SEC Form 4 · accession 0001562180-16-001931
TXNM ENERGY INC · TXNM
Statement of changes in beneficial ownership, as filed. Original on EDGAR ↗
Reporting owner
Patrick V Apodaca
Officer — SR VP, GEN COUNSEL & SECY
Period of report
Mar 4, 2016
Accepted (ET)
Mar 8, 2016 · 1:58 pm EST
Rule 10b5-1 plan
unknown — predates the checkbox
Issuer CIK
0001108426
Table I — non-derivative securities
| Security | Date | Code | Shares | Price | A/D | Owned after | D/I | Nature of ownership |
|---|---|---|---|---|---|---|---|---|
| Common StockF1 | Mar 4, 2016 | M | 962 | — | A | 58,649 | D | |
| Common StockF2 | Mar 4, 2016 | F | 311 | $32.89 | D | 58,338 | D | |
| Common StockF1 | Mar 5, 2016 | M | 992 | — | A | 59,330 | D | |
| Common StockF2 | Mar 5, 2016 | F | 320 | $32.89 | D | 59,010 | D | |
| Common StockF1 | Mar 6, 2016 | M | 1,107 | — | A | 60,117 | D | |
| Common StockF2 | Mar 6, 2016 | F | 358 | $32.89 | D | 59,759 | D | |
| Common StockF3,F4 | Mar 7, 2016 | S | 3,800 | $33.04 | D | 55,959 | D |
Table II — derivative securities
| Security | Conv. / exercise price | Date | Code | Shares | A/D | Exercisable | Expires | Underlying | Underlying shares | Owned after | D/I |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Restricted Stock RightsF5,F6 | — | Mar 4, 2016 | M | 962 | D | — | — | Common Stock | 962 | 7,645 | D |
| Restricted Stock RightsF5,F6 | — | Mar 5, 2016 | M | 992 | D | — | — | Common Stock | 992 | 6,653 | D |
| Restricted Stock RightsF5,F6 | — | Mar 6, 2016 | M | 1,107 | D | — | — | Common Stock | 1,107 | 5,546 | D |
| Stock OptionsF7,F8,F9 | — | holding | — | — | — | — | — | Common Stock | 5,333 | 5,333 | D |
Explanation of responses
- F1Represents the portions of previous awards of restricted stock rights that vested effective as of March 4, March 5, and March 6, 2016.
- F2Represents shares withheld by PNM Resources, Inc. to satisfy the tax withholding obligations arising in connection with the vesting of the restricted stock rights referenced in (1) above. The company utilizes a modified "share withholding" approach in connection with settling awards of restricted stock rights upon vesting, in which it (i) withholds (in cash) the amount required to satisfy the 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 the vested restricted stock rights award at the prevailing market price. Only these "net shares" are delivered to the recipient of the award.
- F3Represents additional shares sold in the open market to satisfy the reporting persons tax obligations arising in connection with the vesting of the equity awards referenced in (1) above, in addition to the minimum statutory tax withholding for the vesting of equity awards.
- F4Price represents a weighted average fill price ranging from 32.99 to 33.08.
- F5Each restricted stock right represents a contingent right to receive one share of PNM Resources, Inc. common stock.
- F6The 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).
- F7Based on the closing price on the date of the grant.
- F8The options vest in three equal annual installments from grant date.
- F9The options expire 10 years from grant date.