TXNM Energy (TXNM) chair lifts phantom stock stake to 98,591

Rhea-AI Filing Summary

TXNM ENERGY INC director and executive chair Patricia K. Collawn reported an award of 739 Phantom Stock Shares on August 14, 2026. The phantom shares, held indirectly in the TXNM Common Stock Fund under the Executive Savings Plan II, convert into an equal number of common shares and will settle upon her retirement or other termination of service. This acquisition resulted from notational dividend reinvestment on the company’s cash dividend payment date and brought her reported indirect phantom stock balance to 98,591 shares. The transaction was not affirmed as made under a Rule 10b5-1 trading plan.

Insider Trade Summary

1 transaction reported

Mixed 1 txn

Insider COLLAWN PATRICIA K

Role EXECUTIVE CHAIR

Type	Security	Shares	Price	Value
Grant/Award	Phantom Stock Shares F1, F2, F3	739	$0.00	$0.00

Holdings After Transaction: Phantom Stock Shares — 98,591 shares (Indirect, TXNM Common Stock Fund - TXNM Energy, Inc. Executive Savings Plan II)

Footnotes (3)

1. F1. The security converts to common stock on a one-for-one basis.
2. F2. Reflects the amount of phantom stock shares acquired under the TXNM Energy, Inc. Executive Savings Plan II through notational dividend reinvestment on the cash dividend payment date of August 14, 2026.
3. F3. The phantom stock shares were acquired under the TXNM Energy, Inc. Executive Savings Plan II, and will settle upon the Reporting Person's retirement or other termination of service.

Key Figures

Phantom Stock Shares Awarded: 739 shares Underlying Common Stock: 739 shares Total Phantom Stock After Transaction: 98,591 shares +2 more

5 metrics

Phantom Stock Shares Awarded 739 shares Phantom Stock Shares acquired on August 14, 2026 by dividend reinvestment

Underlying Common Stock 739 shares Phantom Stock Shares convert to common stock on a one-for-one basis

Total Phantom Stock After Transaction 98,591 shares Indirect phantom stock holdings following the August 14, 2026 award

Transaction Price per Phantom Share $0.0000 per share Reported price for the grant/award acquisition of Phantom Stock Shares

Transaction Date August 14, 2026 Date of phantom stock acquisition via notational dividend reinvestment

Key Terms

Phantom Stock Shares, Executive Savings Plan II, notational dividend reinvestment, cash dividend payment date

4 terms

Phantom Stock Shares financial

"The security converts to common stock on a one-for-one basis."

Executive Savings Plan II financial

"acquired under the TXNM Energy, Inc. Executive Savings Plan II"

notational dividend reinvestment financial

"acquired ... through notational dividend reinvestment on the cash dividend payment date"

cash dividend payment date financial

"on the cash dividend payment date of August 14, 2026"

FAQ

What insider transaction did TXNM executive Patricia K. Collawn report for TXNM on August 14, 2026?

Patricia K. Collawn reported an award of 739 Phantom Stock Shares tied to TXNM on August 14, 2026. The award arose from notational dividend reinvestment in the company’s Executive Savings Plan II and increased her indirect phantom stock holdings to 98,591 shares.

How many Phantom Stock Shares linked to TXNM does Patricia K. Collawn hold after this Form 4 transaction?

After the reported transaction, Patricia K. Collawn holds 98,591 Phantom Stock Shares linked to TXNM indirectly. These phantom shares are credited under TXNM Energy, Inc. Executive Savings Plan II and are designed to convert into an equal number of common shares at settlement.

What is the conversion ratio of TXNM Phantom Stock Shares reported in this filing?

Each TXNM Phantom Stock Share converts into one share of common stock. The footnotes state the security converts to common stock on a one-for-one basis, meaning 739 phantom shares correspond to 739 underlying common shares at settlement.

When will Patricia K. Collawn’s TXNM Phantom Stock Shares from this award settle?

The reported TXNM Phantom Stock Shares will settle upon retirement or other termination of service. According to the disclosure, the phantom stock acquired under Executive Savings Plan II is payable only when the reporting person retires or otherwise ends her service with the company.

Was the August 14, 2026 TXNM Phantom Stock transaction under a Rule 10b5-1 trading plan?

No, the transaction was not affirmed as under a Rule 10b5-1 plan. The Rule 10b5-1 checkbox for this TXNM Form 4 is explicitly unchecked, and the footnotes describe the award as arising from dividend reinvestment within the Executive Savings Plan II.

How are the 739 TXNM Phantom Stock Shares characterized in this Form 4 filing?

The 739 TXNM Phantom Stock Shares are characterized as an indirect, derivative award under Executive Savings Plan II. They were credited through notational dividend reinvestment to a TXNM Common Stock Fund and are reportable as phantom stock convertible one-for-one into common shares at settlement.

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Form 4 Insider Transactions: What Each Field Means →

Available on EDGAR 08/17/2026 - 05:00 PM Accepted by SEC EDGAR 08/17/2026 - 05:00 PM Learn about SEC filing dates

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
Estimated average burden
hours per response:			0.5

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

COLLAWN PATRICIA K

(Last) (First) (Middle)

CORPORATE HEADQUARTERS

MS 1275

(Street)

ALBUQUERQUE NEW MEXICO 87158-1275

(City) (State) (Zip)

UNITED STATES

(Country)

2. Issuer Name and Ticker or Trading Symbol
TXNM ENERGY INC [ TXNM ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

X	Director		10% Owner
X	Officer (give title below)		Other (specify below)
	EXECUTIVE CHAIR

2a. Foreign Trading Symbol

3. Date of Earliest Transaction (Month/Day/Year)
08/14/2026

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

4. If Amendment, Date of Original Filed (Month/Day/Year)

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares
Phantom Stock Shares	(1)	08/14/2026		A		739(2)		(3)	(3)	Common Stock	739	$0	98,591	I	TXNM Common Stock Fund - TXNM Energy, Inc. Executive Savings Plan II

Explanation of Responses:

1. The security converts to common stock on a one-for-one basis.

2. Reflects the amount of phantom stock shares acquired under the TXNM Energy, Inc. Executive Savings Plan II through notational dividend reinvestment on the cash dividend payment date of August 14, 2026.

3. The phantom stock shares were acquired under the TXNM Energy, Inc. Executive Savings Plan II, and will settle upon the Reporting Person's retirement or other termination of service.

Remarks:

	/s/ Angela L. Pino, POA for Patricia K. Collawn	08/17/2026
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.
* Form 4: SEC 1474 (03-26)