TXNM

SEC source: 0001562180-18-001501 · primarydocument.xml · nonDerivative · entry 10

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

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 439,770

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.

F2 · price: 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: 0001562180-18-001501 · primarydocument.xml · nonDerivative · entry 9

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

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 442,217

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.

F4 · security: Represents the portions of previous awards of restricted stock rights that vested effective as of March 4, 2018.

F4 · price: Represents the portions of previous awards of restricted stock rights that vested effective as of March 4, 2018.

SEC source: 0001562180-18-001505 · primarydocument.xml · derivative · entry 7

TARRY JOSEPH DON · CIK 0001637037 · VP, Finance and Controller

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 2,975

Underlying: Common Stock · 425 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.

F4 · derivative.exercise_price: Each restricted stock right represents a contingent right to receive one share of PNM Resources, Inc. common stock.

F6 · 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).

F6 · 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: 0001562180-18-001505 · primarydocument.xml · nonDerivative · entry 4

TARRY JOSEPH DON · CIK 0001637037 · VP, Finance and Controller

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 12,821

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.

F2 · price: 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: 0001562180-18-001505 · primarydocument.xml · nonDerivative · entry 3

TARRY JOSEPH DON · CIK 0001637037 · VP, Finance and Controller

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 12,946

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 · security: Represents the portions of previous awards of restricted stock rights that vested effective as of March 4, 2018.

F3 · price: Represents the portions of previous awards of restricted stock rights that vested effective as of March 4, 2018.

SEC source: 0001562180-18-001504 · primarydocument.xml · derivative · entry 7

Eldred Charles N · CIK 0001350048 · EXEC VP, CFO

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 11,513

Underlying: Common Stock · 1,568 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.

F5 · derivative.exercise_price: Each restricted stock right represents a contingent right to receive one share of PNM Resources, Inc. common stock.

F7 · 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).

F7 · 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: 0001562180-18-001504 · primarydocument.xml · nonDerivative · entry 5

Eldred Charles N · CIK 0001350048 · EXEC VP, CFO

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 106,680

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.

F2 · price: 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: 0001562180-18-001504 · primarydocument.xml · nonDerivative · entry 4

Eldred Charles N · CIK 0001350048 · EXEC VP, CFO

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 107,374

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.

F4 · security: Represents the portions of previous awards of restricted stock rights that vested effective as of March 4, 2018.

F4 · price: Represents the portions of previous awards of restricted stock rights that vested effective as of March 4, 2018.

SEC source: 0001562180-18-001503 · primarydocument.xml · derivative · entry 7

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

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 4,492

Underlying: Common Stock · 679 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.

F4 · derivative.exercise_price: Each restricted stock right represents a contingent right to receive one share of PNM Resources, Inc. common stock.

F6 · 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).

F6 · 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: 0001562180-18-001503 · primarydocument.xml · nonDerivative · entry 4

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

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 27,593

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.

F2 · price: 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: 0001562180-18-001503 · primarydocument.xml · nonDerivative · entry 3

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

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 27,894

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 · security: Represents the portions of previous awards of restricted stock rights that vested effective as of March 4, 2018.

F3 · price: Represents the portions of previous awards of restricted stock rights that vested effective as of March 4, 2018.

SEC source: 0001562180-18-001502 · primarydocument.xml · derivative · entry 6

Apodaca Patrick V · CIK 0001478313 · SR VP, GEN COUNSEL & SECY

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 6,586

Underlying: Common Stock · 962 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.

F4 · derivative.exercise_price: Each restricted stock right represents a contingent right to receive one share of PNM Resources, Inc. common stock.

F6 · 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).

F6 · 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: 0001562180-18-001502 · primarydocument.xml · nonDerivative · entry 4

Apodaca Patrick V · CIK 0001478313 · SR VP, GEN COUNSEL & SECY

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 64,692

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.

F2 · price: 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: 0001562180-18-001502 · primarydocument.xml · nonDerivative · entry 3

Apodaca Patrick V · CIK 0001478313 · SR VP, GEN COUNSEL & SECY

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 65,118

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 · security: Represents the portions of previous awards of restricted stock rights that vested effective as of March 4, 2018.

F3 · price: Represents the portions of previous awards of restricted stock rights that vested effective as of March 4, 2018.

SEC source: 0001562180-18-001501 · primarydocument.xml · derivative · entry 15

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

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 62,000

Underlying: Common Stock · 20,000 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.

F8 · derivative.exercise_price: Based on the closing price on the date of the grant.

F9 · derivative.exercise_date: The options vested in three equal annual installments from grant date and are fully vested.

F10 · derivative.expiration_date: The options expire 10 years from grant date.

SEC source: 0001562180-18-001501 · primarydocument.xml · derivative · entry 14

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

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 82,000

Underlying: Common Stock · 70,000 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.

F8 · derivative.exercise_price: Based on the closing price on the date of the grant.

F9 · derivative.exercise_date: The options vested in three equal annual installments from grant date and are fully vested.

F10 · derivative.expiration_date: The options expire 10 years from grant date.

SEC source: 0001562180-18-001501 · primarydocument.xml · derivative · entry 13

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

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 152,000

Underlying: Common Stock · 4,000 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.

F8 · derivative.exercise_price: Based on the closing price on the date of the grant.

F9 · derivative.exercise_date: The options vested in three equal annual installments from grant date and are fully vested.

F10 · derivative.expiration_date: The options expire 10 years from grant date.

SEC source: 0001562180-18-001501 · primarydocument.xml · derivative · entry 11

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

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 44,530

Underlying: Common Stock · 15,514 shares

Expires not disclosed

F5 · derivative.exercise_price: Each restricted stock right represents a contingent right to receive one share of PNM Resources, Inc. common stock.

F6 · derivative.exercise_date: The restricted stock units vest in three equal annual installments beginning one year from March 7, 2018. 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).

F6 · derivative.expiration_date: The restricted stock units vest in three equal annual installments beginning one year from March 7, 2018. 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: 0001562180-18-001501 · primarydocument.xml · nonDerivative · entry 8

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

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 436,688

F3 · shares: Represents shares withheld by PNM Resources, Inc. to satisfy the options cost and tax withholding obligations.

SEC source: 0001562180-18-001501 · primarydocument.xml · nonDerivative · entry 7

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

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 439,115

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.

SEC source: 0001562180-18-001501 · primarydocument.xml · nonDerivative · entry 6

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

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 435,115

F3 · shares: Represents shares withheld by PNM Resources, Inc. to satisfy the options cost and tax withholding obligations.

SEC source: 0001562180-18-001501 · primarydocument.xml · nonDerivative · entry 5

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

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 474,777

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.

SEC source: 0001562180-18-001501 · primarydocument.xml · nonDerivative · entry 4

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

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 404,777

F3 · shares: Represents shares withheld by PNM Resources, Inc. to satisfy the options cost and tax withholding obligations.

SEC source: 0001562180-18-001501 · primarydocument.xml · nonDerivative · entry 3

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

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 416,109

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.

SEC source: 0001562180-18-001501 · 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: 396,109

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.

F2 · price: 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: 0001562180-18-001501 · 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: 427,053

F1 · security: The following performance shares were earned as of December 31, 2017 and settled on March 2, 2018: (1) 51,975 shares earned for the 2015-2017 performance period and (2) 17,953 shares earned under a special performance based retention award.

F1 · price: The following performance shares were earned as of December 31, 2017 and settled on March 2, 2018: (1) 51,975 shares earned for the 2015-2017 performance period and (2) 17,953 shares earned under a special performance based retention award.

SEC source: 0001562180-18-001506 · primarydocument.xml · derivative · entry 3

OLSON CHRIS M · CIK 0001699190 · VP, Utility Operations

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 4,805

Underlying: Common Stock · 997 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, 2018. 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, 2018. 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: 0001562180-18-001506 · primarydocument.xml · nonDerivative · entry 2

OLSON CHRIS M · CIK 0001699190 · VP, Utility Operations

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 5,512

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.

F2 · price: 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: 0001562180-18-001506 · primarydocument.xml · nonDerivative · entry 1

OLSON CHRIS M · CIK 0001699190 · VP, Utility Operations

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 5,928

F1 · security: The performance shares were earned as of December 31, 2017 for the 2015-2017 performance period, and settled on March 2, 2018.

F1 · price: The performance shares were earned as of December 31, 2017 for the 2015-2017 performance period, and settled on March 2, 2018.

SEC source: 0001562180-18-001505 · primarydocument.xml · derivative · entry 6

TARRY JOSEPH DON · CIK 0001637037 · VP, Finance and Controller

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 3,400

Underlying: Common Stock · 1,118 shares

Expires not disclosed

F4 · derivative.exercise_price: Each restricted stock right represents a contingent right to receive one share of PNM Resources, Inc. common stock.

F5 · derivative.exercise_date: The restricted stock units vest in three equal annual installments beginning one year from March 7, 2018. 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).

F5 · derivative.expiration_date: The restricted stock units vest in three equal annual installments beginning one year from March 7, 2018. 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: 0001562180-18-001505 · primarydocument.xml · nonDerivative · entry 2

TARRY JOSEPH DON · CIK 0001637037 · VP, Finance and Controller

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 12,521

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.

F2 · price: 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: 0001562180-18-001505 · primarydocument.xml · nonDerivative · entry 1

TARRY JOSEPH DON · CIK 0001637037 · VP, Finance and Controller

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 13,845

F1 · security: The performance shares were earned as of December 31, 2017 for the 2015-2017 performance period, and settled on March 2, 2018.

F1 · price: The performance shares were earned as of December 31, 2017 for the 2015-2017 performance period, and settled on March 2, 2018.

SEC source: 0001562180-18-001504 · primarydocument.xml · derivative · entry 6

Eldred Charles N · CIK 0001350048 · EXEC VP, CFO

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 13,081

Underlying: Common Stock · 4,348 shares

Expires not disclosed

F5 · derivative.exercise_price: Each restricted stock right represents a contingent right to receive one share of PNM Resources, Inc. common stock.

F6 · derivative.exercise_date: The restricted stock units vest in three equal annual installments beginning one year from March 7, 2018. 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).

F6 · derivative.expiration_date: The restricted stock units vest in three equal annual installments beginning one year from March 7, 2018. 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: 0001562180-18-001504 · primarydocument.xml · nonDerivative · entry 3

Eldred Charles N · CIK 0001350048 · EXEC VP, CFO

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 105,806

F3 · price: This transaction was executed in multiple trades at prices ranging from $35.55 USD to $35.575 USD; the price reported above reflects the weighted average sale price.

SEC source: 0001562180-18-001504 · primarydocument.xml · nonDerivative · entry 2

Eldred Charles N · CIK 0001350048 · EXEC VP, CFO

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 107,306

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.

F2 · price: 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: 0001562180-18-001504 · primarydocument.xml · nonDerivative · entry 1

Eldred Charles N · CIK 0001350048 · EXEC VP, CFO

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 115,888

F1 · security: The following performance shares were earned as of December 31, 2017 and settled on March 2, 2018: (1) 14,414 shares earned for the 2015-2017 performance period and (2) 7,670 shares earned under a special performance based retention award.

F1 · price: The following performance shares were earned as of December 31, 2017 and settled on March 2, 2018: (1) 14,414 shares earned for the 2015-2017 performance period and (2) 7,670 shares earned under a special performance based retention award.

SEC source: 0001562180-18-001503 · primarydocument.xml · derivative · entry 6

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

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 5,171

Underlying: Common Stock · 1,719 shares

Expires not disclosed

F4 · derivative.exercise_price: Each restricted stock right represents a contingent right to receive one share of PNM Resources, Inc. common stock.

F5 · derivative.exercise_date: The restricted stock units vest in three equal annual installments beginning one year from March 7, 2018. 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).

F5 · derivative.expiration_date: The restricted stock units vest in three equal annual installments beginning one year from March 7, 2018. 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: 0001562180-18-001503 · primarydocument.xml · nonDerivative · entry 2

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

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 27,215

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.

F2 · price: 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: 0001562180-18-001503 · primarydocument.xml · nonDerivative · entry 1

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

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 29,726

F1 · security: The performance shares were earned as of December 31, 2017 for the 2015-2017 performance period, and settled on March 2, 2018.

F1 · price: The performance shares were earned as of December 31, 2017 for the 2015-2017 performance period, and settled on March 2, 2018.

SEC source: 0001562180-18-001502 · primarydocument.xml · derivative · entry 5

Apodaca Patrick V · CIK 0001478313 · SR VP, GEN COUNSEL & SECY

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 7,548

Underlying: Common Stock · 2,461 shares

Expires not disclosed

F4 · derivative.exercise_price: Each restricted stock right represents a contingent right to receive one share of PNM Resources, Inc. common stock.

F5 · derivative.exercise_date: The restricted stock units vest in three equal annual installments beginning one year from March 7, 2018. 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).

F5 · derivative.expiration_date: The restricted stock units vest in three equal annual installments beginning one year from March 7, 2018. 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: 0001562180-18-001502 · primarydocument.xml · nonDerivative · entry 2

Apodaca Patrick V · CIK 0001478313 · SR VP, GEN COUNSEL & SECY

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 64,156

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.

F2 · price: 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: 0001562180-18-001502 · primarydocument.xml · nonDerivative · entry 1

Apodaca Patrick V · CIK 0001478313 · SR VP, GEN COUNSEL & SECY

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 67,712

F1 · security: The performance shares were earned as of December 31, 2017 for the 2015-2017 performance period, and settled on March 2, 2018.

F1 · price: The performance shares were earned as of December 31, 2017 for the 2015-2017 performance period, and settled on March 2, 2018.

SEC source: 0001562180-17-002671 · primarydocument.xml · nonDerivative · entry 1

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

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 24,053

F1 · price: Price represents a weighted average fill price ranging from 40.95 to 41.00.

SEC source: 0001562180-17-002590 · primarydocument.xml · derivative · entry 3

Apodaca Patrick V · CIK 0001478313 · SR VP, GEN COUNSEL & SECY

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 0

Underlying: Common Stock · 5,333 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.

F1 · derivative.exercise_date: The options vest in three equal annual installments from grant date of issuance.

F2 · derivative.expiration_date: The options expire 10 years from grant date.

SEC source: 0001562180-17-002590 · primarydocument.xml · nonDerivative · entry 2

Apodaca Patrick V · CIK 0001478313 · SR VP, GEN COUNSEL & SECY

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 59,676

SEC source: 0001562180-17-002590 · primarydocument.xml · nonDerivative · entry 1

Apodaca Patrick V · CIK 0001478313 · SR VP, GEN COUNSEL & SECY

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 65,009

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.

SEC source: 0001562180-17-002219 · primarydocument.xml · nonDerivative · entry 1

BECKER NORMAN P. · CIK 0001674431 · Director

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 5,732

SEC source: 0001562180-17-001985 · primarydocument.xml · derivative · entry 3

SCHWANZ DONALD K · CIK 0001046239 · Director

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 2,486

Underlying: Common Stock · 780 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.

F2 · derivative.exercise_price: Represents the portions of previous awards of restricted stock rights that vested on May 17, 2017.

F3 · 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).

F3 · 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: 0001562180-17-001985 · primarydocument.xml · nonDerivative · entry 2

SCHWANZ DONALD K · CIK 0001046239 · Director

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 29,320

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.

F2 · shares: Represents the portions of previous awards of restricted stock rights that vested on May 17, 2017.

SEC source: 0001562180-17-001986 · primarydocument.xml · derivative · entry 3

WILKINSON BRUCE W · CIK 0001199548 · Director

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 2,486

Underlying: Common Stock · 780 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.

F2 · derivative.exercise_price: Represents the portions of previous awards of restricted stock rights that vested on May 17, 2017.

F3 · 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).

F3 · 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).