[Form 3] CSW Industrials, Inc Initial Statement of Beneficial Ownership

Rhea-AI Filing Summary

Wang Fang, serving as Vice President and Chief Accounting Officer of CSW Industrials, filed an Initial Statement of Beneficial Ownership (Form 3) reporting holdings from an event on 08/26/2025. The filing shows 2,824 shares of common stock owned directly, which include 740 restricted shares, and 888 shares owned indirectly through an ESOP. The reporting person also holds performance rights that could convert into common stock: 162, 194, and 311 rights from three separate three-year performance cycles beginning April 1, 2025; April 1, 2024; and April 1, 2023 respectively. These performance rights vest at 0%–200% based on relative total shareholder return versus the Russell 2000 and may be settled in cash or shares.

Positive

• Transparent initial disclosure of insider holdings and incentive awards for an officer
• Performance rights align compensation with shareholder returns via relative TSR versus the Russell 2000
• Restricted shares and ESOP holdings indicate ownership alignment with long-term company performance

Negative

• None.

Insights

Financial Analyst

TL;DR Routine insider disclosure showing modest direct ownership and performance-based compensation with multi-year vesting tied to TSR vs Russell 2000.

The Form 3 is a standard initial disclosure for an officer, documenting direct ownership of 2,824 common shares including 740 restricted shares and 888 shares held via an ESOP. The filing additionally details three tranches of performance rights totaling 667 potential shares that vest over separate three-year performance cycles with payout ranging from 0% to 200% based on relative TSR versus the Russell 2000. The rights may be settled in cash or stock, indicating pay-for-performance alignment without immediate dilution until vesting or settlement.

Corporate Governance Expert

TL;DR Disclosure aligns executive compensation with shareholder returns; initial ownership size is modest but includes performance-linked incentives.

The filing confirms that the officer’s equity mix includes restricted stock, ESOP-held shares, and performance rights tied to relative TSR, a common governance mechanism to align management incentives with investors. Vesting windows span three years for each tranche, and settlement discretion (cash or shares) is explicitly stated. This is a routine governance disclosure with no indications of related-party transactions or material conflicts disclosed in this form.

SEC Form 3

FORM 3

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

INITIAL STATEMENT OF BENEFICIAL OWNERSHIP OF SECURITIES

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

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1. Name and Address of Reporting Person^*

WANG FANG

(Last) (First) (Middle)

5420 LYNDON B. JOHNSON FWY., SUITE 500

(Street)

DALLAS TX 75240

(City) (State) (Zip)

2. Date of Event Requiring Statement (Month/Day/Year)
08/26/2025

3. Issuer Name and Ticker or Trading Symbol
CSW INDUSTRIALS, INC. [ CSW ]

4. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

	Director		10% Owner
X	Officer (give title below)		Other (specify below)
	VP, Chief Accounting Officer

5. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Beneficially Owned
1. Title of Security (Instr. 4)	2. Amount of Securities Beneficially Owned (Instr. 4)	3. Ownership Form: Direct (D) or Indirect (I) (Instr. 5)	4. Nature of Indirect Beneficial Ownership (Instr. 5)
Common Stock	2,824(1)	D
Common Stock	888	I	by ESOP

Table II - Derivative Securities Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 4)	2. Date Exercisable and Expiration Date (Month/Day/Year)		3. Title and Amount of Securities Underlying Derivative Security (Instr. 4)		4. Conversion or Exercise Price of Derivative Security	5. Ownership Form: Direct (D) or Indirect (I) (Instr. 5)	6. Nature of Indirect Beneficial Ownership (Instr. 5)
	Date Exercisable	Expiration Date	Title	Amount or Number of Shares
Performance Rights	(2)	(2)	Common Stock	162	(2)	D
Performance Rights	(3)	(3)	Common Stock	194	(3)	D
Performance Rights	(4)	(4)	Common Stock	311	(4)	D

Explanation of Responses:

1. Includes 740 shares of restricted common stock granted to the reporting person pursuant to the Issuer's Equity and Incentive Compensation Plans.

2. Each performance right represents a contingent right to receive one share of the issuer's common stock at vesting. The performance rights vest at a rate between 0% and 200% during a three-year performance cycle beginning on April 1, 2025 and ending on March 31, 2028 based on the issuer's relative total shareholder return in comparison to the total shareholder return performance among the Russell 2000 Index over the performance cycle. The performance rights may be settled, at the issuer's discretion, in cash or shares of common stock.

3. Each performance right represents a contingent right to receive one share of the issuer's common stock at vesting. The performance rights vest at a rate between 0% and 200% during a three-year performance cycle beginning on April 1, 2024 and ending on March 31, 2027 based on the issuer's relative total shareholder return in comparison to the total shareholder return performance among the Russell 2000 Index over the performance cycle. The performance rights may be settled, at the issuer's discretion, in cash or shares of common stock.

4. Each performance right represents a contingent right to receive one share of the issuer's common stock at vesting. The performance rights vest at a rate between 0% and 200% during a three-year performance cycle beginning on April 1, 2023 and ending on March 31, 2026 based on the issuer's relative total shareholder return in comparison to the total shareholder return performance among the Russell 2000 Index over the performance cycle. The performance rights may be settled, at the issuer's discretion, in cash or shares of common stock.

Remarks:

Exhibit 24 - Power of Attorney

	/s/Luke E. Alverson, Attorney in Fact	09/02/2025
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 5 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.

FAQ

What did Wang Fang report on Form 3 for CSW Industrials (CSWI)?

The filing reports 2,824 common shares owned directly (including 740 restricted), 888 shares indirectly via an ESOP, and performance rights of 162, 194, and 311 shares.

When is the event date listed on the Form 3?

The Form 3 lists the event date as 08/26/2025.

What are the performance rights terms disclosed?

Each performance right can convert to one share at vesting, vests at 0%–200% over three-year cycles, and may be settled in cash or shares.

What roles does the reporting person hold at CSW Industrials?

The reporting person, Wang Fang, is identified as an officer with title VP, Chief Accounting Officer and is marked as a director.

How many potential shares could the performance rights represent in total?

The three listed tranches total 667 performance rights (162+194+311), each contingent on vesting and relative TSR outcomes.