Item 1.02 - Termination of a Material Definitive Agreement: The filing reports the termination of an agreement between Southwest Gas Holdings, Inc. and Carl C. Icahn and associated persons/entities (the "Icahn Group") on February 11, 2026 Parties Involved: The termination involves Southwest Gas Holdings, Inc. and Carl C. Icahn along with persons and entities listed in a Cooperation Agreement…

Our analysis rates this filing BULLISH. Southwest Gas Holdings has experienced a material improvement in its risk profile through the mutual termination of its Cooperation Agreement with Carl Icahn's group effective February 11, 2026. The most significant positive development is the elimination of…

Concern level: LOW (1.8/10). Key factors: Residual activist investor influence through three board-nominated directors may create ongoing governance dynamics; Lack of disclosed financial metrics prevents assessment of operational performance trends; Neutral management tone provides no visibility into strategic direction or confidence levels.

Notable risk changes: Mutual termination of Amended and Restated Cooperation Agreement with Carl Icahn Group effective February 11, 2026 - removes activist investor constraints and governance obligations; Three Icahn-nominated directors remain on board and will be renominated at 2026 annual meeting - provides continuity while reducing formal control mechanisms; Elimination of material definitive agreement…

The model predicts SWX will underperform the S&P 500 by about 0.0% over 30 days (model confidence 85%). This is model analysis for research, not investment advice.