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Filing Details

Issuer

Cik	Name	Symbol	Sector (SIC)	IRS No
1108426	Pnm Resources Inc	PNM	Electric Services (4911)	850019030

Insiders

Cik	Name	Reported Address	Insider Title	Director	Officer	Large Shareholder	Other
1269073	G Thomas Sategna	Corporate Headquarters Ms 1275 Albuquerque NM 87158-1275	Vp And Corp Cntrl	No	Yes	No	No

Reported Non-Derivative Transactions

Sec. Name	Acquisiton - Disposition	Date	Amount	Price	Remaning Holdings	Equity Swap Involved	Form Type	Code	Nature of Ownership
Common Stock	Disposition	2015-03-10	5,565	$27.44	0	No	4	S	Direct
Common Stock	Acquisiton	2015-03-12	6,000	$27.52	6,000	No	4	M	Direct
Common Stock	Disposition	2015-03-12	6,000	$28.02	0	No	4	S	Direct

Equity Swap Involved	Form Type	Code	Nature of Ownership
No	4	S	Direct
No	4	M	Direct
No	4	S	Direct

Reported Derivative Transactions

Sec. Name	Sec. Type	Acquisiton - Disposition	Date	Amount	Price	Amount - 2	Price - 2
Common Stock	Phantom Stock Shares	Disposition	2015-03-10	6,994	$0.00	6,994	$0.00
Common Stock	Stock Options	Disposition	2015-03-12	6,000	$0.00	6,000	$27.52

Remaning Holdings	Exercise Date	Expiration Date	Equity Swap Involved	Transaction Form Type	Transaction Code	Nature of Ownership
6,202			No	4	I	Indirect
6,000			No	4	M	Direct

Reported Derivative Holdings

Sec. Name	Sec. Type	Price	Date	Expiration Date	Amount	Remaning Holdings	Nature of Ownership
Common Stock	Restricted Stock Rights	$0.00			2,384	2,384	Direct

Expiration Date	Amount	Remaning Holdings	Nature of Ownership
	2,384	2,384	Direct

Footnotes

Based on the closing price on the date of the grant.
The phantom stock shares acquired under the PNM Resources, Inc. Executive Savings Plan II convert to common stock on a one-for-one basis. Mr. Sategna exercised his right to transfer the value of a portion of his phantom stock shares acquired under the PNM Resources, Inc. Executive Savings Plan II into an alternative investment fund.
Total represents phantom stock shares of PNM Resources, Inc. Common Stock held under the PNM Resources, Inc. Executive Savings Plan II as of March 10, 2015 (after giving effect to the transfer described in footnote 1 above).
Each restricted stock right represents a contingent right to receive one share of PNM Resources, Inc. common stock.
The restricted stock units vest in three equal annual installments from the grant dates. 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).
Stock options were awarded on multiple dates. The exercise price associated with each stock option award was based on the closing price of PNM Resources, Inc. common stock on the date of the grant.
The options expire 10 years from the grant date.