[Form 4] Southwest Gas Holdings, Inc. Insider Trading Activity

Rhea-AI Filing Summary

Southwest Gas Holdings (SWX) has filed a Form 4 disclosing that Fabio A. Pineda, the company’s VP/Controller/CAO, received 1,442.512 restricted stock units (RSUs) on 17-Jul-2025. The transaction is coded “A,” confirming it is a non-open-market equity award granted at $0 per share. Each RSU converts into one common share as it vests in three annual tranches—40% after the first year and 30% in each of the following two years—subject to Mr. Pineda’s continued employment.

Following the grant, the executive’s direct ownership stands at 1,442.512 SWX shares; no derivative positions or dispositions were reported. The filing represents a routine component of executive compensation, adds marginal insider alignment, and is not expected to materially affect the company’s share count or near-term financials.

Insights

Financial Analyst

TL;DR: Routine RSU grant; negligible share count impact—neutral for valuation.

This Form 4 shows a standard compensation award to a mid-level executive. The 1,443 RSUs amount to less than 0.003% of SWX’s ~64 million shares outstanding, so dilution risk is immaterial. No cash was exchanged, and there are no sales, suggesting insider sentiment remains at least stable. From a valuation or liquidity standpoint, this filing has neutral impact on SWX’s investment thesis.

Corporate Governance Expert

TL;DR: Grant modestly aligns management and shareholders; governance routine.

The three-year vesting schedule encourages retention and long-term focus, consistent with best-practice incentive structures. Because Mr. Pineda had no prior disclosed holdings, the award slightly increases insider ownership, enhancing alignment without creating over-concentration. No red flags on timing or structure were observed. Overall governance impact is minor and neutral.

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).

1. Name and Address of Reporting Person^*

Pineda Fabio A

(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)
	VP/Controller/CAO

3. Date of Earliest Transaction (Month/Day/Year)
07/17/2025

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	07/17/2025		A		1,442.512(1)	A	$0	1,442.512	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. 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.

Remarks:

	Catherine M. Mazzeo, POA	07/21/2025
	** 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 insider transaction did Southwest Gas (SWX) report on 17-Jul-2025?

The company reported that VP/Controller/CAO Fabio Pineda received 1,442.512 restricted stock units via a Form 4 filing.

How many shares were acquired and at what price?

Mr. Pineda acquired 1,442.512 RSUs at a grant price of $0 (non-cash equity award).

What is the vesting schedule for the awarded RSUs?

The RSUs vest 40% after one year, then 30% in each of the subsequent two years, subject to continued service.

What is Mr. Pineda’s total SWX share ownership after the grant?

Following the transaction, he directly owns 1,442.512 shares; no indirect or derivative positions were disclosed.

Were any SWX shares sold or disposed of in this filing?

No. The Form 4 indicates only an acquisition of RSUs and no dispositions or option exercises.

Does this RSU grant materially impact Southwest Gas’s share count?

No. The grant represents an immaterial fraction—less than 0.003%—of the company’s outstanding shares.