TXNM

SEC source: 0001562180-17-001153 · primarydocument.xml · derivative · entry 9

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

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 2,675

Underlying: Common Stock · 1,072 shares

Expires not disclosed

F7 · derivative.exercise_price: Each restricted stock right represents a contingent right to receive one share of PNM Resources, Inc. common stock.

F9 · derivative.exercise_date: The restricted stock units vest in three equal annual installments beginning one year from March 7, 2017. 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).

F9 · derivative.expiration_date: The restricted stock units vest in three equal annual installments beginning one year from March 7, 2017. 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: 0001562180-17-001153 · primarydocument.xml · derivative · entry 7

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

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 2,004

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.

F7 · derivative.exercise_price: Each restricted stock right represents a contingent right to receive one share of PNM Resources, Inc. common stock.

F8 · 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).

F8 · 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: 0001562180-17-001153 · primarydocument.xml · nonDerivative · entry 2

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

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 11,647

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.

F2 · price: 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: 0001562180-17-001153 · primarydocument.xml · nonDerivative · entry 1

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

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 12,191

F1 · security: The performance shares were earned as of December 31, 2016 for the 2014-2016 performance period, and settled on March 3, 2017.

F1 · price: The performance shares were earned as of December 31, 2016 for the 2014-2016 performance period, and settled on March 3, 2017.

SEC source: 0001562180-17-001152 · primarydocument.xml · derivative · entry 9

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

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 4,042

Underlying: Common Stock · 1,594 shares

Expires not disclosed

F7 · derivative.exercise_price: Each restricted stock right represents a contingent right to receive one share of PNM Resources, Inc. common stock.

F9 · derivative.exercise_date: The restricted stock units vest in three equal annual installments beginning one year from March 7, 2017. 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).

F9 · derivative.expiration_date: The restricted stock units vest in three equal annual installments beginning one year from March 7, 2017. 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: 0001562180-17-001152 · primarydocument.xml · derivative · entry 7

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

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 3,249

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.

F7 · derivative.exercise_price: Each restricted stock right represents a contingent right to receive one share of PNM Resources, Inc. common stock.

F8 · 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).

F8 · 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: 0001562180-17-001152 · primarydocument.xml · nonDerivative · entry 2

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

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 27,955

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.

F2 · price: 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: 0001562180-17-001152 · primarydocument.xml · nonDerivative · entry 1

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

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 29,347

F1 · security: The performance shares were earned as of December 31, 2016 for the 2014-2016 performance period, and settled on March 3, 2017.

F1 · price: The performance shares were earned as of December 31, 2016 for the 2014-2016 performance period, and settled on March 3, 2017.

SEC source: 0001562180-17-001151 · primarydocument.xml · derivative · entry 9

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

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 5,964

Underlying: Common Stock · 2,371 shares

Expires not disclosed

F7 · derivative.exercise_price: Each restricted stock right represents a contingent right to receive one share of PNM Resources, Inc. common stock.

F9 · derivative.exercise_date: The restricted stock units vest in three equal annual installments beginning one year from March 7, 2017. 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).

F9 · derivative.expiration_date: The restricted stock units vest in three equal annual installments beginning one year from March 7, 2017. 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: 0001562180-17-001151 · primarydocument.xml · derivative · entry 7

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

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 4,585

Underlying: Common Stock · 961 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.

F7 · derivative.exercise_price: Each restricted stock right represents a contingent right to receive one share of PNM Resources, Inc. common stock.

F8 · 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).

F8 · 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: 0001562180-17-001151 · 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: 58,173

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.

F2 · price: 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: 0001562180-17-001151 · 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: 60,126

F1 · security: The performance shares were earned as of December 31, 2016 for the 2014-2016 performance period, and settled on March 3, 2017.

F1 · price: The performance shares were earned as of December 31, 2016 for the 2014-2016 performance period, and settled on March 3, 2017.