Collawn Patricia K - Feb 28, 2023 Form 4 Insider Report for PNM RESOURCES INC (PNM)

Role: CHAIRMAN AND CEO, Director
Signature: /s/ Angela L. Pino, POA for Patricia K. Collawn
Stock symbol: PNM
Transactions as of: Feb 28, 2023
Transactions value $: -$1,163,603
Form type: 4
Date filed: 3/1/2023, 05:32 PM
Previous filing: Feb 21, 2023
Next filing: Mar 8, 2023

Transactions Table

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Ownership	Footnotes
transaction	PNM	Common Stock	Options Exercise	$0	+52.5K	+8.25%	$0.00	689K	Feb 28, 2023	Direct	F1
transaction	PNM	Common Stock	Tax liability	-$1.16M	-23.7K	-3.45%	$49.00	665K	Feb 28, 2023	Direct	F2

Derivative Securities (e.g., puts, calls, warrants, options, convertible securities)

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Underlying Class	Amount	Exercise Price	Ownership	Footnotes
transaction	PNM	Restricted Stock Rights	Award	$0	+18.1K	+56.7%	$0.00	49.9K	Feb 28, 2023	Common Stock	18.1K		Direct	F3, F4

* An asterisk sign (*) next to the price indicates that the price is likely invalid.

Explanation of Responses:

Id	Content
F1	The performance shares were earned as of December 31, 2022 for the 2020-2022 performance period, and settled on February 28, 2023.
F2	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.
F3	Each restricted stock right represents a contingent right to receive one share of PNM Resources, Inc. common stock.
F4	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).