Henry E. Monroy - Feb 28, 2023 Form 4 Insider Report for PNM RESOURCES INC (PNM)

Role: VP & Corporate Controller
Signature: /s/ Angela L. Pino, POA for Henry E Monroy
Stock symbol: PNM
Transactions as of: Feb 28, 2023
Transactions value $: -$50,274
Form type: 4
Date filed: 3/1/2023, 05:54 PM
Previous filing: Mar 9, 2022
Next filing: Mar 8, 2023

Transactions Table

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Ownership	Footnotes
transaction	PNM	Common Stock	Options Exercise	$0	+2.17K	+46.03%	$0.00	6.88K	Feb 28, 2023	Direct	F1
transaction	PNM	Common Stock	Tax liability	-$50.3K	-1.03K	-14.92%	$49.00	5.85K	Feb 28, 2023	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	PNM	Restricted Stock Rights	Award	$0	+933	+54.91%	$0.00	2.63K	Feb 28, 2023	Common Stock	933		Direct	F3, F4

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

Explanation of Responses:

Id	Content
F1	The performance shares were earned as of December 31, 2022 for the 2020-2022 performance period, and settled on February 28, 2023.
F2	Represents shares withheld by PNM Resources, Inc. 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 PNM Resources, 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).