Brian Iverson - 16 Sep 2025 Form 4 Insider Report for TXNM ENERGY INC (TXNM)

Role: Gen Couns, SVP Reg-Pub Policy
Signature: /s/ Angela L. Pino, POA for Brian Iverson
Issuer symbol: TXNM
Transactions as of: 16 Sep 2025
Transactions value $: -$79,678
Form type: 4
Filing time: 18 Sep 2025, 16:37:12 UTC
Previous filing: 28 Feb 2025
SEC: View on sec.gov

Reporting Owners (1)

Name	Relationship	Address	Signature	Signature date	CIK
Iverson Brian	Gen Couns, SVP Reg-Pub Policy	CORPORATE HEADQUARTERS, MS 1245, ALBUQUERQUE	/s/ Angela L. Pino, POA for Brian Iverson	18 Sep 2025	0001624359

Transactions Table

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Ownership	Footnotes
transaction	TXNM	Common Stock	Options Exercise	$0	+4,650	+133%	$0	8,143	16 Sep 2025	Direct	F1
transaction	TXNM	Common Stock	Tax liability	-$79,678	-1,407	-17%	$56.63	6,736	16 Sep 2025	Direct	F2

Derivative Securities (e.g., puts, calls, warrants, options, convertible securities)

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Underlying Class	Amount	Exercise Price	Ownership	Footnotes
transaction	TXNM	Restricted Stock Rights	Options Exercise	$0	-4,650	-57%	$0	3,525	16 Sep 2025	Common Stock	4,650		Direct	F3, F4

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

Explanation of Responses:

Id	Content
F1	Represents the portion of previous awards of restricted stock rights that vested effective as of September 16, 2025.
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.
F3	Each restricted stock right represents a contingent right to receive one share of TXNM Energy, Inc. common stock.
F4	The restricted stock units vest in three equal annual installments. Vested shares will be delivered to the reporting person on the applicable vesting dates (or, if the company is in a blackout period under its insider trading policy on any vesting date, at a later date after such blackout period ends).