Brown Justin L 4

What Happened

• Justin L. Brown, President of Southwest Gas Corp. (a subsidiary of Southwest Gas Holdings, Inc. / SWX), was granted a total of 31,349.251 stock units in mid‑February 2026. The awards reported are: 5,544.210 units (2/19/2026), 17,377.749 units (2/19/2026) and 8,427.292 units (2/22/2026). Each item is reported as an award/acquisition at $0.00 per unit (i.e., compensation awards rather than open‑market purchases or sales).

Key Details

• Transaction dates and reported prices:
  • 2026-02-19: 5,544.210 units @ $0.00 (award)
  • 2026-02-19: 17,377.749 units @ $0.00 (award)
  • 2026-02-22: 8,427.292 units @ $0.00 (award)
• Total units awarded: 31,349.251
• Shares owned after transaction: not specified in the provided filing excerpt (see the full Form 4 for beneficial ownership totals).
• Footnotes provided in the filing:
  • F1: These restricted stock units (RSUs) each convert to one share and generally vest in three annual installments (40%, 30%, 30%) with continued service.
  • F2/F3: Some awards are performance stock units (PSUs) that were settled/delivered upon satisfaction of performance goals (F2 notes delivery three years after grant as performance goals were met; F3 refers to delivery relating to final vesting performance condition).
• Filing timeliness: Report filed 2026-02-23 for transactions on 2026-02-19 and 2026-02-22 — filing appears to be within the normal Form 4 reporting window (no late‑filing flag indicated).

Context

• These entries are compensation awards (RSUs/PSUs) rather than open‑market buys or sales. RSUs/PSUs are contingent rights to receive shares subject to vesting and/or performance conditions; they do not necessarily represent an immediate cash investment or sale by the insider.
• For retail investors, awards can indicate company retention/compensation practices but are not direct bullish/bearish trades by the insider until (and unless) shares are sold or purchased in the market.