<SEC-DOCUMENT>0001193125-24-226160.txt : 20240925
<SEC-HEADER>0001193125-24-226160.hdr.sgml : 20240925
<ACCEPTANCE-DATETIME>20240925171227
ACCESSION NUMBER:		0001193125-24-226160
CONFORMED SUBMISSION TYPE:	DEFA14A
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20240925
DATE AS OF CHANGE:		20240925

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:		241325419

	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
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 <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;) </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 &#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 &#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>
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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">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>
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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">Definitive Proxy Statement </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">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 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>
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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">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>
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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 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" ALIGN="justify">On September&nbsp;24, 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 RESPONDS TO ELLIOTT MANAGEMENT&#146;S SHAREHOLDER LETTER AND PROVIDES UPDATE ON ENGAGEMENT </U></B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="justify"><B>DALLAS</B>&#151;Sept. 24, 2024&#151;<B>Southwest Airlines Co.</B> (NYSE: LUV) (the &#147;Company&#148;) today issued a response to Elliott
Investment Management L.P.&#146;s (&#147;Elliott&#148;) recent Shareholder letter and provided an update on its engagement with Elliott ahead of the Company&#146;s long-planned Investor Day set for Thursday, September 26: </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman" ALIGN="justify"><B><U>Elliott Engagement Update </U></B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman" ALIGN="justify"><B>Southwest has made every effort to reach a constructive resolution with Elliott, </B>including over a dozen phone calls
with Elliott representatives, several <FONT STYLE="white-space:nowrap">in-person</FONT> meetings and an offer for Elliott to participate in the Company&#146;s Board refreshment process and understand its views on Southwest&#146;s business and
strategy. It&#146;s unfortunate that Elliott has not only completely failed to engage constructively, but today has continued its pattern of launching public ambushes and is seeking to disrupt Southwest&#146;s upcoming Investor Day. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman" ALIGN="justify"><B>Before even speaking with CEO Bob Jordan or hearing about the Company&#146;s plans, Elliott predetermined its position and
has remained entrenched in demanding a supermajority of the Board and immediate CEO change. </B>Since June, members of the Board have met with many investors to solicit candid feedback on Southwest&#146;s strategy and path forward. It is clear
Shareholders desire that Southwest engage and seek a compromise with Elliott that is in all Shareholders&#146; best interests and allows the Company to focus on executing its transformative strategy to move the Southwest forward. The Board has
repeatedly sought to do exactly this, but acquiescing to a single Shareholder&#146;s demand for absolute control of the Company is not a compromise. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman" ALIGN="justify"><B><U>Recent Board Refreshment </U></B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman" ALIGN="justify"><B>Southwest recently announced the next phase of its Board transformation and invited Elliott&#146;s participation in that
process</B>. The Board&#146;s refreshment plans include six retirements in November and Executive Chairman Gary Kelly&#146;s retirement at the 2025 Annual Meeting, the anticipated appointment of four new Directors, and the naming of new Committee
Chairs and a new Lead Independent Director. Before announcing these significant steps, members of the Board met with Elliott to propose a resolution framework that included giving due consideration to appointing up to three Elliott candidates to the
Board. Elliott itself acknowledged that the announced changes are &#147;unprecedented.&#148; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman" ALIGN="justify"><B>In response, Elliott has
inexplicably refused to allow its candidates to meet with the Board</B> and required them to sign agreements that explicitly prevent them from joining the Board without Elliott&#146;s approval. Further, all of Elliott&#146;s candidates declined or
ignored direct invitations to meet with representatives of Southwest&#146;s Nominating and Corporate Governance Committee. The Southwest Board remains willing to consider in good faith Elliott&#146;s Director candidates for appointment to the Board,
if Elliott will allow the Board to meet them. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman" ALIGN="justify"><B>In the meantime, Southwest will continue its Board refreshment to ensure
the Board maintains fresh perspectives and strong oversight.</B> The airline has added or appointed eight highly qualified independent Directors over the past three years, including the Company&#146;s newest Directors Rakesh Gangwal, <FONT
STYLE="white-space:nowrap">co-founder</FONT> of&nbsp;India&#146;s&nbsp;largest airline, InterGlobe Aviation (IndiGo) and previous executive at US Airways Group and United Airlines, and Lisa Atherton, president and CEO of Bell.&nbsp;The Company
continues to cultivate a strong pipeline of potential candidates who would bring relevant experience to the Southwest Board. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman" ALIGN="justify"><B><U>Transformation Plan&nbsp;&amp; Leadership </U></B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman" ALIGN="justify"><B>Southwest is executing a transformational plan including tactical and strategic initiatives that will position the airline
to elevate the Customer Experience, improve financial performance and drive sustainable Shareholder value. </B>The Company is hosting its Investor Day in Dallas on Thursday, September&nbsp;26 when Shareholders will have the opportunity to hear more
about these initiatives and Southwest&#146;s plan to restore its industry leading performance.<B> </B>Elliott&#146;s attempt to disrupt the Investor Day and failure to offer any feedback or suggestions on Southwest&#146;s transformational plan
reveals that Elliott continues to value public attacks and seizing control of the Company over the airline&#146;s future and all of its Shareholders&#146; interests. </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; margin-left:4%; font-size:10pt; font-family:Times New Roman" ALIGN="justify"><B>The Southwest Board strongly believes that CEO Bob Jordan is the right
Leader to successfully execute the Company&#146;s robust strategy to transform the airline and deliver sustainable Shareholder value.</B> Any Leadership change amid such a significant transformation would be detrimental to all Shareholders, and
handing control of the Board to Elliott and its Director candidates &#150; when Elliott has not articulated any ideas for improving Southwest&#146;s business plan and operations &#150; would present a catastrophic risk to Shareholders. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman" ALIGN="justify"><B><U>Special Meeting </U></B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman" ALIGN="justify"><B>For months, Elliott has publicly threatened its intention to call a Special Meeting. </B>In response, Southwest has been
taking the necessary preliminary steps, including providing notice to the New York Stock Exchange of potential record dates, so that it is well prepared for all scenarios and can fulfill its special meeting obligations, especially considering it
takes several weeks to set a record date under SEC rules. Elliott&#146;s suggestion that Southwest has set &#147;false record dates&#148; as a defensive strategy is untrue and disingenuous; Elliott is well aware that the use of rolling record dates
to facilitate efficient and timely Shareholder action is common practice when the timing of an upcoming meeting (particularly a threatened Special Meeting) is unknown. If Elliott submits a request for a Special Meeting, the Board will fulfill its
duties to carefully review the request in good faith. Shareholders need not take action at this time. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="justify">BofA 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" ALIGN="justify"><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" ALIGN="justify">This news 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 (i)&nbsp;the Company&#146;s plans with respect to Board refreshment and
(ii)&nbsp;the Company&#146;s focus areas, goals, strategies, and initiatives, including with respect to transforming the business, elevating the Customer Experience, improving financial performance, driving sustainable Shareholder value, and
restoring industry-leading performance. 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, consumer perception, economic conditions, fuel prices, 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 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; (vi)&nbsp;the Company&#146;s dependence on the Federal
Aviation Administration with respect to safety approvals for the Company&#146;s new cabin layout and the certification of the Boeing MAX 7 aircraft; (vii)&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> (viii)&nbsp;the Company&#146;s ability to timely and effectively prioritize its initiatives and focus areas and related expenditures; (ix)&nbsp;the impact of governmental regulations
and other governmental actions on the Company&#146;s business plans, results, and operations; and (x)&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: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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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="justify"><B><U>About Southwest Airlines Co. </U></B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="justify">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: LUV). 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 Southwest.com/citizenship. 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 Southwest.com/planet. </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"><I><SUP STYLE="font-size:75%; vertical-align:top">1</SUP></I></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="justify"><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></I></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="justify"><I>Fulltime-equivalent active Employees</I></P></TD></TR></TABLE>
<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"><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="justify"><I>1973-2019 annual profitability</I></P></TD></TR></TABLE>
<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"><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="justify"><I>Southwest&#146;s net zero by 2050 goal includes Scope 1, Scope 2, and Scope 3 Category 3
emissions&nbsp;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:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="justify"><B><U>Important Additional Information </U></B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="justify">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
</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:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="justify"><B><U>Participant Information </U></B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="justify">For participant information, see the Company&#146;s soliciting material filed as &#147;DEFA14A&#148; with the SEC on&nbsp;September 10,
2024&nbsp;and available<B>&nbsp;<U><A HREF="http://www.sec.gov/Archives/edgar/data/92380/000119312524216644/d70279ddefa14a.htm">here</A></U></B>.</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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