Velarion · Company Intelligence
Compensation Brief
Fiscal year 2025 · Filings through 2026-08-17

TXNM ENERGY INC (TXNM)

CEO Joseph Tarry was paid $3,903,948 in fiscal year 2025, ↑ up 34.4% from fiscal year 2024, the 7th percentile of its disclosed peer group (SEC filing 0001108426-26-000020 ↗): 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 Chairman — highest-paid officer; CEO Joseph Tarry: $3,903,948
7th
CEO (Joseph Tarry) pay percentile vs peers
35:1
CEO-to-median pay ratio
98.69%
Say-on-pay support, latest vote

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TXNM's next annual pay disclosure, estimated May 25, 2027.est. Filing ↗

Page 2 of 35 of the TXNM ENERGY INC Executive Compensation Report, as it is delivered: Executive Summary.

That is page 2 of 35 of the full Executive Compensation Report, shown as it is delivered. The rest:

  1. Summary Compensation Table
  2. Equity transactions since the proxy statement
  3. Grants of plan-based awards
  4. Outstanding equity awards at fiscal year-end
  5. Incentive-plan design (CD&A)
  6. Say-on-pay
  7. CEO pay ratio
  8. Director compensation
  9. Board fee structure and ownership guideline
  10. Disclosed peer group
  11. Source register

Every figure above cites the filing it came from (accession 0001108426-26-000020, filed 2026-08-17) — see the source register, §11.

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 FY2024→2025
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.

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$5,219,997 Patricia Collawn total, FY2025

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Data as of August 17, 2026 · Source: 0001108426-26-000020 · Velarion Executive Compensation Database, deposited on Zenodo (doi:10.5281/zenodo.22283855).

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Companies that benchmark against TXNM
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01c

Board of directors

One page per director: the seat, the committees and the fee table, read for one person at a time.

DirectorRoleFY2025 total
A. J. FohrerFormer director (through FY2025)$207,500
E. Renae ConleyIndependent Director$282,500
J. A. HughesIndependent Director$294,500
James A. HughesIndependent Director$294,500
L. J. MontoyaIndependent Director$267,500
Lillian J. MontoyaIndependent Director$267,500
Maureen T. MullarkeyIndependent Director$299,500
N. P. BeckerIndependent Director$309,500
Norman P. BeckerLead Independent Director$309,500
S. C. MaestasIndependent Director$267,500
S. M. GutierrezIndependent Director$267,500
Sidney M. GutierrezIndependent Director$267,500
Steven C. MaestasIndependent Director$267,500
V. A. BaileyIndependent Director$282,500
Vicky A. BaileyIndependent Director$282,500
02

Equity transactions since the proxy statement was filed

Every insider equity transaction reported on Form 4 after the 2025 proxy statement — acquisitions, dispositions, exercises, and withholdings — and therefore not reflected in any table in that document.

InsiderRoleTransaction dateCodeSharesPriceValueSecuritySource
Dividend-equivalent accruals2026-05-15—691——1 insider, 1 accrual row
Maureen T. MullarkeyDirector2026-06-10A2,69800CommonForm 4 ↗
Lillian J. MontoyaDirector2026-06-10A2,69800CommonForm 4 ↗
James Alton HughesDirector2026-06-10A2,69800CommonForm 4 ↗
Norman P. BeckerDirector2026-06-10A2,69800CommonForm 4 ↗
E. Renae ConleyDirector2026-06-10A2,69800CommonForm 4 ↗
Sidney M. GutierrezDirector2026-06-10A2,69800CommonForm 4 ↗
Vicky A. BaileyDirector2026-06-10A2,69800CommonForm 4 ↗
Steven MaestasDirector2026-06-10A2,69800CommonForm 4 ↗
Dividend-equivalent accruals2026-08-14—739——1 insider, 1 accrual row

Transaction codes per Form 4: A acquisition · S open-market sale · F tax withholding · M option exercise · G gift. Value = shares × price as reported. Dividend-equivalent and fractional-share accrual rows (derivative Class A, under $10,000 and under 2,000 shares) are aggregated per date; every row appears in full below.

View all 10 transactions
InsiderRoleTransaction dateCodeSharesPriceValueSecuritySource
Patricia K. CollawnDirector2026-05-15A691$0$0Derivative, Class A CommonForm 4 ↗
Maureen T. MullarkeyDirector2026-06-10A2,69800CommonForm 4 ↗
Lillian J. MontoyaDirector2026-06-10A2,69800CommonForm 4 ↗
James Alton HughesDirector2026-06-10A2,69800CommonForm 4 ↗
Norman P. BeckerDirector2026-06-10A2,69800CommonForm 4 ↗
E. Renae ConleyDirector2026-06-10A2,69800CommonForm 4 ↗
Sidney M. GutierrezDirector2026-06-10A2,69800CommonForm 4 ↗
Vicky A. BaileyDirector2026-06-10A2,69800CommonForm 4 ↗
Steven MaestasDirector2026-06-10A2,69800CommonForm 4 ↗
Patricia K. CollawnDirector2026-08-14A73900Derivative, Class A CommonForm 4 ↗
03

Grants of plan-based awards — fiscal year 2025

ExecutiveAwardGrant dateThresholdTargetGrantedMaximumGrant-date fair value
Patricia CollawnRSU2025-02-26——21,963—$1,032,700
Joseph TarryPSU2025-02-2615,13630,272—60,5451,538,726
Monique JacobsonPSU2025-04-141,6903,381—6,763106,265
Brian IversonRSU2025-02-26——3,525—165,746
Patricia CollawnPSU2025-02-2618,39736,794—73,5881,870,239
Joseph TarryPSU2025-07-012,5705,139—10,278161,519
Henry MonroyPSU2025-05-19359718—1,43635,268
Joseph TarryRSU2025-02-26——9,467—445,138
Henry MonroyPSU2025-05-191,3662,732—5,46585,867
Elisabeth EdenPSU2025-02-262,5895,179—10,359263,249
Monique JacobsonPSU2025-04-141,9263,852—7,704195,797
Henry MonroyPSU2025-05-191,5873,174—6,348161,334
Henry MonroyRSU2025-02-26——1,505—70,765
Monique JacobsonPSU2025-04-145061,013—2,02649,759
Elisabeth EdenRSU2025-02-26——2,219—104,337
Brian IversonPSU2025-02-264,1138,226—16,453418,128
Joseph TarryPSU2025-07-011,3192,639—5,278129,628
03b

Vehicle mix — grant-date fair value by award type

Named executive officerTime-vested (RSU)Performance-vested (PSU)Options / SARs% performance-vested
Patricia Collawn$1,032,700$1,870,239$064.4%
Joseph Tarry445,1381,829,873080.4%
Monique Jacobson0351,8210100.0%
Brian Iverson165,746418,128071.6%
Henry Monroy70,765282,469080.0%
Elisabeth Eden104,337263,249071.6%

% performance-vested = PSU grant-date fair value ÷ (RSU + PSU + Options), a computed value with the derivation shown in the register.

04

Outstanding equity awards at fiscal year-end 2025

ExecutiveAwardShares unvestedExercise priceMarket value unvested
Henry MonroyRSU2,732—$160,860
Patricia CollawnPSU73,588—4,332,861
Joseph TarryPSU60,545—3,564,890
Patricia CollawnPSU60,031—3,534,625
Joseph TarryPSU26,209—1,543,186
Monique JacobsonRSU7,704—453,612
Patricia CollawnRSU21,963—1,293,181
Patricia CollawnRSU17,152—1,009,910
Brian IversonPSU16,453—968,753
Joseph TarryRSU9,467—557,417
Brian IversonPSU8,666—510,254
Henry MonroyRSU6,348—373,770
Patricia CollawnRSU6,019—354,399
Joseph TarryRSU4,846—285,332
Elisabeth EdenPSU3,604—212,204
Brian IversonRSU3,525—207,552
Monique JacobsonPSU3,381—199,073
Elisabeth EdenRSU2,624—154,501
Henry MonroyRSU311—18,312
Elisabeth EdenRSU2,219—130,655
Elisabeth EdenRSU1,854—109,164
Joseph TarryRSU1,700—100,096
Henry MonroyRSU1,505—88,614
Elisabeth EdenRSU650—38,272
Henry MonroyRSU361—21,256
05

Incentive-plan design — the Compensation Discussion & Analysis

Our executive compensation program is designed to attract, motivate and retain talented executives. Our basic philosophy is that our NEOs should be paid for performance, as determined by a combination of corporate performance measures and individual performance.

CEO STI target (% of salary)115%
CEO LTI target (% of salary)—
Independent consultantPay Governance
Clawback policytrue
Anti-hedgingtrue
Anti-pledgingtrue
06

Say-on-pay — recent advisory votes

Meeting yearMeeting dateForAgainstAbstainSupportOutcome
20262026-06-1088,014,2811,167,803156,22798.69%Passed
20252025-05-1382,259,2741,529,784131,61598.17%Passed
20242024-06-0465,422,58312,317,373106,51584.04%Passed
20232023-05-0964,371,8002,540,624137,67496.01%Passed
20222022-05-1061,787,0031,281,834117,34197.79%Passed
20212021-05-1137,769,05518,463,1012,369,35564.45%Passed

Rows are labeled by annual-meeting year, with the meeting date beside each; the vote held in a given year acts on the prior fiscal year's compensation.

Say-on-pay — history, company's computation

Meeting yearMeeting dateApproval — company's computation
20262026-06-1098.69%a
20252025-05-1398.17%b
20242024-06-0484.04%c

a. Voting standard not stated in the filing.

b. Voting standard not stated in the filing.

c. Approved under the standard stated in the filing — “PROPOSAL 3 Approve, on an advisory basis, the compensation of our NEOs Majority of shares present, in person or by proxy, and entitled to vote on the matter Abstentions have the effect of a vote against the matter, while broker non-votes will not be counted in calculating voting results.”.

Approval percentages are the company's own reported computations under its own stated standard, not recomputed by Velarion. Where a company does not state a standard, none is assumed.

07

CEO pay ratio

Ratio (CEO : median employee)35 : 1
CEO total compensation$5,177,532
Median employee compensation$148,703
08

Director compensation — fiscal year 2025

DirectorCash feesStock awardsOption awardsNon-equity incentiveAll otherTotal
N. P. BeckerIndependent · Finance · Nominating and Governance$164,500$145,000$0—$0$309,500
Norman P. BeckerIndependent · Lead Independent Director · Compensation and Human Capital · Finance164,500145,000000309,500
Maureen T. MullarkeyIndependent · Audit and Ethics Committee (Chair) · Finance Committee154,500145,0000—0299,500
J. A. HughesIndependent · Finance · Nominating and Governance149,500145,0000—0294,500
James A. HughesIndependent · Finance (Chair) · Nominating and Governance149,500145,000000294,500
E. Renae ConleyIndependent · Audit and Ethics · Compensation and Human Capital (Chair)137,500145,000000282,500
V. A. BaileyIndependent · Finance · Nominating and Governance137,500145,0000—0282,500
Vicky A. BaileyIndependent · Compensation and Human Capital · Nominating and Governance (Chair)137,500145,000000282,500
S. C. MaestasIndependent · Finance122,500145,0000—0267,500
Sidney M. GutierrezIndependent · Audit and Ethics · Nominating and Governance122,500145,000000267,500
Steven C. MaestasIndependent · Audit and Ethics · Finance122,500145,000000267,500
L. J. MontoyaIndependent · Finance · Nominating and Governance122,500145,0000—0267,500
S. M. GutierrezIndependent · Finance · Nominating and Governance122,500145,0000—0267,500
Lillian J. MontoyaIndependent · Compensation and Human Capital · Nominating and Governance122,500145,000000267,500
A. J. FohrerIndependent · Audit and Ethics Committee · Nominating and Governance Committee · Not standing for re-election · Departed during FY62,500145,0000—0207,500
Patricia K. CollawnEmployee director · Board Chair—————0
Joseph D. TarryEmployee director—————0
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$575,000
09b

Total cost of the board

ComponentFY2025
Cash retainers and fees$1,992,500
Equity awards (grant-date value)$2,175,000
All other compensation$0
Total cost of the board$4,167,500

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.

ALE ALLETE, Inc.LNT Alliant Energy CorporationAVA Avista CorporationNWE NorthWestern Energy Group, Inc.OGE OGE Energy CorporationPNW Pinnacle West Capital CorporationPOR Portland General Electric CompanyMDU MDU Resources Group, Inc.NJR New Jersey Resources CorporationIDA IDACORP, Inc.SWX Southwest Gas Holdings, Inc.HE Hawaiian Electric Industries, Inc.OGS ONE Gas, Inc.BKH Black Hills Corporation
10a

Peer reciprocity

Of the companies TXNM ENERGY INC 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.

✓ ALLETE, Inc. (ALE)73✓ Alliant Energy Corporation (LNT)74✓ Avista Corporation (AVA)75✓ NorthWestern Energy Group, Inc. (NWE)76✓ OGE Energy Corporation (OGE)77— Pinnacle West Capital Corporation (PNW)78✓ Portland General Electric Company (POR)79✓ MDU Resources Group, Inc. (MDU)80— New Jersey Resources Corporation (NJR)81✓ IDACORP, Inc. (IDA)82— Southwest Gas Holdings, Inc. (SWX)83✓ Hawaiian Electric Industries, Inc. (HE)84✓ ONE Gas, Inc. (OGS)85✓ Black Hills Corporation (BKH)86

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 INC.

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
1OGE Energy Corporation2025Sean Trauschke$1,239,372$5,811,824$0$1,753,487$12,032,007
2Southwest Gas Holdings, Inc.2025Karen Haller1,090,6855,776,08501,861,20010,029,409
3Alliant Energy Corporation2025Lisa Barton1,136,9375,471,25501,835,5638,999,073
4Pinnacle West Capital Corporation2025Theodore Geisler938,3565,257,10801,853,0408,414,652
5Portland General Electric Company2025Maria Pope1,205,1114,549,04701,235,0197,583,877
6IDACORP, Inc.2025Lisa Grow1,050,0002,942,30801,785,0017,529,892
7New Jersey Resources Corporation2025Stephen Westhoven1,002,7373,514,63301,398,2866,433,253
8Black Hills Corporation2025Linden Evans995,5942,966,68801,294,8865,991,759
9ONE Gas, Inc.2025Robert McAnnally925,0003,154,36101,300,0005,575,027
10NorthWestern Energy Group, Inc.2025Brian Bird921,2632,700,0220743,4005,016,745
11MDU Resources Group, Inc.2025Nicole Kivisto925,0002,600,31301,169,2004,812,252
12Avista Corporation2025Heather Rosentrater786,8452,653,7430897,7324,773,308
13Hawaiian Electric Industries, Inc.2025Scott W. Seu1,024,9001,721,450004,430,919
14TXNM ENERGY INC2025Joseph Tarry839,4622,275,0110495,0583,903,948
15ALLETE, Inc.2024Bethany Owen871,1751,378,13801,329,6923,720,063

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 ENERGY INC50%PSU 70 · RSU 30Yes — Relative TSR GoalPay Governance
ALLETE, Inc.153.2%PSU 75 · RSU 25Yes — Relative TSRPearl Meyer
Alliant Energy Corporation130%PSU 75 · RSU 25NoPay Governance LLC
Avista Corporation114%not disclosedNoMeridian 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. (FW Cook)
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 70 · RSU 30Yes — Relative Total Shareholder Return (TSR)FW Cook
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.

10d

Frequently asked questions

Who was the highest-paid executive at TXNM ENERGY INC in fiscal 2025?
As disclosed, Patricia Collawn (Executive Chairman) was the highest-paid executive at TXNM ENERGY INC in fiscal 2025, with total compensation of $5,219,997.
How does TXNM ENERGY INC's chief executive pay compare to its disclosed peer group?
As disclosed, Joseph Tarry's total compensation ranked at the 7th percentile of TXNM ENERGY INC's disclosed peer group.
What is TXNM ENERGY INC's CEO-to-median employee pay ratio?
As disclosed, TXNM ENERGY INC's CEO-to-median employee pay ratio was 35:1.
How did shareholders vote on TXNM ENERGY INC's executive compensation?
As disclosed, 98.69% of shareholders supported TXNM ENERGY INC's executive compensation in the latest say-on-pay vote.
How much does TXNM ENERGY INC spend in total on board compensation for fiscal 2025?
As disclosed, TXNM ENERGY INC reported total board compensation of $4,167,500 for fiscal 2025.

Answers are drawn only from the figures disclosed in this brief and cited to their location in the source filing. Where a figure required for an answer is not disclosed, that is stated rather than estimated.

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 03, Patricia Collawn RSUDEF 14A1900-01-010001108426-26-000020Section “Executive Compensation” · grants of plan-based awards table. Filing ↗machine: span 890799–890808
8Section 03, Joseph Tarry PSUDEF 14A1900-01-010001108426-26-000020Section “Executive Compensation” · grants of plan-based awards table. Filing ↗machine: span 917567–917576
9Section 03, Monique Jacobson PSUDEF 14A1900-01-010001108426-26-000020Section “Executive Compensation” · grants of plan-based awards table. Filing ↗machine: span 981718–981725
10Section 03, Brian Iverson RSUDEF 14A1900-01-010001108426-26-000020Section “Executive Compensation” · grants of plan-based awards table. Filing ↗machine: span 935060–935067
11Section 03, Patricia Collawn PSUDEF 14A1900-01-010001108426-26-000020Section “Executive Compensation” · grants of plan-based awards table. Filing ↗machine: span 886015–886024
12Section 03, Joseph Tarry PSUDEF 14A1900-01-010001108426-26-000020Section “Executive Compensation” · grants of plan-based awards table. Filing ↗machine: span 913364–913371
13Section 03, Henry Monroy PSUDEF 14A1900-01-010001108426-26-000020Section “Executive Compensation” · grants of plan-based awards table. Filing ↗
14Section 03, Joseph Tarry RSUDEF 14A1900-01-010001108426-26-000020Section “Executive Compensation” · grants of plan-based awards table. Filing ↗machine: span 921770–921777
15Section 03, Henry Monroy PSUDEF 14A1900-01-010001108426-26-000020Section “Executive Compensation” · grants of plan-based awards table. Filing ↗machine: span 960809–960815
16Section 03, Elisabeth Eden PSUDEF 14A1900-01-010001108426-26-000020Section “Executive Compensation” · grants of plan-based awards table. Filing ↗
17Section 03, Monique Jacobson PSUDEF 14A1900-01-010001108426-26-000020Section “Executive Compensation” · grants of plan-based awards table. Filing ↗machine: span 986370–986377
18Section 03, Henry Monroy PSUDEF 14A1900-01-010001108426-26-000020Section “Executive Compensation” · grants of plan-based awards table. Filing ↗machine: span 964880–964887
19Section 03, Henry Monroy RSUDEF 14A1900-01-010001108426-26-000020Section “Executive Compensation” · grants of plan-based awards table. Filing ↗machine: span 969085–969091
20Section 03, Monique Jacobson PSUDEF 14A1900-01-010001108426-26-000020Section “Executive Compensation” · grants of plan-based awards table. Filing ↗
21Section 03, Elisabeth Eden RSUDEF 14A1900-01-010001108426-26-000020Section “Executive Compensation” · grants of plan-based awards table. Filing ↗machine: span 948076–948083
22Section 03, Brian Iverson PSUDEF 14A1900-01-010001108426-26-000020Section “Executive Compensation” · grants of plan-based awards table. Filing ↗
23Section 03, Joseph Tarry PSUDEF 14A1900-01-010001108426-26-000020Section “Executive Compensation” · grants of plan-based awards table. Filing ↗
24Section 07, pay ratioDEF 14A2026-04-280001108426-26-000020Section “CEO Pay Ratio”. As printed: 35 : 1. Filing ↗machine: span 1364827–1364829
25Section 08, N. P. BeckerDEF 14A2026-04-280001108426-26-000020Section “Director Compensation”. As printed: 309,500. Filing ↗machine: span 280922–281054
26Section 08, Norman P. BeckerDEF 14A2026-04-280001108426-26-000020Section “Director Compensation”. As printed: 309,500. Filing ↗machine: t17 · r3 · c9 · span 280922–281054
27Section 08, Maureen T. MullarkeyDEF 14A2026-04-280001108426-26-000020Section “Director Compensation”. As printed: 299,500. Filing ↗machine: span 299086–299218
28Section 08, J. A. HughesDEF 14A2026-04-280001108426-26-000020Section “Director Compensation”. As printed: 294,500. Filing ↗machine: span 291104–291236
29Section 08, James A. HughesDEF 14A2026-04-280001108426-26-000020Section “Director Compensation”. As printed: 294,500. Filing ↗machine: t17 · r7 · c9 · span 291104–291236
30Section 08, E. Renae ConleyDEF 14A2026-04-280001108426-26-000020Section “Director Compensation”. As printed: 282,500. Filing ↗machine: t17 · r4 · c9 · span 283467–283599
31Section 08, V. A. BaileyDEF 14A2026-04-280001108426-26-000020Section “Director Compensation”. As printed: 282,500. Filing ↗machine: span 278377–278509
32Section 08, Vicky A. BaileyDEF 14A2026-04-280001108426-26-000020Section “Director Compensation”. As printed: 282,500. Filing ↗machine: t17 · r2 · c9 · span 278377–278509
33Section 08, S. C. MaestasDEF 14A2026-04-280001108426-26-000020Section “Director Compensation”. As printed: 267,500. Filing ↗machine: span 293661–293793
34Section 08, Sidney M. GutierrezDEF 14A2026-04-280001108426-26-000020Section “Director Compensation”. As printed: 267,500. Filing ↗machine: t17 · r6 · c9 · span 288559–288691
35Section 08, Steven C. MaestasDEF 14A2026-04-280001108426-26-000020Section “Director Compensation”. As printed: 267,500. Filing ↗machine: t17 · r8 · c9 · span 293661–293793
36Section 08, L. J. MontoyaDEF 14A2026-04-280001108426-26-000020Section “Director Compensation”. As printed: 267,500. Filing ↗machine: span 296218–296350
37Section 08, S. M. GutierrezDEF 14A2026-04-280001108426-26-000020Section “Director Compensation”. As printed: 267,500. Filing ↗machine: span 288559–288691
38Section 08, Lillian J. MontoyaDEF 14A2026-04-280001108426-26-000020Section “Director Compensation”. As printed: 267,500. Filing ↗machine: t17 · r9 · c9 · span 296218–296350
39Section 08, A. J. FohrerDEF 14A2026-04-280001108426-26-000020Section “Director Compensation”. As printed: 207,500. Filing ↗machine: span 286011–286143
40Section 08, Patricia K. CollawnDEF 14A2026-04-280001108426-26-000020Section “Director Compensation”. As printed: 0. Filing ↗
41Section 08, Joseph D. TarryDEF 14A2026-04-280001108426-26-000020Section “Director Compensation”. As printed: 0. Filing ↗
42Section 02, Patricia K. Collawn 2026-05-15Form 42026-05-190001083786-26-000010Insider equity transaction reported since the proxy statement. Filing ↗
43Section 02, Maureen T. Mullarkey 2026-06-10Form 42026-06-110001179991-26-000002Insider equity transaction reported since the proxy statement. Filing ↗
44Section 02, Lillian J. Montoya 2026-06-10Form 42026-06-110002025287-26-000002Insider equity transaction reported since the proxy statement. Filing ↗
45Section 02, James Alton Hughes 2026-06-10Form 42026-06-110001258525-26-000002Insider equity transaction reported since the proxy statement. Filing ↗
46Section 02, Norman P. Becker 2026-06-10Form 42026-06-110001674431-26-000002Insider equity transaction reported since the proxy statement. Filing ↗
47Section 02, E. Renae Conley 2026-06-10Form 42026-06-110001125828-26-000002Insider equity transaction reported since the proxy statement. Filing ↗
48Section 02, Sidney M. Gutierrez 2026-06-10Form 42026-06-110001638692-26-000002Insider equity transaction reported since the proxy statement. Filing ↗
49Section 02, Vicky A. Bailey 2026-06-10Form 42026-06-110001295122-26-000006Insider equity transaction reported since the proxy statement. Filing ↗
50Section 02, Steven Maestas 2026-06-10Form 42026-06-110002025676-26-000002Insider equity transaction reported since the proxy statement. Filing ↗
51Section 02, Patricia K. Collawn 2026-08-14Form 42026-08-170001083786-26-000012Insider equity transaction reported since the proxy statement. Filing ↗
52Section 06, 2026 voteForm 8-K2026-06-110001108426-26-000033Item 5.07 · say-on-pay result. As reported: 98.69% (votes for as printed: 88,014,281). Filing ↗
53Section 06, 2025 voteForm 8-K2025-05-140001108426-25-000038Item 5.07 · say-on-pay result. As reported: 98.17% (votes for as printed: 82,259,274). Filing ↗
54Section 06, 2024 voteForm 8-K2024-06-050001108426-24-000056Item 5.07 · say-on-pay result. As reported: 84.04% (votes for as printed: 65,422,583). Filing ↗
55Section 01 trend, Δ column (computed)Computed——Δ = current-FY total − prior-FY total per named officer.machine: formula: Δ = FY(n) − FY(n−1)
56Section 03b vehicle mix (computed)Computed——RSU / PSU / Options grant-date fair values summed per officer from the grants table; % performance-vested = PSU ÷ (RSU+PSU+Options).machine: formula: sums + PSU ratio
57Section 09b board cost (computed)Computed——Cash 1,992,500 + equity 2,175,000 + all other 0 = 4,167,500, summed across the director compensation table rows.machine: formula: Σ = 4,167,500
58OGE 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
59Southwest 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
60Alliant 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
61Pinnacle 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: 8,414,652. Filing ↗machine: r2 · c24 · span 1811110–1811119
62Portland General Electric Company, Section 10b CEO totalDEF 14A2026-03-130000784977-26-000034CEO total compensation as printed in Portland General Electric Company's own proxy. As printed: 7,583,877. Filing ↗machine: r4 · c27 · span 2638140–2638149
63IDACORP, 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
64New 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
65Black 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
66ONE 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
67NorthWestern 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
68MDU 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
69Avista 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
70Hawaiian 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
71TXNM ENERGY INC (subject), Section 10b CEO totalDEF 14A2026-04-280001108426-26-000020CEO total compensation as printed in TXNM ENERGY INC's own proxy. As printed: 3,903,948. Filing ↗machine: r7 · c27 · span 791496–791505
72ALLETE, 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
73Section 10a, ALLETE, Inc. reciprocityDEF 14A—0000066756-25-000043ALLETE, Inc. names TXNM ENERGY INC in its own disclosed peer group (read from its most recent proxy). Filing ↗
74Section 10a, Alliant Energy Corporation reciprocityDEF 14A—0000352541-26-000025Alliant Energy Corporation names TXNM ENERGY INC in its own disclosed peer group (read from its most recent proxy). Filing ↗
75Section 10a, Avista Corporation reciprocityDEF 14A—0001193125-26-138034Avista Corporation names TXNM ENERGY INC in its own disclosed peer group (read from its most recent proxy). Filing ↗
76Section 10a, NorthWestern Energy Group, Inc. reciprocityDEF 14A—0001993004-26-000018NorthWestern Energy Group, Inc. names TXNM ENERGY INC in its own disclosed peer group (read from its most recent proxy). Filing ↗
77Section 10a, OGE Energy Corporation reciprocityDEF 14A—0001193125-26-138065OGE Energy Corporation names TXNM ENERGY INC in its own disclosed peer group (read from its most recent proxy). Filing ↗
78Section 10a, Pinnacle West Capital Corporation reciprocityDEF 14A—0001628280-26-023516Pinnacle West Capital Corporation's most recent proxy was read; its disclosed peer group does not include TXNM ENERGY INC. Filing ↗
79Section 10a, Portland General Electric Company reciprocityDEF 14A—0000784977-26-000034Portland General Electric Company names TXNM ENERGY INC in its own disclosed peer group (read from its most recent proxy). Filing ↗
80Section 10a, MDU Resources Group, Inc. reciprocityDEF 14A—0000067716-26-000040MDU Resources Group, Inc. names TXNM ENERGY INC in its own disclosed peer group (read from its most recent proxy). Filing ↗
81Section 10a, New Jersey Resources Corporation reciprocityDEF 14A—0000356309-25-000096New Jersey Resources Corporation's most recent proxy was read; its disclosed peer group does not include TXNM ENERGY INC. Filing ↗
82Section 10a, IDACORP, Inc. reciprocityDEF 14A—0001057877-26-000091IDACORP, Inc. names TXNM ENERGY INC in its own disclosed peer group (read from its most recent proxy). Filing ↗
83Section 10a, Southwest Gas Holdings, Inc. reciprocityDEF 14A—0001692115-26-000080Southwest Gas Holdings, Inc.'s most recent proxy was read; its disclosed peer group does not include TXNM ENERGY INC. Filing ↗
84Section 10a, Hawaiian Electric Industries, Inc. reciprocityDEF 14A—0001104659-26-051288Hawaiian Electric Industries, Inc. names TXNM ENERGY INC in its own disclosed peer group (read from its most recent proxy). Filing ↗
85Section 10a, ONE Gas, Inc. reciprocityDEF 14A—0001193125-26-137922ONE Gas, Inc. names TXNM ENERGY INC in its own disclosed peer group (read from its most recent proxy). Filing ↗
86Section 10a, Black Hills Corporation reciprocityDEF 14A—0001193125-26-113958Black Hills Corporation names TXNM ENERGY INC in its own disclosed peer group (read from its most recent proxy). Filing ↗

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