Velarion · Company Intelligence
Compensation Brief
Fiscal year 2025 · Filings through 2026-04-29

TXNM Energy (PNM)

Fiscal year 2025 executive and director compensation, incentive-plan design, equity activity, and governance — every figure in this brief is traceable to its exact location in the company’s SEC filing — the document, the section, the page, and the table, linked directly.

$5,219,997
Patricia Collawn total, FY2025
Executive Chairmanhighest-paid officer; CEO Joseph Tarry: $3,903,948
14th
CEO (Joseph Tarry) pay percentile vs peers
35:1
CEO-to-median pay ratio
Say-on-pay support, latest vote
Companies that benchmark against PNM
No companies currently name PNM as a compensation peer in their most recent disclosure.

This is the complete answer, not a partial one — the list is never padded.

01

Summary Compensation Table — fiscal year 2025

Named executive officerSalaryBonusStock awardsOption awardsNon-equity incentivePension / NQDCAll otherTotal
Patricia Collawn$1,191,299$0$2,902,939$0$689,632$0$436,127$5,219,997
Executive Chairman
Joseph Tarry839,46202,275,0110495,0581,685292,7323,903,948
President and CEO
Brian Iverson463,84682,052583,8740163,8000123,0671,416,639
General Counsel, SVP, Regulatory & Public Policy
Elisabeth Eden341,13170,000367,5860105,0120132,0361,015,765
former SVP & Chief Financial Officer
Henry Monroy363,49560,000353,2340100,946094,635972,310
SVP & Chief Financial Officer
Monique Jacobson276,9230351,821093,315053,488775,547
SVP, Corporate Services

A dash means the company reported no figure in that column; 0 means it reported zero. Figures are as printed in the filing, without adjustment.

Three-year trend — total compensation per named executive

Named executive officerFY2025 totalFY2024 totalFY2023 totalΔ FY20242025
Patricia Collawn$5,219,997$5,626,175$7,670,833−406,178
Joseph Tarry3,903,9482,904,3772,328,520+999,571
Brian Iverson1,416,6391,075,798+340,841
Elisabeth Eden1,015,7651,239,8211,272,990−224,056
Henry Monroy972,310
Monique Jacobson775,547

Prior-year totals as disclosed in the corresponding proxy; deltas are computed values with the derivation shown in the register.

02

Equity transactions since the proxy statement was filed

No insider equity transactions reported since the proxy statement.

04

Outstanding equity awards at fiscal year-end 2025

ExecutiveAwardShares unvestedExercise priceMarket value unvested
Patricia CollawnRSU6,019$354,399
Joseph TarryRSU4,846285,332
Patricia CollawnPSU73,5884,332,861
Henry MonroyRSU1,50588,614
Joseph TarryPSU60,5453,564,890
Henry MonroyRSU36121,256
Patricia CollawnPSU60,0313,534,625
Elisabeth EdenPSU3,604212,204
Joseph TarryPSU26,2091,543,186
Brian IversonRSU3,525207,552
Patricia CollawnRSU21,9631,293,181
Monique JacobsonPSU3,381199,073
Patricia CollawnRSU17,1521,009,910
Henry MonroyRSU2,732160,860
Brian IversonPSU16,453968,753
Elisabeth EdenRSU2,624154,501
Joseph TarryRSU9,467557,417
Brian IversonPSU8,666510,254
Elisabeth EdenRSU1,854109,164
Monique JacobsonRSU7,704453,612
Joseph TarryRSU1,700100,096
Henry MonroyRSU6,348373,770
Elisabeth EdenRSU65038,272
Elisabeth EdenRSU2,219130,655
Henry MonroyRSU31118,312
05

Incentive-plan design — the Compensation Discussion & Analysis

TXNM's compensation philosophy is grounded in pay for performance, designed to attract, retain, and motivate highly qualified executives by providing market-competitive total compensation that links corporate goals to shareholder interests. The program emphasizes variable compensation, with a significant portion of pay 'at risk' based on the achievement of financial and non-financial objectives.

CEO STI target (% of salary)
CEO LTI target (% of salary)
Independent consultantPay Governance
Clawback policytrue
Anti-hedgingtrue
Anti-pledgingtrue
07

CEO pay ratio

Ratio (CEO : median employee)35 : 1
CEO total compensation
Median employee compensation$148,703
08

Director compensation — fiscal year 2025

DirectorCash feesStock awardsOption awardsNon-equity incentiveAll otherTotal
Norman P. BeckerIndependent · Lead Independent Director · Finance Committee · Compensation and Human Capital Committee$164,500$145,000$0$0$0$309,500
Maureen T. MullarkeyIndependent · Audit and Ethics Committee (Chair) · Finance Committee154,500145,000000299,500
James A. HughesIndependent · Nominating and Governance Committee · Finance Committee (Chair)149,500145,000000294,500
Vicky A. BaileyIndependent · Nominating and Governance Committee (Chair) · Compensation and Human Capital Committee137,500145,000000282,500
E. Renae ConleyIndependent · Audit and Ethics Committee · Compensation and Human Capital Committee (Chair)137,500145,000000282,500
L. J. MontoyaIndependent · Finance · Nominating and Governance122,500145,00000267,500
S. C. MaestasIndependent · Finance122,500145,00000267,500
Sidney M. GutierrezIndependent · Audit and Ethics Committee · Nominating and Governance Committee122,500145,000000267,500
A. J. FohrerIndependent · Audit and Ethics Committee · Nominating and Governance Committee62,500145,00000207,500
Patricia K. CollawnEmployee director · Board Chair0
Joseph D. TarryEmployee director0
09

Board fee structure and ownership guideline

Annual cash retainer$115,000
Annual equity retainer$145,000
Per board meeting fee$1,500
Committee chair fees (audit / comp / nom-gov)20,000 / 15,000 / 15,000
Stock ownership guideline$5
09b

Total cost of the board

ComponentFY2025
Cash retainers and fees$1,173,500
Equity awards (grant-date value)$1,305,000
All other compensation$0
Total cost of the board$2,478,500

Computed as the sum of the director compensation table rows above; inputs and formula shown in the register.

10

Disclosed peer group — fiscal year 2025

The compensation peer group as the company disclosed it in its own proxy — the reference set behind the percentile above.

10a

Peer reciprocity

Of the companies TXNM Energy names as compensation peers, which name it back in their own disclosed peer groups. A peer set the market reciprocates reads differently from one selected in a single direction.

Reciprocity shown where the peer's own current proxy has been read — each mark is cited in the register to that peer's filing. A dash means the peer's current proxy was read and names no reciprocal group including TXNM Energy.

10b

Chief executive pay against the peer group

Most recent fiscal-year chief executive compensation at each disclosed peer, taken from that company's own proxy statement.

RankCompanyFYChief executiveSalaryStock awardsOption awardsNon-equity incentiveTotal
1Portland General Electric Company2025H. Lawrence Culp Jr.$2,000,000$27,564,925$4,575,005$7,520,000$45,616,160
2OGE Energy Corporation2025Sean Trauschke1,239,3725,811,82401,753,48712,032,007
3Southwest Gas Holdings, Inc.2025Karen Haller1,090,6855,776,08501,861,20010,029,409
4Alliant Energy Corporation2025Lisa Barton1,136,9375,471,25501,835,5638,999,073
5IDACORP, Inc.2025Lisa Grow1,050,0002,942,30801,785,0017,529,892
6New Jersey Resources Corporation2025Stephen Westhoven1,002,7373,514,63301,398,2866,433,253
7Black Hills Corporation2025Linden Evans995,5942,966,68801,294,8865,991,759
8ONE Gas, Inc.2025Robert McAnnally925,0003,154,36101,300,0005,575,027
9NorthWestern Energy Group, Inc.2025Brian Bird921,2632,700,0220743,4005,016,745
10MDU Resources Group, Inc.2025Nicole Kivisto925,0002,600,31301,169,2004,812,252
11Avista Corporation2025Heather Rosentrater786,8452,653,7430897,7324,773,308
12Hawaiian Electric Industries, Inc.2025Scott W. Seu1,024,9001,721,450004,430,919
13TXNM Energy2025Joseph Tarry839,4622,275,0110495,0583,903,948
14ALLETE, Inc.2024Bethany Owen871,1751,378,13801,329,6923,720,063
15Pinnacle West Capital Corporation2025Robert Smith514,6581,360,231421,6092,708,803

Each peer's compensation is from its most recently filed proxy; fiscal years differ by company. Each peer's figures come from its own filings; the subject company is highlighted. Peers whose chief executive compensation is outside our coverage universe are stated as such, never left blank.

10c

Incentive design against the same peers

CompanyAnnual incentive payoutLong-term vehicle mixPSU measures include TSRCompensation consultant
TXNM Energynot disclosedPSU 70 · RSA 30not disclosedPay Governance
ALLETE, Inc.not disclosedPSU 75 · RSU 25not disclosedPearl Meyer
Alliant Energy Corporation130%PSU 75 · RSU 25NoPay Governance LLC
Avista Corporation114%PSU 65 · RSU 35NoMeridian Compensation Partners
Black Hills Corporation118.4%PSU 60 · RSU 40Yes — Relative Total Shareholder Return (rTSR)Meridian
Hawaiian Electric Industries, Inc.not disclosedPSU 50 · Cash LTI 50NoFrederic W. Cook & Co., Inc.
IDACORP, Inc.170%PSU 67 · RSU 33Yes — TSRPay Governance
MDU Resources Group, Inc.126.4%PSU 70 · RSU 30Yes — Three-Year rTSRIndependent compensation consultant (nationally-recognized firm; name not disclosed in CD&A)
New Jersey Resources Corporation126.17%PSU 51 · RSU 49NoFW Cook
NorthWestern Energy Group, Inc.80%PSU 70 · RSU 30Yes — TSR relative to peer groupWillis Towers Watson (WTW)
OGE Energy Corporation118%PSU 65 · RSU 35NoMercer
ONE Gas, Inc.140.6%PSU 70 · RSU 30Yes — Relative TSRMeridian Compensation Partners
Pinnacle West Capital Corporation197.5%PSU 70 · RSU 30Yes — Relative TSRFW Cook
Portland General Electric Companynot disclosedPSU 50 · Options 30 · RSU 20NoNot explicitly named in provided text
Southwest Gas Holdings, Inc.141%PSU 60 · RSU 40NoAon Human Capital Solutions

Read from each company's Compensation Discussion and Analysis: annual incentive payout as a percentage of target, the disclosed long-term vehicle mix, whether performance-share measures include a total shareholder return component, and the retained compensation consultant. “Not disclosed” appears only where the company's filing does not state the item.

11

Source register

Each figure's location is given both for the eye (section · page · table · row · column) and for a script (table/row/column index and exact character span in the filed document). Any figure can be independently confirmed against the source.

#SupportsDocumentFiledAccessionLocation in document
1Section 01, Patricia CollawnDEF 14A2026-04-280001108426-26-000020Section “Executive Compensation”. As printed: 5,219,997. Filing ↗machine: r4 · c27 · span 781265–781274
2Section 01, Joseph TarryDEF 14A2026-04-280001108426-26-000020Section “Executive Compensation”. As printed: 3,903,948. Filing ↗machine: r7 · c27 · span 791496–791505
3Section 01, Brian IversonDEF 14A2026-04-280001108426-26-000020Section “Executive Compensation”. As printed: 1,416,639. Filing ↗machine: r10 · c27 · span 801747–801756
4Section 01, Elisabeth EdenDEF 14A2026-04-280001108426-26-000020Section “Executive Compensation”. As printed: 1,015,765. Filing ↗machine: r12 · c27 · span 808680–808689
5Section 01, Henry MonroyDEF 14A2026-04-280001108426-26-000020Section “Executive Compensation”. As printed: 972,310. Filing ↗machine: r15 · c27 · span 819165–819172
6Section 01, Monique JacobsonDEF 14A2026-04-280001108426-26-000020Section “Executive Compensation”. As printed: 775,547. Filing ↗machine: r16 · c27 · span 823379–823386
7Section 07, pay ratioDEF 14A2026-04-280001108426-26-000020Section “CEO Pay Ratio”. As printed: 35 : 1. Filing ↗
8Section 08, Norman P. BeckerDEF 14A2026-04-280001108426-26-000020Section “Director Compensation”. As printed: 309,500. Filing ↗machine: span 280922–281054
9Section 08, Maureen T. MullarkeyDEF 14A2026-04-280001108426-26-000020Section “Director Compensation”. As printed: 299,500. Filing ↗machine: span 299086–299218
10Section 08, James A. HughesDEF 14A2026-04-280001108426-26-000020Section “Director Compensation”. As printed: 294,500. Filing ↗machine: span 291104–291236
11Section 08, Vicky A. BaileyDEF 14A2026-04-280001108426-26-000020Section “Director Compensation”. As printed: 282,500. Filing ↗machine: span 278377–278509
12Section 08, E. Renae ConleyDEF 14A2026-04-280001108426-26-000020Section “Director Compensation”. As printed: 282,500. Filing ↗machine: span 283467–283599
13Section 08, L. J. MontoyaDEF 14A2026-04-280001108426-26-000020Section “Director Compensation”. As printed: 267,500. Filing ↗machine: span 296218–296350
14Section 08, S. C. MaestasDEF 14A2026-04-280001108426-26-000020Section “Director Compensation”. As printed: 267,500. Filing ↗machine: span 293661–293793
15Section 08, Sidney M. GutierrezDEF 14A2026-04-280001108426-26-000020Section “Director Compensation”. As printed: 267,500. Filing ↗machine: span 288559–288691
16Section 08, A. J. FohrerDEF 14A2026-04-280001108426-26-000020Section “Director Compensation”. As printed: 207,500. Filing ↗machine: span 286011–286143
17Section 08, Patricia K. CollawnDEF 14A2026-04-280001108426-26-000020Section “Director Compensation”. As printed: 0. Filing ↗
18Section 08, Joseph D. TarryDEF 14A2026-04-280001108426-26-000020Section “Director Compensation”. As printed: 0. Filing ↗
19Section 01 trend, Δ column (computed)ComputedcomputedΔ = current-FY total − prior-FY total per named officer.machine: formula: Δ = FY(n) − FY(n−1)
20Section 09b board cost (computed)ComputedcomputedCash 1,173,500 + equity 1,305,000 + all other 0 = 2,478,500, summed across the director compensation table rows.machine: formula: Σ = 2,478,500
21Portland General Electric Company, Section 10b CEO totalDEF 14A2026-03-120000040545-26-000018CEO total compensation as printed in Portland General Electric Company's own proxy. As printed: 45,616,160. Filing ↗machine: t152 · span 1179360–1179370
22OGE Energy Corporation, Section 10b CEO totalDEF 14A2026-04-010001193125-26-138065CEO total compensation as printed in OGE Energy Corporation's own proxy. As printed: 12,032,007. Filing ↗machine: span 979637–979647
23Southwest Gas Holdings, Inc., Section 10b CEO totalDEF 14A2026-03-230001692115-26-000080CEO total compensation as printed in Southwest Gas Holdings, Inc.'s own proxy. As printed: 10,029,409. Filing ↗machine: r2 · c24 · span 1094860–1094870
24Alliant Energy Corporation, Section 10b CEO totalDEF 14A2026-03-310000352541-26-000025CEO total compensation as printed in Alliant Energy Corporation's own proxy. As printed: 8,999,073. Filing ↗machine: r2 · c27 · span 489074–489084
25IDACORP, Inc., Section 10b CEO totalDEF 14A2026-04-020001057877-26-000091CEO total compensation as printed in IDACORP, Inc.'s own proxy. As printed: 7,529,892. Filing ↗machine: t35 · r2 · c9 · span 715958–715967
26New Jersey Resources Corporation, Section 10b CEO totalDEF 14A2025-12-100000356309-25-000096CEO total compensation as printed in New Jersey Resources Corporation's own proxy. As printed: 6,433,253. Filing ↗machine: t217 · r2 · c14 · span 1329193–1329202
27Black Hills Corporation, Section 10b CEO totalDEF 14A2026-03-180001193125-26-113958CEO total compensation as printed in Black Hills Corporation's own proxy. As printed: 5,991,759. Filing ↗machine: t83 · r2 · c21 · span 1356271–1356280
28ONE Gas, Inc., Section 10b CEO totalDEF 14A2026-04-010001193125-26-137922CEO total compensation as printed in ONE Gas, Inc.'s own proxy. As printed: 5,575,027. Filing ↗machine: span 1271269–1271278
29NorthWestern Energy Group, Inc., Section 10b CEO totalDEF 14A2026-03-120001993004-26-000018CEO total compensation as printed in NorthWestern Energy Group, Inc.'s own proxy. As printed: 5,016,745. Filing ↗machine: t153 · r3 · c19 · span 752129–752138
30MDU Resources Group, Inc., Section 10b CEO totalDEF 14A2026-04-010000067716-26-000040CEO total compensation as printed in MDU Resources Group, Inc.'s own proxy. As printed: 4,812,252. Filing ↗machine: r4 · c21 · span 904325–904334
31Avista Corporation, Section 10b CEO totalDEF 14A2026-04-010001193125-26-138034CEO total compensation as printed in Avista Corporation's own proxy. As printed: 4,773,308. Filing ↗machine: span 842223–842232
32Hawaiian Electric Industries, Inc., Section 10b CEO totalDEF 14A2026-04-290001104659-26-051288CEO total compensation as printed in Hawaiian Electric Industries, Inc.'s own proxy. As printed: 4,430,919. Filing ↗machine: t70 · r1 · c12 · span 948353–948362
33TXNM Energy (subject), Section 10b CEO totalDEF 14A2026-04-280001108426-26-000020CEO total compensation as printed in TXNM Energy's own proxy. As printed: 3,903,948. Filing ↗machine: r7 · c27 · span 791496–791505
34ALLETE, Inc., Section 10b CEO totalDEF 14A2025-03-310000066756-25-000043CEO total compensation as printed in ALLETE, Inc.'s own proxy. As printed: 3,720,063. Filing ↗machine: r6 · c24 · span 830444–830454
35Pinnacle West Capital Corporation, Section 10b CEO totalDEF 14A2026-04-030001628280-26-023516CEO total compensation as printed in Pinnacle West Capital Corporation's own proxy. As printed: 2,708,803. Filing ↗machine: r20 · c24 · span 1860400–1860409
36Section 10a, MDU Resources Group, Inc. reciprocityDEF 14A0000067716-26-000040MDU Resources Group, Inc.'s most recent proxy was read; its disclosed peer group does not include TXNM Energy. Filing ↗
37Section 10a, Alliant Energy Corporation reciprocityDEF 14A0000352541-26-000025Alliant Energy Corporation's most recent proxy was read; its disclosed peer group does not include TXNM Energy. Filing ↗
38Section 10a, New Jersey Resources Corporation reciprocityDEF 14A0000356309-25-000096New Jersey Resources Corporation's most recent proxy was read; its disclosed peer group does not include TXNM Energy. Filing ↗
39Section 10a, IDACORP, Inc. reciprocityDEF 14A0001057877-26-000091IDACORP, Inc.'s most recent proxy was read; its disclosed peer group does not include TXNM Energy. Filing ↗
40Section 10a, OGE Energy Corporation reciprocityDEF 14A0001193125-26-138065OGE Energy Corporation's most recent proxy was read; its disclosed peer group does not include TXNM Energy. Filing ↗
41Section 10a, ALLETE, Inc. reciprocityDEF 14A0000066756-25-000043ALLETE, Inc.'s most recent proxy was read; its disclosed peer group does not include TXNM Energy. Filing ↗
42Section 10a, Avista Corporation reciprocityDEF 14A0001193125-26-138034Avista Corporation's most recent proxy was read; its disclosed peer group does not include TXNM Energy. Filing ↗
43Section 10a, NorthWestern Energy Group, Inc. reciprocityDEF 14A0001993004-26-000018NorthWestern Energy Group, Inc.'s most recent proxy was read; its disclosed peer group does not include TXNM Energy. Filing ↗
44Section 10a, Hawaiian Electric Industries, Inc. reciprocityDEF 14A0001104659-26-051288Hawaiian Electric Industries, Inc.'s most recent proxy was read; its disclosed peer group does not include TXNM Energy. Filing ↗
45Section 10a, Portland General Electric Company reciprocityDEF 14A0000040545-26-000018Portland General Electric Company's most recent proxy was read; its disclosed peer group does not include TXNM Energy. Filing ↗
46Section 10a, Black Hills Corporation reciprocityDEF 14A0001193125-26-113958Black Hills Corporation's most recent proxy was read; its disclosed peer group does not include TXNM Energy. Filing ↗
47Section 10a, Southwest Gas Holdings, Inc. reciprocityDEF 14A0001692115-26-000080Southwest Gas Holdings, Inc.'s most recent proxy was read; its disclosed peer group does not include TXNM Energy. Filing ↗
48Section 10a, Pinnacle West Capital Corporation reciprocityDEF 14A0001628280-26-023516Pinnacle West Capital Corporation's most recent proxy was read; its disclosed peer group does not include TXNM Energy. Filing ↗
49Section 10a, ONE Gas, Inc. reciprocityDEF 14A0001193125-26-137922ONE Gas, Inc.'s most recent proxy was read; its disclosed peer group does not include TXNM Energy. Filing ↗