BECKER NORMAN P. 4

What Happened

• Norman P. Becker, a director of TXNM Energy Inc. (TXNM), was granted 2,698 restricted stock units (RSUs) on June 10, 2026. The grant is reported as an award (code A) at an acquisition price of $0.00 (i.e., no cash purchase).
• The RSUs will vest on June 10, 2027 and will be settled in common stock upon or after vesting. The filing does not report a cash value or the insider’s total shares owned after the grant.

Key Details

• Transaction date: June 10, 2026; Filing date: June 11, 2026 (timely filing).
• Shares/units granted: 2,698 RSUs; reported price: $0.00 (award).
• Vesting/settlement: Vest on June 10, 2027 and will be delivered in common stock upon or after vesting.
• Footnote: If vesting or any deferred delivery date falls during a blackout period, delivery of the vested shares will be delayed until after the blackout ends.
• Shares owned after transaction: Not specified in the provided filing.

Context

• This was a grant/award (compensation) rather than an open‑market purchase or sale. Awards to directors are common as part of compensation and do not necessarily signal the same market sentiment as a purchase by an insider.
• For retail investors: note the RSUs create potential future dilution when settled into common shares; monitoring vesting and any subsequent open‑market sales can provide clearer signals of an insider’s view.