It pays to lose your job through a merger when you’re a top executive at the Public Service Company of New Mexico.

During a hearing Friday on PNM’s proposed merger with Avangrid of Connecticut and Iberdrola of Spain, an administrator at PNM described the payouts that would go to three people if the merger takes place. 

Donald Tarry, who is expected to take over as PNM Resources’ top executive if the merger happens, described “change of control” and retirement payouts totaling $29.6 million for the three.

The three, all of whom will lose their jobs if the merger takes place:

—Pat Vincent-Collawn, PNM Resources president and CEO; a total of $19,040,958, with $11,553,297 in retirement benefits that would have accrued with or without the merger, and $7,487,661 in “change of control” payouts because her job…

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