Southwest Gas (NYSE: SWX) president sells 3,028 shares in 10b5-1 plan

Rhea-AI Filing Summary

Southwest Gas Holdings, Inc. president Justin L. Brown reported a sale of common stock. On 01/09/2026, he sold 3,028 shares of Southwest Gas Holdings common stock at $81.08 per share, in a transaction coded "S". The filing notes this sale was made pursuant to a Rule 10b5-1 trading plan adopted on 09/10/2025.

After this sale, Brown directly held 6,320.344 shares of common stock. He also had indirect beneficial ownership of additional shares, including 3,658.482 shares through a 401(k), 10,207.59 shares through a limited liability company in which he and his spouse are the sole members, 210.12 shares held by his spouse, and 14,586.122 shares held by a family trust for which he serves as trustee. Some of these indirect balances include shares acquired through exempt dividend reinvestment transactions.

Insider Trade Summary

Net Seller: 3,028 shares ($245,510)

Net Sell 5 txns

Insider Brown Justin L

Role President/Southwest Gas Corp.

Sold 3,028 shs ($246K)

Type	Security	Shares	Price	Value
Sale	Common Stock	3,028	$81.08	$246K
holding	Common Stock	--	--	--
holding	Common Stock	--	--	--
holding	Common Stock	--	--	--
holding	Common Stock	--	--	--

Holdings After Transaction: Common Stock — 6,320.344 shares (Direct); Common Stock — 3,658.482 shares (Indirect, By 401(k))

Footnotes (1)

1. This transaction is pursuant to a 10b5-1 Plan adopted on 09/10/2025. Balance includes 4.987 shares acquired through exempt dividend reinvestment transactions. Owned by a limited liability company in which Mr. Brown and his spouse are the sole members. Balance includes 3.419 shares acquired through exempt dividend reinvestment transactions. Balance includes 220.935 shares acquired through exempt dividend reinvestment transactions. Owned by family trust in which Mr. Brown 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).

X

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^*

Brown Justin L

(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)

	Director		10% Owner
X	Officer (give title below)		Other (specify below)
	President/Southwest Gas Corp.

3. Date of Earliest Transaction (Month/Day/Year)
01/09/2026

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	01/09/2026		S		3,028(1)	D	$81.08	6,320.344(2)	D
Common Stock								3,658.482	I	By 401(k)
Common Stock								10,207.59	I	By LLC(3)
Common Stock								210.12(4)	I	By Spouse
Common Stock								14,586.122(5)	I	By Trust(6)

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. This transaction is pursuant to a 10b5-1 Plan adopted on 09/10/2025.

2. Balance includes 4.987 shares acquired through exempt dividend reinvestment transactions.

3. Owned by a limited liability company in which Mr. Brown and his spouse are the sole members.

4. Balance includes 3.419 shares acquired through exempt dividend reinvestment transactions.

5. Balance includes 220.935 shares acquired through exempt dividend reinvestment transactions.

6. Owned by family trust in which Mr. Brown is a trustee.

Remarks:

	Catherine M. Mazzeo, POA	01/13/2026
	** 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

Who is the insider in Southwest Gas (SWX) involved in this Form 4?

The insider is Justin L. Brown, who serves as President of Southwest Gas Corp., a subsidiary of Southwest Gas Holdings, Inc.

How many Southwest Gas (SWX) shares did Justin Brown sell and at what price?

On 01/09/2026, Justin Brown sold 3,028 shares of Southwest Gas Holdings common stock at a price of $81.08 per share, reported with transaction code "S".

Was Justin Brown’s Southwest Gas (SWX) stock sale under a 10b5-1 plan?

Yes. A footnote explains the transaction was made pursuant to a Rule 10b5-1 trading plan adopted on 09/10/2025.

How many Southwest Gas (SWX) shares does Justin Brown own directly after the transaction?

Following the reported sale, Justin Brown directly held 6,320.344 shares of Southwest Gas Holdings common stock.

What indirect Southwest Gas (SWX) holdings does Justin Brown report on this Form 4?

He reports indirect beneficial ownership of 3,658.482 shares through a 401(k), 10,207.59 shares through an LLC in which he and his spouse are sole members, 210.12 shares held by his spouse, and 14,586.122 shares held by a family trust where he is a trustee.

Do Justin Brown’s reported Southwest Gas (SWX) balances include dividend reinvestment shares?

Yes. Footnotes state certain balances include shares acquired through exempt dividend reinvestment transactions, including 4.987, 3.419, and 220.935 shares in specified accounts.