<SEC-DOCUMENT>0001193125-24-216644.txt : 20240910
<SEC-HEADER>0001193125-24-216644.hdr.sgml : 20240910
<ACCEPTANCE-DATETIME>20240910162925
ACCESSION NUMBER:		0001193125-24-216644
CONFORMED SUBMISSION TYPE:	DEFA14A
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20240910
DATE AS OF CHANGE:		20240910

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:		241290401

	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>
<DOCUMENT>
<TYPE>DEFA14A
<SEQUENCE>1
<FILENAME>d70279ddefa14a.htm
<DESCRIPTION>DEFA14A
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<TITLE>DEFA14A</TITLE>
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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:12pt; 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:0pt; 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;&#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">Check the appropriate box: </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">&#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>
<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"><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>
<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 Additional Materials </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">&#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>
<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">Fee paid previously with preliminary materials </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">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:12pt;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">The following is a transcript of a video message by Robert E. Jordan, President, Chief Executive Officer,
&amp; Vice Chairman of the Board of Directors of Southwest Airlines Co. (the &#147;Company&#148;), published on September&nbsp;10, 2024: </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Bob&#146;s
Briefing: Announcing the Next Phase of the SWA Board Evolution </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Bob Jordan </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">President CEO&nbsp;&amp; Vice Chairman of the BOD </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Published
9/10/2024 </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Well, hey everybody. Bob Jordan here. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Today,
we&#146;re announcing the next phase of the Southwest Airlines Board&#146;s refreshment. At a high level: </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">Directors David Biegler; Veronica Biggins; Senator Roy Blunt; Dr.&nbsp;William Cunningham; Dr. Thomas Gilligan;
and Jill Soltau have decided to voluntarily retire from the Board, immediately following the Board&#146;s November meeting; </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">The Board is evaluating the addition of four new independent Directors; and </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;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="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">The Board plans to appoint a new Lead Director and refresh the Audit, Compensation, and Nominating &amp;
Governance Committee Chairs, and has eliminated the Executive Committee structure and created a new Finance Committee. </P></TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">As part of this
announcement, Board Executive Chairman and my predecessor as CEO, Gary Kelly, has decided to voluntarily retire after the 2025 Annual Meeting of Shareholders. Gary leaves an indelible mark on Southwest Airlines. Under Gary&#146;s Leadership,
Southwest grew to become the nation&#146;s largest domestic airline. The airline also enjoyed an unprecedented 47 consecutive years of profitability, until the global pandemic threw every hospitality business for a loop. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Gary&#146;s outstanding Leadership includes the difficult period following 9/11, high and volatile fuel prices, and the Great Recession. All of these were
unexpected, outside of the control of anyone in the industry, and Gary led us through each of the challenges. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">I encourage all of you to read Gary&#146;s
letter to Shareholders in which he reflects on his time with Southwest and how he came to the decision to step down. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Gary embodies The Southwest Way, and
his accomplishments speak volumes to the type of Leader that he is. I&#146;ll always be grateful for his boundless support of our Purpose and our People. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">We&#146;ll give Gary a proper <FONT STYLE="white-space:nowrap">send-off</FONT> closer to his retirement but, for now, our focus remains on running a safe,
reliable operation and driving more results from the strategic plan that we began in 2022. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Continuing to evolve is core to our success, and we&#146;re
moving with urgency to restore our industry-leading financial position while staying true to who we are. As you know, we have plans to introduce assigned seating and premium seating options and offer redeye flights. We will have more details to come
at our Investor Day later this month. </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">1 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Southwest has a great plan. The Board and corporate governance changes announced today will enhance our
focus on returning to the high level of financial performance that we&#151;and our Shareholders&#151;expect. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Well, Southwest met with Elliott yesterday
to discuss the developments we announced today and to invite them to participate in the Board&#146;s refreshment efforts and other corporate governance changes. The meeting was productive, and we look forward to continuing to engage constructively
with them toward a collaborative resolution in the near future. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">To the entire Southwest Team, I want to say how proud I am of your continued commitment
to our great Company. Due to your resilience and hard work, we closed out summer travel with zero cancellations on Labor Day, marking yet another strong performance during our peak season. Our transformation is fueled by our People, and we are
counting on you to remain focused on running a safe and great operation. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">And, you probably noticed I don&#146;t have my typical background
today&#151;I&#146;m in our DC offices as many of us are attending an event where Gary will receive the L. Welch Pogue Award for his lifetime contributions to the global air transport industry. I originally shared this with you when it was announced
in May, and we&#146;re excited for Gary to receive this honor. His steady presence, clearheaded vision, and dynamic Leadership have made a lasting positive impact not just on Southwest Airlines but on the entire domestic and international airline
industry. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Well, my Shout Out this week is for a Nashville Flight Attendant who demonstrated our Values of Service with LUV and
Discipline&#151;specifically, &#147;be safe&#148; when assisting during a medical event. So, you can read more on Viva Engage. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Well, before I close, I
want to take a minute to recognize that this Saturday, September 14 would&#146;ve been our beloved Colleen Barrett&#146;s 80th birthday. Colleen played an integral part in forming our dynamic Employee Culture and relentless focus on Customer
Service. From Colleen, I learned how to show my deep love and care for our People. She always asked me about my family, and she did the same for thousands of others. If you know me, you know that I&#146;m logical, measured, and not always full of
emotion &#133; unless I am talking about our People. I sign my notes and cards, &#147;LUV, Bob.&#148; Why? Because I love and care about our awesome People, and I don&#146;t mind showing it. And I learned that from our Queen of Hearts. If it&#146;s
been a while since you&#146;ve visited the Colleen C. Barrett Institute&#146;s website, it&#146;s the perfect time to visit, as it exists to honor her incredible legacy. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">I LUV you all. Let&#146;s make it a safe and terrific week ahead! </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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 <P STYLE="margin-top:0pt; 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>WHITE</B> proxy card with the U.S. Securities and Exchange Commission (the &#147;SEC&#148;) 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 </B><B><U>WHITE</U></B><B> PROXY CARD 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, Ph.D., Lisa M. Atherton, David W. Biegler, J. Veronica Biggins, Roy Blunt, Douglas H. Brooks, Eduardo F. Conrado, Rakesh Gangwal, Thomas W. Gilligan, Ph.D., David P. Hess,
Elaine 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 Changes in Beneficial 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 Dr.&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 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>); August&nbsp;1, 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 Dr.&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><I>https://www.southwestairlinesinvestorrelations.com/financials/sec-filings</I></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>
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