Amy Timperley

About Amy Timperley

Amy L. Timperley is Senior Vice President/Chief Regulatory, Public Affairs and Gas Resources Officer at Southwest Gas Corporation (a subsidiary of Southwest Gas Holdings, Inc.). She has served in this role since 2024 and is 48 years old; she became an executive officer of Southwest Gas Holdings on March 1, 2023 . Company performance context under her tenure includes utility net income of $261.2 million in 2024, EPS of $2.76, and utility ROE of 8.1%; the Company’s 2022–2024 TSR ranked between the 25th and 75th percentile of its peer group used for compensation benchmarking .

Past Roles

External Roles

• None disclosed in Company filings reviewed.

Fixed Compensation

• The Company’s executive compensation philosophy targets base salary at the median (50th percentile) of a defined utility peer group and reviews annually for competitiveness, responsibilities, and performance; the Compensation Committee uses independent consultant benchmarking (Aon) and applies this framework across executives and NEOs .
• Retirement plans available to officers include: qualified Retirement Plan (for hires on/before 12/31/2021), SERP (for officers hired on/before 12/31/2021), Employee Investment Plan (401k), and Executive Deferral Plan (EDP) with Company match and above-market interest features; eligibility depends on hire date and role .

Performance Compensation

• Annual incentive program structure for utility officers:

  • Performance metrics and weightings (utility officers): Utility Adjusted Net Income (40%), Productivity (O&M per customer) (30%), Customer Satisfaction (15%), Safety – Damage per 1,000 tickets (7.5%) and Response Times <30 minutes (7.5%). Payouts range from 50% at threshold to 200% at maximum, subject to achieving at least 80% of target utility adjusted net income; linear interpolation applies .
  • 2024 outcomes (aggregated utility officers): Total achievement of performance measures equaled 158% of target (utility adjusted net income 80%, productivity 26.98%, customer satisfaction 24.75%, safety damages 15.00%, safety response time 11.74%) .

• Long-term equity incentives:

  • Time-lapse RSUs vest 40% one year after grant year, 30% at year two, 30% at year three, promoting retention and share ownership; grants are based on year-end price and earn dividend equivalents that convert into additional RSUs upon vesting .
  • PSUs for utility officers are earned over 2024–2026 based on 60% cumulative three-year Utility Adjusted Net Income and 40% three-year average utility ROE; threshold/target/maximum levels are shown below with percent of target award earned from 50% to 200% via linear interpolation .

The Company applies a formal policy for incentive plan adjustments to ensure comparability and avoid anomalous outcomes; adjustments for utility O&M per customer and allocations tied to the Centuri IPO were approved in 2024 .

Equity Ownership & Alignment

• Beneficial ownership and changes:

• Ownership policies for officers:
  • Stock ownership guidelines: SVPs must hold Common Stock equal to 3x base salary; if below guideline, must retain 50% of net shares from vesting; CEO retention 75% .
  • Pledging/hedging: Directors and officers are prohibited from pledging, short sales, and hedging/monetization transactions in Company securities; margin accounts prohibited .
  • Options: The Company does not issue stock options under its equity programs; equity awards are RSUs and PSUs with dividend equivalents .

Employment Terms

• Change-in-control (CIC): The Company provides double-trigger CIC agreements to NEOs (no excise tax gross-ups; “best net” cutback approach), designed to support strategic stability; CIC terms for non-NEO officers (e.g., SVPs) are not disclosed .
• Clawback: NYSE/SEC-compliant clawback policy covers excess incentive compensation tied to financial reporting measures and applies to time-based RSUs and PSUs for the prior three fiscal years; administered by the Compensation Committee .
• Insider Trading Policy: Comprehensive insider trading policy applies to officers; Company transacts in own securities only in compliance with law .

Investment Implications

• Compensation alignment: For utility officers, annual incentives tie 40% to Utility Adjusted Net Income and 60% to operations/customer/safety outcomes, and PSUs hinge on multi-year Utility Adjusted Net Income and ROE targets—directly aligning incentives to regulatory/operational execution within Amy’s remit .
• Retention and selling pressure: RSUs vest 40/30/30 over three years and PSUs pay out on three-year performance, creating ongoing retention incentives; insider filings show only exempt dividend reinvestments with no reported sales, and Company policy prohibits pledging/hedging—reducing near-term selling pressure risk .
• Governance support: Strong 2024 say-on-pay approval (~98%) indicates shareholder support for the pay program structure, and the clawback policy strengthens accountability—positive signals for compensation governance and alignment .
• Execution risk: 2024 Company-level outcomes (8.1% utility ROE, regulatory approvals, and rate case filings) provide a constructive backdrop; however, individual SVP compensation specifics (base, bonus targets, severance) are not disclosed, limiting granular pay-for-performance assessment for Amy .