Eldred Charles N

SEC source: 0001562180-19-001832 · primarydocument.xml · nonDerivative · entry 4

Eldred Charles N · CIK 0001350048 · EVP, CFO

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 110,693

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 7, 2019.

F3 · price: Represents the portions of previous awards of restricted stock rights that vested effective as of March 7, 2019.

SEC source: 0001562180-19-001832 · primarydocument.xml · nonDerivative · entry 3

Eldred Charles N · CIK 0001350048 · EVP, CFO

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 109,303

F4 · 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.

F4 · 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: 0001562180-19-001832 · primarydocument.xml · nonDerivative · entry 2

Eldred Charles N · CIK 0001350048 · EVP, CFO

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 109,787

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 7, 2019.

F3 · price: Represents the portions of previous awards of restricted stock rights that vested effective as of March 7, 2019.

SEC source: 0001562180-19-001832 · primarydocument.xml · nonDerivative · entry 1

Eldred Charles N · CIK 0001350048 · EVP, CFO

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 108,289

F1 · price: Price represents a weighted average fill price ranging from $44.18 to $44.26.

F2 · price: Includes shares sold to provide a source of funds for payment of certain additional tax obligations of the reporting person.

SEC source: 0001562180-19-001762 · primarydocument.xml · derivative · entry 3

Eldred Charles N · CIK 0001350048 · EVP, CFO

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 12,281

Underlying: Common Stock · 3,656 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, 2019. 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, 2019. 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: 0001562180-19-001762 · primarydocument.xml · nonDerivative · entry 2

Eldred Charles N · CIK 0001350048 · EVP, CFO

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 113,350

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: 0001562180-19-001762 · primarydocument.xml · nonDerivative · entry 1

Eldred Charles N · CIK 0001350048 · EVP, CFO

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 115,760

F1 · security: The performance shares were earned as of December 31, 2018 for the 2016-2018 performance period, and settled on March 4, 2019.

F1 · price: The performance shares were earned as of December 31, 2018 for the 2016-2018 performance period, and settled on March 4, 2019.

SEC source: 0001562180-18-001767 · primarydocument.xml · derivative · entry 1

Eldred Charles N · CIK 0001350048 · EXEC VP, CFO

10b5-1 filing: Not disclosed

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

Disclosed balance after: 7,030

Underlying: Common Stock · 0 shares

Expires not disclosed

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

F2 · derivative.exercise_date: The phantom stock shares were acquired under the PNM Resources, Inc. Executive Savings Plan ("ESP") and will settle upon the Reporting Person's retirement or other termination of service.

F2 · derivative.expiration_date: The phantom stock shares were acquired under the PNM Resources, Inc. Executive Savings Plan ("ESP") and will settle upon the Reporting Person's retirement or other termination of service.

F3 · balance_after: Total represents phantom stock shares of PNM Resources, Inc. ("PNMR") Common Stock held as of February 28, 2018 under the PNMR Executive Savings Plan II, the successor plan by merger to the ESP. The amendment to the Form 4 filed on March 9, 2018 is being filed to correct the number of phantom shares reported previously, which was reported incorrectly due to an administrative error.

SEC source: 0001562180-18-001570 · primarydocument.xml · derivative · entry 6

Eldred Charles N · CIK 0001350048 · EXEC VP, CFO

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 8,625

Underlying: Common Stock · 1,390 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: 0001562180-18-001570 · primarydocument.xml · derivative · entry 5

Eldred Charles N · CIK 0001350048 · EXEC VP, CFO

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 10,015

Underlying: Common Stock · 1,498 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: 0001562180-18-001570 · primarydocument.xml · nonDerivative · entry 4

Eldred Charles N · CIK 0001350048 · EXEC VP, CFO

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 108,289

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

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: 0001562180-18-001570 · primarydocument.xml · nonDerivative · entry 3

Eldred Charles N · CIK 0001350048 · EXEC VP, CFO

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 108,905

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, 2018.

F1 · price: Represents the portions of previous awards of restricted stock rights that vested effective as of March 7, 2018.

SEC source: 0001562180-18-001570 · primarydocument.xml · nonDerivative · entry 2

Eldred Charles N · CIK 0001350048 · EXEC VP, CFO

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 107,515

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: 0001562180-18-001570 · primarydocument.xml · nonDerivative · entry 1

Eldred Charles N · CIK 0001350048 · EXEC VP, CFO

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 108,178

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, 2018.

F1 · price: Represents the portions of previous awards of restricted stock rights that vested effective as of March 7, 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: 0001562180-18-001504 · 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: 0001562180-17-001195 · primarydocument.xml · derivative · entry 3

Eldred Charles N · CIK 0001350048 · EXEC VP, CFO

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 8,733

Underlying: Common Stock · 1,498 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: 0001562180-17-001195 · primarydocument.xml · nonDerivative · entry 2

Eldred Charles N · CIK 0001350048 · EXEC VP, CFO

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 93,804

F2 · security: Represents shares withheld by PNM Resources, Inc. to satisfy the tax withholding obligations arising in connection with the vesting and settlement of the restricted stock rights award described in (1) above. The company utilizes a modified "share withholding" approach in connection with settling awards of restricted stock rights, 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 restricted stock right award at the prevailing market price. Only these "net shares" are delivered to the recipient of the vested restricted stock rights award.

F2 · price: Represents shares withheld by PNM Resources, Inc. to satisfy the tax withholding obligations arising in connection with the vesting and settlement of the restricted stock rights award described in (1) above. The company utilizes a modified "share withholding" approach in connection with settling awards of restricted stock rights, 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 restricted stock right award at the prevailing market price. Only these "net shares" are delivered to the recipient of the vested restricted stock rights award.

SEC source: 0001562180-17-001195 · primarydocument.xml · nonDerivative · entry 1

Eldred Charles N · CIK 0001350048 · EXEC VP, CFO

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 94,506

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, 2017.

F1 · price: Represents the portions of previous awards of restricted stock rights that vested effective as of March 7, 2017.

SEC source: 0001562180-17-001154 · primarydocument.xml · nonDerivative · entry 7

Eldred Charles N · CIK 0001350048 · EXEC VP, CFO

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 93,008

F7 · security: Includes shares sold to provide a source of funds for payment of certain additional tax obligations of the reporting person.

F8 · price: This transaction was executed in multiple trades at prices ranging from $36.375 USD to $36.425 USD; the price reported above reflects the weighted average sale price.

SEC source: 0001562180-17-001154 · primarydocument.xml · derivative · entry 10

Eldred Charles N · CIK 0001350048 · EXEC VP, CFO

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 10,231

Underlying: Common Stock · 1,602 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.

F9 · derivative.exercise_price: Each restricted stock right represents a contingent right to receive one share of PNM Resources, Inc. common stock.

F11 · 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).

F11 · 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: 0001562180-17-001154 · primarydocument.xml · nonDerivative · entry 6

Eldred Charles N · CIK 0001350048 · EXEC VP, CFO

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 97,008

F6 · security: Represents shares withheld by PNM Resources, Inc. to satisfy the tax withholding obligations arising in connection with the vesting and settlement of the restricted stock rights award described in (5) above. The company utilizes a modified "share withholding" approach in connection with settling awards of restricted stock rights, 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 restricted stock right award at the prevailing market price. Only these "net shares" are delivered to the recipient of the vested restricted stock rights award.

F6 · price: Represents shares withheld by PNM Resources, Inc. to satisfy the tax withholding obligations arising in connection with the vesting and settlement of the restricted stock rights award described in (5) above. The company utilizes a modified "share withholding" approach in connection with settling awards of restricted stock rights, 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 restricted stock right award at the prevailing market price. Only these "net shares" are delivered to the recipient of the vested restricted stock rights award.

SEC source: 0001562180-17-001154 · primarydocument.xml · nonDerivative · entry 5

Eldred Charles N · CIK 0001350048 · EXEC VP, CFO

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 97,759

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 · security: Represents the portions of previous awards of restricted stock rights that vested effective as of March 5, 2017.

F5 · price: Represents the portions of previous awards of restricted stock rights that vested effective as of March 5, 2017.

SEC source: 0001562180-17-001154 · primarydocument.xml · derivative · entry 9

Eldred Charles N · CIK 0001350048 · EXEC VP, CFO

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 11,833

Underlying: Common Stock · 1,569 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.

F9 · derivative.exercise_price: Each restricted stock right represents a contingent right to receive one share of PNM Resources, Inc. common stock.

F11 · 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).

F11 · 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: 0001562180-17-001154 · primarydocument.xml · nonDerivative · entry 4

Eldred Charles N · CIK 0001350048 · EXEC VP, CFO

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 96,157

F4 · security: Represents shares withheld by PNM Resources, Inc. to satisfy the tax withholding obligations arising in connection with the vesting and settlement of the restricted stock rights award described in (3) above. The company utilizes a modified "share withholding" approach in connection with settling awards of restricted stock rights, 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 restricted stock right award at the prevailing market price. Only these "net shares" are delivered to the recipient of the vested restricted stock rights award.

F4 · price: Represents shares withheld by PNM Resources, Inc. to satisfy the tax withholding obligations arising in connection with the vesting and settlement of the restricted stock rights award described in (3) above. The company utilizes a modified "share withholding" approach in connection with settling awards of restricted stock rights, 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 restricted stock right award at the prevailing market price. Only these "net shares" are delivered to the recipient of the vested restricted stock rights award.

SEC source: 0001562180-17-001154 · primarydocument.xml · nonDerivative · entry 3

Eldred Charles N · CIK 0001350048 · EXEC VP, CFO

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 96,893

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, 2017.

F3 · price: Represents the portions of previous awards of restricted stock rights that vested effective as of March 4, 2017.

SEC source: 0001562180-17-001154 · primarydocument.xml · derivative · entry 8

Eldred Charles N · CIK 0001350048 · EXEC VP, CFO

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 13,402

Underlying: Common Stock · 4,169 shares

Expires not disclosed

F9 · derivative.exercise_price: Each restricted stock right represents a contingent right to receive one share of PNM Resources, Inc. common stock.

F10 · 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).

F10 · 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: 0001562180-17-001154 · primarydocument.xml · nonDerivative · entry 2

Eldred Charles N · CIK 0001350048 · EXEC VP, CFO

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 95,324

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

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

SEC source: 0001562180-17-001154 · primarydocument.xml · nonDerivative · entry 1

Eldred Charles N · CIK 0001350048 · EXEC VP, CFO

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 99,311

F1 · security: The following performance shares were earned as of December 31, 2016 and settled on March 3, 2017: (1) 7,402 shares earned for the 2014-2016 performance period and (2) 2,754 shares earned under a special performance based retention award.

F1 · price: The following performance shares were earned as of December 31, 2016 and settled on March 3, 2017: (1) 7,402 shares earned for the 2014-2016 performance period and (2) 2,754 shares earned under a special performance based retention award.