COLLAWN PATRICIA K 4

What Happened
Patricia K. Collawn, Executive Chair and director of TXNM Energy, was granted 691 phantom (derivative) shares on May 15, 2026. The award shows $0.00 per share (no cash paid) and is recorded as a grant/award rather than a market purchase or sale.

Key Details

• Transaction date: 2026-05-15; Filing date: 2026-05-19 (filed within normal Form 4 timing).
• Transaction type/code: Grant/Award (A) of 691 phantom shares at $0.00 per share (total reported cash = $0).
• Shares owned after transaction: not disclosed in the Form 4.
• Footnotes from the filing:
  • The phantom shares convert to common stock on a one-for-one basis (F1).
  • The award reflects phantom shares acquired via notational dividend reinvestment on the cash dividend payment date, May 15, 2026 (F2).
  • The phantom shares were granted under the TXNM Energy Executive Savings Plan II and will settle upon the reporting person’s retirement or other termination of service (F3).

Context
This was a non-cash compensation award (phantom stock), which is a derivative that tracks common stock value but does not immediately transfer common shares. Such awards are routine executive compensation and do not represent an open-market buy or sell. Settlement into common stock is expected only upon retirement or termination per the plan terms.