<SEC-DOCUMENT>0001193125-24-200736.txt : 20240814
<SEC-HEADER>0001193125-24-200736.hdr.sgml : 20240814
<ACCEPTANCE-DATETIME>20240814172256
ACCESSION NUMBER:		0001193125-24-200736
CONFORMED SUBMISSION TYPE:	DEFA14A
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20240814
DATE AS OF CHANGE:		20240814

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			SOUTHWEST AIRLINES CO
		CENTRAL INDEX KEY:			0000092380
		STANDARD INDUSTRIAL CLASSIFICATION:	AIR TRANSPORTATION, SCHEDULED [4512]
		ORGANIZATION NAME:           	01 Energy & Transportation
		IRS NUMBER:				741563240
		STATE OF INCORPORATION:			TX
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		DEFA14A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-07259
		FILM NUMBER:		241209628

	BUSINESS ADDRESS:	
		STREET 1:		2702 LOVE FIELD DR
		STREET 2:		P O BOX 36611
		CITY:			DALLAS
		STATE:			TX
		ZIP:			75235
		BUSINESS PHONE:		2147924000

	MAIL ADDRESS:	
		STREET 1:		PO BOX 36611
		CITY:			DALLAS
		STATE:			TX
		ZIP:			75235-1611

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	AIR SOUTHWEST CO
		DATE OF NAME CHANGE:	19760108
</SEC-HEADER>
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<TYPE>DEFA14A
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<DESCRIPTION>DEFA14A
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<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:0pt;border-bottom:1px solid #000000">&nbsp;</P>
<P STYLE="line-height:3.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000">&nbsp;</P> <P STYLE="margin-top:4pt; margin-bottom:0pt; font-size:18pt; font-family:Times New Roman" ALIGN="center"><B>UNITED STATES </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:18pt; font-family:Times New Roman" ALIGN="center"><B>SECURITIES AND EXCHANGE COMMISSION </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>Washington, D.C. 20549 </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center>
<P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:18pt; font-family:Times New Roman" ALIGN="center"><B>SCHEDULE 14A
INFORMATION </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>Proxy Statement Pursuant to Section&nbsp;14(a) of the </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>Securities Exchange Act of 1934 </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>(Amendment No .&#8195; ) </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center>
<P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Filed by the
Registrant&#8194;&#9746; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Filed by a Party other than the Registrant&#8194;&#9744; </P>
<P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Check the appropriate box: </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left">&#9744;</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Preliminary Proxy Statement </P></TD></TR></TABLE>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B></B>&#9744;<B></B><B></B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>Confidential, for Use of the Commission Only (as permitted by Rule
<FONT STYLE="white-space:nowrap">14a-6(e)(2))</FONT> </B></P></TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">&#9744;</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Definitive Proxy Statement </P></TD></TR></TABLE>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">&#9744;</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Definitive Additional Materials </P></TD></TR></TABLE>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left">&#9746;</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Soliciting Material under <FONT STYLE="white-space:nowrap">&#167;240.14a-12</FONT> </P></TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:18pt; font-family:Times New Roman" ALIGN="center"><B>SOUTHWEST AIRLINES CO. </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>(Name of Registrant as Specified in its Charter) </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>(Name Of Person(s) Filing Proxy Statement, if Other Than the Registrant) </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Payment of Filing Fee (Check all boxes that apply): </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">&#9746;</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">No fee required </P></TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Fee paid previously with preliminary materials </P></TD></TR></TABLE>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left">&#9744;</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Fee computed on table in exhibit required by Item 25(b) per Exchange Act Rules
<FONT STYLE="white-space:nowrap">14a-6(i)(1)</FONT> and <FONT STYLE="white-space:nowrap">0-11</FONT> </P></TD></TR></TABLE> <P STYLE="font-size:10pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:0pt;border-bottom:1px solid #000000">&nbsp;</P> <P STYLE="line-height:3.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000">&nbsp;</P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">On August&nbsp;14, 2024, Southwest Airlines Co. issued the below press release: </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><U>SOUTHWEST AIRLINES COMMENTS ON ELLIOTT MANAGEMENT&#146;S INTENT TO REPLACE A MAJORITY OF ITS BOARD </U></B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>DALLAS</B>&#151;Aug. 14, 2024&#151;<B><U>Southwest Airlines Co</U>.</B> (NYSE: <U>LUV</U>) (the &#147;Company&#148;) has the following response to an
announcement made by one of its Shareholders, Elliott Investment Management L.P. (&#147;Elliott&#148;), stating its intention to replace a majority of the Southwest Airlines Board of Directors by nominating 10 candidates. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Since Elliott launched its campaign against Southwest Airlines, the Board has consistently sought to engage constructively and in the best
interests of all Shareholders. Elliott has dismissed those efforts at every turn. After Elliott recently agreed to a meeting with Southwest Airlines in early September to discuss a collaborative resolution, including continuing significant Board
refreshment and other governance enhancements, Elliott unilaterally decided instead to publicly announce its intention to replace a majority of Southwest Airlines&#146; Board. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">The Southwest Airlines Board and Executive Leadership Team remain open to conversations with Elliott to discuss ideas to drive Shareholder
value, and the Board will evaluate Elliott&#146;s proposed nominees as part of its ongoing Board refreshment process. No immediate action is required of Shareholders. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Southwest Airlines is laser-focused on restoring its industry-leading financial performance and on building a sustainable and profitable
future for the airline and all of its Shareholders. The airline recently announced several initiatives to elevate the Customer Experience, improve financial performance, and drive Shareholder value. Southwest Airlines will provide additional details
on a comprehensive plan to transform its business, improve operational efficiency, and deliver capital allocation discipline during its Investor Day in late September. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Southwest Airlines is committed to maintaining a strong, independent Board with the right mix of skills and experience. The Board&#146;s
Nominating and Corporate Governance Committee has taken deliberate actions to bolster the Board&#146;s existing expertise with professionals who offer a diverse range of skills that are critical to the airline&#146;s business and ongoing
transformation. As part of its continued refreshment efforts, the Board has appointed a total of eight new independent and highly qualified Directors over the last three years, including the recent addition of experienced airline executive and
entrepreneur Rakesh Gangwal. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">The Southwest Airlines Board remains confident that the airline has the right Leadership Team in place to
evolve the business and to lead Southwest Airlines forward. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Bank of America Securities, Inc. and Morgan Stanley&nbsp;&amp; Co. LLC are acting as
financial advisors to Southwest Airlines and Vinson&nbsp;&amp; Elkins L.L.P. and Kirkland&nbsp;&amp; Ellis LLP are acting as legal advisors. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>Cautionary Statement Regarding Forward-Looking Statements </U></B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">This press release contains forward-looking statements within the meaning of Section&nbsp;27A of the Securities Act of 1933, as amended, and Section&nbsp;21E
of the Securities Exchange Act of 1934 (the &#147;Exchange Act&#148;). Specific forward-looking statements include, without limitation, statements related to the Company&#146;s plans and expectations with respect to its initiatives, including with
respect to restoring the Company&#146;s industry-leading financial performance, building a sustainable and profitable future for the airline and all of its shareholders, elevating the Customer Experience, improving financial performance, driving
shareholder value, transforming the Company&#146;s business, improving operational efficiency, and delivering capital allocation discipline. These forward-looking statements are based on the Company&#146;s current estimates, intentions, beliefs,
expectations, goals, strategies, and projections for the future and are not guarantees of future performance. Forward-looking statements involve risks, uncertainties, assumptions, and other factors that are difficult to predict and that could cause
actual results to vary materially from those expressed in or indicated by them. Factors include, among others, (i)&nbsp;the impact of fears or actual outbreaks of diseases, extreme or severe weather and natural disasters, actions of competitors
(including, without limitation, pricing, scheduling, capacity, and network decisions, and consolidation and alliance activities), consumer </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">2 </P>

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perception, economic conditions, banking conditions, fears or actual acts of terrorism or war, sociodemographic trends, and other factors beyond the Company&#146;s control, on consumer behavior
and the Company&#146;s results of operations and business decisions, plans, strategies, and results; (ii)&nbsp;the Company&#146;s ability to timely and effectively implement, transition, operate, and maintain the necessary information technology
systems and infrastructure to support its operations and initiatives, including with respect to revenue management; (iii)&nbsp;the cost and effects of the actions of activist shareholders; (iv)&nbsp;the Company&#146;s ability to obtain and maintain
adequate infrastructure and equipment to support its operations and initiatives; (v)&nbsp;the impact of fuel price changes, fuel price volatility, volatility of commodities used by the Company for hedging jet fuel, and any changes to the
Company&#146;s fuel hedging strategies and positions, on the Company&#146;s business plans and results of operations; (vi)&nbsp;the Company&#146;s dependence on The Boeing Company (&#147;Boeing&#148;) and Boeing suppliers with respect to the
Company&#146;s aircraft deliveries, fleet and capacity plans, operations, maintenance, strategies, and goals; (vii)&nbsp;the Company&#146;s dependence on the Federal Aviation Administration with respect to safety approvals for the new cabin layout
and the certification of the Boeing MAX 7 aircraft; (viii)&nbsp;the Company&#146;s dependence on other third parties, in particular with respect to its technology plans, its plans and expectations related to revenue management, operational
reliability, fuel supply, maintenance, Global Distribution Systems, and the impact on the Company&#146;s operations and results of operations of any third party delays or <FONT STYLE="white-space:nowrap">non-performance;</FONT> (ix)&nbsp;the
Company&#146;s ability to timely and effectively prioritize its initiatives and focus areas and related expenditures; (x)&nbsp;the impact of labor matters on the Company&#146;s business decisions, plans, strategies, and results; (xi)&nbsp;the impact
of governmental regulations and other governmental actions on the Company&#146;s business plans, results, and operations; (xii)&nbsp;the Company&#146;s dependence on its workforce, including its ability to employ and retain sufficient numbers of
qualified Employees with appropriate skills and expertise to effectively and efficiently maintain its operations and execute the Company&#146;s plans, strategies, and initiatives; (xiii)&nbsp;the emergence of additional costs or effects associated
with the cancelled flights in December 2022, including litigation, government investigation and actions, and internal actions; and (xiv)&nbsp;other factors, as described in the Company&#146;s filings with the U.S. Securities and Exchange Commission
(the &#147;SEC&#148;), including the detailed factors discussed under the heading &#147;Risk Factors&#148; in the Company&#146;s Annual Report on Form <FONT STYLE="white-space:nowrap">10-K</FONT> for the fiscal year ended December&nbsp;31, 2023, and
in the Company&#146;s Quarterly Report on Form <FONT STYLE="white-space:nowrap">10-Q</FONT> for the fiscal quarter ended June&nbsp;30, 2024. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>About
Southwest Airlines Co. </U></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Southwest Airlines Co. operates one of the world&#146;s most admired and awarded airlines, offering its <FONT
STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">one-of-a-kind</FONT></FONT></FONT> value and Hospitality at 117 airports across 11 countries. Southwest took flight in 1971 to democratize the sky through
friendly, reliable, and <FONT STYLE="white-space:nowrap">low-cost</FONT> air travel and now carries more air travelers flying nonstop within the United States than any other airline<SUP STYLE="font-size:75%; vertical-align:top">1</SUP>. Based in
Dallas and famous for an Employee-first corporate Culture, Southwest maintains an unprecedented record of no involuntary furloughs or layoffs in its history. By empowering its more than 74,000<SUP STYLE="font-size:75%; vertical-align:top">2</SUP>
People to deliver unparalleled Hospitality, the maverick airline cherishes a passionate loyalty among more than 137&nbsp;million Customers carried in 2023. That formula for success has brought industry-leading prosperity and 47 consecutive years<SUP
STYLE="font-size:75%; vertical-align:top">3</SUP> of profitability for Southwest Shareholders (NYSE: <U>LUV</U>). Southwest leverages a unique legacy and mission to serve communities around the world including harnessing the power of its People and
Purpose to put communities at the Heart of its success. Learn more by visiting <U>Southwest.com/citizenship</U>. As the airline with Heart, Southwest has set a goal to work toward achieving net zero carbon emissions by 2050<SUP
STYLE="font-size:75%; vertical-align:top">4</SUP>. Southwest has also set near-term targets and a three-pillar strategy to achieve its environmental goals. Learn more by visiting <U>Southwest.com/planet</U>. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>Important Additional Information </U></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The Company
intends to file a proxy statement and a <B><U>WHITE</U></B> proxy card with the SEC in connection with the solicitation of proxies for the Company&#146;s next meeting of Shareholders (whether an Annual or Special Meeting of Shareholders (the
&#147;Shareholder Meeting&#148;)). <B>SHAREHOLDERS OF THE COMPANY ARE STRONGLY ENCOURAGED TO READ SUCH PROXY STATEMENT, ACCOMPANYING WHITE PROXY CARD </B> </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="line-height:8.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000;width:11%">&nbsp;</P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left"><I><SUP STYLE="font-size:75%; vertical-align:top">1</SUP>&nbsp;</I></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><I>Based on U.S. Dept. of Transportation quarterly Airline Origin&nbsp;&amp; Destination Survey since Q1 2021
</I></P></TD></TR></TABLE>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left"><I><SUP STYLE="font-size:75%; vertical-align:top">2</SUP>&nbsp;</I></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><I>Fulltime-equivalent active Employees </I></P></TD></TR></TABLE>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left"><I><SUP STYLE="font-size:75%; vertical-align:top">3</SUP>&nbsp;</I></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><I>1973-2019 annual profitability </I></P></TD></TR></TABLE>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left"><I><SUP STYLE="font-size:75%; vertical-align:top">4</SUP>&nbsp;</I></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><I>Southwest&#146;s net zero by 2050 goal includes Scope 1, Scope 2, and Scope 3 Category 3 emissions only and
excludes any emissions associated with <FONT STYLE="white-space:nowrap">non-fuel</FONT> products and services, such as inflight service items. </I></P></TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">3 </P>

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<B>AND ALL OTHER DOCUMENTS FILED WITH, OR FURNISHED TO, THE SEC CAREFULLY AND IN THEIR ENTIRETY WHEN THEY BECOME AVAILABLE AS THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT THE SHAREHOLDER
MEETING.</B> Shareholders will be able to obtain the Company&#146;s proxy statement, any amendments or supplements to the proxy statement and other documents filed by the Company with the SEC at no charge at the SEC&#146;s website at
<I><U>www.sec.gov</U></I>. Copies will also be available at no charge at the Company&#146;s website at <I><U><FONT STYLE="white-space:nowrap">https://www.southwestairlinesinvestorrelations.com/financials/sec-filings</FONT></U></I>. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>Participant Information </U></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The Company, each of its
Directors (namely, Gary C. Kelly, Robert E. Jordan, William H. Cunningham, Lisa M. Atherton, David W. Biegler, J. Veronica Biggins, Roy Blunt, Douglas H. Brooks, Eduardo F. Conrado, Rakesh Gangwal, Thomas W. Gilligan, David P. Hess, Elain Mendoza,
Christopher P. Reynolds, and Jill A. Soltau) and one of its executive officers (namely, Tammy Romo, Chief Financial Officer) are deemed to be &#147;participants&#148; (as defined in Section&nbsp;14(a) of the Exchange Act) in the solicitation of
proxies from the Company&#146;s Shareholders in connection with the matters to be considered at the Shareholder Meeting. Information about the compensation of our named executive officers and our <FONT STYLE="white-space:nowrap">non-employee</FONT>
Directors is set forth in the sections titled &#147;Compensation of Executive Officers&#148; and &#147;Compensation of Directors&#148; in the Company&#146;s definitive proxy statement on Schedule 14A for the Company&#146;s 2024 Annual Meeting of
Shareholders, filed on April&nbsp;5, 2024 (the &#147;2024 Definitive Proxy&#148;), commencing on pages 28 and 64, respectively, and is available <A HREF="http://www.sec.gov/Archives/edgar/data/92380/000119312524087857/d503384ddef14a.htm">here</A>.
Information regarding the participants&#146; holdings of the Company&#146;s securities can be found in the section titled &#147;Security Ownership of Management&#148; in the Company&#146;s 2024 Definitive Proxy on page 27 and is available <A HREF="http://www.sec.gov/Archives/edgar/data/92380/000119312524087857/d503384ddef14a.htm">here</A>, and as updated in the filings referenced below. Supplemental information regarding the participants&#146; holdings of the Company&#146;s securities can be found in SEC filings on Statements of Change in Ownership on Form 4 filed with the SEC on May&nbsp;2,
 2024 for Mr.&nbsp;Kelly (available <A HREF="http://www.sec.gov/Archives/edgar/data/92380/000009238024000060/xslF345X05/wk-form4_1714680460.xml">here</A>); May&nbsp;16, 2024 for Mr.&nbsp;
Cunningham (available <A HREF="http://www.sec.gov/Archives/edgar/data/92380/000009238024000077/xslF345X05/wk-form4_1715887466.xml">here</A>); May&nbsp;16, 2024 for Ms.&nbsp;
Atherton (available <A HREF="http://www.sec.gov/Archives/edgar/data/92380/000009238024000079/xslF345X05/wk-form4_1715888102.xml">here</A>); May&nbsp;16, 2024 for Mr.&nbsp;
Biegler (available <A HREF="http://www.sec.gov/Archives/edgar/data/92380/000009238024000092/xslF345X05/wk-form4_1715892883.xml">here</A>), May&nbsp;16, 2024 for Ms.&nbsp;
Biggins (available <A HREF="http://www.sec.gov/Archives/edgar/data/92380/000009238024000069/xslF345X05/wk-form4_1715885771.xml">here</A>), May&nbsp;16, 2024 for Mr.&nbsp;
Blunt (available <A HREF="http://www.sec.gov/Archives/edgar/data/92380/000009238024000073/xslF345X05/wk-form4_1715886709.xml">here</A>), May&nbsp;16, 2024 for Mr.&nbsp;
Brooks (available <A HREF="http://www.sec.gov/Archives/edgar/data/92380/000009238024000087/xslF345X05/wk-form4_1715890379.xml">here</A>), May&nbsp;16, 2024 for Mr.&nbsp;
Conrado (available <A HREF="http://www.sec.gov/Archives/edgar/data/92380/000009238024000071/xslF345X05/wk-form4_1715886459.xml">here</A>), July&nbsp;31, 2024 for Mr.&nbsp;
Gangwal (available <A HREF="http://www.sec.gov/Archives/edgar/data/92380/000009238024000113/xslF345X05/wk-form4_1722546483.xml">here</A>), May&nbsp;16, 2024 for Mr.&nbsp;
Gilligan (available <A HREF="http://www.sec.gov/Archives/edgar/data/92380/000009238024000083/xslF345X05/wk-form4_1715889608.xml">here</A>), May&nbsp;16, 2024 for Mr.&nbsp;
Hess (available <A HREF="http://www.sec.gov/Archives/edgar/data/92380/000009238024000075/xslF345X05/wk-form4_1715887165.xml">here</A>), May&nbsp;16, 2024 for Ms.&nbsp;
Mendoza (available <A HREF="http://www.sec.gov/Archives/edgar/data/92380/000009238024000085/xslF345X05/wk-form4_1715889778.xml">here</A>), May&nbsp;16, 2024 for Mr.&nbsp;
Reynolds (available <A HREF="http://www.sec.gov/Archives/edgar/data/92380/000009238024000081/xslF345X05/wk-form4_1715888944.xml">here</A>); and May&nbsp;16, 2024 for Ms.&nbsp;
Soltau (available <A HREF="http://www.sec.gov/Archives/edgar/data/92380/000009238024000089/xslF345X05/wk-form4_1715890920.xml">here</A>). Such filings are available on the Company&#146;s website at
<U><FONT STYLE="white-space:nowrap">https://www.southwestairlinesinvestorrelations.com/financials/sec-filings</FONT></U> or through the SEC&#146;s website via the links referenced above. Updated information regarding the identity of potential
participants, and their direct or indirect interests, by security holdings or otherwise, will be set forth in the section titled &#147;Security Ownership of Management&#148; of the Company&#146;s proxy statement on Schedule 14A and other materials
to be filed with the SEC in connection with the Shareholder Meeting. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">4 </P>

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