TXNM

SEC source: 0001562180-20-002352 · primarydocument.xml · nonDerivative · entry 6

OLSON CHRIS M · CIK 0001699190 · SVP, UTILITY OPERATIONS

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 12,831

F2 · security: Represents shares withheld by PNM Resources, Inc. to satisfy the tax withholding obligations arising in connection with the settlement of equity awards. The company utilizes a modified "share withholding" approach in connection with settling equity awards, in which it (i) withholds (in cash) an amount to satisfy tax withholding obligations and remits such amount to the relevant tax authorities, and (ii) directs a designated broker to purchase on the open market the number of shares of the company's common stock that can be acquired with the after-tax value of equity awards at the prevailing market price. Only these "net shares" are delivered to the recipient of the equity awards.

SEC source: 0001562180-20-002352 · primarydocument.xml · nonDerivative · entry 5

OLSON CHRIS M · CIK 0001699190 · SVP, UTILITY OPERATIONS

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 12,977

Exercise/conversion can include RSU settlement. Transaction price and option strike are different fields; a missing price is not zero. Derivative and underlying rows can describe the same event.

F1 · security: Represents the portions of previous awards of restricted stock rights that vested effective as of March 6, 2020.

SEC source: 0001562180-20-002352 · primarydocument.xml · nonDerivative · entry 4

OLSON CHRIS M · CIK 0001699190 · SVP, UTILITY OPERATIONS

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 12,649

F2 · security: Represents shares withheld by PNM Resources, Inc. to satisfy the tax withholding obligations arising in connection with the settlement of equity awards. The company utilizes a modified "share withholding" approach in connection with settling equity awards, in which it (i) withholds (in cash) an amount to satisfy tax withholding obligations and remits such amount to the relevant tax authorities, and (ii) directs a designated broker to purchase on the open market the number of shares of the company's common stock that can be acquired with the after-tax value of equity awards at the prevailing market price. Only these "net shares" are delivered to the recipient of the equity awards.

SEC source: 0001562180-20-002352 · primarydocument.xml · nonDerivative · entry 3

OLSON CHRIS M · CIK 0001699190 · SVP, UTILITY OPERATIONS

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 12,902

Exercise/conversion can include RSU settlement. Transaction price and option strike are different fields; a missing price is not zero. Derivative and underlying rows can describe the same event.

F1 · security: Represents the portions of previous awards of restricted stock rights that vested effective as of March 6, 2020.

SEC source: 0001562180-20-002352 · primarydocument.xml · nonDerivative · entry 2

OLSON CHRIS M · CIK 0001699190 · SVP, UTILITY OPERATIONS

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 12,332

F2 · security: Represents shares withheld by PNM Resources, Inc. to satisfy the tax withholding obligations arising in connection with the settlement of equity awards. The company utilizes a modified "share withholding" approach in connection with settling equity awards, in which it (i) withholds (in cash) an amount to satisfy tax withholding obligations and remits such amount to the relevant tax authorities, and (ii) directs a designated broker to purchase on the open market the number of shares of the company's common stock that can be acquired with the after-tax value of equity awards at the prevailing market price. Only these "net shares" are delivered to the recipient of the equity awards.

SEC source: 0001562180-20-002352 · primarydocument.xml · nonDerivative · entry 1

OLSON CHRIS M · CIK 0001699190 · SVP, UTILITY OPERATIONS

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 12,479

Exercise/conversion can include RSU settlement. Transaction price and option strike are different fields; a missing price is not zero. Derivative and underlying rows can describe the same event.

F1 · security: Represents the portions of previous awards of restricted stock rights that vested effective as of March 6, 2020.

SEC source: 0001562180-20-002351 · primarydocument.xml · derivative · entry 9

Darnell Ronald N. · CIK 0001536511 · SVP, PUBLIC POLICY

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 3,052

Underlying: Common Stock · 478 shares

Expires not disclosed

Exercise/conversion can include RSU settlement. Transaction price and option strike are different fields; a missing price is not zero. Derivative and underlying rows can describe the same event.

F3 · derivative.exercise_price: Each restricted stock right represents a contingent right to receive one share of PNM Resources, Inc. common stock.

F4 · derivative.exercise_date: The restricted stock units vest in three equal annual installments. Vested shares will be delivered to the reporting person on the applicable vesting dates (or, if the company is in a blackout period under its insider trading policy on any vesting date, at a later date after such blackout period ends).

F4 · derivative.expiration_date: The restricted stock units vest in three equal annual installments. Vested shares will be delivered to the reporting person on the applicable vesting dates (or, if the company is in a blackout period under its insider trading policy on any vesting date, at a later date after such blackout period ends).

SEC source: 0001562180-20-002351 · primarydocument.xml · derivative · entry 8

Darnell Ronald N. · CIK 0001536511 · SVP, PUBLIC POLICY

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 3,530

Underlying: Common Stock · 573 shares

Expires not disclosed

Exercise/conversion can include RSU settlement. Transaction price and option strike are different fields; a missing price is not zero. Derivative and underlying rows can describe the same event.

F3 · derivative.exercise_price: Each restricted stock right represents a contingent right to receive one share of PNM Resources, Inc. common stock.

F4 · derivative.exercise_date: The restricted stock units vest in three equal annual installments. Vested shares will be delivered to the reporting person on the applicable vesting dates (or, if the company is in a blackout period under its insider trading policy on any vesting date, at a later date after such blackout period ends).

F4 · derivative.expiration_date: The restricted stock units vest in three equal annual installments. Vested shares will be delivered to the reporting person on the applicable vesting dates (or, if the company is in a blackout period under its insider trading policy on any vesting date, at a later date after such blackout period ends).

SEC source: 0001562180-20-002351 · primarydocument.xml · derivative · entry 7

Darnell Ronald N. · CIK 0001536511 · SVP, PUBLIC POLICY

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 4,103

Underlying: Common Stock · 531 shares

Expires not disclosed

Exercise/conversion can include RSU settlement. Transaction price and option strike are different fields; a missing price is not zero. Derivative and underlying rows can describe the same event.

F3 · derivative.exercise_price: Each restricted stock right represents a contingent right to receive one share of PNM Resources, Inc. common stock.

F4 · derivative.exercise_date: The restricted stock units vest in three equal annual installments. Vested shares will be delivered to the reporting person on the applicable vesting dates (or, if the company is in a blackout period under its insider trading policy on any vesting date, at a later date after such blackout period ends).

F4 · derivative.expiration_date: The restricted stock units vest in three equal annual installments. Vested shares will be delivered to the reporting person on the applicable vesting dates (or, if the company is in a blackout period under its insider trading policy on any vesting date, at a later date after such blackout period ends).

SEC source: 0001562180-20-002351 · primarydocument.xml · nonDerivative · entry 6

Darnell Ronald N. · CIK 0001536511 · SVP, PUBLIC POLICY

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 28,425

F2 · security: Represents shares withheld by PNM Resources, Inc. to satisfy the tax withholding obligations arising in connection with the settlement of equity awards. The company utilizes a modified "share withholding" approach in connection with settling equity awards, in which it (i) withholds (in cash) an amount to satisfy tax withholding obligations and remits such amount to the relevant tax authorities, and (ii) directs a designated broker to purchase on the open market the number of shares of the company's common stock that can be acquired with the after-tax value of equity awards at the prevailing market price. Only these "net shares" are delivered to the recipient of the equity awards.

SEC source: 0001562180-20-002351 · primarydocument.xml · nonDerivative · entry 5

Darnell Ronald N. · CIK 0001536511 · SVP, PUBLIC POLICY

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 28,637

Exercise/conversion can include RSU settlement. Transaction price and option strike are different fields; a missing price is not zero. Derivative and underlying rows can describe the same event.

F1 · security: Represents the portions of previous awards of restricted stock rights that vested effective as of March 6, 2020.

SEC source: 0001562180-20-002351 · primarydocument.xml · nonDerivative · entry 4

Darnell Ronald N. · CIK 0001536511 · SVP, PUBLIC POLICY

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 28,159

F2 · security: Represents shares withheld by PNM Resources, Inc. to satisfy the tax withholding obligations arising in connection with the settlement of equity awards. The company utilizes a modified "share withholding" approach in connection with settling equity awards, in which it (i) withholds (in cash) an amount to satisfy tax withholding obligations and remits such amount to the relevant tax authorities, and (ii) directs a designated broker to purchase on the open market the number of shares of the company's common stock that can be acquired with the after-tax value of equity awards at the prevailing market price. Only these "net shares" are delivered to the recipient of the equity awards.

SEC source: 0001562180-20-002351 · primarydocument.xml · nonDerivative · entry 3

Darnell Ronald N. · CIK 0001536511 · SVP, PUBLIC POLICY

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 28,413

Exercise/conversion can include RSU settlement. Transaction price and option strike are different fields; a missing price is not zero. Derivative and underlying rows can describe the same event.

F1 · security: Represents the portions of previous awards of restricted stock rights that vested effective as of March 6, 2020.

SEC source: 0001562180-20-002351 · primarydocument.xml · nonDerivative · entry 2

Darnell Ronald N. · CIK 0001536511 · SVP, PUBLIC POLICY

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 27,840

F2 · security: Represents shares withheld by PNM Resources, Inc. to satisfy the tax withholding obligations arising in connection with the settlement of equity awards. The company utilizes a modified "share withholding" approach in connection with settling equity awards, in which it (i) withholds (in cash) an amount to satisfy tax withholding obligations and remits such amount to the relevant tax authorities, and (ii) directs a designated broker to purchase on the open market the number of shares of the company's common stock that can be acquired with the after-tax value of equity awards at the prevailing market price. Only these "net shares" are delivered to the recipient of the equity awards.

SEC source: 0001562180-20-002351 · primarydocument.xml · nonDerivative · entry 1

Darnell Ronald N. · CIK 0001536511 · SVP, PUBLIC POLICY

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 28,075

Exercise/conversion can include RSU settlement. Transaction price and option strike are different fields; a missing price is not zero. Derivative and underlying rows can describe the same event.

F1 · security: Represents the portions of previous awards of restricted stock rights that vested effective as of March 6, 2020.

SEC source: 0001562180-20-002349 · primarydocument.xml · derivative · entry 9

Apodaca Patrick V · CIK 0001478313 · SVP, GEN COUNSEL & SECY

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 4,030

Underlying: Common Stock · 670 shares

Expires not disclosed

Exercise/conversion can include RSU settlement. Transaction price and option strike are different fields; a missing price is not zero. Derivative and underlying rows can describe the same event.

F3 · derivative.exercise_price: Each restricted stock right represents a contingent right to receive one share of PNM Resources, Inc. common stock.

F4 · derivative.exercise_date: The restricted stock units vest in three equal annual installments. Vested shares will be delivered to the reporting person on the applicable vesting dates (or, if the company is in a blackout period under its insider trading policy on any vesting date, at a later date after such blackout period ends).

F4 · derivative.expiration_date: The restricted stock units vest in three equal annual installments. Vested shares will be delivered to the reporting person on the applicable vesting dates (or, if the company is in a blackout period under its insider trading policy on any vesting date, at a later date after such blackout period ends).

SEC source: 0001562180-20-002349 · primarydocument.xml · derivative · entry 8

Apodaca Patrick V · CIK 0001478313 · SVP, GEN COUNSEL & SECY

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 4,700

Underlying: Common Stock · 820 shares

Expires not disclosed

Exercise/conversion can include RSU settlement. Transaction price and option strike are different fields; a missing price is not zero. Derivative and underlying rows can describe the same event.

F3 · derivative.exercise_price: Each restricted stock right represents a contingent right to receive one share of PNM Resources, Inc. common stock.

F4 · derivative.exercise_date: The restricted stock units vest in three equal annual installments. Vested shares will be delivered to the reporting person on the applicable vesting dates (or, if the company is in a blackout period under its insider trading policy on any vesting date, at a later date after such blackout period ends).

F4 · derivative.expiration_date: The restricted stock units vest in three equal annual installments. Vested shares will be delivered to the reporting person on the applicable vesting dates (or, if the company is in a blackout period under its insider trading policy on any vesting date, at a later date after such blackout period ends).

SEC source: 0001562180-20-002349 · primarydocument.xml · derivative · entry 7

Apodaca Patrick V · CIK 0001478313 · SVP, GEN COUNSEL & SECY

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 5,520

Underlying: Common Stock · 790 shares

Expires not disclosed

Exercise/conversion can include RSU settlement. Transaction price and option strike are different fields; a missing price is not zero. Derivative and underlying rows can describe the same event.

F3 · derivative.exercise_price: Each restricted stock right represents a contingent right to receive one share of PNM Resources, Inc. common stock.

F4 · derivative.exercise_date: The restricted stock units vest in three equal annual installments. Vested shares will be delivered to the reporting person on the applicable vesting dates (or, if the company is in a blackout period under its insider trading policy on any vesting date, at a later date after such blackout period ends).

F4 · derivative.expiration_date: The restricted stock units vest in three equal annual installments. Vested shares will be delivered to the reporting person on the applicable vesting dates (or, if the company is in a blackout period under its insider trading policy on any vesting date, at a later date after such blackout period ends).

SEC source: 0001562180-20-002349 · primarydocument.xml · nonDerivative · entry 6

Apodaca Patrick V · CIK 0001478313 · SVP, GEN COUNSEL & SECY

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 71,662

F2 · security: Represents shares withheld by PNM Resources, Inc. to satisfy the tax withholding obligations arising in connection with the settlement of equity awards. The company utilizes a modified "share withholding" approach in connection with settling equity awards, in which it (i) withholds (in cash) an amount to satisfy tax withholding obligations and remits such amount to the relevant tax authorities, and (ii) directs a designated broker to purchase on the open market the number of shares of the company's common stock that can be acquired with the after-tax value of equity awards at the prevailing market price. Only these "net shares" are delivered to the recipient of the equity awards.

SEC source: 0001562180-20-002349 · primarydocument.xml · nonDerivative · entry 5

Apodaca Patrick V · CIK 0001478313 · SVP, GEN COUNSEL & SECY

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 71,959

Exercise/conversion can include RSU settlement. Transaction price and option strike are different fields; a missing price is not zero. Derivative and underlying rows can describe the same event.

F1 · security: Represents the portions of previous awards of restricted stock rights that vested effective as of March 6, 2020.

SEC source: 0001562180-20-002349 · primarydocument.xml · nonDerivative · entry 4

Apodaca Patrick V · CIK 0001478313 · SVP, GEN COUNSEL & SECY

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 71,289

F2 · security: Represents shares withheld by PNM Resources, Inc. to satisfy the tax withholding obligations arising in connection with the settlement of equity awards. The company utilizes a modified "share withholding" approach in connection with settling equity awards, in which it (i) withholds (in cash) an amount to satisfy tax withholding obligations and remits such amount to the relevant tax authorities, and (ii) directs a designated broker to purchase on the open market the number of shares of the company's common stock that can be acquired with the after-tax value of equity awards at the prevailing market price. Only these "net shares" are delivered to the recipient of the equity awards.

SEC source: 0001562180-20-002349 · primarydocument.xml · nonDerivative · entry 3

Apodaca Patrick V · CIK 0001478313 · SVP, GEN COUNSEL & SECY

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 71,652

Exercise/conversion can include RSU settlement. Transaction price and option strike are different fields; a missing price is not zero. Derivative and underlying rows can describe the same event.

F1 · security: Represents the portions of previous awards of restricted stock rights that vested effective as of March 6, 2020.

SEC source: 0001562180-20-002349 · primarydocument.xml · nonDerivative · entry 2

Apodaca Patrick V · CIK 0001478313 · SVP, GEN COUNSEL & SECY

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 70,832

F2 · security: Represents shares withheld by PNM Resources, Inc. to satisfy the tax withholding obligations arising in connection with the settlement of equity awards. The company utilizes a modified "share withholding" approach in connection with settling equity awards, in which it (i) withholds (in cash) an amount to satisfy tax withholding obligations and remits such amount to the relevant tax authorities, and (ii) directs a designated broker to purchase on the open market the number of shares of the company's common stock that can be acquired with the after-tax value of equity awards at the prevailing market price. Only these "net shares" are delivered to the recipient of the equity awards.

SEC source: 0001562180-20-002349 · primarydocument.xml · nonDerivative · entry 1

Apodaca Patrick V · CIK 0001478313 · SVP, GEN COUNSEL & SECY

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 71,182

Exercise/conversion can include RSU settlement. Transaction price and option strike are different fields; a missing price is not zero. Derivative and underlying rows can describe the same event.

F1 · security: Represents the portions of previous awards of restricted stock rights that vested effective as of March 6, 2020.

SEC source: 0001562180-20-002347 · primarydocument.xml · derivative · entry 9

Eldred Charles N · CIK 0001350048 · EVP Corp Development & Finance

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 1,389

Underlying: Common Stock · 1,389 shares

Expires not disclosed

Exercise/conversion can include RSU settlement. Transaction price and option strike are different fields; a missing price is not zero. Derivative and underlying rows can describe the same event.

F3 · derivative.exercise_price: Each restricted stock right represents a contingent right to receive one share of PNM Resources, Inc. common stock.

F4 · derivative.exercise_date: The restricted stock units vest in three equal annual installments. Vested shares will be delivered to the reporting person on the applicable vesting dates (or, if the company is in a blackout period under its insider trading policy on any vesting date, at a later date after such blackout period ends).

F4 · derivative.expiration_date: The restricted stock units vest in three equal annual installments. Vested shares will be delivered to the reporting person on the applicable vesting dates (or, if the company is in a blackout period under its insider trading policy on any vesting date, at a later date after such blackout period ends).

SEC source: 0001562180-20-002347 · primarydocument.xml · derivative · entry 8

Eldred Charles N · CIK 0001350048 · EVP Corp Development & Finance

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 8,710

Underlying: Common Stock · 1,449 shares

Expires not disclosed

Exercise/conversion can include RSU settlement. Transaction price and option strike are different fields; a missing price is not zero. Derivative and underlying rows can describe the same event.

F3 · derivative.exercise_price: Each restricted stock right represents a contingent right to receive one share of PNM Resources, Inc. common stock.

F4 · derivative.exercise_date: The restricted stock units vest in three equal annual installments. Vested shares will be delivered to the reporting person on the applicable vesting dates (or, if the company is in a blackout period under its insider trading policy on any vesting date, at a later date after such blackout period ends).

F4 · derivative.expiration_date: The restricted stock units vest in three equal annual installments. Vested shares will be delivered to the reporting person on the applicable vesting dates (or, if the company is in a blackout period under its insider trading policy on any vesting date, at a later date after such blackout period ends).

SEC source: 0001562180-20-002347 · primarydocument.xml · derivative · entry 7

Eldred Charles N · CIK 0001350048 · EVP Corp Development & Finance

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 10,159

Underlying: Common Stock · 1,219 shares

Expires not disclosed

Exercise/conversion can include RSU settlement. Transaction price and option strike are different fields; a missing price is not zero. Derivative and underlying rows can describe the same event.

F3 · derivative.exercise_price: Each restricted stock right represents a contingent right to receive one share of PNM Resources, Inc. common stock.

F4 · derivative.exercise_date: The restricted stock units vest in three equal annual installments. Vested shares will be delivered to the reporting person on the applicable vesting dates (or, if the company is in a blackout period under its insider trading policy on any vesting date, at a later date after such blackout period ends).

F4 · derivative.expiration_date: The restricted stock units vest in three equal annual installments. Vested shares will be delivered to the reporting person on the applicable vesting dates (or, if the company is in a blackout period under its insider trading policy on any vesting date, at a later date after such blackout period ends).

SEC source: 0001562180-20-002347 · primarydocument.xml · nonDerivative · entry 6

Eldred Charles N · CIK 0001350048 · EVP Corp Development & Finance

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 114,717

F2 · security: Represents shares withheld by PNM Resources, Inc. to satisfy the tax withholding obligations arising in connection with the settlement of equity awards. The company utilizes a modified "share withholding" approach in connection with settling equity awards, in which it (i) withholds (in cash) an amount to satisfy tax withholding obligations and remits such amount to the relevant tax authorities, and (ii) directs a designated broker to purchase on the open market the number of shares of the company's common stock that can be acquired with the after-tax value of equity awards at the prevailing market price. Only these "net shares" are delivered to the recipient of the equity awards.

SEC source: 0001562180-20-002347 · primarydocument.xml · nonDerivative · entry 5

Eldred Charles N · CIK 0001350048 · EVP Corp Development & Finance

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 115,257

Exercise/conversion can include RSU settlement. Transaction price and option strike are different fields; a missing price is not zero. Derivative and underlying rows can describe the same event.

F1 · security: Represents the portions of previous awards of restricted stock rights that vested effective as of March 6, 2020.

SEC source: 0001562180-20-002347 · primarydocument.xml · nonDerivative · entry 4

Eldred Charles N · CIK 0001350048 · EVP Corp Development & Finance

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 114,038

F2 · security: Represents shares withheld by PNM Resources, Inc. to satisfy the tax withholding obligations arising in connection with the settlement of equity awards. The company utilizes a modified "share withholding" approach in connection with settling equity awards, in which it (i) withholds (in cash) an amount to satisfy tax withholding obligations and remits such amount to the relevant tax authorities, and (ii) directs a designated broker to purchase on the open market the number of shares of the company's common stock that can be acquired with the after-tax value of equity awards at the prevailing market price. Only these "net shares" are delivered to the recipient of the equity awards.

SEC source: 0001562180-20-002347 · primarydocument.xml · nonDerivative · entry 3

Eldred Charles N · CIK 0001350048 · EVP Corp Development & Finance

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 114,653

Exercise/conversion can include RSU settlement. Transaction price and option strike are different fields; a missing price is not zero. Derivative and underlying rows can describe the same event.

F1 · security: Represents the portions of previous awards of restricted stock rights that vested effective as of March 6, 2020.

SEC source: 0001562180-20-002347 · primarydocument.xml · nonDerivative · entry 2

Eldred Charles N · CIK 0001350048 · EVP Corp Development & Finance

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 113,264

F2 · security: Represents shares withheld by PNM Resources, Inc. to satisfy the tax withholding obligations arising in connection with the settlement of equity awards. The company utilizes a modified "share withholding" approach in connection with settling equity awards, in which it (i) withholds (in cash) an amount to satisfy tax withholding obligations and remits such amount to the relevant tax authorities, and (ii) directs a designated broker to purchase on the open market the number of shares of the company's common stock that can be acquired with the after-tax value of equity awards at the prevailing market price. Only these "net shares" are delivered to the recipient of the equity awards.

SEC source: 0001562180-20-002347 · primarydocument.xml · nonDerivative · entry 1

Eldred Charles N · CIK 0001350048 · EVP Corp Development & Finance

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 113,906

Exercise/conversion can include RSU settlement. Transaction price and option strike are different fields; a missing price is not zero. Derivative and underlying rows can describe the same event.

F1 · security: Represents the portions of previous awards of restricted stock rights that vested effective as of March 6, 2020.

SEC source: 0001562180-20-002247 · primarydocument.xml · derivative · entry 3

COLLAWN PATRICIA K · CIK 0001083786 · Director · CHAIRMAN, PRESIDENT AND CEO

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 40,669

Underlying: Common Stock · 12,652 shares

Expires not disclosed

F3 · derivative.exercise_price: Each restricted stock right represents a contingent right to receive one share of PNM Resources, Inc. common stock.

F4 · derivative.exercise_date: The restricted stock units vest in three equal annual installments beginning one year from March 7, 2020. Vested shares will be delivered to the reporting person on the applicable vesting dates (or, if the company is in a blackout period under its insider trading policy on any vesting date, at a later date after such blackout period ends).

F4 · derivative.expiration_date: The restricted stock units vest in three equal annual installments beginning one year from March 7, 2020. Vested shares will be delivered to the reporting person on the applicable vesting dates (or, if the company is in a blackout period under its insider trading policy on any vesting date, at a later date after such blackout period ends).

SEC source: 0001562180-20-002247 · primarydocument.xml · nonDerivative · entry 2

COLLAWN PATRICIA K · CIK 0001083786 · Director · CHAIRMAN, PRESIDENT AND CEO

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 550,632

F2 · security: Represents shares withheld by PNM Resources, Inc. to satisfy the tax withholding obligations arising in connection with the settlement of the performance share awards described in (1) above. The company utilizes a modified "share withholding" approach in connection with settling awards of performance shares, in which it (i) withholds (in cash) an amount to satisfy tax withholding obligations and remits such amount to the relevant tax authorities, and (ii) directs a designated broker to purchase on the open market the number of shares of the company's common stock that can be acquired with the after-tax value of the performance share award at the prevailing market price. Only these "net shares" are delivered to the recipient of the performance share award.

SEC source: 0001562180-20-002247 · primarydocument.xml · nonDerivative · entry 1

COLLAWN PATRICIA K · CIK 0001083786 · Director · CHAIRMAN, PRESIDENT AND CEO

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 595,988

F1 · security: The performance shares were earned as of December 31, 2019 and settled on March 3, 2020: (1) 66,599 shares earned for the 2017-2019 performance period and (2) 35,906 shares earned under a special performance based retention award.

SEC source: 0001562180-20-002252 · primarydocument.xml · derivative · entry 3

Apodaca Patrick V · CIK 0001478313 · SVP, GEN COUNSEL & SECY

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 6,310

Underlying: Common Stock · 1,870 shares

Expires not disclosed

F3 · derivative.exercise_price: Each restricted stock right represents a contingent right to receive one share of PNM Resources, Inc. common stock.

F4 · derivative.exercise_date: The restricted stock units vest in three equal annual installments beginning one year from March 7, 2020. Vested shares will be delivered to the reporting person on the applicable vesting dates (or, if the company is in a blackout period under its insider trading policy on any vesting date, at a later date after such blackout period ends).

F4 · derivative.expiration_date: The restricted stock units vest in three equal annual installments beginning one year from March 7, 2020. Vested shares will be delivered to the reporting person on the applicable vesting dates (or, if the company is in a blackout period under its insider trading policy on any vesting date, at a later date after such blackout period ends).

SEC source: 0001562180-20-002252 · primarydocument.xml · nonDerivative · entry 2

Apodaca Patrick V · CIK 0001478313 · SVP, GEN COUNSEL & SECY

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 70,392

F2 · security: Represents shares withheld by PNM Resources, Inc. to satisfy the tax withholding obligations arising in connection with the settlement of the performance share award described in (1) above. The company utilizes a modified "share withholding" approach in connection with settling awards of performance shares, in which it (i) withholds (in cash) an amount to satisfy tax withholding obligations and remits such amount to the relevant tax authorities, and (ii) directs a designated broker to purchase on the open market the number of shares of the company's common stock that can be acquired with the after-tax value of the performance share award at the prevailing market price. Only these "net shares" are delivered to the recipient of the performance share award.

SEC source: 0001562180-20-002252 · primarydocument.xml · nonDerivative · entry 1

Apodaca Patrick V · CIK 0001478313 · SVP, GEN COUNSEL & SECY

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 75,026

F1 · security: The performance shares were earned as of December 31, 2019 for the 2017-2019 performance period, and settled on March 3, 2020.

SEC source: 0001562180-20-002250 · primarydocument.xml · derivative · entry 3

TARRY JOSEPH DON · CIK 0001637037 · SVP, and CFO

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 3,227

Underlying: Common Stock · 1,161 shares

Expires not disclosed

F3 · derivative.exercise_price: Each restricted stock right represents a contingent right to receive one share of PNM Resources, Inc. common stock.

F4 · derivative.exercise_date: The restricted stock units vest in three equal annual installments beginning one year from March 7, 2020. Vested shares will be delivered to the reporting person on the applicable vesting dates (or, if the company is in a blackout period under its insider trading policy on any vesting date, at a later date after such blackout period ends).

F4 · derivative.expiration_date: The restricted stock units vest in three equal annual installments beginning one year from March 7, 2020. Vested shares will be delivered to the reporting person on the applicable vesting dates (or, if the company is in a blackout period under its insider trading policy on any vesting date, at a later date after such blackout period ends).

SEC source: 0001562180-20-002250 · primarydocument.xml · nonDerivative · entry 2

TARRY JOSEPH DON · CIK 0001637037 · SVP, and CFO

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 13,267

F2 · security: Represents shares withheld by PNM Resources, Inc. to satisfy the tax withholding obligations arising in connection with the settlement of the performance share award described in (1) above. The company utilizes a modified "share withholding" approach in connection with settling awards of performance shares, in which it (i) withholds (in cash) an amount to satisfy tax withholding obligations and remits such amount to the relevant tax authorities, and (ii) directs a designated broker to purchase on the open market the number of shares of the company's common stock that can be acquired with the after-tax value of the performance share award at the prevailing market price. Only these "net shares" are delivered to the recipient of the performance share award.

SEC source: 0001562180-20-002250 · primarydocument.xml · nonDerivative · entry 1

TARRY JOSEPH DON · CIK 0001637037 · SVP, and CFO

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 15,633

F1 · security: The performance shares were earned as of December 31, 2019 for the 2017-2019 performance period, and settled on March 3, 2020.

SEC source: 0001562180-20-002248 · primarydocument.xml · derivative · entry 3

OLSON CHRIS M · CIK 0001699190 · SVP, UTILITY OPERATIONS

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 4,337

Underlying: Common Stock · 1,636 shares

Expires not disclosed

F3 · derivative.exercise_price: Each restricted stock right represents a contingent right to receive one share of PNM Resources, Inc. common stock.

F4 · derivative.exercise_date: The restricted stock units vest in three equal annual installments beginning one year from March 7, 2020. Vested shares will be delivered to the reporting person on the applicable vesting dates (or, if the company is in a blackout period under its insider trading policy on any vesting date, at a later date after such blackout period ends).

F4 · derivative.expiration_date: The restricted stock units vest in three equal annual installments beginning one year from March 7, 2020. Vested shares will be delivered to the reporting person on the applicable vesting dates (or, if the company is in a blackout period under its insider trading policy on any vesting date, at a later date after such blackout period ends).

SEC source: 0001562180-20-002248 · primarydocument.xml · nonDerivative · entry 2

OLSON CHRIS M · CIK 0001699190 · SVP, UTILITY OPERATIONS

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 12,147

F2 · security: Represents shares withheld by PNM Resources, Inc. to satisfy the tax withholding obligations arising in connection with the settlement of the performance share award described in (1) above. The company utilizes a modified "share withholding" approach in connection with settling awards of performance shares, in which it (i) withholds (in cash) an amount to satisfy tax withholding obligations and remits such amount to the relevant tax authorities, and (ii) directs a designated broker to purchase on the open market the number of shares of the company's common stock that can be acquired with the after-tax value of the performance share award at the prevailing market price. Only these "net shares" are delivered to the recipient of the performance share award.

SEC source: 0001562180-20-002248 · primarydocument.xml · nonDerivative · entry 1

OLSON CHRIS M · CIK 0001699190 · SVP, UTILITY OPERATIONS

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 15,244

F1 · security: The performance shares were earned as of December 31, 2019 for the 2017-2019 performance period, and settled on March 3, 2020.

SEC source: 0001562180-20-002246 · primarydocument.xml · derivative · entry 3

Eldred Charles N · CIK 0001350048 · EVP Corp Development & Finance

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 11,378

Underlying: Common Stock · 3,435 shares

Expires not disclosed

F3 · derivative.exercise_price: Each restricted stock right represents a contingent right to receive one share of PNM Resources, Inc. common stock.

F4 · derivative.exercise_date: The restricted stock units vest in three equal annual installments beginning one year from March 7, 2020. Vested shares will be delivered to the reporting person on the applicable vesting dates (or, if the company is in a blackout period under its insider trading policy on any vesting date, at a later date after such blackout period ends).

F4 · derivative.expiration_date: The restricted stock units vest in three equal annual installments beginning one year from March 7, 2020. Vested shares will be delivered to the reporting person on the applicable vesting dates (or, if the company is in a blackout period under its insider trading policy on any vesting date, at a later date after such blackout period ends).

SEC source: 0001562180-20-002246 · primarydocument.xml · nonDerivative · entry 2

Eldred Charles N · CIK 0001350048 · EVP Corp Development & Finance

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 112,457

F2 · security: Represents shares withheld by PNM Resources, Inc. to satisfy the tax withholding obligations arising in connection with the settlement of the performance share award described in (1) above. The company utilizes a modified "share withholding" approach in connection with settling awards of performance shares, in which it (i) withholds (in cash) an amount to satisfy tax withholding obligations and remits such amount to the relevant tax authorities, and (ii) directs a designated broker to purchase on the open market the number of shares of the company's common stock that can be acquired with the after-tax value of the performance share award at the prevailing market price. Only these "net shares" are delivered to the recipient of the performance share award.

SEC source: 0001562180-20-002246 · primarydocument.xml · nonDerivative · entry 1

Eldred Charles N · CIK 0001350048 · EVP Corp Development & Finance

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 120,546

F1 · security: The performance shares were earned as of December 31, 2019 for the 2017-2019 performance period, and settled on March 3, 2020.

SEC source: 0001562180-20-002244 · primarydocument.xml · derivative · entry 3

Darnell Ronald N. · CIK 0001536511 · SVP, PUBLIC POLICY

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 4,634

Underlying: Common Stock · 1,525 shares

Expires not disclosed

F3 · derivative.exercise_price: Each restricted stock right represents a contingent right to receive one share of PNM Resources, Inc. common stock.

F4 · derivative.exercise_date: The restricted stock units vest in three equal annual installments beginning one year from March 7, 2020. Vested shares will be delivered to the reporting person on the applicable vesting dates (or, if the company is in a blackout period under its insider trading policy on any vesting date, at a later date after such blackout period ends).

F4 · derivative.expiration_date: The restricted stock units vest in three equal annual installments beginning one year from March 7, 2020. Vested shares will be delivered to the reporting person on the applicable vesting dates (or, if the company is in a blackout period under its insider trading policy on any vesting date, at a later date after such blackout period ends).

SEC source: 0001562180-20-002244 · primarydocument.xml · nonDerivative · entry 2

Darnell Ronald N. · CIK 0001536511 · SVP, PUBLIC POLICY

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 27,544

F2 · security: Represents shares withheld by PNM Resources, Inc. to satisfy the tax withholding obligations arising in connection with the settlement of the performance share award described in (1) above. The company utilizes a modified "share withholding" approach in connection with settling awards of performance shares, in which it (i) withholds (in cash) an amount to satisfy tax withholding obligations and remits such amount to the relevant tax authorities, and (ii) directs a designated broker to purchase on the open market the number of shares of the company's common stock that can be acquired with the after-tax value of the performance share award at the prevailing market price. Only these "net shares" are delivered to the recipient of the performance share award.