TXNM Energy (TXNM) executive chair receives new restricted stock grant

Rhea-AI Filing Summary

COLLAWN PATRICIA K reported acquisition or exercise transactions in this Form 4 filing.

TXNM Energy Inc. director and executive chair Patricia K. Collawn received a grant of 13,127 restricted stock rights. Each right represents one share of common stock and vests in three equal annual installments. After this award, she holds 58,261 restricted stock rights directly.

Insider Trade Summary

1 transaction reported

Mixed 1 txn

Insider COLLAWN PATRICIA K

Role EXECUTIVE CHAIR

Type	Security	Shares	Price	Value
Grant/Award	Restricted Stock Rights	13,127	$0.00	--

Holdings After Transaction: Restricted Stock Rights — 58,261 shares (Direct)

Footnotes (1)

1. Each restricted stock right represents a contingent right to receive one share of TXNM Energy, Inc. common stock. 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).

Form 4 Insider Transactions: What Each Field Means →

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 NM 87158-1275

(City) (State) (Zip)

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

3. Date of Earliest Transaction (Month/Day/Year)
03/03/2026

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

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

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

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
Restricted Stock Rights	(1)	03/03/2026		A		13,127		(2)	(2)	Common Stock	13,127	$0	58,261	D

Explanation of Responses:

1. Each restricted stock right represents a contingent right to receive one share of TXNM Energy, Inc. common stock.

2. 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).

Remarks:

	/s/ Angela L. Pino, POA for Patricia K. Collawn	03/04/2026
	** 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.

FAQ

What insider transaction did TXNM director Patricia K. Collawn report?

Patricia K. Collawn reported receiving a grant of 13,127 restricted stock rights. These awards are part of her equity compensation as executive chair, giving her the contingent right to receive TXNM Energy common shares over time.

How many TXNM restricted stock rights does Patricia K. Collawn hold after this grant?

After the latest grant, Patricia K. Collawn holds 58,261 restricted stock rights. This figure reflects her direct derivative holdings, representing potential future shares of TXNM Energy common stock as the awards vest over the scheduled periods.

How do the new TXNM restricted stock rights for Patricia K. Collawn vest?

The 13,127 restricted stock rights vest in three equal annual installments. On each vesting date, vested shares will be delivered, or after any blackout period ends under TXNM’s insider trading policy, according to the Form 4 footnotes.

What does each TXNM restricted stock right represent in this Form 4?

Each restricted stock right represents a contingent right to receive one share of TXNM Energy Inc. common stock. The rights convert into actual shares only as they vest according to the specified three-year installment schedule.

Is Patricia K. Collawn’s TXNM award a purchase or a grant?

The transaction is a grant of equity compensation, not an open-market purchase. It is coded as a grant, award, or other acquisition, giving her restricted stock rights that vest over time into TXNM Energy common shares.