Gerald R. Bischoff - 17 Dec 2025 Form 4 Insider Report for TXNM ENERGY INC (TXNM)

Role: VP and Corporate Controller
Signature: /s/ Angela L. Pino, POA for Gerald R Bischoff
Issuer symbol: TXNM
Transactions as of: 17 Dec 2025
Net transactions value: -$16,967
Form type: 4
Filing time: 18 Dec 2025, 15:52:15 UTC
Previous filing: 10 Mar 2025
Next filing: 04 Mar 2026
SEC: View on sec.gov

Reporting Owners (1)

Name	Relationship	Address	Signature	Signature date	CIK
Bischoff Gerald R	VP and Corporate Controller	414 SILVER AVE. SW, MS1075, ALBUQUERQUE	/s/ Angela L. Pino, POA for Gerald R Bischoff	18 Dec 2025	0002004351

Transactions Table

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Ownership	Footnotes
transaction	TXNM	Common Stock	Options Exercise	$0	+638	+61%	$0.000000	1,680	17 Dec 2025	Direct	F1
transaction	TXNM	Common Stock	Tax liability	$16,967	-289	-17%	$58.71	1,391	17 Dec 2025	Direct	F2

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

Explanation of Responses:

Id	Content
F1	Represents vesting of performance shares earned for the 2023 - 2025 performance period based on preliminary results of achievement of applicable performance measures.
F2	Represents shares withheld by TXNM Energy, Inc. (the "Company") 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.

Content

Represents vesting of performance shares earned for the 2023 - 2025 performance period based on preliminary results of achievement of applicable performance measures.

Represents shares withheld by TXNM Energy, Inc. (the "Company") 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.