Document:

EX-10.19

 Exhibit 10.19 

PERFORMANCE SHARE AWARD AGREEMENT 

This Performance Share Award Agreement (“Award Agreement”) is dated as of
                    , 201    , by and between Southwest Gas Holdings, Inc., a California corporation (the “Company”),
and              (“Grantee”). 
 Overview of Your Award 

Aggregate Target Performance Shares: [determined by award opportunity and Beginning Stock Price] 

 

	 	•	 	[            ] shares 

 Performance
Period: January 1, 20[    ] to December 31, 20[    ] 
 Peer Index: 

[Peer index to be determined by the Committee.] 

1. Grant and Description of Performance Shares. The Company hereby grants the Grantee performance shares (“Performance
Shares”). Each Performance Share represents a share of Common Stock. Until the final number of Performance Shares is determined, the Grantee shall not have any of the rights of a shareholder of the Company with respect to the Performance
Shares, except for the crediting of dividend equivalents as provided for in Section 8 below. 
 2. Restrictions on Alienation.
Performance Shares may not be sold, transferred, pledged, assigned, or otherwise alienated in any manner, whether voluntarily, by operation of law, or otherwise, until the restrictions on the Performance Shares are removed and the Performance Shares
are delivered to the Grantee in the form of shares of Common Stock. 
 3. Performance Shares. Vesting of Performance Shares is
contingent upon              achieved by the Company for the three (3) year measurement cycle (such cycle, the “Measurement Cycle”) beginning with the fiscal year in which
the Performance Shares are granted, subject to modification based on relative total shareholder return (“TSR”).              shall be calculated using generally accepted
accounting principles, adjusted to exclude the impacts of company owned life insurance. 
 Subject to adjustment based on TSR, Performance
Shares will vest as illustrated in the performance schedule below. Should the performance levels achieved be between the stated criteria below, the percentage of Performance Shares vesting will be determined by straight-line interpolation. 

Performance Schedule Fiscal Years 20    -20     

 

							
	 Performance Level
	  	 Measure
	  	Vested Performance
Shares	 
	 Below Threshold
	  	Less than [            ]	  	 	0	% 
	 Threshold
	  	[            ]	  	 	50	% 
	 Target
	  	[            ]	  	 	100	% 
	 Maximum
	  	[            ]	  	 	150	% 

  
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 4. TSR Modifier. The vesting of both Performance Shares is subject to further adjustment
based upon the achievement of the following TSR performance goals pre-established by the Committee. For example, if the vesting percentage of Performance Shares determined based on
             for the Measurement Cycle is 150% and TSR for the Measurement Cycle is in the top 75th Percentile, the percentage of
Performance Shares vesting would be adjusted upward by 30% such that 195% of the target number of Performance Shares would vest. 
  

			
	 TSR Performance Relative to Peer Index
	  	 Payout (% Adjustment)

	 75th Percentile or Above
	  	30% upward
		
	 Below 75th Percentile and above 25%
Percentile
	  	0% (i.e., no adjustment)
		
	 25th Percentile or Below
	  	15% downward

 If              performance is above threshold, in
the event of a downward adjustment based on TSR, the lowest percentage of Performance Shares (as applicable) that vest will be 50% of the target number of Performance Shares. 

TSR shall be calculated as follows: 

TSR = (Change in Stock Price + Dividends paid) / Beginning Stock Price 

“Beginning Stock Price” shall mean the closing price on the applicable stock exchange of one share of Common Stock on the last
trading day immediately prior to the first day of the Performance Period. “Ending Stock Price” shall mean the closing price on the applicable stock exchange of one share of Common Stock for the last trading day of the Performance Period.
“Change in Stock Price” shall mean the difference between the Beginning Stock Price and the Ending Stock Price; and Dividends Paid shall mean the total of all dividends paid on one share of stock during the Performance Period. 

Following the TSR calculation, the Company’s Percentile Rank shall be determined as follows: 

Percentile Rank shall be determined by listing from highest TSR to lowest TSR of each company in the Peer Index (excluding the Company). The
top company would have a one hundred percentile (100%) rank and the bottom company would have a zero percentile (0.0%) rank. Each company in between would be one hundred divided by n minus one (100/(n-1))
above the company below it, where “n” is the total number of companies in the Peer Index. The Company percentile rank would then be interpolated based on the Company TSR. [The companies in the Peer Index shall remain constant throughout
the entire Performance Period.] 
 5. Forfeiture of Performance Shares. 

All Performance Shares granted shall be forfeited if, prior to the removal of restrictions on the Performance Shares, the Grantee has
experienced a Termination for any reason other than as described below in Section 6. Each Grantee shall execute any documents reasonably requested by the Company in connection with such forfeiture. Upon any forfeiture, all rights of the Grantee
with respect to the forfeited Performance Shares shall cease and terminate, without any further obligation on the part of the Company. 

  
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 6. Removal of Restrictions. 

(a) Death, Disability, Certain Involuntary Terminations and Terminations following a Change in Control. 

Upon Grantee’s death, Termination due to Disability, Termination due to a general reduction in force or specific elimination of the
Grantee’s job (except if contemporaneously with such elimination Grantee’s suffers a Termination for Cause), or Termination for any reason following a Change in Control, restrictions placed on each Performance Share shall be removed, and
the Measurement Cycle for purposes of Section 7 and Section 8 below shall be deemed to have ended. The prorated number of Performance Shares awarded shall be determined by multiplying the percentage of Performance Shares awarded at the
“Target” performance level first stated above, by the ratio of actual months of service to 36 months of the original Measurement Cycle, with the resulting product being increased, if appropriate, as provided below in Section 8. The
Grantee, or his or her legal representatives, beneficiaries or heirs shall be entitled to a distribution of shares of Common Stock equal in number to such prorated number of Performance Shares. 

(b) Retirement. 
 Upon
Grantee’s Retirement, the restrictions placed on the Performance Shares under Section 2 above shall not be removed and the percentage of Performance Shares earned shall not be determined until the end of the Measurement Cycle. The vested
number of Performance Shares shall be determined by multiplying the ratio of actual months of service to 36 months of the original Measurement Cycle by the percentage of Performance Shares earned, based on actual performance achieved over the
original Measurement Cycle with the resulting product being increased, if appropriate, as provided below in Section 8. The Grantee, or his or her legal representatives, beneficiaries or heirs shall be entitled to a distribution of shares of
Common Stock equal in number to such prorated number of Performance Shares. 
 7. Credit of Dividend Equivalents. 

The Grantee’s account shall be credited with a number of Performance Shares based on the amount of dividends that were declared and paid
on shares of Common Stock during each fiscal quarter of the Measurement Cycle. The number of Performance Shares upon which dividend equivalents shall be credited for the benefit of the Grantee is the total number of Performance Shares finally
determined to have been earned by the Grantee at the end of the Measurement Cycle in accordance with Sections 3 and 4 and/or 6, as appropriate. The total amount of each quarterly dividend equivalent shall be converted to the number of Performance
Shares attributable to that quarterly dividend equivalent, by dividing such dividend equivalent amount by the average of the closing price of the Common Stock on the dividend payment date during the appropriate Measurement Cycle. Incremental
Performance Shares credited for dividends may also earn dividend equivalents. 
 8. Distribution of Common Stock or Cash. 

The Grantee shall receive a distribution of whole shares of Common Stock equal to the number of vested Performance Shares plus dividend
equivalents, as applicable, provided the Grantee has remained in continuous service with the Company during the entire term of the Measurement Cycle (except in the event of Retirement pursuant to Section 6(b)). Distribution of shares of Common Stock
shall occur as soon as administratively possible following the last trading day of the quarter in which the Measurement Cycle ends (the “Distribution Date”), but in no event later than 90 days following the last trading day of the
applicable quarter. Notwithstanding the immediately preceding sentence, in the case of a distribution of shares of Common Stock on account of any Termination pursuant to Section 5, other than death,

  
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distribution of vested Performance Shares, plus any dividends payable with respect to such number of shares, on behalf of the Grantee, if the Grantee is a “specified employee” as
defined in §1.409A-1(i) of the Final Regulations under Code Section 409A, to the extent otherwise required under Section 409A, shall not occur until the date which is six (6) months following the
date of the Grantee’s Termination (or, if earlier, upon the death of the Grantee). Upon a distribution of shares of Common Stock as provided herein, the Company shall cause the Common Stock then being distributed to be registered in the
Grantee’s name, but shall not issue certificates for the Common Stock unless the Grantee requests delivery of the certificates for the Common Stock, in writing in accordance with the procedures established by the Company. The Company shall
deliver certificates to the Grantee as soon as administratively practicable following the Company’s receipt of a written request from the Grantee for delivery of the certificates. From and after the date of receipt of such distribution, the
Grantee or the Grantee’s legal representatives, beneficiaries or heirs, as the case may be, shall have full rights of transfer or resale with respect to such shares subject to applicable state and federal regulations. 

9. Administration. 
 This
Award Agreement and the rights of the Grantee hereunder are subject to all the terms and conditions of the Plan. Any inconsistency between this Award Agreement and the Plan shall be resolved in favor of the Plan. 

10. Miscellaneous. 
 (a)
Nothing in this Award Agreement or the Plan shall interfere with or limit in any way the right of the Company to terminate the Grantee’s employment, nor confer upon the Grantee any right to continued employment with the Company or continued of
service as a Board member. 
 (b) Upon the approval of the Board in its sole discretion, the Committee may terminate, amend, or modify the
Plan; provided, however, that no such termination, amendment, or modification of the Plan may in any way adversely affect the Grantee’s rights under this Award Agreement without the Grantee’s written consent. 

(c) The Grantee shall not have voting rights with respect to the Units until the Units are settled and have been distributed as shares of
Common Stock. 
 (d) This Agreement shall be subject to all applicable laws, rules, and regulations, and to such approvals by any
governmental agencies or national securities exchanges as may be required. 
 (e) This Award Agreement shall be governed by the corporate
laws of the State of Nevada, without giving effect to any choice of law provisions that might otherwise refer construction or interpretation of the Agreement or the Plan to the substantive law of another jurisdiction. 

(f) Notwithstanding the established performance measures in this Award Agreement, in determining attainment of any such performance measures,
the Committee shall exclude the impact of the following specified objective events, except where such exclusion would result in the loss of an otherwise available exemption under Code Section 162(m): effects of accounting changes; effects of
currency fluctuations; effects of financing activities (e.g., effect on earnings per share of issuing convertible debt securities); expenses for restructuring, productivity initiatives or new business initiatives;
non-operating items; acquisition expenses; effects of divestitures; and effects of items that are considered to be of an unusual nature or of a type that indicates infrequency of occurrence or both. 

  
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 Grantee acknowledges that this Award Agreement and the Plan set forth the entire understanding
between Grantee and the Company regarding the acquisition of the Units granted pursuant to this Award Agreement. Grantee has reviewed and fully understands all provisions of this Award Agreement and the Plan in their entirety. Grantee acknowledges
that Performance Shares awarded hereunder may not be sold, transferred, pledged, assigned, or otherwise alienated until the Performance Shares are vested and the Performance Shares are delivered to the Grantee in the form of shares of Common
Stock. 
  

			
	SOUTHWEST GAS HOLDINGS, INC.
		
	By:	 	  

		 	 John P. Hester
 President and Chief Executive
Officer

	
	GRANTEE
		
	By:	 	  

  
 5EX-10.20

 Exhibit 10.20 

AWARD AGREEMENT OF TIME-LAPSE 

RESTRICTED STOCK UNITS 

This Award Agreement of Time-Lapse Restricted Stock Units (“Award Agreement”) is dated as of
                    , 201    , by and between Southwest Gas Holdings, Inc., a California corporation (the “Company”),
and                  (“Grantee”). 
 Overview of Your
Award 
  

					
	 Number of Units Granted:
	  	[determined by award opportunity and Beginning Stock Price]
			
	 Date of Grant:
	  	  
	  	
			
	Date of Lapse of Restrictions:	  		  	

  

					
	 Shares
	  	 Date
	  	  
	  

[    %]
	  	[first anniversary]	  
	  

[    %]
	  	[second anniversary]	  
	  

[    %]
	  	[third anniversary]	  

 1. Grant of Units. The Company hereby awards Grantee time-lapse restricted stock units
(“Units”) under the Plan with the restrictions set forth below. During the time of the restriction period, the Grantee shall not have any of the rights of a shareholder of the Company with respect to the Units. 

2. Vesting of Units. Units will vest in accordance with the schedule above. If Grantee attains the age of 55 and has completed ten
(10) consecutive years of service with the Company (“Retirement Eligible”) on the Date of the Grant or prior to the Distribution Date, Grantee shall be vested in the Units. However, Grantee shall not be entitled to the removal of the
restrictions on such Units or to a distribution of shares of Common Stock represented by the number of Units until the time provided for in Section 6 below. 

3. Forfeiture of Units. Notwithstanding Section 2 above, unvested Units shall be forfeited in case of a Termination not described
in Section 4. Grantee agrees to execute such documentation that may be reasonably requested by the Company in connection with such forfeiture. All rights of Grantee with respect to any forfeited Units shall cease and terminate upon forfeiture
of such Units, without any further obligation on the part of the Company. 
 4. Removal of Restrictions. Upon Grantee’s
Retirement on or after becoming Retirement Eligible, or upon Grantee’s death, Disability, involuntary Termination due to a general reduction in force or specific elimination of the Grantee’s job (except if contemporaneously with such
elimination Grantee’s suffers a Termination for Cause), or Termination for any reason following a Change in Control, all Units (plus applicable Dividend Equivalents) shall vest and all other restrictions placed on such Units shall be removed.

  
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 5. Dividend Equivalents. From the Date of Grant and until the Units are distributed
pursuant to Section 6, Grantee’s account will be credited with notional dividends at the same time, in the same form, and in equivalent amounts as dividends that are payable from time to time on Common Stock. Any such notional dividends
shall be valued as of the date on which they are credited to the Grantee and reallocated to acquire additional Units. Such additional Units may also earn dividend credits and shall vest in accordance with the vesting schedule set forth above as if
such Units had been issued on the Date of Grant. 
 6. Distribution of Common Stock. As soon as administratively possible, as
determined solely by the Company, following the earlier of the date of the occurrence of a Termination described in Section 4 or on the applicable “Date of Lapse of Restrictions” set forth above, but in no event later than 90 days
following the Date of Lapse of Restrictions (the “Distribution Date”), the Grantee shall receive a distribution, as provided herein, of shares of Common Stock equal in number to the number of Units set forth above plus any Dividend
Equivalents credited to Grantee in respect of such Units (subject to the withholding requirements set forth in the Plan); provided the Grantee has been an employee of the Company or a Subsidiary with continuous service from the date of grant
to the Distribution Date, except in the event of the Grantee’s Termination of Service or Retirement as discussed in Section 4 above. Notwithstanding the immediately preceding sentence, in the case of a distribution of shares of Common
Stock on account of any Termination of Service as provided for above in Section 4 above, other than death, a distribution of the number of such shares, determined after application of the withholding requirements set forth in the Plan, plus any
dividends payable with respect to such number of shares, on behalf of the Grantee, if the Grantee is a “specified employee” as defined in §1.409A-1(i) of the Final Regulations under Code Section
409A, to the extent otherwise required under Section 409A, shall not occur until the date which is six (6) months following the date of the Grantee’s Termination of Service (or, if earlier, the date of death of the Grantee). Upon a
distribution of shares of Common Stock as provided herein, the Company shall cause the Common Stock then being distributed to be registered in the Grantee’s name. From and after the date of receipt of such distribution, the Grantee or the
Grantee’s legal representatives, beneficiaries or heirs, as the case may be, shall have full rights of transfer or resale with respect to such shares subject to applicable state and federal regulations. 

7. Administration. 
 This
Award Agreement and the rights of the Grantee hereunder are subject to all the terms and conditions of the Plan. Any inconsistency between this Award Agreement and the Plan shall be resolved in favor of the Plan. 

8. Miscellaneous. 
 (a)
Nothing in this Award Agreement or the Plan shall interfere with or limit in any way the right of the Company to terminate the Grantee’s employment, nor confer upon the Grantee any right to continued employment with the Company or continued of
service as a Board member. 
 (b) Upon the approval of the Board in its sole discretion, the Committee may terminate, amend, or modify the
Plan; provided, however, that no such termination, amendment, or modification of 

  
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the Plan may in any way adversely affect the Grantee’s rights under this Award Agreement without the Grantee’s written consent. 

(c) The Grantee shall not have voting rights with respect to the Units until the Units are settled and have been distributed as shares of
Common Stock. 
 (d) This Agreement shall be subject to all applicable laws, rules, and regulations, and to such approvals by any
governmental agencies or national securities exchanges as may be required. 
 (e) This Award Agreement shall be governed by the corporate
laws of the State of Nevada, without giving effect to any choice of law provisions that might otherwise refer construction or interpretation of the Agreement or the Plan to the substantive law of another jurisdiction. 

Grantee acknowledges that this Award Agreement and the Plan set forth the entire understanding between Grantee and the Company regarding
the acquisition of the Units granted pursuant to this Award Agreement. Grantee has reviewed and fully understands all provisions of this Award Agreement and the Plan in their entirety. Grantee acknowledges that Units awarded hereunder may not be
sold, transferred, pledged, assigned, or otherwise alienated until the restrictions on the Units are removed and the Units are delivered to the Grantee in the form of shares of Common Stock. 

 

			
	SOUTHWEST GAS HOLDINGS, INC.
		
	By:	 	  

		 	 John P. Hester
 President and Chief Executive
Officer

	
	GRANTEE
		
	By:	 	  

		 	  

[                    ]

  
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