Chris Ellinghaus

James Ward

Richard Sunderland

Ryan Levine

Christopher Ellinghaus

Dylan Lipner

Stephen D’Ambrisi

- Southwest Gas Holdings, Inc. (SWX) and the Icahn Group entered into an **Amended and Restated Cooperation Agreement** on **October 14, 2025**, which supersedes a prior agreement from October 15, 2024.  **[1692115_0001193125-25-239100_d948923d8k.htm:1]** 
- The Company agreed to nominate **Andrew W. Evans, Henry P. Linginfelter, Ruby Sharma, and Andrew J. Teno** (Icahn Designees) for election at the **2026 annual meeting of stockholders**.  **[1692115_0001193125-25-239100_d948923d8k.htm:1]** 
- The agreement includes standstill restrictions on the Icahn Group, which will remain in effect until at least the conclusion of the **2026 Annual Meeting**, limiting their beneficial ownership to **24.9% of outstanding Common Shares**.  **[1692115_0001193125-25-239100_d948923d8k.htm:1]** **[1692115_0001193125-25-239100_d948923dex101.htm:11]**  The number of Icahn Designees on the Board is contingent on the Icahn Group's beneficial ownership, with resignations triggered if their Net Long Position falls below **50%, 35%, or 25% of the Tender Offer Closing Amount (5,089,703 shares)**.  **[1692115_0001193125-25-239100_d948923dex101.htm:7]** **[1692115_0001193125-25-239100_d948923dex101.htm:8]** 
- Certain corporate actions, such as acquisitions exceeding **$500,000,000 individually** or **$1,000,000,000 in aggregate** over a trailing 12-month period, and primary offerings with net proceeds greater than **$50,000,000**, require Strategic Transactions Committee (STC) Requisite Approval or specific provisions for Icahn Group participation.  **[1692115_0001193125-25-239100_d948923dex101.htm:4]** **[1692115_0001193125-25-239100_d948923dex101.htm:5]**

Southwest Gas Holdings (SWX)