COLLAWN PATRICIA K 4

What Happened

• Patricia K. Collawn, Executive Chair and Director of TXNM Energy, had previously awarded restricted stock rights vest in part on March 7, 2026. Three vesting events converted a total of 21,844 restricted stock rights into common shares (6,019; 8,577; 7,248). The company withheld 9,886 shares to satisfy tax withholding obligations (dispositions reported) at a reported per-share price of $58.88, a withholding value of about $582,087. The net result was delivery of approximately 11,958 shares to Ms. Collawn. Transaction codes: M = conversion/exercise of derivative; F = tax withholding.

Key Details

• Transaction date: March 7, 2026; Form 4 filed March 9, 2026.
• Per-share price used for withholding: $58.88.
• Shares converted/vested: 21,844 total (6,019; 8,577; 7,248).
• Shares withheld for taxes (disposed): 9,886 (value ≈ $582,087).
• Net shares delivered to insider: ~11,958 (net value ≈ $704k).
• Shares owned after transaction: not specified in the filing.
• Footnotes: F1–F4 note these were previously granted restricted stock rights that vested (one right = one share), the company’s modified share‑withholding procedure to cover taxes, and the awards vest in three equal annual installments.
• Filing timeliness: reported on March 9, 2026 for the March 7 vesting (no late filing indicator in the provided data).

Context

• This was a settlement of vested restricted stock rights — effectively converting derivative awards into shares — not an open‑market purchase or a voluntary sale for investment purposes. The recorded "dispositions" are routine tax withholdings (company-directed), a common administrative step when equity awards vest. Retail investors should view this as an insider award settlement rather than a directional trade signal.