Director at Southwest Gas (NYSE: SWX) awarded 1,726-share equity grant, adds trust holdings

Rhea-AI Filing Summary

Southwest Gas Holdings director Jane Lewis-Raymond reported an equity award of 1,725.574 shares of common stock on February 19, 2026. The shares were acquired as a grant with no cash price per share, increasing her directly held stake to 17,474.344 shares, which includes 497.053 shares from dividend reinvestment transactions. In addition, 1,500 shares are held indirectly by a family trust in which she serves as a trustee.

Insider Trade Summary

2 transactions reported

Mixed 2 txns

Insider Lewis-Raymond Jane

Role Director

Type	Security	Shares	Price	Value
Grant/Award	Common Stock	1,725.574	$0.00	--
holding	Common Stock	--	--	--

Holdings After Transaction: Common Stock — 17,474.344 shares (Direct); Common Stock — 1,500 shares (Indirect, By Trust)

Footnotes (1)

1. Balance includes 497.053 shares acquired through exempt dividend reinvestment transactions. Owned by family trust in which Ms. Lewis-Raymond is a trustee.

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^*

Lewis-Raymond Jane

(Last) (First) (Middle)

8360 S. DURANGO DR.

(Street)

LAS VEGAS NV 89113

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
Southwest Gas Holdings, Inc. [ SWX ]

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

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

3. Date of Earliest Transaction (Month/Day/Year)
02/19/2026

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	02/19/2026		A		1,725.574	A	$0	17,474.344(1)	D
Common Stock								1,500	I	By Trust(2)

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. Balance includes 497.053 shares acquired through exempt dividend reinvestment transactions.

2. Owned by family trust in which Ms. Lewis-Raymond is a trustee.

Remarks:

	Catherine M. Mazzeo, POA	02/23/2026
	** 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 insider transaction did Southwest Gas (SWX) director Jane Lewis-Raymond report?

Director Jane Lewis-Raymond reported receiving a grant of 1,725.574 Southwest Gas common shares on February 19, 2026. The award was recorded at a price of $0.0000 per share, indicating it was an equity grant rather than an open-market purchase.

How many Southwest Gas (SWX) shares does Jane Lewis-Raymond hold after this Form 4?

Following the grant, Jane Lewis-Raymond directly holds 17,474.344 shares of Southwest Gas common stock. This balance includes 497.053 shares that were previously acquired through exempt dividend reinvestment transactions, as referenced in the filing footnotes.

Does Jane Lewis-Raymond have indirect ownership of Southwest Gas (SWX) shares?

Yes. The Form 4 shows 1,500 shares of Southwest Gas common stock held indirectly by a family trust. The filing notes that the shares are owned by a family trust in which Ms. Lewis-Raymond serves as a trustee, indicating an additional indirect interest.

Was the Southwest Gas (SWX) share grant to Jane Lewis-Raymond a market purchase?

No. The 1,725.574-share transaction is coded as a grant or award with a reported price of $0.0000 per share. This indicates it was an equity compensation award, not an open-market purchase on an exchange.

What do the dividend reinvestment transactions mean in the Southwest Gas (SWX) Form 4?

The filing explains that the direct balance includes 497.053 shares acquired through exempt dividend reinvestment transactions. This means some of Jane Lewis-Raymond’s holdings increased automatically by reinvesting cash dividends into additional Southwest Gas shares.