inherit;font-size:12pt;">Section 2.03.</font></div></td><td style="vertical-align:top;"><div style="line-height:120%;padding-right:48px;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">Notification of Purchase Price per Share, Aggregate Purchase </font></div></td></tr></table><div style="line-height:120%;padding-right:48px;padding-bottom:8px;text-align:left;padding-left:149px;text-indent:618px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">Price and Number of Shares</font><font style="font-family:inherit;font-size:10pt;">&#160;&#160;&#160;&#160;  </font><font style="font-family:inherit;font-size:12pt;">2</font></div><div style="line-height:120%;padding-right:48px;padding-bottom:8px;padding-top:16px;text-align:center;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">ARTICLE III     CLOSING</font><font style="font-family:inherit;font-size:10pt;">&#160;&#160;&#160;&#160;</font><font style="font-family:inherit;font-size:12pt;">2</font></div><table cellpadding="0" cellspacing="0" style="padding-bottom:8px;font-family:Times New Roman; font-size:10pt; width:100%;"><tr><td style="width:149px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:120%;padding-right:48px;font-size:12pt;padding-left:46px;"><font style="font-family:inherit;font-size:12pt;">Section 3.01.</font></div></td><td style="vertical-align:top;"><div style="line-height:120%;padding-right:48px;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">Closing Date</font><font style="font-family:inherit;font-size:10pt;">&#160;&#160;&#160;&#160;</font><font style="font-family:inherit;font-size:12pt;">2</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-bottom:8px;font-family:Times New Roman; font-size:10pt; width:100%;"><tr><td style="width:149px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:120%;padding-right:48px;font-size:12pt;padding-left:46px;"><font style="font-family:inherit;font-size:12pt;">Section 3.02.</font></div></td><td style="vertical-align:top;"><div style="line-height:120%;padding-right:48px;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">Closing</font><font style="font-family:inherit;font-size:10pt;">&#160;&#160;&#160;&#160;</font><font style="font-family:inherit;font-size:12pt;">2</font></div></td></tr></table><div style="line-height:120%;padding-right:48px;padding-bottom:8px;padding-top:16px;text-align:center;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">ARTICLE IV     REPRESENTATIONS AND WARRANTIES OF SELLER&#160;&#160;&#160;&#160;3</font></div><table cellpadding="0" cellspacing="0" style="padding-bottom:8px;font-family:Times New Roman; font-size:10pt; width:100%;"><tr><td style="width:149px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:120%;padding-right:48px;font-size:12pt;padding-left:46px;"><font style="font-family:inherit;font-size:12pt;">Section 4.01.</font></div></td><td style="vertical-align:top;"><div style="line-height:120%;padding-right:48px;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">Organization, Qualification and Power and Authority&#160;&#160;&#160;&#160;3</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-bottom:8px;font-family:Times New Roman; font-size:10pt; width:100%;"><tr><td style="width:149px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:120%;padding-right:48px;font-size:12pt;padding-left:46px;"><font style="font-family:inherit;font-size:12pt;">Section 4.02.</font></div></td><td style="vertical-align:top;"><div style="line-height:120%;padding-right:48px;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">Authority; Enforceability</font><font style="font-family:inherit;font-size:10pt;">&#160;&#160;&#160;&#160;</font><font style="font-family:inherit;font-size:12pt;">3</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-bottom:8px;font-family:Times New Roman; font-size:10pt; width:100%;"><tr><td style="width:149px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:120%;padding-right:48px;font-size:12pt;padding-left:46px;"><font style="font-family:inherit;font-size:12pt;">Section 4.03.</font></div></td><td style="vertical-align:top;"><div style="line-height:120%;padding-right:48px;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">Noncontravention&#160;&#160;&#160;&#160;3</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-bottom:8px;font-family:Times New Roman; font-size:10pt; width:100%;"><tr><td style="width:149px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:120%;padding-right:48px;font-size:12pt;padding-left:46px;"><font style="font-family:inherit;font-size:12pt;">Section 4.04.</font></div></td><td style="vertical-align:top;"><div style="line-height:120%;padding-right:48px;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">Required Governmental Consents and Approvals</font><font style="font-family:inherit;font-size:10pt;">&#160;&#160;&#160;&#160;</font><font style="font-family:inherit;font-size:12pt;">3</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-bottom:8px;font-family:Times New Roman; font-size:10pt; width:100%;"><tr><td style="width:149px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:120%;padding-right:48px;font-size:12pt;padding-left:46px;"><font style="font-family:inherit;font-size:12pt;">Section 4.05.</font></div></td><td style="vertical-align:top;"><div style="line-height:120%;padding-right:48px;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">The Common Stock</font><font style="font-family:inherit;font-size:10pt;">&#160;&#160;&#160;&#160;</font><font style="font-family:inherit;font-size:12pt;">3</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-bottom:8px;font-family:Times New Roman; font-size:10pt; width:100%;"><tr><td style="width:149px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:120%;padding-right:48px;font-size:12pt;padding-left:46px;"><font style="font-family:inherit;font-size:12pt;">Section 4.06.</font></div></td><td style="vertical-align:top;"><div style="line-height:120%;padding-right:48px;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">Litigation</font><font style="font-family:inherit;font-size:10pt;">&#160;&#160;&#160;&#160;</font><font style="font-family:inherit;font-size:12pt;">3</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-bottom:8px;font-family:Times New Roman; font-size:10pt; width:100%;"><tr><td style="width:149px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:120%;padding-right:48px;font-size:12pt;padding-left:46px;"><font style="font-family:inherit;font-size:12pt;">Section 4.07.</font></div></td><td style="vertical-align:top;"><div style="line-height:120%;padding-right:48px;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">Brokers' Fees&#160;&#160;&#160;&#160;4</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-bottom:8px;font-family:Times New Roman; font-size:10pt; width:100%;"><tr><td style="width:149px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:120%;padding-right:48px;font-size:12pt;padding-left:46px;"><font style="font-family:inherit;font-size:12pt;">Section 4.08.</font></div></td><td style="vertical-align:top;"><div style="line-height:120%;padding-right:48px;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">No Additional Representations</font><font style="font-family:inherit;font-size:10pt;">&#160;&#160;&#160;&#160;</font><font style="font-family:inherit;font-size:12pt;">4</font></div></td></tr></table><div style="line-height:120%;padding-right:48px;padding-bottom:8px;padding-top:16px;text-align:center;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">ARTICLE V     REPRESENTATIONS AND WARRANTIES OF BUYER&#160;&#160;&#160;&#160;4</font></div><table cellpadding="0" cellspacing="0" style="padding-bottom:8px;font-family:Times New Roman; font-size:10pt; width:100%;"><tr><td style="width:149px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:120%;padding-right:48px;font-size:12pt;padding-left:46px;"><font style="font-family:inherit;font-size:12pt;">Section 5.01.</font></div></td><td style="vertical-align:top;"><div style="line-height:120%;padding-right:48px;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">Organization, Qualification and Power and Authority&#160;&#160;&#160;&#160;4</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-bottom:8px;font-family:Times New Roman; font-size:10pt; width:100%;"><tr><td style="width:150px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:120%;padding-right:48px;font-size:12pt;padding-left:48px;"><font style="font-family:inherit;font-size:12pt;">Section 5.02.</font></div></td><td style="vertical-align:top;"><div style="line-height:120%;padding-right:48px;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">Authority; Enforceability&#160;&#160;&#160;&#160;4</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-bottom:8px;font-family:Times New Roman; font-size:10pt; width:100%;"><tr><td style="width:149px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:120%;padding-right:48px;font-size:12pt;padding-left:46px;"><font style="font-family:inherit;font-size:12pt;">Section 5.03.</font></div></td><td style="vertical-align:top;"><div style="line-height:120%;padding-right:48px;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">Noncontravention&#160;&#160;&#160;&#160;4</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-bottom:8px;font-family:Times New Roman; font-size:10pt; width:100%;"><tr><td style="width:149px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:120%;padding-right:48px;font-size:12pt;padding-left:46px;"><font style="font-family:inherit;font-size:12pt;">Section 5.04.</font></div></td><td style="vertical-align:top;"><div style="line-height:120%;padding-right:48px;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">Required Governmental Consents and Approvals&#160;&#160;&#160;&#160;4</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-bottom:8px;font-family:Times New Roman; font-size:10pt; width:100%;"><tr><td style="width:149px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:120%;padding-right:48px;font-size:12pt;padding-left:46px;"><font style="font-family:inherit;font-size:12pt;">Section 5.05.</font></div></td><td style="vertical-align:top;"><div style="line-height:120%;padding-right:48px;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">Litigation&#160;&#160;&#160;&#160;5</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-bottom:8px;font-family:Times New Roman; font-size:10pt; width:100%;"><tr><td style="width:149px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:120%;padding-right:48px;font-size:12pt;padding-left:46px;"><font style="font-family:inherit;font-size:12pt;">Section 5.06.</font></div></td><td style="vertical-align:top;"><div style="line-height:120%;padding-right:48px;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">Solvency</font><font style="font-family:inherit;font-size:10pt;">&#160;&#160;&#160;&#160;</font><font style="font-family:inherit;font-size:12pt;">5</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-bottom:8px;font-family:Times New Roman; font-size:10pt; width:100%;"><tr><td style="width:149px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:120%;padding-right:48px;font-size:12pt;padding-left:46px;"><font style="font-family:inherit;font-size:12pt;">Section 5.07.</font></div></td><td style="vertical-align:top;"><div style="line-height:120%;padding-right:48px;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">Brokers' Fees&#160;&#160;&#160;&#160;5</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-bottom:8px;font-family:Times New Roman; font-size:10pt; width:100%;"><tr><td style="width:149px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:120%;padding-right:48px;font-size:12pt;padding-left:46px;"><font style="font-family:inherit;font-size:12pt;">Section 5.08.</font></div></td><td style="vertical-align:top;"><div style="line-height:120%;padding-right:48px;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">Disclosure</font><font style="font-family:inherit;font-size:10pt;">&#160;&#160;&#160;&#160;</font><font style="font-family:inherit;font-size:12pt;">5</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-bottom:8px;font-family:Times New Roman; font-size:10pt; width:100%;"><tr><td style="width:149px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:120%;padding-right:48px;font-size:12pt;padding-left:46px;"><font style="font-family:inherit;font-size:12pt;">Section 5.09.</font></div></td><td style="vertical-align:top;"><div style="line-height:120%;padding-right:48px;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">No Additional Representations</font><font style="font-family:inherit;font-size:10pt;">&#160;&#160;&#160;&#160;</font><font style="font-family:inherit;font-size:12pt;">5</font></div></td></tr></table><br><div style="text-align:center;"><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;">i</font></div></div><hr style="page-break-after:always"><div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></div><br><div style="line-height:120%;padding-right:48px;padding-bottom:8px;text-align:left;padding-left:149px;text-indent:-103px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div><div style="line-height:120%;padding-right:6px;text-align:center;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;font-weight:bold;">Table of Contents</font></div><div style="line-height:120%;padding-right:6px;text-align:center;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">(continued)</font></div><div style="line-height:120%;padding-right:6px;padding-bottom:13px;text-align:right;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div><div style="line-height:120%;padding-right:6px;padding-bottom:13px;text-align:left;text-indent:606px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;font-weight:bold;">Page</font></div><div style="line-height:120%;padding-right:48px;padding-bottom:8px;text-align:left;padding-left:149px;text-indent:-103px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div><div style="line-height:120%;padding-right:48px;padding-bottom:8px;padding-top:16px;text-align:center;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">ARTICLE VI     COVENANTS&#160;&#160;&#160;&#160;5</font></div><table cellpadding="0" cellspacing="0" style="padding-bottom:8px;font-family:Times New Roman; font-size:10pt; width:100%;"><tr><td style="width:149px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:120%;padding-right:48px;font-size:12pt;padding-left:46px;"><font style="font-family:inherit;font-size:12pt;">Section 6.01.</font></div></td><td style="vertical-align:top;"><div style="line-height:120%;padding-right:48px;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">Preparation of Supporting Documents</font><font style="font-family:inherit;font-size:10pt;">&#160;&#160;&#160;&#160;</font><font style="font-family:inherit;font-size:12pt;">5</font></div></td></tr></table><div style="line-height:120%;padding-right:48px;padding-bottom:8px;padding-top:16px;text-align:center;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">ARTICLE VII     CONDITIONS PRECEDENT; TERMINATION</font><font style="font-family:inherit;font-size:10pt;">&#160;&#160;&#160;&#160;</font><font style="font-family:inherit;font-size:12pt;">6</font></div><table cellpadding="0" cellspacing="0" style="padding-bottom:8px;font-family:Times New Roman; font-size:10pt; width:100%;"><tr><td style="width:149px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:120%;padding-right:48px;font-size:12pt;padding-left:46px;"><font style="font-family:inherit;font-size:12pt;">Section 7.01.</font></div></td><td style="vertical-align:top;"><div style="line-height:120%;padding-right:48px;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">Conditions Precedent to the Obligations of the Buyer&#160;&#160;&#160;&#160;6</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-bottom:8px;font-family:Times New Roman; font-size:10pt; width:100%;"><tr><td style="width:149px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:120%;padding-right:48px;font-size:12pt;padding-left:46px;"><font style="font-family:inherit;font-size:12pt;">Section 7.02.</font></div></td><td style="vertical-align:top;"><div style="line-height:120%;padding-right:48px;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">Conditions Precedent to the Obligations of the Seller</font><font style="font-family:inherit;font-size:10pt;">&#160;&#160;&#160;&#160;</font><font style="font-family:inherit;font-size:12pt;">6</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-bottom:8px;font-family:Times New Roman; font-size:10pt; width:100%;"><tr><td style="width:149px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:120%;padding-right:48px;font-size:12pt;padding-left:46px;"><font style="font-family:inherit;font-size:12pt;">Section 7.03.</font></div></td><td style="vertical-align:top;"><div style="line-height:120%;padding-right:48px;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">Termination by Seller</font><font style="font-family:inherit;font-size:10pt;">&#160;&#160;&#160;&#160;</font><font style="font-family:inherit;font-size:12pt;">6</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-bottom:8px;font-family:Times New Roman; font-size:10pt; width:100%;"><tr><td style="width:149px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:120%;padding-right:48px;font-size:12pt;padding-left:46px;"><font style="font-family:inherit;font-size:12pt;">Section 7.04.</font></div></td><td style="vertical-align:top;"><div style="line-height:120%;padding-right:48px;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">Termination by Buyer</font><font style="font-family:inherit;font-size:10pt;">&#160;&#160;&#160;&#160;</font><font style="font-family:inherit;font-size:12pt;">6</font></div></td></tr></table><div style="line-height:120%;padding-right:48px;padding-bottom:8px;padding-top:16px;text-align:center;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">ARTICLE VIII     DEFINITIONS</font><font style="font-family:inherit;font-size:10pt;">&#160;&#160;&#160;&#160;</font><font style="font-family:inherit;font-size:12pt;">7</font></div><table cellpadding="0" cellspacing="0" style="padding-bottom:8px;font-family:Times New Roman; font-size:10pt; width:100%;"><tr><td style="width:149px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:120%;padding-right:48px;font-size:12pt;padding-left:46px;"><font style="font-family:inherit;font-size:12pt;">Section 8.01.</font></div></td><td style="vertical-align:top;"><div style="line-height:120%;padding-right:48px;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">Definitions</font><font style="font-family:inherit;font-size:10pt;">&#160;&#160;&#160;&#160;</font><font style="font-family:inherit;font-size:12pt;">7</font></div></td></tr></table><div style="line-height:120%;padding-right:48px;padding-bottom:8px;padding-top:16px;text-align:center;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">ARTICLE IX     MISCELLANEOUS</font><font style="font-family:inherit;font-size:10pt;">&#160;&#160;&#160;&#160;</font><font style="font-family:inherit;font-size:12pt;">8</font></div><table cellpadding="0" cellspacing="0" style="padding-bottom:8px;font-family:Times New Roman; font-size:10pt; width:100%;"><tr><td style="width:149px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:120%;padding-right:48px;font-size:12pt;padding-left:46px;"><font style="font-family:inherit;font-size:12pt;">Section 9.01.</font></div></td><td style="vertical-align:top;"><div style="line-height:120%;padding-right:48px;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">Survival</font><font style="font-family:inherit;font-size:10pt;">&#160;&#160;&#160;&#160;</font><font style="font-family:inherit;font-size:12pt;">8</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-bottom:8px;font-family:Times New Roman; font-size:10pt; width:100%;"><tr><td style="width:149px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:120%;padding-right:48px;font-size:12pt;padding-left:46px;"><font style="font-family:inherit;font-size:12pt;">Section 9.02.</font></div></td><td style="vertical-align:top;"><div style="line-height:120%;padding-right:48px;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">Costs</font><font style="font-family:inherit;font-size:10pt;">&#160;&#160;&#160;&#160;</font><font style="font-family:inherit;font-size:12pt;">8</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-bottom:8px;font-family:Times New Roman; font-size:10pt; width:100%;"><tr><td style="width:149px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:120%;padding-right:48px;font-size:12pt;padding-left:46px;"><font style="font-family:inherit;font-size:12pt;">Section 9.03.</font></div></td><td style="vertical-align:top;"><div style="line-height:120%;padding-right:48px;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">Headings</font><font style="font-family:inherit;font-size:10pt;">&#160;&#160;&#160;&#160;</font><font style="font-family:inherit;font-size:12pt;">8</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-bottom:8px;font-family:Times New Roman; font-size:10pt; width:100%;"><tr><td style="width:149px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:120%;padding-right:48px;font-size:12pt;padding-left:46px;"><font style="font-family:inherit;font-size:12pt;">Section 9.04.</font></div></td><td style="vertical-align:top;"><div style="line-height:120%;padding-right:48px;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">Amendment and Waiver</font><font style="font-family:inherit;font-size:10pt;">&#160;&#160;&#160;&#160;</font><font style="font-family:inherit;font-size:12pt;">8</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-bottom:8px;font-family:Times New Roman; font-size:10pt; width:100%;"><tr><td style="width:149px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:120%;padding-right:48px;font-size:12pt;padding-left:46px;"><font style="font-family:inherit;font-size:12pt;">Section 9.05.</font></div></td><td style="vertical-align:top;"><div style="line-height:120%;padding-right:48px;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">Assignment</font><font style="font-family:inherit;font-size:10pt;">&#160;&#160;&#160;&#160;</font><font style="font-family:inherit;font-size:12pt;">9</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-bottom:8px;font-family:Times New Roman; font-size:10pt; width:100%;"><tr><td style="width:149px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:120%;padding-right:48px;font-size:12pt;padding-left:46px;"><font style="font-family:inherit;font-size:12pt;">Section 9.06.</font></div></td><td style="vertical-align:top;"><div style="line-height:120%;padding-right:48px;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">Severability</font><font style="font-family:inherit;font-size:10pt;">&#160;&#160;&#160;&#160;</font><font style="font-family:inherit;font-size:12pt;">9</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-bottom:8px;font-family:Times New Roman; font-size:10pt; width:100%;"><tr><td style="width:149px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:120%;padding-right:48px;font-size:12pt;padding-left:46px;"><font style="font-family:inherit;font-size:12pt;">Section 9.07.</font></div></td><td style="vertical-align:top;"><div style="line-height:120%;padding-right:48px;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">Complete Agreement</font><font style="font-family:inherit;font-size:10pt;">&#160;&#160;&#160;&#160;</font><font style="font-family:inherit;font-size:12pt;">9</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-bottom:8px;font-family:Times New Roman; font-size:10pt; width:100%;"><tr><td style="width:149px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:120%;padding-right:48px;font-size:12pt;padding-left:46px;"><font style="font-family:inherit;font-size:12pt;">Section 9.08.</font></div></td><td style="vertical-align:top;"><div style="line-height:120%;padding-right:48px;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">Counterparts</font><font style="font-family:inherit;font-size:10pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-family:inherit;font-size:12pt;">9</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-bottom:8px;font-family:Times New Roman; font-size:10pt; width:100%;"><tr><td style="width:149px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:120%;padding-right:48px;font-size:12pt;padding-left:46px;"><font style="font-family:inherit;font-size:12pt;">Section 9.09.</font></div></td><td style="vertical-align:top;"><div style="line-height:120%;padding-right:48px;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">Governing Law; Specific Performance&#160;&#160;&#160;&#160;9</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-bottom:8px;font-family:Times New Roman; font-size:10pt; width:100%;"><tr><td style="width:149px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:120%;padding-right:48px;font-size:12pt;padding-left:46px;"><font style="font-family:inherit;font-size:12pt;">Section 9.10.</font></div></td><td style="vertical-align:top;"><div style="line-height:120%;padding-right:48px;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">Notices&#160;&#160;&#160;&#160;10</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-bottom:8px;font-family:Times New Roman; font-size:10pt; width:100%;"><tr><td style="width:149px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:120%;padding-right:48px;font-size:12pt;padding-left:46px;"><font style="font-family:inherit;font-size:12pt;">Section 9.11. </font></div></td><td style="vertical-align:top;"><div style="line-height:120%;padding-right:48px;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">Public Announcements&#160;&#160;&#160;&#160;11</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-bottom:8px;font-family:Times New Roman; font-size:10pt; width:100%;"><tr><td style="width:149px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:120%;padding-right:48px;font-size:12pt;padding-left:46px;"><font style="font-family:inherit;font-size:12pt;">Section 9.12.</font></div></td><td style="vertical-align:top;"><div style="line-height:120%;padding-right:48px;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">Waiver of Jury Trial&#160;&#160;&#160;&#160;11</font></div></td></tr></table><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><br><div style="text-align:center;"><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;">ii</font></div></div><hr style="page-break-after:always"><a name="sDBE3D0D7217760BE987D6F6F52EFF82C"></a><div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></div><br><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;padding-bottom:16px;text-align:center;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;font-weight:bold;">SALE AND PURCHASE AGREEMENT</font></div><div style="line-height:120%;padding-bottom:16px;text-align:left;text-indent:96px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">This SALE AND PURCHASE AGREEMENT (this &#8220;</font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">Agreement</font><font style="font-family:inherit;font-size:12pt;">&#8221;), dated as of this 4th day of November, 2011, is made and entered into by and between PNM Resources, Inc., a New Mexico corporation (&#8220;</font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">Buyer</font><font style="font-family:inherit;font-size:12pt;">&#8221;), and Cascade Investment, L.L.C., a Washington limited liability company (&#8220;</font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">Seller</font><font style="font-family:inherit;font-size:12pt;">&#8221;).  Buyer and Seller are sometimes individually referred to herein as a &#8220;</font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">Party</font><font style="font-family:inherit;font-size:12pt;">&#8221; and collectively as the &#8220;</font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">Parties</font><font style="font-family:inherit;font-size:12pt;">.&#8221;</font></div><div style="line-height:120%;padding-bottom:16px;text-align:left;text-indent:96px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">WHEREAS, Seller owns 7,019,550 shares of Buyer's common stock, no par value (the &#8220;</font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">Common Stock</font><font style="font-family:inherit;font-size:12pt;">&#8221;);</font></div><div style="line-height:120%;padding-bottom:16px;text-align:left;text-indent:96px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">WHEREAS, Seller desires to sell to Buyer, and Buyer desires to purchase from Seller, on the terms and subject to the conditions set forth in this Agreement, all rights, title, claims and interests of the Seller in or relating to the Common Stock;</font></div><div style="line-height:120%;padding-bottom:16px;text-align:left;text-indent:96px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">WHEREAS, certain defined terms used in this Agreement shall have the meanings specified in Section 8.01 or elsewhere in this Agreement;</font></div><div style="line-height:120%;padding-bottom:16px;text-align:left;text-indent:96px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">NOW, THEREFORE, in consideration of the mutual covenants, representations, warranties and agreements set forth in this Agreement, the Parties hereby agree as follows:</font></div><div style="line-height:120%;text-align:center;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;font-weight:bold;">ARTICLE I</font></div><div style="line-height:120%;text-align:center;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div><div style="line-height:120%;text-align:center;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;font-weight:bold;">SALE AND TRANSFER</font></div><div style="line-height:120%;text-align:center;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">Section 1.01.&#160;&#160;&#160;&#160;</font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">Sale and Transfer</font><font style="font-family:inherit;font-size:12pt;">.  On the terms set forth in this Agreement, Seller shall, on the Closing Date, sell, transfer and assign to Buyer, free and clear of all Liens, and Buyer shall purchase and acquire from Seller, all or a portion of the Common Stock (as specified in Section 2.02), for the Aggregate Purchase Price specified in Section 2.02.</font></div><div style="line-height:120%;text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:center;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;font-weight:bold;">ARTICLE II</font></div><div style="line-height:120%;text-align:center;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div><div style="line-height:120%;text-align:center;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;font-weight:bold;">PURCHASE PRICE</font></div><div style="line-height:120%;text-align:center;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">Section 2.01.&#160;&#160;&#160;&#160;</font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">Purchase and Sale</font><font style="font-family:inherit;font-size:12pt;">.  Purchase and Sale.  Subject to the terms set forth in this Agreement, in consideration for the sale and transfer by Seller of the number of shares of Common Stock as determined in Section 2.02, Buyer shall pay Seller the Aggregate Purchase Price as defined in Section 2.02.</font></div><div style="line-height:120%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">Section 2.02.</font><font style="font-family:inherit;font-size:10pt;">&#160;&#160;&#160;&#160;</font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">Purchase Price</font></div><div style="line-height:120%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">&#160;&#160;</font></div><div style="line-height:120%;padding-left:0px;text-align:left;text-indent:48px;"><font style="text-align:left;font-family:inherit;font-size:12pt;padding-right:48px;">(a)</font><font style="font-family:inherit;font-size:12pt;">The amount to be paid for each share of Common Stock (the &#8220;</font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">Purchase Price per Share</font><font style="font-family:inherit;font-size:12pt;">&#8221;) shall be the amount equal to the product of (a) 0.98 and (b) the arithmetic mean of the Volume Weighted Average Price per Common Share for each Trading Day in the period of 10 Trading Days beginning on and including the fifth Trading Day prior to the Announcement Date and ending on and including the fourth Trading Day following the Announcement Date (the &#8220;</font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">Observation Period</font><font style="font-family:inherit;font-size:12pt;">&#8221;).  </font></div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><hr style="page-break-after:always"><a name="s02BD7DCFDD44037DDCE56FA77D0C4B06"></a><div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></div><br><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;padding-bottom:16px;text-align:left;padding-left:96px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">&#8220;</font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">Volume Weighted Average Price per Common Share</font><font style="font-family:inherit;font-size:12pt;">&#8221; means, on any Trading Day, the per share volume-weighted average price of Common Stock, rounded to four decimals, as displayed under the heading Bloomberg VWAP on Bloomberg (or, if Bloomberg ceases to publish such price, any successor service reasonably chosen by Seller) page PNM_equity_VWAP (or the equivalent successor if such page is not available), in respect of the period from the open of trading on the relevant Trading Day until the close of trading on such Trading Day or, if such price is not so reported, the volume weighted average price per share of Common Stock as determined in good faith by the Seller and notified to the Buyer; and</font></div><div style="line-height:120%;padding-bottom:16px;text-align:left;padding-left:96px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">&#8220;</font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">Trading Day</font><font style="font-family:inherit;font-size:12pt;">" means a day on which the New York Stock Exchange is open for trading for its regular session.</font></div><div style="line-height:120%;padding-left:0px;text-align:left;text-indent:48px;"><font style="text-align:left;font-family:inherit;font-size:12pt;padding-right:48px;">(b)</font><font style="font-family:inherit;font-size:12pt;">The aggregate purchase price (the &#8220;</font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">Aggregate Purchase Price</font><font style="font-family:inherit;font-size:12pt;">&#8221;) shall be the product of the number of shares of Common Stock to be purchased by Buyer, as determined in accordance with Section 2.02(c), and the Purchase Price per Share. </font></div><div style="line-height:120%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div><div style="line-height:120%;padding-left:0px;text-align:left;text-indent:48px;"><font style="text-align:left;font-family:inherit;font-size:12pt;padding-right:48px;">(c)</font><font style="font-family:inherit;font-size:12pt;">Buyer shall purchase the lesser of (i) 7,019,550 shares of Common Stock and (ii) the number of shares of Common Stock equal to $156,525,490 divided by the Purchase Price Per Share, rounded down to the nearest whole share.</font></div><div style="line-height:120%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">Section 2.03.</font><font style="font-family:inherit;font-size:10pt;">&#160;&#160;&#160;&#160;</font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">Notification of Purchase Price per Share, Aggregate Purchase Price and Number of Shares</font><font style="font-family:inherit;font-size:12pt;">.  Notification of Purchase Price per Share, Aggregate Purchase Price and Number of Shares.  At or before 5:00 p.m., Seattle time, on the last day of the Observation Period, Seller shall provide Buyer with written notice of the Purchase Price per Share, the Aggregate Purchase Price, the number of shares of Common Stock to be purchased and the manner in which each is calculated, including the Volume Weighted Average Price per Common Share for each day in the Observation Period.  The Purchase Price per Share, the Aggregate Purchase Price and the number of shares of Common Stock to be purchased contained in such notice shall be deemed final and agreed unless objected to in writing by Buyer prior to 5:30 p.m., Seattle time, on such date.</font></div><div style="line-height:120%;text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:center;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;font-weight:bold;">ARTICLE III</font></div><div style="line-height:120%;text-align:center;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div><div style="line-height:120%;text-align:center;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;font-weight:bold;">CLOSING</font></div><div style="line-height:120%;text-align:center;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">Section 3.01.</font><font style="font-family:inherit;font-size:10pt;">&#160;&#160;&#160;&#160;</font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">Closing Date</font><font style="font-family:inherit;font-size:12pt;">.  The consummation of the purchase and sale of the Common Stock (the &#8220;</font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">Closing</font><font style="font-family:inherit;font-size:12pt;">&#8221;) shall take place on the Trading Day following the last day of the Observation Period (the &#8220;</font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">Closing Date</font><font style="font-family:inherit;font-size:12pt;">&#8221;) at a time and location to be agreed between the Parties.  </font></div><div style="line-height:120%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">Section 3.02.</font><font style="font-family:inherit;font-size:10pt;">&#160;&#160;&#160;&#160;</font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">Closing</font><font style="font-family:inherit;font-size:12pt;">.  At the Closing, the following shall occur:</font></div><div style="line-height:120%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div><div style="line-height:120%;padding-left:0px;text-align:left;text-indent:48px;"><font style="text-align:left;font-family:inherit;font-size:12pt;padding-right:48px;">(a)</font><font style="font-family:inherit;font-size:12pt;">Delivery of the number of shares of Common Stock determined pursuant to Section 2.02(c) by the Seller shall be made through the facilities of The Depository Trust Company (the &#8220;</font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">DTC</font><font style="font-family:inherit;font-size:12pt;">&#8221;) against payment by the Buyer of the Aggregate Purchase Price through the facilities of the DTC.</font></div><br><div style="text-align:center;"><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;">2</font></div></div><hr style="page-break-after:always"><div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></div><br><div style="line-height:120%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div><div style="line-height:120%;padding-left:0px;text-align:left;text-indent:48px;"><font style="text-align:left;font-family:inherit;font-size:12pt;padding-right:48px;">(b)</font><font style="font-family:inherit;font-size:12pt;">Each of Seller and Buyer shall execute and deliver all other documents that are reasonably necessary to transfer ownership of the applicable number of shares of Common Stock to the Buyer and/or to consummate the transactions provided for herein.</font></div><div style="line-height:120%;text-align:center;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div><div style="line-height:120%;text-align:center;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;font-weight:bold;">ARTICLE IV</font></div><div style="line-height:120%;text-align:center;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div><div style="line-height:120%;text-align:center;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;font-weight:bold;">REPRESENTATIONS AND WARRANTIES OF SELLER</font></div><div style="line-height:120%;text-align:center;text-indent:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;&#160;&#160;&#160;</font></div><div style="line-height:120%;padding-bottom:16px;text-align:left;text-indent:96px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">Seller hereby represents and warrants to Buyer, as of the date hereof and as of the Closing Date, as follows:</font></div><div style="line-height:120%;text-align:left;text-indent:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">Section 4.01.</font><font style="font-family:inherit;font-size:10pt;">&#160;&#160;&#160;&#160;</font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">Organization, Qualification and Power and Authority</font><font style="font-family:inherit;font-size:12pt;">.  Seller is duly formed, validly existing and in good standing under the laws of the State of Washington and has all requisite power and authority to carry on its business as is now being conducted by it.</font></div><div style="line-height:120%;text-align:left;text-indent:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div><div style="line-height:120%;text-align:left;text-indent:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">Section 4.02.&#160;&#160;&#160;&#160; </font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">Authority; Enforceability</font><font style="font-family:inherit;font-size:12pt;">.  Seller has the right, legal capacity and requisite power and authority to enter into, execute, deliver and perform its obligations under this Agreement.  The execution, delivery and performance of this Agreement by Seller, and the consummation of the transactions provided for herein, have been duly and validly authorized by all necessary action on the part of Seller.  This Agreement constitutes the valid and legally binding obligations of Seller, enforceable against Seller in accordance with their terms.</font></div><div style="line-height:120%;text-align:left;text-indent:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div><div style="line-height:120%;text-align:left;text-indent:54px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">Section 4.03.</font><font style="font-family:inherit;font-size:10pt;">&#160;&#160;&#160;&#160;</font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">Noncontravention</font><font style="font-family:inherit;font-size:12pt;">.  Neither the execution and delivery of this Agreement by Seller, nor the consummation by Seller of the transactions provided for herein, (a) will constitute a violation of, or be in conflict with the organizational documents of Seller, (b) will constitute a violation of, or be in conflict with, any Law applicable to Seller or (c) will conflict with or constitute a breach of, or default under, or require the consent of any other party to, any agreement instrument or obligation to which the Seller is a party or by which it may be bound or to which its properties are subject.</font></div><div style="line-height:120%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div><div style="line-height:120%;text-align:left;text-indent:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">Section 4.04.</font><font style="font-family:inherit;font-size:10pt;">&#160;&#160;&#160;&#160;</font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">Required Governmental Consents and Approvals</font><font style="font-family:inherit;font-size:12pt;">.  No notice to, consent, approval, order, declaration or authorization of, or filing with, any Government Entity is required to be obtained or made by Seller in relation to the transactions provided for herein except for any amendment to its Schedule 13G on file with the Securities and Exchange Commission that may be required following the Closing.</font></div><div style="line-height:120%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div><div style="line-height:120%;text-align:left;text-indent:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">Section 4.05.</font><font style="font-family:inherit;font-size:10pt;">&#160;&#160;&#160;&#160;</font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">The Common Stock</font><font style="font-family:inherit;font-size:12pt;">.  Seller is the sole legal and beneficial owner of the Common Stock and owns and has good title to all of the Common Stock, free and clear of all Liens.  Seller has full power and authority to sell and transfer the Common Stock as herein provided.  At Closing, upon the transfer of the Common Stock contemplated herein, Buyer shall acquire good title to all the Common Stock sold hereunder, free and clear of any Liens.</font></div><div style="line-height:120%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div><div style="line-height:120%;text-align:left;text-indent:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">Section 4.06.</font><font style="font-family:inherit;font-size:10pt;">&#160;&#160;&#160;&#160;</font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">LitigationLitigation</font><font style="font-family:inherit;font-size:12pt;">.  There are no actions, suits or proceedings pending against Seller before any court, commission, arbitration tribunal, or judicial, governmental or administrative department, body, agency, administrator or official, grand jury, or any other forum for the resolution of grievances, or, to the knowledge of Seller, threatened against Seller with respect to the transactions contemplated hereby that would have a material effect on Seller's </font></div><br><div style="text-align:center;"><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;">3</font></div></div><hr style="page-break-after:always"><div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></div><br><div style="line-height:120%;text-align:left;text-indent:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">ability to complete the transactions provided for herein or to comply with its obligations hereunder.</font></div><div style="line-height:120%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div><div style="line-height:120%;text-align:left;text-indent:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">Section 4.07.</font><font style="font-family:inherit;font-size:10pt;">&#160;&#160;&#160;&#160;</font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">Brokers' Fees</font><font style="font-family:inherit;font-size:12pt;">.  Neither Seller nor any of its Affiliates have employed any broker, finder or agent who would be entitled to any fee or commission in connection with the transactions contemplated hereby for which Buyer or any of its Affiliates is or would be liable.</font></div><div style="line-height:120%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div><div style="line-height:120%;text-align:left;text-indent:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">Section 4.08.</font><font style="font-family:inherit;font-size:10pt;">&#160;&#160;&#160;&#160;</font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">No Additional Representations</font><font style="font-family:inherit;font-size:12pt;">.  Seller has received all information that it considers necessary or appropriate for deciding whether to dispose of the Common Stock.  Seller has had an opportunity to ask questions and receive answers from the Buyer regarding the terms and conditions of Buyer's purchase of the Common Stock and the business and financial condition of Buyer and to obtain information necessary to verify the accuracy of any information furnished to it or to which it had access.  Neither Buyer nor any of its representatives is making any representations or warranties to Seller, and Seller is not relying on any statements, whether oral or written, which may have been made at any time by the Buyer or any of its representatives, except as set forth in Article V of this Agreement.</font></div><div style="line-height:120%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div><div style="line-height:120%;text-align:center;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;font-weight:bold;">ARTICLE V</font></div><div style="line-height:120%;text-align:center;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div><div style="line-height:120%;text-align:center;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;font-weight:bold;">REPRESENTATIONS AND WARRANTIES OF BUYER</font></div><div style="line-height:120%;text-align:center;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div><div style="line-height:120%;padding-bottom:16px;text-align:left;text-indent:96px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">Buyer hereby represents and warrants to Seller, as of the date hereof and as of the Closing Date, as follows:</font></div><div style="line-height:120%;text-align:left;padding-left:6px;text-indent:42px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">Section 5.01.&#160;&#160;&#160;&#160;</font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">Organization, Qualification and Power and Authority</font><font style="font-family:inherit;font-size:12pt;">.  Buyer is duly formed, validly existing and in good standing under the laws of the State of New Mexico and has all requisite power and authority to carry on its business as is now being conducted by it.</font></div><div style="line-height:120%;text-align:left;padding-left:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div><div style="line-height:120%;text-align:left;text-indent:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">Section 5.02.</font><font style="font-family:inherit;font-size:10pt;">&#160;&#160;&#160;&#160;</font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">Authority; Enforceability</font><font style="font-family:inherit;font-size:12pt;">.  Buyer has the right, legal capacity and requisite power and authority to enter into, execute, deliver and perform its obligations under this Agreement.  The execution, delivery and performance of this Agreement by Buyer, and the consummation of the transactions provided for herein, have been duly and validly authorized by the Board of Directors of the Buyer and all other necessary action on the part of Buyer.  This Agreement constitutes the valid and legally binding obligations of Buyer, enforceable against Buyer in accordance with their terms.</font></div><div style="line-height:120%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div><div style="line-height:120%;text-align:left;text-indent:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">Section 5.03.</font><font style="font-family:inherit;font-size:10pt;">&#160;&#160;&#160;&#160;</font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">Noncontravention</font><font style="font-family:inherit;font-size:12pt;">.  Neither the execution and delivery of this Agreement by Buyer nor the consummation by Buyer of the transactions provided for herein, (a) will constitute a violation of, or be in conflict with the organizational documents of Buyer, (b) will constitute a violation of, or be in conflict with, any Law applicable to Buyer (including, without limitation, the corporation law of the State of New Mexico) or (c) will conflict with or constitute a breach of, or default under, or require the consent of any other party to, any agreement, instrument or obligation to which the Buyer is a party or by which it may be bound or to which its properties are subject.</font></div><div style="line-height:120%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div><div style="line-height:120%;text-align:left;text-indent:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">Section 5.04.</font><font style="font-family:inherit;font-size:10pt;">&#160;&#160;&#160;&#160;</font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">Required Governmental Consents and Approvals</font><font style="font-family:inherit;font-size:12pt;">.  Except as previously disclosed by Buyer to Seller, no notice to, consent, approval, order, declaration or authorization </font></div><br><div style="text-align:center;"><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;">4</font></div></div><hr style="page-break-after:always"><div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></div><br><div style="line-height:120%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">of, or filing with, any Government Entity is required to be obtained or made by Buyer in relation to the transactions provided for herein.</font></div><div style="line-height:120%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div><div style="line-height:120%;text-align:left;text-indent:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">Section 5.05.</font><font style="font-family:inherit;font-size:10pt;">&#160;&#160;&#160;&#160;</font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">Litigation</font><font style="font-family:inherit;font-size:12pt;">.  There are no actions, suits or proceedings pending against Buyer before any court, commission, arbitration tribunal, or judicial, governmental or administrative department, body, agency, administrator or official, grand jury, or any other forum for the resolution of grievances, or, to the knowledge of Buyer, threatened against Buyer with respect to the transactions contemplated hereby that would have a material effect on Buyer's ability to complete the transactions provided for herein or to comply with its obligations hereunder.</font></div><div style="line-height:120%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div><div style="line-height:120%;text-align:left;text-indent:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">Section 5.06.</font><font style="font-family:inherit;font-size:10pt;">&#160;&#160;&#160;&#160;</font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">Solvency</font><font style="font-family:inherit;font-size:12pt;">.  Both (a)&#160;immediately prior to the Closing, and (b)&#160;immediately following the Closing and after giving effect to all of the transactions contemplated by this Agreement, including the payment of the Aggregate Purchase Price and the effect of any borrowings incurred by the Buyer to finance the Aggregate Purchase Price, the Buyer will be Solvent.</font><font style="font-family:inherit;font-size:11pt;">  </font><font style="font-family:inherit;font-size:12pt;">The Board of Directors of the Buyer has determined the Buyer will be in compliance with Section&#160;53-11-44 of the New Mexico Statutes Annotated immediately following the Closing.</font></div><div style="line-height:120%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div><div style="line-height:120%;text-align:left;text-indent:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">Section 5.07.</font><font style="font-family:inherit;font-size:10pt;">&#160;&#160;&#160;&#160;</font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">Brokers' Fees</font><font style="font-family:inherit;font-size:12pt;">.  Neither Buyer nor any of its Affiliates have employed any broker, finder or agent who would be entitled to any fee or commission in connection with the transactions provided for herein for which Seller or any of its Affiliates is or would be liable.</font></div><div style="line-height:120%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div><div style="line-height:120%;text-align:left;text-indent:42px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">Section 5.08.</font><font style="font-family:inherit;font-size:10pt;">&#160;&#160;&#160;&#160;</font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">Disclosure</font><font style="font-family:inherit;font-size:12pt;">.  Buyer's reports required to be filed by the Buyer with the Securities and Exchange Commission do not (on the date hereof) and will not (on the Closing Date) contain any untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary in order to make the statements therein, in light of the circumstances under which such statements were made, not misleading. </font></div><div style="line-height:120%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div><div style="line-height:120%;text-align:left;text-indent:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">Section 5.09.</font><font style="font-family:inherit;font-size:10pt;">&#160;&#160;&#160;&#160;</font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">No Additional Representations</font><font style="font-family:inherit;font-size:12pt;">.  Neither Seller nor any of its representatives is making any representations or warranties to Buyer, and Buyer is not relying on any statements, whether oral or written, which may have been made at any time by the Seller or any of its representatives, except as expressly set forth in Article IV of this Agreement.</font></div><div style="line-height:120%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div><div style="line-height:120%;text-align:center;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;font-weight:bold;">ARTICLE VI</font></div><div style="line-height:120%;text-align:center;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div><div style="line-height:120%;text-align:center;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;font-weight:bold;">COVENANTS</font></div><div style="line-height:120%;text-align:center;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div><div style="line-height:120%;text-align:left;text-indent:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">Section 6.01.</font><font style="font-family:inherit;font-size:10pt;">&#160;&#160;&#160;&#160;</font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">Preparation of Supporting Documents</font><font style="font-family:inherit;font-size:12pt;">.  In addition to such actions as the Parties may otherwise be required to take under this Agreement or applicable Law to consummate this Agreement and the transactions provided for herein, each Party shall furnish such information, and prepare, or cooperate in preparing, and shall execute and deliver, such certificates, agreements and other instruments as the other Party may reasonably request from time to time at or after the Closing in order to give effect to the transactions provided for herein.</font></div><div style="line-height:120%;text-align:center;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div><div style="line-height:120%;text-align:center;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div><br><div style="text-align:center;"><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;">5</font></div></div><hr style="page-break-after:always"><div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></div><br><div style="line-height:120%;text-align:center;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;font-weight:bold;">ARTICLE VII</font></div><div style="line-height:120%;text-align:center;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div><div style="line-height:120%;text-align:center;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;font-weight:bold;">CONDITIONS PRECEDENT; TERMINATION </font></div><div style="line-height:120%;text-align:center;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div><div style="line-height:120%;text-align:left;text-indent:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">Section 7.01.</font><font style="font-family:inherit;font-size:10pt;">&#160;&#160;&#160;&#160;</font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">Conditions Precedent to the Obligations of the Buyer</font><font style="font-family:inherit;font-size:12pt;">.  The obligations of the Buyer are subject to the satisfaction of the following conditions precedent:</font></div><div style="line-height:120%;text-align:left;text-indent:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div><div style="line-height:120%;padding-left:0px;text-align:left;text-indent:48px;"><font style="text-align:left;font-family:inherit;font-size:12pt;padding-right:48px;">(a)</font><font style="font-family:inherit;font-size:12pt;">The representations and warranties of the Seller contained herein shall be true and correct as of the Closing Date.</font></div><div style="line-height:120%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div><div style="line-height:120%;padding-left:0px;text-align:left;text-indent:48px;"><font style="text-align:left;font-family:inherit;font-size:12pt;padding-right:48px;">(b)</font><font style="font-family:inherit;font-size:12pt;">The Seller shall have complied with all of the covenants and agreements contained herein to be performed by the Seller prior to the Closing Date.</font></div><div style="line-height:120%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div><div style="line-height:120%;text-align:left;text-indent:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">Section 7.02.</font><font style="font-family:inherit;font-size:10pt;">&#160;&#160;&#160;&#160;</font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">Conditions Precedent to the Obligations of the Seller</font><font style="font-family:inherit;font-size:12pt;">.  The obligations of the Seller are subject to the satisfaction of the following conditions precedent:</font></div><div style="line-height:120%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div><div style="line-height:120%;padding-left:0px;text-align:left;text-indent:48px;"><font style="text-align:left;font-family:inherit;font-size:12pt;padding-right:48px;">(a)</font><font style="font-family:inherit;font-size:12pt;">The representations and warranties of the Buyer contained herein shall be true and correct as of the Closing Date.</font></div><div style="line-height:120%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div><div style="line-height:120%;padding-left:0px;text-align:left;text-indent:48px;"><font style="text-align:left;font-family:inherit;font-size:12pt;padding-right:48px;">(b)</font><font style="font-family:inherit;font-size:12pt;">The Buyer shall have complied with all of the covenants and agreements contained herein to be performed by the Buyer prior to the Closing Date.</font></div><div style="line-height:120%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div><div style="line-height:120%;text-align:left;text-indent:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">Section 7.03.</font><font style="font-family:inherit;font-size:10pt;">&#160;&#160;&#160;&#160;</font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">Termination by Seller</font><font style="font-family:inherit;font-size:12pt;">.  The Seller shall have the right to terminate this Agreement in its sole discretion, by written notice to the Buyer, at any time from the date of this Agreement until 6:00 p.m., Seattle time, on the last day of the Observation Period, if the Volume Weighted Average Price per Common Share for any Trading Day beginning on the Announcement Date and ending on the last day of the Observation Period is less than $14.1811 (such amount being equal to 80% of the Volume Weighted Average Price per Common Share for the Trading Day immediately preceding the first day of the Observation Period).  Upon the giving of such notice, the obligations of both Parties hereunder shall terminate without liability to either Party.</font></div><div style="line-height:120%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div><div style="line-height:120%;text-align:left;text-indent:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">Section 7.04.</font><font style="font-family:inherit;font-size:10pt;">&#160;&#160;&#160;&#160;</font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">Termination by Buyer</font><font style="font-family:inherit;font-size:12pt;">. The Buyer shall have the right to terminate this Agreement in its sole discretion, by written notice to the Seller, at any time from the date of this Agreement until 6:00 p.m., Seattle time, on the last day of the Observation Period, if the Volume Weighted Average Price per Common Share for any Trading Day beginning on the Announcement Date and ending on the last day of the Observation Period is greater than $21.2717 (such amount being equal to 120% of the Volume Weighted Average Price per Common Share for the Trading Day immediately preceding the first day of the Observation Period).  Upon the giving of such notice, the obligations of both Parties hereunder shall terminate without liability to either Party.</font></div><div style="line-height:120%;padding-bottom:16px;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><br><div style="text-align:center;"><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;">6</font></div></div><hr style="page-break-after:always"><div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></div><br><div style="line-height:120%;text-align:center;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;font-weight:bold;">ARTICLE VIII</font></div><div style="line-height:120%;text-align:center;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div><div style="line-height:120%;text-align:center;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;font-weight:bold;">DEFINITIONS</font></div><div style="line-height:120%;text-align:center;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div><div style="line-height:120%;text-align:left;text-indent:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">Section 8.01.</font><font style="font-family:inherit;font-size:10pt;">&#160;&#160;&#160;&#160;</font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">Definitions</font><font style="font-family:inherit;font-size:12pt;">.  Defined terms used in this Agreement shall have the meanings specified in this Section 8.01 or elsewhere in this Agreement.</font></div><div style="line-height:120%;text-align:left;text-indent:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div><div style="line-height:120%;padding-bottom:16px;text-align:left;text-indent:96px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">&#8220;Affiliate&#8221; means, with respect to any Person, any other Person directly or indirectly controlling, controlled by or under common control with the first Person, whether by means of ownership, contract or otherwise.</font></div><div style="line-height:120%;padding-bottom:16px;text-align:left;text-indent:96px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">&#8220;Aggregate Purchase Price&#8221; has the meaning set forth in Section 2.02.</font></div><div style="line-height:120%;padding-bottom:16px;text-align:left;text-indent:96px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">&#8220;Agreement&#8221; has the meaning set forth in the Preamble hereto.</font></div><div style="line-height:120%;padding-bottom:16px;text-align:left;text-indent:96px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">&#8220;Announcement Date&#8221; means November 3, 2011.</font></div><div style="line-height:120%;padding-bottom:16px;text-align:left;text-indent:96px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">&#8220;Buyer&#8221; has the meaning set forth in the Preamble hereto.</font></div><div style="line-height:120%;padding-bottom:16px;text-align:left;text-indent:96px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">&#8220;Closing&#8221; has the meaning set forth in Section 3.01.</font></div><div style="line-height:120%;padding-bottom:16px;text-align:left;text-indent:96px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">&#8220;Closing Date&#8221; has the meaning set forth in Section 3.01.</font></div><div style="line-height:120%;padding-bottom:16px;text-align:left;text-indent:96px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">&#8220;Common Stock&#8221; has the meaning set forth in the Preamble hereto.</font></div><div style="line-height:120%;padding-bottom:16px;text-align:left;text-indent:96px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">&#8220;Government Entity&#8221; means: (a) any nation, state, county, city, town, village, district or other jurisdiction; (b) any federal, state, local, municipal, foreign or other government; (c) any federal, state, local or foreign governmental or quasi-governmental authority of any nature (including any agency, branch, department, board, commission, court or other tribunal); (d) any body entitled to exercise any administrative, executive, judicial, legislative, police, regulatory, or taxing authority or power, including any court or arbitrator or (e) any official of any of the foregoing.</font></div><div style="line-height:120%;padding-bottom:16px;text-align:left;text-indent:96px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">&#8220;Law&#8221; means any law, statute, rule, code, executive order, ordinance, regulation, requirement, ruling or judgment of any Government Entity or any order, writ, injunction or decree, whether preliminary or final, entered by any Government Entity.</font></div><div style="line-height:120%;padding-bottom:16px;text-align:left;text-indent:96px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">&#8220;Lien&#8221; means any mortgage, deed of trust, lien, pledge, charge, security interest, easement, restriction, assessment, lease, option, restriction, other encumbrance of any kind.</font></div><div style="line-height:120%;padding-bottom:16px;text-align:left;text-indent:96px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">&#8220;Observation Period&#8221; has the meaning set forth in Section 2.02.</font></div><div style="line-height:120%;padding-bottom:16px;text-align:left;text-indent:96px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">&#8220;Party&#8221; or &#8220;Parties&#8221; has the meaning set forth in the Preamble hereto.</font></div><div style="line-height:120%;padding-bottom:16px;text-align:left;text-indent:96px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">&#8220;Person&#8221; means any natural person, corporation, partnership, limited liability company, association, trust, Government Entity, syndicate, affiliated group or other entity or organization (incorporated or unincorporated).</font></div><div style="line-height:120%;padding-bottom:16px;text-align:left;text-indent:96px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">&#8220;Purchase Price per Share&#8221; has the meaning set forth in Section 2.02.</font></div><br><div style="text-align:center;"><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;">7</font></div></div><hr style="page-break-after:always"><div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></div><br><div style="line-height:120%;padding-bottom:16px;text-align:left;text-indent:96px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">&#8220;Seller&#8221; has the meaning set forth in the Preamble hereto.</font></div><div style="line-height:120%;padding-bottom:16px;text-align:left;text-indent:96px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">&#8220;Solvent&#8221; means, with respect to any Person, that as of any date of determination, both (a)(i) the sum of such Person's debt (including contingent liabilities) does not exceed the present fair saleable value of such Person's present assets; (ii) such Person's capital is not unreasonably small in relation to its business as contemplated on such date; and (iii) such Person has not incurred and does not intend to incur, or believe (or reasonably believe) that it will incur, debts beyond its ability to pay such debts as they become due (whether at maturity or otherwise); and (b) such Person is &#8220;solvent&#8221; within the meaning given that term and similar terms under applicable laws relating to fraudulent transfers and conveyances.  For purposes of this definition, the amount of any contingent liability at any time shall be computed as the amount that, in light of all of the facts and circumstances existing at such time, represents the amount that can reasonably be expected to become an actual or matured liability.</font></div><div style="line-height:120%;padding-bottom:16px;text-align:left;text-indent:96px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">&#8220;Trading Day&#8221; has the meaning set forth in Section 2.02.</font></div><div style="line-height:120%;padding-bottom:16px;text-align:left;text-indent:96px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">&#8220;Volume Weighted Average Price per Common Share&#8221; has the meaning set forth in Section 2.02.</font></div><div style="line-height:120%;text-align:center;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;font-weight:bold;">ARTICLE IX</font></div><div style="line-height:120%;text-align:center;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div><div style="line-height:120%;text-align:center;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;font-weight:bold;">MISCELLANEOUS</font></div><div style="line-height:120%;text-align:center;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div><div style="line-height:120%;text-align:left;text-indent:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">Section 9.01.</font><font style="font-family:inherit;font-size:10pt;">&#160;&#160;&#160;&#160;</font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">Survival</font><font style="font-family:inherit;font-size:12pt;">.  The representations and warranties of the Parties contained in this Agreement shall survive the Closing.  All covenants contained herein shall survive the Closing until fully performed.</font></div><div style="line-height:120%;text-align:left;text-indent:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div><div style="line-height:120%;text-align:left;text-indent:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">Section 9.02.</font><font style="font-family:inherit;font-size:10pt;">&#160;&#160;&#160;&#160;</font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">Costs</font><font style="font-family:inherit;font-size:12pt;">.  Each Party shall pay all costs and expenses incurred by it in negotiating and preparing this Agreement and in closing and carrying out the transactions provided for herein.</font></div><div style="line-height:120%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div><div style="line-height:120%;text-align:left;text-indent:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">Section 9.03.</font><font style="font-family:inherit;font-size:10pt;">&#160;&#160;&#160;&#160;</font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">Headings</font><font style="font-family:inherit;font-size:12pt;">.  The subject headings of the paragraphs and subparagraphs of this Agreement are included for convenience only and shall not affect the construction or interpretation of any of its provisions.</font></div><div style="line-height:120%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div><div style="line-height:120%;text-align:left;text-indent:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">Section 9.04.&#160;&#160;&#160;&#160;</font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">Amendment and Waiver</font><font style="font-family:inherit;font-size:12pt;">.</font></div><div style="line-height:120%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div><div style="line-height:120%;padding-left:0px;text-align:left;text-indent:48px;"><font style="text-align:left;font-family:inherit;font-size:12pt;padding-right:48px;">(a)</font><font style="font-family:inherit;font-size:12pt;">This Agreement may not be amended or waived except in a writing executed, in the case of an amendment, by each of the Parties, and in the case of a waiver, by the Party granting such waiver.</font></div><div style="line-height:120%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div><div style="line-height:120%;padding-left:0px;text-align:left;text-indent:48px;"><font style="text-align:left;font-family:inherit;font-size:12pt;padding-right:48px;">(b)</font><font style="font-family:inherit;font-size:12pt;">No course of dealing between or among any Persons having any interest in this Agreement will be deemed effective to modify or amend any part of this Agreement or any rights or obligations of any Person under or by reason of this Agreement.</font></div><div style="line-height:120%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div><div style="line-height:120%;padding-left:0px;text-align:left;text-indent:48px;"><font style="text-align:left;font-family:inherit;font-size:12pt;padding-right:48px;">(c)</font><font style="font-family:inherit;font-size:12pt;">No failure or delay by any Party in exercising any right, power or privilege hereunder shall operate as a waiver thereof nor shall any single or partial exercise thereof preclude any other or further exercise thereof or the exercise of any other right, power or </font></div><br><div style="text-align:center;"><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;">8</font></div></div><hr style="page-break-after:always"><div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></div><br><div style="line-height:120%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">privilege.  The rights and remedies herein provided shall be cumulative and not exclusive of any rights or remedies provided by Law.</font></div><div style="line-height:120%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div><div style="line-height:120%;text-align:left;text-indent:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">Section 9.05.</font><font style="font-family:inherit;font-size:10pt;">&#160;&#160;&#160;&#160;</font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">Assignment</font><font style="font-family:inherit;font-size:12pt;">.  This Agreement and all of the provisions hereof will be binding upon and inure to the benefit of the Parties hereto and their respective successors.  Neither this Agreement nor any of the rights, interests or obligations hereunder may be assigned, delegated or otherwise transferred by any Party hereto.</font></div><div style="line-height:120%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div><div style="line-height:120%;text-align:left;text-indent:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">Section 9.06.</font><font style="font-family:inherit;font-size:10pt;">&#160;&#160;&#160;&#160;</font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">Severability</font><font style="font-family:inherit;font-size:12pt;">.  Whenever possible, each provision of this Agreement will be interpreted in such manner as to be effective and valid under applicable Law, but if any provision of this Agreement is held to be prohibited by or invalid under applicable Law, such provision will be ineffective only to the extent of such prohibition or invalidity, without invalidating the remainder of such provision or the remaining provisions of this Agreement.</font></div><div style="line-height:120%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div><div style="line-height:120%;text-align:left;text-indent:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">Section 9.07.</font><font style="font-family:inherit;font-size:10pt;">&#160;&#160;&#160;&#160;</font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">Complete Agreement</font><font style="font-family:inherit;font-size:12pt;">.  This Agreement constitutes the complete agreement between the Parties with respect to the subject matter hereof and supersedes any prior understandings, agreements or representations by or between the Parties, written or oral, which may have related to the subject matter hereof in any way.  No other representation, inducement, promise, understanding, condition or warranty not set forth herein has been made or relied upon by any Party hereto.  Neither this Agreement nor any provision hereof confers upon any Person other than the Parties hereto any rights or remedies hereunder, including any third party beneficiary rights.</font></div><div style="line-height:120%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div><div style="line-height:120%;text-align:left;text-indent:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">Section 9.08.</font><font style="font-family:inherit;font-size:10pt;">&#160;&#160;&#160;&#160;</font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">Counterparts</font><font style="font-family:inherit;font-size:12pt;">.  This Agreement may be executed in counterparts, each of which shall be an original, and any one of which need not contain the signatures of more than one Party, but all such counterparts taken together will constitute one and the same instrument. This Agreement shall become effective when each Party hereto shall have received a counterpart hereof signed by the other Party hereto.  Such counterparts may be delivered by facsimile transmission or electronic mail.</font></div><div style="line-height:120%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div><div style="line-height:120%;text-align:left;text-indent:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">Section 9.09.</font><font style="font-family:inherit;font-size:10pt;">&#160;&#160;&#160;&#160;</font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">Governing Law; Specific Performance</font><font style="font-family:inherit;font-size:12pt;">.  The substantive and procedural laws applicable to contracts made and to be performed in such state, without regard to conflicts of law principles, of the State of New York will govern all questions concerning the construction, validity and interpretation of this Agreement and the performance of the obligations imposed by this Agreement.  Any proceeding or action arising out of or relating to this Agreement or the transactions contemplated hereby shall be brought in the United States federal courts sitting in New York (and, only if jurisdiction is not available in such federal courts, in the state courts of New York) and each of the parties irrevocably submits to the exclusive jurisdiction of each such court in any such proceeding or action, waives any objection it may now or hereafter have to personal jurisdiction, venue or to convenience of forum, agrees that all claims in respect of the proceeding or action shall be heard and determined only in any such court, and agrees not to bring any proceeding or action arising out of or relating to this Agreement or the transactions contemplated hereby in any other court.  Nothing herein contained shall be deemed to affect the right of any party to serve process in any manner permitted by Law or to commence legal proceedings or otherwise proceed against any other party in any other jurisdiction, in each case, to enforce judgments obtained in any action, suit or proceeding brought pursuant to this Section 9.09.  The Parties agree that irreparable damage would occur if </font></div><br><div style="text-align:center;"><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;">9</font></div></div><hr style="page-break-after:always"><div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></div><br><div style="line-height:120%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">any provision of this Agreement were not performed in accordance with the terms hereof and that the Parties shall be entitled to an injunction or injunctions to prevent breaches of this Agreement or to enforce specifically the performance of the terms and provisions hereof, in addition to any other remedy to which they are entitled at law or in equity.</font></div><div style="line-height:120%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div><div style="line-height:120%;text-align:left;text-indent:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">Section 9.10.</font><font style="font-family:inherit;font-size:10pt;">&#160;&#160;&#160;&#160;</font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">Notices</font><font style="font-family:inherit;font-size:12pt;">.  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Check</font></div><div style="font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">Fax: (212) 225-3999</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:34px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:34px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">To Buyer:</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">PNM Resources, Inc.</font></div><div style="font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">Alvarado Square</font></div><div style="font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">Albuquerque, NM 87158</font></div><div style="font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">Attention: Terry Horn</font></div><div style="font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">Fax: (505) 241-4386</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">with a copy to (which delivery shall not constitute delivery of notice to Buyer):</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">Troutman Sanders LLP</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">Troutman Sanders Building</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">1001 Haxall Point</font></div><div style="font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">Richmond, VA 23219</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">Attention:  R. 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As a material term of this Agreement, the Parties, knowingly, willingly, irrevocably and voluntarily, and by their express desire and intent, do expressly hereby waive a trial by jury on all issues, claims, counterclaims and cross-claims of any kind or nature arising out of or in connection with this Agreement and the transactions.  The Parties hereby represent and warrant that no representations of fact or opinion have been made by anyone to induce this waiver of jury trial or to in anyway modify or nullify its effect.</font></div><div style="line-height:120%;text-align:left;text-indent:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div><div style="line-height:120%;padding-bottom:16px;text-align:center;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">[Remainder of page intentionally blank; signatures follow]</font></div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><br><div style="text-align:center;"><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;">11</font></div></div><hr style="page-break-after:always"><a name="sE11E47EA3A6075770C357017FFE7C67B"></a><div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></div><br><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;padding-bottom:16px;text-align:left;text-indent:96px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">IN WITNESS WHEREOF, the Parties hereto have executed this Agreement as of the day and year first above written.</font></div><div style="line-height:120%;text-align:center;font-size:12pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;margin-left:auto;margin-right:auto;width:93.359375%;border-collapse:collapse;text-align:left;"><tr><td colspan="2"></td></tr><tr><td width="50%"></td><td width="50%"></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="padding-bottom:16px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">SELLER</font><font style="font-family:inherit;font-size:12pt;">:</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">CASCADE INVESTMENT, L.L.C.</font></div></td></tr><tr><td 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style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="padding-bottom:16px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">BUYER</font><font style="font-family:inherit;font-size:12pt;">:</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">PNM RESOURCES, INC.</font></div></td></tr><tr><td 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Horn</font><font style="font-family:inherit;font-size:10pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="vertical-align:top;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;vertical-align:top;">By:     Terry R. Horn</font></div><div style="padding-bottom:16px;vertical-align:top;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;vertical-align:top;">Title:  Vice President and Treasurer</font></div></td></tr></table></div></div><div style="line-height:120%;padding-bottom:48px;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div>	</body>
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