Southwest Gas (SWX) president receives new stock awards

Rhea-AI Filing Summary

Brown Justin L reported acquisition or exercise transactions in this Form 4 filing.

Southwest Gas Holdings, Inc. president Justin L. Brown reported equity awards of company common stock. On February 22, 2026, he received a grant of 8,427.292 shares, bringing his direct holdings to 37,669.595 shares. On February 19, 2026, he received additional awards of 5,544.210 and 17,377.749 shares.

Footnotes state that some awards are restricted stock units, each representing one share of common stock that vests in three annual installments of 40%, 30%, and 30%, assuming continued service. Other awards are performance stock units delivered after three years or upon satisfaction of final performance conditions.

The filing also updates indirect ownership positions, including shares held through an LLC, a 401(k) plan, a spouse, and a trust, with totals of 10,207.590, 3,658.482, 210.120, and 14,586.122 shares respectively following the reported dates.

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
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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^*

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)
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		5,544.21(1)	A	$0	11,864.554	D
Common Stock	02/19/2026		A		17,377.749(2)	A	$0	29,242.303	D
Common Stock	02/22/2026		A		8,427.292(3)	A	$0	37,669.595	D
Common Stock								10,207.59	I	By LLC
Common Stock								3,658.482	I	By 401(k)
Common Stock								210.12	I	By Spouse
Common Stock								14,586.122	I	By Trust

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. Each restricted stock unit represents a contingent right to receive one share of SWX common stock. Restricted stock units vest in three annual installments (40%, 30%, 30%), assuming continued service.

2. Settled Performance Stock Units delivered to the reporting person three years after grant date as a result of satisfaction of performance goals.

3. Settled Performance Stock Units delivered to the reporting person as a result of satisfaction of the performance goal for the final vesting condition of the award.

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 transactions did Southwest Gas (SWX) report for Justin L. Brown?

Justin L. Brown reported equity awards of Southwest Gas common stock. He received grants on February 19 and February 22, 2026, including restricted stock units and performance stock units, increasing his direct holdings and updating several indirect ownership accounts linked to him.

How many Southwest Gas (SWX) shares does Justin L. Brown now hold directly?

After the reported awards, Justin L. Brown directly holds 37,669.595 Southwest Gas common shares. This reflects three separate grant or award acquisitions reported in February 2026, with no purchase price indicated, as the transactions are equity compensation awards rather than open-market buys.

What stock awards did Justin L. Brown of Southwest Gas (SWX) receive in February 2026?

He received three common stock awards: 17,377.749 shares, 5,544.210 shares, and 8,427.292 shares. These are categorized as grant or award acquisitions, including restricted stock units and performance stock units, all reported at a price per share of $0.0000 as equity compensation.

How do Justin L. Brown’s restricted stock units in Southwest Gas (SWX) vest?

Each restricted stock unit represents one Southwest Gas common share and vests in three annual installments of 40%, 30%, and 30%. Vesting requires continued service, meaning Brown must remain in his role over the three-year schedule to receive all underlying shares.

What are the terms of Justin L. Brown’s performance stock units at Southwest Gas (SWX)?

The performance stock units are delivered as common shares only after performance goals are satisfied. Some units settle three years after the grant date, while others settle when the final performance vesting condition is met, tying the awards to specified performance achievements.

What indirect Southwest Gas (SWX) share holdings are reported for Justin L. Brown?

Indirect holdings following the reported dates include 10,207.590 shares held by an LLC, 3,658.482 shares in a 401(k), 210.120 shares held by his spouse, and 14,586.122 shares held by a trust. These reflect updated ownership positions associated with Brown.