Companies Southwest Gas Holdings, Inc.
Southwest Gas (SWX): executive pay, fiscal 2025
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CEO vs. named peers74th pct.Of 36 peer CEOs
CEO pay, last three years
- $7,129,341FY2023
- $8,153,592FY2024
- $10,029,409FY2025
CEO total pay was $10,029,409 in fiscal 2025, up from $8,153,592 in fiscal 2024.
FY2025: salary $1,090,685 · bonus $0 · stock awards $5,776,085 · option awards $0
Executives and directors
Catherine Mazzeo · General CounselRandall Gabe · ExecutiveJustin Brown · PresidentJustin Forsberg · CFOKaren Haller · CEORobert Stefani · CFOA. Randall Thoman · Independent DirectorAndrew J. Teno · Former director (through FY2025)Andrew W. Evans · Independent DirectorAnne L. Mariucci · Independent DirectorBrian E. Sandoval · Independent DirectorCarlos A. Ruisanchez · Independent DirectorE. Renae Conley · Chair of the BoardHenry P. Linginfelter · Independent DirectorJane Lewis-Raymond · Independent DirectorLeezie Kim · Independent DirectorLeslie T. Thornton · Independent DirectorMolly R. Carson · Independent DirectorRuby Sharma · Independent Director
Frequently asked questions
Who was the highest-paid executive at Southwest Gas Holdings, Inc. in fiscal 2025?
As disclosed, Karen Haller (President and Chief Executive Officer) was the highest-paid executive at Southwest Gas Holdings, Inc. in fiscal 2025, with total compensation of $10,029,409.
How does Southwest Gas Holdings, Inc.'s chief executive pay compare to its disclosed peer group?
As disclosed, Karen Haller's total compensation ranked at the 74th percentile of Southwest Gas Holdings, Inc.'s disclosed peer group.
What is Southwest Gas Holdings, Inc.'s CEO-to-median employee pay ratio?
As disclosed, Southwest Gas Holdings, Inc.'s CEO-to-median employee pay ratio was 68:1.
How did shareholders vote on Southwest Gas Holdings, Inc.'s executive compensation?
As disclosed, 97.73% of shareholders supported Southwest Gas Holdings, Inc.'s executive compensation in the latest say-on-pay vote.
How much does Southwest Gas Holdings, Inc. spend in total on board compensation for fiscal 2025?
As disclosed, Southwest Gas Holdings, Inc. reported total board compensation of $3,487,944 for fiscal 2025.
Answers are drawn only from the figures disclosed in this brief and cited to their location in the source filing. Where a figure required for an answer is not disclosed, that is stated rather than estimated.
Full detail
Every table from the filing. Open any section.
Summary compensation table
| Named executive officer | Salary | Bonus | Stock awards | Option awards | Non-equity incentive | Pension / NQDC | All other | Total |
|---|---|---|---|---|---|---|---|---|
| Karen Haller | $1,090,685 | $0 | $5,776,085 | $0 | $1,861,200 | $1,102,265 | $199,174 | $10,029,409 |
| President and Chief Executive Officer | ||||||||
| Robert Stefani | 617,529 | 0 | 1,238,395 | 0 | 613,914 | 6,562 | 1,723,162 | 4,199,562 |
| Former Senior Vice President/Chief Financial Officer | ||||||||
| Justin Brown | 607,411 | 0 | 1,207,332 | 0 | 648,248 | 553,640 | 23,273 | 3,039,904 |
| President, Southwest Gas Corporation | ||||||||
| Catherine Mazzeo | 439,915 | 0 | 550,902 | 0 | 407,109 | 395,300 | 16,720 | 1,809,946 |
| Senior Vice President/Chief Legal, Safety and Compliance Officer and Corporate Secretary | ||||||||
| Randall Gabe | 433,833 | 0 | 411,999 | 0 | 369,702 | 452,887 | 18,554 | 1,686,975 |
| Senior Vice President/Chief Administrative Officer, Southwest Gas Corporation | ||||||||
| Justin Forsberg | 359,723 | 0 | 183,111 | 0 | 493,500 | 3,227 | 47,133 | 1,086,694 |
| Senior Vice President/Chief Financial Officer and Treasurer | ||||||||
A dash means the company reported no figure in that column; 0 means it reported zero. Figures are as printed in the filing, without adjustment.
Three-year trend — total compensation per named executive
| Named executive officer | FY2025 total | FY2024 total | FY2023 total | Δ FY2024→2025 |
|---|---|---|---|---|
| Karen Haller | $10,029,409 | $8,153,592 | $7,129,341 | ↑ +1,875,817 |
| Robert Stefani | 4,199,562 | 2,562,685 | 2,276,432 | ↑ +1,636,877 |
| Justin Brown | 3,039,904 | 3,959,990 | 2,616,506 | ↓ −920,086 |
| Catherine Mazzeo | 1,809,946 | — | — | — |
| Randall Gabe | 1,686,975 | 1,470,334 | 1,576,558 | ↑ +216,641 |
| Justin Forsberg | 1,086,694 | — | — | — |
Prior-year totals as disclosed in the corresponding proxy; deltas are computed values with the derivation shown in the register.
Incentive-plan design — the Compensation Discussion & Analysis
The nature of the Company's operations and competitive considerations have led the Compensation Committee to design and employ a compensation program that we believe is comparable to compensation programs widely used in the natural gas distribution industry. Performance is the critical component of our program, and both individual and overall Company performance can impact an NEO's level of compensation on an annual basis.
| CEO STI target (% of salary) | 120% |
|---|---|
| CEO LTI target (% of salary) | — |
| Independent consultant | Aon Human Capital Solutions |
| Clawback policy | True |
| Anti-hedging | True |
| Anti-pledging | True |
Equity grants and outstanding awards
Grants of plan-based awards — fiscal year 2025
| Executive | Award | Grant date | Threshold | Target | Granted | Maximum | Grant-date fair value |
|---|---|---|---|---|---|---|---|
| Justin Brown | PSU | 2025-02-20 | 4,700 | 9,399 | — | 23,498 | $724,399 |
| Karen Haller | RSU | 2025-02-20 | — | — | 19,007 | — | 1,464,886 |
| Robert Stefani | PSU | 2025-02-20 | 4,821 | 9,641 | — | 24,103 | 743,037 |
| Karen Haller | PSU | 2025-02-20 | 14,001 | 25,456 | — | 43,912 | 1,961,901 |
| Karen Haller | PSU | 2025-02-20 | 14,255 | 28,511 | — | 71,277 | 2,197,329 |
| Karen Haller | RSU | 2025-02-17 | — | — | 7,338 | — | 151,970 |
| Randall Gabe | RSU | 2025-02-20 | — | — | 2,673 | — | 206,000 |
| Justin Forsberg | PSU | 2025-02-20 | 475 | 950 | — | 2,376 | 73,244 |
| Robert Stefani | RSU | 2025-02-20 | — | — | 6,427 | — | 495,358 |
| Catherine Mazzeo | PSU | 2025-02-20 | 1,787 | 3,574 | — | 8,935 | 275,451 |
| Justin Brown | RSU | 2025-02-20 | — | — | 6,266 | — | 482,933 |
| Catherine Mazzeo | RSU | 2025-02-20 | — | — | 3,574 | — | 275,451 |
| Randall Gabe | PSU | 2025-02-20 | 1,336 | 2,673 | — | 6,682 | 206,000 |
| Justin Forsberg | RSU | 2025-02-20 | — | — | 1,426 | — | 109,866 |
Vehicle mix — grant-date fair value by award type
| Named executive officer | Time-vested (RSU) | Performance-vested (PSU) | Options / SARs | % performance-vested |
|---|---|---|---|---|
| Justin Brown | $482,933 | $724,399 | $0 | 60.0% |
| Karen Haller | 1,616,856 | 4,159,230 | 0 | 72.0% |
| Robert Stefani | 495,358 | 743,037 | 0 | 60.0% |
| Randall Gabe | 206,000 | 206,000 | 0 | 50.0% |
| Justin Forsberg | 109,866 | 73,244 | 0 | 40.0% |
| Catherine Mazzeo | 275,451 | 275,451 | 0 | 50.0% |
% performance-vested = PSU grant-date fair value ÷ (RSU + PSU + Options), a computed value with the derivation shown in the register.
Outstanding equity awards at fiscal year-end 2025
| Executive | Award | Shares unvested | Exercise price | Market value unvested |
|---|---|---|---|---|
| Justin Forsberg | PSU | 1,959 | — | $156,751 |
| Justin Forsberg | RSU | 2,353 | — | 188,287 |
| Catherine Mazzeo | PSU | 4,938 | — | 395,119 |
| Catherine Mazzeo | RSU | 5,358 | — | 428,747 |
| Randall Gabe | RSU | 5,535 | — | 442,911 |
| Randall Gabe | PSU | 5,817 | — | 465,442 |
| Robert Stefani | RSU | 10,684 | — | 854,924 |
| Justin Brown | RSU | 12,625 | — | 1,010,253 |
| Justin Brown | PSU | 28,797 | — | 2,304,315 |
| Robert Stefani | RSU | 54,126 | — | 4,308,460 |
| Karen Haller | RSU | 89,401 | — | 7,153,880 |
Director compensation
| Director | Cash fees | Stock awards | Option awards | Non-equity incentive | All other | Total |
|---|---|---|---|---|---|---|
| Anne L. MariucciIndependent · Compensation · Strategic Transactions (Chair) · Not standing for re-election | $121,800 | $310,041 | $0 | $0 | $82,605 | $576,744 |
| Andrew W. EvansIndependent · Audit · Strategic Transactions | 115,650 | 310,041 | 0 | 0 | 82,605 | 508,296 |
| E. Renae ConleyIndependent · Board Chair · Audit · Compensation | 208,300 | 158,071 | 0 | 0 | 105 | 366,476 |
| Leslie T. ThorntonIndependent · Audit · Nominating and Corporate Governance (Chair) | 126,650 | 158,071 | 0 | 0 | 105 | 300,464 |
| Jane Lewis-RaymondIndependent · Audit · Compensation (Chair) · Strategic Transactions | 137,300 | 158,071 | 0 | 0 | 105 | 295,476 |
| Carlos A. RuisanchezIndependent · Audit (Chair) · Nominating and Corporate Governance · Strategic Transactions | 132,300 | 158,071 | 0 | 0 | 105 | 290,476 |
| Andrew J. TenoIndependent · Nominating and Corporate Governance · Strategic Transactions · Departed during FY | 117,300 | 158,071 | 0 | 0 | 105 | 275,476 |
| Henry P. LinginfelterIndependent · Nominating and Corporate Governance · Strategic Transactions | 117,300 | 158,071 | 0 | 0 | 105 | 275,476 |
| Ruby SharmaIndependent · Audit · Nominating and Corporate Governance | 106,650 | 158,071 | 0 | 0 | 105 | 264,826 |
| A. Randall ThomanIndependent | 62,500 | 158,071 | 0 | 0 | 44 | 244,899 |
| Brian E. SandovalIndependent · Compensation · Nominating and Corporate Governance | 78,750 | 112,735 | 0 | 0 | 70 | 195,934 |
| Karen S. HallerEmployee director | 0 | 0 | 0 | — | 0 | 0 |
| Molly R. CarsonIndependent · Newly elected | 0 | 0 | 0 | 0 | 0 | 0 |
| Justin L. BrownEmployee director · Newly elected | 0 | 0 | 0 | — | 0 | 0 |
| Leezie KimIndependent · Newly elected | 0 | 0 | 0 | 0 | 0 | 0 |
Board fee structure and ownership guideline
| Annual cash retainer | $105,000 |
|---|---|
| Annual equity retainer | $145,000 |
| Per board meeting fee | $1,650 |
| Committee chair fees (audit / comp / nom-gov) | 20,000 / 20,000 / 20,000 |
| Stock ownership guideline | 5x annual cash retainer |
Total cost of the board
| Component | FY2025 |
|---|---|
| Cash retainers and fees | $1,324,500 |
| Equity awards (grant-date value) | $1,997,385 |
| All other compensation | $166,059 |
| Total cost of the board | $3,487,944 |
Computed as the sum of the director compensation table rows above; inputs and formula shown in the register.
Peer group, and who names Southwest Gas as a peer
Companies that benchmark against SWX
14 companies name SWX as a compensation peer
The list of companies that name SWX as a peer is temporarily unavailable — recheck shortly.
Disclosed peer group — fiscal year 2025
The compensation peer group as the company disclosed it in its own proxy — the reference set behind the percentile above.
LNT Alliant Energy CorporationNWE NorthWestern Energy Group, Inc.MDU MDU Resources Group, Inc.CMS CMS Energy CorporationAEE Ameren CorporationATO Atmos Energy CorporationIDA IDACORP, Inc.PGE Portland General Electric CompanyNI NiSource Inc.LNT Alliant Energy CorporationBKH Black Hills CorporationCMS CMS Energy CorporationNI NiSource Inc.OGS ONE Gas, Inc.POR Portland General Electric CompanyBKH Black Hills CorporationNJR New Jersey Resources CorporationEVRG Evergy, Inc.SR Spire, Inc.OGE OGE Energy CorporationHEI Hawaiian Electric Industries, Inc.PNW Pinnacle West Capital CorporationOGS ONE Gas, Inc.AVA Avista CorporationAVA Avista CorporationNWE NorthWestern Energy Group, Inc.AEE Ameren CorporationIDA IDACORP, Inc.SR Spire, Inc.HE Hawaiian Electric Industries, Inc.NJR New Jersey Resources CorporationEVRG Evergy, Inc.ATO Atmos Energy CorporationOGE OGE Energy CorporationPNW Pinnacle West Capital CorporationMDU MDU Resources Group, Inc.
Peer reciprocity
The companies Southwest Gas Holdings, Inc. names as compensation peers that name it back in their own disclosed peer groups.
Alliant Energy Corporation (LNT)66MDU Resources Group, Inc. (MDU)67Atmos Energy Corporation (ATO)68NiSource Inc. (NI)69Black Hills Corporation (BKH)70ONE Gas, Inc. (OGS)71Spire, Inc. (SR)72Avista Corporation (AVA)73
Chief executive pay against the peer group
Most recent fiscal-year chief executive compensation at each disclosed peer, taken from that company’s own proxy statement.
| Rank | Company | FY | Chief executive | Salary | Stock awards | Option awards | Non-equity incentive | Total |
|---|---|---|---|---|---|---|---|---|
| 1 | Ameren Corporation | 2025 | Martin Lyons | $1,325,000 | $8,205,550 | $0 | $3,330,000 | $14,056,510 |
| 2 | NiSource Inc. | 2025 | Lloyd Yates | 1,191,667 | 9,619,864 | 0 | 2,261,784 | 13,197,800 |
| 3 | Hawaiian Electric Industries, Inc. | 2025 | Eric A. Mendelson | 1,281,000 | 0 | 7,522,074 | 3,062,030 | 13,029,835 |
| 4 | OGE Energy Corporation | 2025 | Sean Trauschke | 1,239,372 | 5,811,824 | 0 | 1,753,487 | 12,032,007 |
| 5 | CMS Energy Corporation | 2025 | Garrick Rochow | 1,275,000 | 6,763,239 | 0 | 2,055,938 | 10,534,039 |
| 6 | Southwest Gas Holdings, Inc. | 2025 | Karen Haller | 1,090,685 | 5,776,085 | 0 | 1,861,200 | 10,029,409 |
| 7 | Atmos Energy Corporation | 2025 | J. Kevin Akers | 1,147,802 | 5,179,057 | 0 | 2,100,572 | 9,953,274 |
| 8 | Evergy, Inc. | 2025 | David Campbell | 1,123,142 | 7,004,446 | 0 | 1,342,969 | 9,537,018 |
| 9 | Alliant Energy Corporation | 2025 | Lisa Barton | 1,136,937 | 5,471,255 | 0 | 1,835,563 | 8,999,073 |
| 10 | Pinnacle West Capital Corporation | 2025 | Theodore Geisler | 938,356 | 5,257,108 | 0 | 1,853,040 | 8,414,652 |
| 11 | Portland General Electric Company | 2025 | Maria Pope | 1,205,111 | 4,549,047 | 0 | 1,235,019 | 7,583,877 |
| 12 | Idacorp, Inc. | 2025 | Lisa Grow | 1,050,000 | 2,942,308 | 0 | 1,785,001 | 7,529,892 |
| 13 | New Jersey Resources Corporation | 2025 | Stephen Westhoven | 1,002,737 | 3,514,633 | 0 | 1,398,286 | 6,433,253 |
| 14 | Black Hills Corporation | 2025 | Linden Evans | 995,594 | 2,966,688 | 0 | 1,294,886 | 5,991,759 |
| 15 | ONE Gas, Inc. | 2025 | Robert McAnnally | 925,000 | 3,154,361 | 0 | 1,300,000 | 5,575,027 |
| 16 | Spire, Inc. | 2025 | Steven Lindsey | 497,308 | 1,873,940 | 0 | 0 | 5,066,799 |
| 17 | NorthWestern Energy Group, Inc. | 2025 | Brian Bird | 921,263 | 2,700,022 | 0 | 743,400 | 5,016,745 |
| 18 | MDU Resources Group, Inc. | 2025 | Nicole Kivisto | 925,000 | 2,600,313 | 0 | 1,169,200 | 4,812,252 |
| 19 | Avista Corporation | 2025 | Heather Rosentrater | 786,845 | 2,653,743 | 0 | 897,732 | 4,773,308 |
| 20 | Hawaiian Electric Industries, Inc. | 2025 | Scott W. Seu | 1,024,900 | 1,721,450 | 0 | 0 | 4,430,919 |
| — | Portland General Electric Company | — | — | — | — | — | — | not in coverage universe |
Each peer’s compensation is from its most recently filed proxy; fiscal years differ by company. Each peer’s figures come from its own filings; the subject company is highlighted. Peers whose chief executive compensation is outside our coverage universe are stated as such, never left blank.
Incentive design against the same peers
| Company | Annual incentive payout | Long-term vehicle mix | PSU measures include TSR | Compensation consultant |
|---|---|---|---|---|
| Southwest Gas Holdings, Inc. | 141% | PSU 60 · RSU 40 | No | Aon Human Capital Solutions |
| Alliant Energy Corporation | 130% | PSU 75 · RSU 25 | No | Pay Governance LLC |
| Ameren Corporation | 193.3% | PSU 70 · RSU 30 | No | Meridian Compensation Partners |
| Atmos Energy Corporation | 153% | PSU 75 · RSU 25 | No | Meridian Compensation Partners, LLC |
| Avista Corporation | 114% | not disclosed | No | Meridian Compensation Partners |
| Black Hills Corporation | 118.4% | PSU 60 · RSU 40 | Yes — Relative Total Shareholder Return (rTSR) | Meridian |
| CMS Energy Corporation | 129% | PSU 75 · RSU 25 | Yes — Relative TSR Performance | Pay Governance LLC |
| Evergy, Inc. | 95.5% | PRSU 70 · RSU 30 | Yes — Three Year Relative TSR versus Companies in the EEI Index | Meridian |
| Hawaiian Electric Industries, Inc. | not disclosed | Option 100 | not disclosed | FW Cook |
| Hawaiian Electric Industries, Inc. | not disclosed | PSU 50 · Cash LTI 50 | No | Frederic W. Cook & Co., Inc. (FW Cook) |
| Idacorp, Inc. | 170% | PSU 67 · RSU 33 | Yes — TSR | Pay Governance |
| MDU Resources Group, Inc. | 126.4% | PSU 70 · RSU 30 | Yes — Three-Year rTSR | Independent compensation consultant (nationally-recognized firm; name not disclosed in CD&A) |
| New Jersey Resources Corporation | 126.17% | PSU 51 · RSU 49 | No | FW Cook |
| NiSource Inc. | 146% | PSU 80 · RSU 20 | Yes — Three-Year RTSR | Meridian Compensation Partners |
| NorthWestern Energy Group, Inc. | 80% | PSU 70 · RSU 30 | Yes — TSR relative to peer group | Willis Towers Watson (WTW) |
| OGE Energy Corporation | 118% | PSU 65 · RSU 35 | No | Mercer |
| ONE Gas, Inc. | 140.6% | PSU 70 · RSU 30 | Yes — Relative TSR | Meridian Compensation Partners |
| Pinnacle West Capital Corporation | 197.5% | PSU 70 · RSU 30 | Yes — Relative TSR | FW Cook |
| Portland General Electric Company | not disclosed | PSU 70 · RSU 30 | not disclosed | FW Cook |
| Portland General Electric Company | not disclosed | PSU 70 · RSU 30 | Yes — Relative Total Shareholder Return (TSR) | FW Cook |
| Spire, Inc. | 95% | PSU 75 · RSU 25 | No | Semler Brossy Consulting Group LLC |
Read from each company’s Compensation Discussion and Analysis: annual incentive payout as a percentage of target, the disclosed long-term vehicle mix, whether performance-share measures include a total shareholder return component, and the retained compensation consultant. “Not disclosed” appears only where the company’s filing does not state the item.
Say-on-pay history and pay ratio
| Meeting year | Meeting date | For | Against | Abstain | Support | Outcome |
|---|---|---|---|---|---|---|
| 2026 | 2026-05-07 | 60,023,164 | 1,391,423 | 123,355 | 97.73% | Passed |
| 2025 | 2025-05-01 | 55,808,916 | 7,009,090 | 150,013 | 88.84% | Passed |
| 2024 | 2024-05-02 | 61,015,363 | 972,053 | 288,991 | 98.43% | Passed |
| 2023 | 2023-05-04 | 54,189,966 | 2,116,247 | 170,626 | 96.24% | Passed |
| 2022 | 2022-05-19 | 41,976,045 | 4,488,742 | 843,892 | 90.34% | Passed |
| 2021 | 2021-05-06 | 48,094,703 | 843,616 | 224,934 | 98.28% | Passed |
Rows are labeled by annual-meeting year, with the meeting date beside each; the vote held in a given year acts on the prior fiscal year’s compensation.
Say-on-pay — history, company’s computation
| Meeting year | Meeting date | Approval — company’s computation |
|---|---|---|
| 2026 | 2026-05-07 | 97.73%a |
| 2025 | 2025-05-01 | 88.84%b |
| 2024 | 2024-05-02 | 98.43%c |
a. Approved under the standard stated in the filing — “Abstentions and any broker non-votes will not be counted as votes cast and will, therefore, have no effect on the outcome of this proposal.”.
b. Approved under the standard stated in the filing — “Abstentions and any broker non-votes will not be counted as votes cast and will, therefore, have no effect on the outcome of this proposal.”.
c. Approved under the standard stated in the filing — “Abstentions and any broker non-votes will not be counted as votes cast and will, therefore, have no effect on the outcome of this proposal.”.
Approval percentages are the company’s own reported computations under its own stated standard, not recomputed by Velarion. Where a company does not state a standard, none is assumed.
CEO pay ratio
| Ratio (CEO : median employee) | 68 : 1 |
|---|---|
| CEO total compensation | $10,048,351 |
| Median employee compensation | $147,777 |
Insider trades since the proxy
Every insider equity transaction reported on Form 4 after the 2025 proxy statement — acquisitions, dispositions, exercises, and withholdings — and therefore not reflected in any table in that document.
| Insider | Role | Transaction date | Code | Shares | Price | Value | Security | Source |
|---|---|---|---|---|---|---|---|---|
| Leezie Kim | Director | 2026-05-07 | A | 1,196.37 | $0 | $0 | Common | Form 4 ↗ |
| Molly R. Carson | Director | 2026-05-07 | A | 1,196.37 | 0 | 0 | Common | Form 4 ↗ |
| Julie M. Williams | SVP/Cont. Improvement and Opt. | 2026-09-28 | D | 2,500 | 82 | 204,519 | Common | Form 4 ↗ |
Transaction codes per Form 4: A acquisition · S open-market sale · F tax withholding · M option exercise · G gift. Value = shares × price as reported. Dividend-equivalent and fractional-share accrual rows (derivative Class A, under $10,000 and under 2,000 shares) are aggregated per date; every row appears in full below.
Sources (73 citations)
Each figure is listed with the filing it comes from, where it appears in that filing, and the value as printed. Any figure can be independently confirmed against the source.
- Section 01, Karen Haller. DEF 14A, filed 2026-03-23. Section “Summary Compensation Table (2025, 2024 and 2023)” · page 68. As printed: 10,029,409. View filing ↗
- Section 01, Robert Stefani. DEF 14A, filed 2026-03-23. Section “Summary Compensation Table (2025, 2024 and 2023)” · page 68. As printed: 4,199,562. View filing ↗
- Section 01, Justin Brown. DEF 14A, filed 2026-03-23. Section “Summary Compensation Table (2025, 2024 and 2023)” · page 68. As printed: 3,039,904. View filing ↗
- Section 01, Catherine Mazzeo. DEF 14A, filed 2026-03-23. Section “Summary Compensation Table (2025, 2024 and 2023)” · page 68. As printed: 1,809,946. View filing ↗
- Section 01, Randall Gabe. DEF 14A, filed 2026-03-23. Section “Summary Compensation Table (2025, 2024 and 2023)” · page 68. As printed: 1,686,975. View filing ↗
- Section 01, Justin Forsberg. DEF 14A, filed 2026-03-23. Section “Summary Compensation Table (2025, 2024 and 2023)” · page 68. As printed: 1,086,694. View filing ↗
- Section 03, Justin Brown PSU. DEF 14A, filed 2026-03-23. Section “Grants of Plan-Based Awards (2025)” · grants of plan-based awards table. View filing ↗
- Section 03, Karen Haller RSU. DEF 14A, filed 2026-03-23. Section “Grants of Plan-Based Awards (2025)” · grants of plan-based awards table. View filing ↗
- Section 03, Robert Stefani PSU. DEF 14A, filed 2026-03-23. Section “Grants of Plan-Based Awards (2025)” · grants of plan-based awards table. View filing ↗
- Section 03, Karen Haller PSU. DEF 14A, filed 2026-03-23. Section “Grants of Plan-Based Awards (2025)” · grants of plan-based awards table. View filing ↗
- Section 03, Karen Haller PSU. DEF 14A, filed 2026-03-23. Section “Grants of Plan-Based Awards (2025)” · grants of plan-based awards table. View filing ↗
- Section 03, Karen Haller RSU. DEF 14A, filed 2026-03-23. Section “Grants of Plan-Based Awards (2025)” · grants of plan-based awards table. View filing ↗
- Section 03, Randall Gabe RSU. DEF 14A, filed 2026-03-23. Section “Grants of Plan-Based Awards (2025)” · grants of plan-based awards table. View filing ↗
- Section 03, Justin Forsberg PSU. DEF 14A, filed 2026-03-23. Section “Grants of Plan-Based Awards (2025)” · grants of plan-based awards table. View filing ↗
- Section 03, Robert Stefani RSU. DEF 14A, filed 2026-03-23. Section “Grants of Plan-Based Awards (2025)” · grants of plan-based awards table. View filing ↗
- Section 03, Catherine Mazzeo PSU. DEF 14A, filed 2026-03-23. Section “Grants of Plan-Based Awards (2025)” · grants of plan-based awards table. View filing ↗
- Section 03, Justin Brown RSU. DEF 14A, filed 2026-03-23. Section “Grants of Plan-Based Awards (2025)” · grants of plan-based awards table. View filing ↗
- Section 03, Catherine Mazzeo RSU. DEF 14A, filed 2026-03-23. Section “Grants of Plan-Based Awards (2025)” · grants of plan-based awards table. View filing ↗
- Section 03, Randall Gabe PSU. DEF 14A, filed 2026-03-23. Section “Grants of Plan-Based Awards (2025)” · grants of plan-based awards table. View filing ↗
- Section 03, Justin Forsberg RSU. DEF 14A, filed 2026-03-23. Section “Grants of Plan-Based Awards (2025)” · grants of plan-based awards table. View filing ↗
- Section 07, pay ratio. DEF 14A, filed 2026-03-23. Section “CEO Pay Ratio”. As printed: 68 : 1. View filing ↗
- Section 08, Anne L. Mariucci. DEF 14A, filed 2026-03-23. Section “Director Compensation”. As printed: 576,744. View filing ↗
- Section 08, Andrew W. Evans. DEF 14A, filed 2026-03-23. Section “Director Compensation”. As printed: 508,296. View filing ↗
- Section 08, E. Renae Conley. DEF 14A, filed 2026-03-23. Section “Director Compensation”. As printed: 366,476. View filing ↗
- Section 08, Leslie T. Thornton. DEF 14A, filed 2026-03-23. Section “Director Compensation”. As printed: 300,464. View filing ↗
- Section 08, Jane Lewis-Raymond. DEF 14A, filed 2026-03-23. Section “Director Compensation”. As printed: 295,476. View filing ↗
- Section 08, Carlos A. Ruisanchez. DEF 14A, filed 2026-03-23. Section “Director Compensation”. As printed: 290,476. View filing ↗
- Section 08, Andrew J. Teno. DEF 14A, filed 2026-03-23. Section “Director Compensation”. As printed: 275,476. View filing ↗
- Section 08, Henry P. Linginfelter. DEF 14A, filed 2026-03-23. Section “Director Compensation”. As printed: 275,476. View filing ↗
- Section 08, Ruby Sharma. DEF 14A, filed 2026-03-23. Section “Director Compensation”. As printed: 264,826. View filing ↗
- Section 08, A. Randall Thoman. DEF 14A, filed 2026-03-23. Section “Director Compensation”. As printed: 244,899. View filing ↗
- Section 08, Brian E. Sandoval. DEF 14A, filed 2026-03-23. Section “Director Compensation”. As printed: 195,934. View filing ↗
- Section 08, Karen S. Haller. DEF 14A, filed 2026-03-23. Section “Director Compensation”. As printed: 0. View filing ↗
- Section 08, Molly R. Carson. DEF 14A, filed 2026-03-23. Section “Director Compensation”. As printed: 0. View filing ↗
- Section 08, Justin L. Brown. DEF 14A, filed 2026-03-23. Section “Director Compensation”. As printed: 0. View filing ↗
- Section 08, Leezie Kim. DEF 14A, filed 2026-03-23. Section “Director Compensation”. As printed: 0. View filing ↗
- Section 02, Leezie Kim 2026-05-07. Form 4, filed 2026-05-13. Insider equity transaction reported since the proxy statement. View filing ↗
- Section 02, Molly R. Carson 2026-05-07. Form 4, filed 2026-05-13. Insider equity transaction reported since the proxy statement. View filing ↗
- Section 02, Julie M. Williams 2026-09-28. Form 4, filed 2026-09-29. Insider equity transaction reported since the proxy statement. View filing ↗
- Section 06, 2026 vote. Form 8-K, filed 2026-05-11. Item 5.07 · say-on-pay result. As reported: 97.73% (votes for as printed: 60,023,164). View filing ↗
- Section 06, 2025 vote. Form 8-K, filed 2025-05-05. Item 5.07 · say-on-pay result. As reported: 88.84% (votes for as printed: 55,808,916). View filing ↗
- Section 06, 2024 vote. Form 8-K, filed 2024-05-07. Item 5.07 · say-on-pay result. As reported: 98.43% (votes for as printed: 61,015,363). View filing ↗
- Section 01 trend, Δ column (computed). Computed. Δ = current-FY total − prior-FY total per named officer.
- Section 03b vehicle mix (computed). Computed. RSU / PSU / Options grant-date fair values summed per officer from the grants table; % performance-vested = PSU ÷ (RSU+PSU+Options).
- Section 09b board cost (computed). Computed. Cash 1,324,500 + equity 1,997,385 + all other 166,059 = 3,487,944, summed across the director compensation table rows.
- Ameren Corporation, Section 10b CEO total. DEF 14A, filed 2026-03-31. CEO total compensation as printed in Ameren Corporation's own proxy. As printed: 14,056,510. View filing ↗
- NiSource Inc., Section 10b CEO total. DEF 14A, filed 2026-03-30. CEO total compensation as printed in NiSource Inc.'s own proxy. As printed: 13,197,800. View filing ↗
- Hawaiian Electric Industries, Inc., Section 10b CEO total. DEF 14A, filed 2026-01-30. CEO total compensation as printed in Hawaiian Electric Industries, Inc.'s own proxy. As printed: 13,029,835. View filing ↗
- OGE Energy Corporation, Section 10b CEO total. DEF 14A, filed 2026-04-01. CEO total compensation as printed in OGE Energy Corporation's own proxy. As printed: 12,032,007. View filing ↗
- CMS Energy Corporation, Section 10b CEO total. DEF 14A, filed 2026-03-26. CEO total compensation as printed in CMS Energy Corporation's own proxy. As printed: 10,534,039. View filing ↗
- Southwest Gas Holdings, Inc. (subject), Section 10b CEO total. DEF 14A, filed 2026-03-23. CEO total compensation as printed in Southwest Gas Holdings, Inc.'s own proxy. As printed: 10,029,409. View filing ↗
- Atmos Energy Corporation, Section 10b CEO total. DEF 14A, filed 2025-12-19. CEO total compensation as printed in Atmos Energy Corporation's own proxy. As printed: 9,953,274. View filing ↗
- Evergy, Inc., Section 10b CEO total. DEF 14A, filed 2026-03-26. CEO total compensation as printed in Evergy, Inc.'s own proxy. As printed: 9,537,018. View filing ↗
- Alliant Energy Corporation, Section 10b CEO total. DEF 14A, filed 2026-03-31. CEO total compensation as printed in Alliant Energy Corporation's own proxy. As printed: 8,999,073. View filing ↗
- Pinnacle West Capital Corporation, Section 10b CEO total. DEF 14A, filed 2026-04-03. CEO total compensation as printed in Pinnacle West Capital Corporation's own proxy. As printed: 8,414,652. View filing ↗
- Portland General Electric Company, Section 10b CEO total. DEF 14A, filed 2026-03-13. CEO total compensation as printed in Portland General Electric Company's own proxy. As printed: 7,583,877. View filing ↗
- Idacorp, Inc., Section 10b CEO total. DEF 14A, filed 2026-04-02. CEO total compensation as printed in Idacorp, Inc.'s own proxy. As printed: 7,529,892. View filing ↗
- New Jersey Resources Corporation, Section 10b CEO total. DEF 14A, filed 2025-12-10. CEO total compensation as printed in New Jersey Resources Corporation's own proxy. As printed: 6,433,253. View filing ↗
- Black Hills Corporation, Section 10b CEO total. DEF 14A, filed 2026-03-18. CEO total compensation as printed in Black Hills Corporation's own proxy. As printed: 5,991,759. View filing ↗
- ONE Gas, Inc., Section 10b CEO total. DEF 14A, filed 2026-04-01. CEO total compensation as printed in ONE Gas, Inc.'s own proxy. As printed: 5,575,027. View filing ↗
- Spire, Inc., Section 10b CEO total. DEF 14A, filed 2025-12-16. CEO total compensation as printed in Spire, Inc.'s own proxy. As printed: 5,066,799. View filing ↗
- NorthWestern Energy Group, Inc., Section 10b CEO total. DEF 14A, filed 2026-03-12. CEO total compensation as printed in NorthWestern Energy Group, Inc.'s own proxy. As printed: 5,016,745. View filing ↗
- MDU Resources Group, Inc., Section 10b CEO total. DEF 14A, filed 2026-04-01. CEO total compensation as printed in MDU Resources Group, Inc.'s own proxy. As printed: 4,812,252. View filing ↗
- Avista Corporation, Section 10b CEO total. DEF 14A, filed 2026-04-01. CEO total compensation as printed in Avista Corporation's own proxy. As printed: 4,773,308. View filing ↗
- Hawaiian Electric Industries, Inc., Section 10b CEO total. DEF 14A, filed 2026-04-29. CEO total compensation as printed in Hawaiian Electric Industries, Inc.'s own proxy. As printed: 4,430,919. View filing ↗
- Section 10a, Alliant Energy Corporation reciprocity. DEF 14A. Alliant Energy Corporation names Southwest Gas Holdings, Inc. in its own disclosed peer group (read from its most recent proxy). View filing ↗
- Section 10a, MDU Resources Group, Inc. reciprocity. DEF 14A. MDU Resources Group, Inc. names Southwest Gas Holdings, Inc. in its own disclosed peer group (read from its most recent proxy). View filing ↗
- Section 10a, Atmos Energy Corporation reciprocity. DEF 14A. Atmos Energy Corporation names Southwest Gas Holdings, Inc. in its own disclosed peer group (read from its most recent proxy). View filing ↗
- Section 10a, NiSource Inc. reciprocity. DEF 14A. NiSource Inc. names Southwest Gas Holdings, Inc. in its own disclosed peer group (read from its most recent proxy). View filing ↗
- Section 10a, Black Hills Corporation reciprocity. DEF 14A. Black Hills Corporation names Southwest Gas Holdings, Inc. in its own disclosed peer group (read from its most recent proxy). View filing ↗
- Section 10a, ONE Gas, Inc. reciprocity. DEF 14A. ONE Gas, Inc. names Southwest Gas Holdings, Inc. in its own disclosed peer group (read from its most recent proxy). View filing ↗
- Section 10a, Spire, Inc. reciprocity. DEF 14A. Spire, Inc. names Southwest Gas Holdings, Inc. in its own disclosed peer group (read from its most recent proxy). View filing ↗
- Section 10a, Avista Corporation reciprocity. DEF 14A. Avista Corporation names Southwest Gas Holdings, Inc. in its own disclosed peer group (read from its most recent proxy). View filing ↗