TXNM

SEC source: 0001562180-23-002094 · primarydocument.xml · nonDerivative · entry 2

TARRY JOSEPH DON · CIK 0001637037 · President and COO

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 24,464

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: 0001562180-23-002094 · primarydocument.xml · nonDerivative · entry 1

TARRY JOSEPH DON · CIK 0001637037 · President and COO

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 27,566

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: The performance shares were earned as of December 31, 2022 for the 2020-2022 performance period, and settled on February 28, 2023.

SEC source: 0001562180-23-002093 · primarydocument.xml · derivative · entry 3

Eden Elisabeth A · CIK 0001931720 · SVP, CFO & Treasurer

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 3,992

Underlying: Common Stock · 1,951 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. 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: 0001562180-23-002093 · primarydocument.xml · nonDerivative · entry 2

Eden Elisabeth A · CIK 0001931720 · SVP, CFO & Treasurer

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 16,217

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: 0001562180-23-002093 · primarydocument.xml · nonDerivative · entry 1

Eden Elisabeth A · CIK 0001931720 · SVP, CFO & Treasurer

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 17,762

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: The performance shares were earned as of December 31, 2022 for the 2020-2022 performance period, and settled on February 28, 2023.

SEC source: 0001562180-23-002092 · primarydocument.xml · derivative · entry 3

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

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 5,031

Underlying: Common Stock · 1,669 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. 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: 0001562180-23-002092 · primarydocument.xml · nonDerivative · entry 2

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

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 41,760

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: 0001562180-23-002092 · primarydocument.xml · nonDerivative · entry 1

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

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 44,124

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: The performance shares were earned as of December 31, 2022 for the 2020-2022 performance period, and settled on February 28, 2023.

SEC source: 0001562180-23-002091 · primarydocument.xml · derivative · entry 3

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

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 6,145

Underlying: Common Stock · 2,046 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. 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: 0001562180-23-002091 · primarydocument.xml · nonDerivative · entry 2

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

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 85,607

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: 0001562180-23-002091 · primarydocument.xml · nonDerivative · entry 1

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

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 88,467

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: The performance shares were earned as of December 31, 2022 for the 2020-2022 performance period, and settled on February 28, 2023.

SEC source: 0001562180-23-001606 · primarydocument.xml · derivative · entry 1

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

10b5-1 filing: Not disclosed

Ownership: Indirect · PNM Common Stock Fund - PNM Resources Executive Savings Plan II

Disclosed balance after: 88,006

Underlying: Common Stock · 629 shares

Expires not disclosed

F1 · derivative.exercise_price: The security converts to common stock on a one-for-one basis.

F2 · shares: Reflects the amount of phantom shares acquired under the PNM Resources, Inc. Executive Savings Plan II through notational dividend reinvestment on the cash dividend payment date of February 17, 2023.

F3 · derivative.exercise_date: The phantom stock shares were acquired under the PNM Resources, Inc. Executive Savings Plan II, and will settle upon the Reporting Person's retirement or other termination of service.

F3 · derivative.expiration_date: The phantom stock shares were acquired under the PNM Resources, Inc. Executive Savings Plan II, and will settle upon the Reporting Person's retirement or other termination of service.

SEC source: 0001562180-22-007651 · primarydocument.xml · derivative · entry 1

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

10b5-1 filing: Not disclosed

Ownership: Indirect · PNM Common Stock Fund - PNM Resources Executive Savings Plan II

Disclosed balance after: 87,377

Underlying: Common Stock · 647 shares

Expires not disclosed

F1 · derivative.exercise_price: The security converts to common stock on a one-for-one basis.

F2 · shares: Reflects the amount of phantom shares acquired under the PNM Resources, Inc. Executive Savings Plan II through notational dividend reinvestment on the cash dividend payment date of November 10, 2022.

F3 · derivative.exercise_date: The phantom stock shares were acquired under the PNM Resources, Inc. Executive Savings Plan II, and will settle upon the Reporting Person's retirement or other termination of service.

F3 · derivative.expiration_date: The phantom stock shares were acquired under the PNM Resources, Inc. Executive Savings Plan II, and will settle upon the Reporting Person's retirement or other termination of service.

SEC source: 0001562180-22-006399 · primarydocument.xml · derivative · entry 1

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

10b5-1 filing: Not disclosed

Ownership: Indirect · PNM Common Stock Fund - PNM Resources Executive Savings Plan II

Disclosed balance after: 86,730

Underlying: Common Stock · 625 shares

Expires not disclosed

F1 · derivative.exercise_price: The security converts to common stock on a one-for-one basis.

F2 · shares: Reflects the amount of phantom shares acquired under the PNM Resources, Inc. Executive Savings Plan II through notational dividend reinvestment on the cash dividend payment date of August 31, 2022.

F3 · derivative.exercise_date: The phantom stock shares were acquired under the PNM Resources, Inc. Executive Savings Plan II, and will settle upon the Reporting Person's retirement or other termination of service.

F3 · derivative.expiration_date: The phantom stock shares were acquired under the PNM Resources, Inc. Executive Savings Plan II, and will settle upon the Reporting Person's retirement or other termination of service.

SEC source: 0001562180-22-004042 · primarydocument.xml · derivative · entry 1

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

10b5-1 filing: Not disclosed

Ownership: Indirect · PNM Common Stock Fund - PNM Resources Executive Savings Plan II

Disclosed balance after: 86,105

Underlying: Common Stock · 616 shares

Expires not disclosed

F1 · derivative.exercise_price: The security converts to common stock on a one-for-one basis.

F2 · shares: Reflects the amount of phantom shares acquired under the PNM Resources, Inc. Executive Savings Plan II through notational dividend reinvestment on the cash dividend payment date of May 13, 2022.

F3 · derivative.exercise_date: The phantom stock shares were acquired under the PNM Resources, Inc. Executive Savings Plan II, and will settle upon the Reporting Person's retirement or other termination of service.

F3 · derivative.expiration_date: The phantom stock shares were acquired under the PNM Resources, Inc. Executive Savings Plan II, and will settle upon the Reporting Person's retirement or other termination of service.

SEC source: 0001562180-22-004043 · primarydocument.xml · derivative · entry 1

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

10b5-1 filing: Not disclosed

Ownership: Indirect · PNM Common Stock Fund - PNM Resources Executive Savings Plan II

Disclosed balance after: 7,833

Underlying: Common Stock · 56 shares

Expires not disclosed

F1 · derivative.exercise_price: The security converts to common stock on a one-for-one basis.

F2 · shares: Reflects the amount of phantom shares acquired under the PNM Resources, Inc. Executive Savings Plan II through notational dividend reinvestment on the cash dividend payment date of May 13, 2022.

F3 · derivative.exercise_date: The phantom stock shares were acquired under the PNM Resources, Inc. Executive Savings Plan II, and will settle upon the Reporting Person's retirement or other termination of service.

F3 · derivative.expiration_date: The phantom stock shares were acquired under the PNM Resources, Inc. Executive Savings Plan II, and will settle upon the Reporting Person's retirement or other termination of service.

SEC source: 0001562180-22-003991 · primarydocument.xml · nonDerivative · entry 1

SCHWANZ DONALD K · CIK 0001046239 · Director

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 8,307

F1 · shares: These shares represent restricted stock units granted on May 10, 2022 that will vest on May 10, 2023 and be settled in common stock upon or after vesting (and delivered in accordance with any elections made under the Director Deferred Rights Program), provided that if vesting or any applicable deferred delivery dates occur during a blackout period, the vested shares will be delivered at a later date after such blackout period ends.

SEC source: 0001562180-22-003988 · primarydocument.xml · nonDerivative · entry 1

MULLARKEY MAUREEN T · CIK 0001179991 · Director

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 22,795

F1 · shares: These shares represent restricted stock units granted on May 10, 2022 that will vest on May 10, 2023 and be settled in common stock upon or after vesting (and delivered in accordance with any elections made under the Director Deferred Rights Program), provided that if vesting or any applicable deferred delivery dates occur during a blackout period, the vested shares will be delivered at a later date after such blackout period ends.

SEC source: 0001562180-22-003990 · primarydocument.xml · nonDerivative · entry 1

FOHRER ALAN J · CIK 0001188146 · Director

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 31,707

F1 · shares: These shares represent restricted stock units granted on May 10, 2022 that will vest on May 10, 2023 and be settled in common stock upon or after vesting (and delivered in accordance with any elections made under the Director Deferred Rights Program), provided that if vesting or any applicable deferred delivery dates occur during a blackout period, the vested shares will be delivered at a later date after such blackout period ends.

SEC source: 0001562180-22-003989 · primarydocument.xml · nonDerivative · entry 1

CONLEY E RENAE · CIK 0001125828 · Director

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 28,279

F1 · shares: These shares represent restricted stock units granted on May 10, 2022 that will vest on May 10, 2023 and be settled in common stock upon or after vesting (and delivered in accordance with any elections made under the Director Deferred Rights Program), provided that if vesting or any applicable deferred delivery dates occur during a blackout period, the vested shares will be delivered at a later date after such blackout period ends.

SEC source: 0001562180-22-003987 · primarydocument.xml · nonDerivative · entry 1

Gutierrez Sidney M. · CIK 0001638692 · Director

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 20,443

F1 · shares: These shares represent restricted stock units granted on May 10, 2022 that will vest on May 10, 2023 and be settled in common stock upon or after vesting (and delivered in accordance with any elections made under the Director Deferred Rights Program), provided that if vesting or any applicable deferred delivery dates occur during a blackout period, the vested shares will be delivered at a later date after such blackout period ends.

SEC source: 0001562180-22-003986 · primarydocument.xml · nonDerivative · entry 1

BECKER NORMAN P. · CIK 0001674431 · Director

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 21,410

F1 · shares: These shares represent restricted stock units granted on May 10, 2022 that will vest on May 10, 2023 and be settled in common stock upon or after vesting (and delivered in accordance with any elections made under the Director Deferred Rights Program), provided that if vesting or any applicable deferred delivery dates occur during a blackout period, the vested shares will be delivered at a later date after such blackout period ends.

SEC source: 0001562180-22-003985 · primarydocument.xml · nonDerivative · entry 1

HUGHES JAMES ALTON · CIK 0001258525 · Director

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 10,525

F1 · shares: These shares represent restricted stock units granted on May 10, 2022 that will vest on May 10, 2023 and be settled in common stock upon or after vesting (and delivered in accordance with any elections made under the Director Deferred Rights Program), provided that if vesting or any applicable deferred delivery dates occur during a blackout period, the vested shares will be delivered at a later date after such blackout period ends.

SEC source: 0001562180-22-003984 · primarydocument.xml · nonDerivative · entry 1

BAILEY VICKY A · CIK 0001295122 · Director

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 10,525

F1 · shares: These shares represent restricted stock units granted on May 10, 2022 that will vest on May 10, 2023 and be settled in common stock upon or after vesting (and delivered in accordance with any elections made under the Director Deferred Rights Program), provided that if vesting or any applicable deferred delivery dates occur during a blackout period, the vested shares will be delivered at a later date after such blackout period ends.

SEC source: 0001562180-22-002455 · primarydocument.xml · derivative · entry 9

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

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 31,845

Underlying: Common Stock · 4,218 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: 0001562180-22-002455 · primarydocument.xml · derivative · entry 8

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

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 36,063

Underlying: Common Stock · 4,349 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: 0001562180-22-002455 · primarydocument.xml · derivative · entry 7

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

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 40,412

Underlying: Common Stock · 4,863 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: 0001562180-22-002455 · 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: 636,443

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: 0001562180-22-002455 · 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: 638,352

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 7, 2022.

SEC source: 0001562180-22-002455 · 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: 634,134

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: 0001562180-22-002455 · 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: 636,102

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 7, 2022.

SEC source: 0001562180-22-002455 · 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: 631,753

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: 0001562180-22-002455 · 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: 633,954

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 7, 2022.

SEC source: 0001562180-22-002459 · primarydocument.xml · derivative · entry 9

OLSON CHRIS M · CIK 0001699190 · SVP, UTILITY OPERATIONS

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 3,658

Underlying: Common Stock · 546 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: 0001562180-22-002459 · primarydocument.xml · derivative · entry 8

OLSON CHRIS M · CIK 0001699190 · SVP, UTILITY OPERATIONS

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 4,204

Underlying: Common Stock · 569 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: 0001562180-22-002459 · primarydocument.xml · derivative · entry 7

OLSON CHRIS M · CIK 0001699190 · SVP, UTILITY OPERATIONS

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 4,773

Underlying: Common Stock · 592 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: 0001562180-22-002459 · primarydocument.xml · nonDerivative · entry 6

OLSON CHRIS M · CIK 0001699190 · SVP, UTILITY OPERATIONS

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 21,117

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: 0001562180-22-002459 · primarydocument.xml · nonDerivative · entry 5

OLSON CHRIS M · CIK 0001699190 · SVP, UTILITY OPERATIONS

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 21,365

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 7, 2022.

SEC source: 0001562180-22-002459 · primarydocument.xml · nonDerivative · entry 4

OLSON CHRIS M · CIK 0001699190 · SVP, UTILITY OPERATIONS

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 20,819

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: 0001562180-22-002459 · primarydocument.xml · nonDerivative · entry 3

OLSON CHRIS M · CIK 0001699190 · SVP, UTILITY OPERATIONS

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 21,077

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 7, 2022.

SEC source: 0001562180-22-002459 · primarydocument.xml · nonDerivative · entry 2

OLSON CHRIS M · CIK 0001699190 · SVP, UTILITY OPERATIONS

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 20,508

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: 0001562180-22-002459 · primarydocument.xml · nonDerivative · entry 1

OLSON CHRIS M · CIK 0001699190 · SVP, UTILITY OPERATIONS

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 20,776

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 7, 2022.

SEC source: 0001562180-22-002458 · primarydocument.xml · derivative · entry 9

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

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 3,362

Underlying: Common Stock · 477 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: 0001562180-22-002458 · primarydocument.xml · derivative · entry 8

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

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 3,839

Underlying: Common Stock · 509 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: 0001562180-22-002458 · primarydocument.xml · derivative · entry 7

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

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 4,348

Underlying: Common Stock · 541 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: 0001562180-22-002458 · primarydocument.xml · nonDerivative · entry 6

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

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 39,108

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: 0001562180-22-002458 · primarydocument.xml · nonDerivative · entry 5

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

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 39,253

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 7, 2022.

SEC source: 0001562180-22-002458 · primarydocument.xml · nonDerivative · entry 4

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

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 38,776

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: 0001562180-22-002458 · primarydocument.xml · nonDerivative · entry 3

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

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 38,930

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 7, 2022.

SEC source: 0001562180-22-002458 · primarydocument.xml · nonDerivative · entry 2

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

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 38,421

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.