Sportsman's Warehouse insider acquires 68,279 SPWH shares

Rhea-AI Filing Summary

Paul Stone, President & CEO and a director of Sportsman's Warehouse Holdings, Inc. (SPWH), reported open-market purchases of common stock on 10/02/2025 and 10/03/2025. He acquired 8,300 shares on 10/02 at a weighted average price of $2.46 and 59,979 shares on 10/03 at a weighted average price of $2.80, bringing his total beneficial ownership to 1,110,602 shares. The reported holdings include several tranches of restricted stock units (RSUs) totaling 772,825 units that vest through March 26, 2028, subject to continued employment. The Form 4 was signed by an attorney-in-fact on behalf of Mr. Stone.

Positive

• Insider purchases of 68,279 shares indicate CEO increased direct ownership
• Total beneficial ownership rose to 1,110,602 shares
• Large RSU balance of 772,825 units aligns executive compensation with long‑term vesting through March 26, 2028

Negative

• None.

Insights

Corporate Insider / Governance

Insider purchases increased the CEO's stake to 1,110,602 shares.

The CEO, who also serves as a director, reported purchases totaling 68,279 shares across two days at weighted average prices of $2.46 and $2.80. This filing shows direct purchases rather than option exercises or transfers.

The filing also discloses 772,825 restricted stock units scheduled to vest in multiple tranches through March 26, 2028, which are conditionally convertible to common shares upon continued employment. This is a factual record of ownership change and executive compensation timing.

Insider Trade Summary

Net Buyer: 68,279 shares ($188,359)

Net Buy 2 txns

Insider Stone Paul

Role PRESIDENT AND CEO

Bought 68,279 shs ($188K)

Type	Security	Shares	Price	Value
Purchase	Common Stock	59,979	$2.80	$168K
Purchase	Common Stock	8,300	$2.46	$20K

Holdings After Transaction: Common Stock — 1,110,602 shares (Direct)

Footnotes (1)

1. The price reported in Column 4 is a weighted average price. These shares were purchased in multiple transactions at prices ranging from $2.43 to $2.49, inclusive. The Reporting Person undertakes to provide to the Issuer, any security holder of the Issuer, or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares purchased at each separate price within the range set forth in this footnote. Includes (i) 220,064 restricted stock units scheduled to vest in two substantially equal installments on November 1, 2025 and November 1, 2026, (ii) 269,687 restricted stock units scheduled to vest in two substantially equal installments on April 1, 2026 and April 1, 2027, (iii) 83,074 restricted stock units scheduled to vest in two substantially equal installments on May 1, 2026 and May 1, 2027, and (iv) 200,000 restricted stock units scheduled to vest in three substantially equal installments on March 26, 2026, March 26, 2027 and March 26, 2028, in each case subject to the Reporting Person's continued employment with the Issuer. Each restricted stock unit represents the right to receive one share of the Issuer's common stock. The price reported in Column 4 is a weighted average price. These shares were purchased in multiple transactions at prices ranging from $2.73 to $2.89, inclusive. The Reporting Person undertakes to provide to the Issuer, any security holder of the Issuer, or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares purchased at each separate price within the range set forth in this footnote.

Form 4 Insider Transactions: What Each Field Means →

SEC Form 4

FORM 4

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

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

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

OMB APPROVAL

OMB Number:			3235-0287
Estimated average burden
hours per response:			0.5

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

Stone Paul

(Last) (First) (Middle)

1475 WEST 9000 SOUTH SUITE A

(Street)

WEST JORDAN UT 84088

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
SPORTSMAN'S WAREHOUSE HOLDINGS, INC. [ SPWH ]

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

X	Director		10% Owner
X	Officer (give title below)		Other (specify below)
	PRESIDENT AND CEO

3. Date of Earliest Transaction (Month/Day/Year)
10/02/2025

4. 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 Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Common Stock	10/02/2025		P		8,300	A	$2.46(1)	1,050,623(2)	D
Common Stock	10/03/2025		P		59,979	A	$2.8(3)	1,110,602(2)	D

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares

Explanation of Responses:

1. The price reported in Column 4 is a weighted average price. These shares were purchased in multiple transactions at prices ranging from $2.43 to $2.49, inclusive. The Reporting Person undertakes to provide to the Issuer, any security holder of the Issuer, or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares purchased at each separate price within the range set forth in this footnote.

2. Includes (i) 220,064 restricted stock units scheduled to vest in two substantially equal installments on November 1, 2025 and November 1, 2026, (ii) 269,687 restricted stock units scheduled to vest in two substantially equal installments on April 1, 2026 and April 1, 2027, (iii) 83,074 restricted stock units scheduled to vest in two substantially equal installments on May 1, 2026 and May 1, 2027, and (iv) 200,000 restricted stock units scheduled to vest in three substantially equal installments on March 26, 2026, March 26, 2027 and March 26, 2028, in each case subject to the Reporting Person's continued employment with the Issuer. Each restricted stock unit represents the right to receive one share of the Issuer's common stock.

3. The price reported in Column 4 is a weighted average price. These shares were purchased in multiple transactions at prices ranging from $2.73 to $2.89, inclusive. The Reporting Person undertakes to provide to the Issuer, any security holder of the Issuer, or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares purchased at each separate price within the range set forth in this footnote.

	/s/ Jennifer Fall Jung, Attorney-in-Fact	10/03/2025
	** 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 4 (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 trades did SPWH insider Paul Stone report?

Paul Stone reported purchases of 8,300 shares on 10/02/2025 at a weighted average price of $2.46, and 59,979 shares on 10/03/2025 at a weighted average price of $2.80.

How many SPWH shares does Paul Stone beneficially own after these transactions?

Following the reported purchases, Paul Stone beneficially owns 1,110,602 shares.

Does the Form 4 include restricted stock units (RSUs)?

Yes. The filing discloses a total of 772,825 RSUs scheduled to vest in multiple tranches through March 26, 2028, subject to continued employment.

Were the reported purchase prices single trades or ranges?

Each reported price is a weighted average. The 10/02 purchases ranged from $2.43 to $2.49; the 10/03 purchases ranged from $2.73 to $2.89.

Who signed the Form 4 filing?

The Form 4 was signed on behalf of the reporting person by Jennifer Fall Jung, Attorney-in-Fact on 10/03/2025.