COLLAWN PATRICIA K 4

What Happened Patricia K. Collawn, Executive Chair of TXNM Energy, received an award/acquisition of 674 phantom stock shares on February 13, 2026. The grant is recorded at $0.00 (no cash paid) and is a derivative award that converts to common stock on a one-for-one basis (footnote F1). The phantom shares were credited via notational dividend reinvestment under the TXNM Energy, Inc. Executive Savings Plan II and will settle upon Collawn’s retirement or other termination of service (footnotes F2–F3).

Key Details

• Transaction date: 2026-02-13; Form 4 filed: 2026-02-17 (filed within the typical two-business-day reporting window).
• Transaction type/code: A = Grant/Award (derivative phantom stock).
• Quantity and price: 674 phantom shares @ $0.00; total reported value = $0.
• Conversion/settlement: Converts 1-for-1 to common stock (F1); acquired by notational dividend reinvestment on the dividend payment date (F2); will settle at retirement/termination (F3).
• Shares owned after transaction: Not specified in the provided filing.

Context This was a non-cash, derivative award under an executive savings plan—not an open-market purchase or sale. Such phantom stock awards are typically retention/compensation vehicles and do not immediately increase publicly tradable shares until settlement; they therefore provide limited direct signal about near-term insider market sentiment.