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Item  1.01    Entry Into a Material Definitive Agreement

On April 11, 2005, PNM Resources, Inc. ("the Company") made an offer of employment to Jeff Shorter, pursuant to which Mr. Shorter would join the Company as a Senior Vice President.  Mr. Shorter has accepted the Company's offer, with an effective date of hire of April 11, 2005.  Mr. Shorter had been a consultant to the Company prior to his date of hire.

The terms of Mr. Shorter's employment include (i) a base salary of $250,000; (ii) a target bonus of $82,500 up to a maximum of $165,000, contingent upon goal attainment and the Company's financial performance; (iii) participation in the Company's benefit and incentive plans and other arrangements in accordance with their terms; (iv) participation in the Company's long-term incentive program, including equity awards; and (v) all other such benefits which similarly situated Company Senior Vice Presidents receive.  Mr. Shorter will have additional duties upon the closing of the Company's pending acquisition of TNP Enterprises, Inc. and its subsidiaries.

 SIGNATURES

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.