<SEC-DOCUMENT>0001193125-24-237669.txt : 20241015
<SEC-HEADER>0001193125-24-237669.hdr.sgml : 20241015
<ACCEPTANCE-DATETIME>20241015171926
ACCESSION NUMBER:		0001193125-24-237669
CONFORMED SUBMISSION TYPE:	DEFA14A
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20241015
DATE AS OF CHANGE:		20241015

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:		241372699

	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>d850934ddefa14a.htm
<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: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;&#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>
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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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<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>
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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>
<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>
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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">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">Item 1: </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="justify">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 October&nbsp;15, 2024: </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="justify"><B>Bob&#146;s Briefing: It&#146;s OUR
Southwest </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="justify"><B>Bob Jordan </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="justify">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" ALIGN="justify">Published 10/15/2024 </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="justify">Hey,
Southwest Team. I have a critical message this morning, so thank you for taking the time to watch and listen, because it&#146;s important. Since Elliott Investment Management launched its campaign against our Company in June, I&#146;ve provided you
with updates&#133; and with a promise that I would let you know what you can do to help when the time is right. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="justify">In the meantime,
you&#146;ve made me proud by not letting this be a distraction. You&#146;ve stayed focused on running a great and safe operation and serving each other and our Customers with legendary Hospitality. And you&#146;ve executed at a very high level, even
during very difficult weather events like the recent hurricanes, and I&#146;m just very proud of you. And you&#146;ve waited patiently to share your voice on this issue with Elliott. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="justify">We&#146;ve been meeting with Shareholders and aiming to work collaboratively with Elliott. But time and again, Elliott has demonstrated little
or no interest in collaborating with Southwest. The Board has made every effort to reach a constructive resolution, including providing a reasonable settlement framework under which the Board would interview Elliott&#146;s director candidates.
Unfortunately, Elliott remains entrenched in demanding control of the Board, which means control of our Company, while continuing to block its Director candidates from being interviewed by the Board&#146;s Nominating and Corporate Governance
Committee, making it impossible to find a constructive resolution. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="justify">And now, with Elliott&#146;s call for a Special Meeting of
Shareholders in December&#151;which appears designed to maximize disruption as we approach one of the busiest travel periods of the year&#151;it&#146;s looking like this could be a marathon, and not a sprint. Elliott&#146;s actions highlight its
lack of understanding of our business and its insatiable need to put its own interests ahead of those of all Shareholders. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="justify">We, along with
many of the Shareholders we&#146;ve spoken to, do not believe that a proxy fight is in the best interest of our Company. We want to preserve our Southwest superpowers for the long term, and we can&#146;t risk Elliott exploiting the five-plus decades
of work we&#146;ve done to position ourselves as a category of one. For more than 53 years, we&#146;ve worked to build and maintain our Culture, live up to our Promises to our People and to our Customers, and sustain our financial strength&#151;even
through crises like 9/11 and the pandemic. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="justify">It can all be gone in the blink of an eye if we aren&#146;t vigilant, and if we don&#146;t
<B><U>fight</U></B> to preserve it. <B><U>But let me be clear</U>:</B> This is not a fight &#147;against Elliott.&#148; This is a fight <B><U>for</U> the future of Southwest Airlines.</B> Our future is built on an intentional, detailed, and
well-constructed plan&#151;a plan that gets us to a place of certainty. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="justify">I&#146;m confident in our ability to execute our strategy over
the next three years, and we have timelines for delivery. And I&#146;m accountable, we&#146;re all accountable, to the Company that we love. I believe executing our plan will create substantial value for Southwest and our Shareholders. We&#146;ve
already seen successes as our transformational work is underway. We have the right plan, and we have the right Team. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="justify">And all our efforts
are focused on becoming Southwest. Even Better. Anything else is just a distraction from the certainty that our plan provides. <B><U>Our</U></B> Team&#151;past and present&#151;has <B>always</B> exemplified a superior level of commitment, whether
it&#146;s in the day-to-day, or in the monumental challenges we faced&#133; and we&#146;ve always overcome. You&#146;ve heard the heroic stories of Employees who rallied together for a cause throughout our history. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="justify">This, too, is a pivotal moment, as we are transforming our Company. And now, <B><U>it&#146;s our turn</U></B>. And now, <B><U>you</U></B> are
writing the story of Southwest&#146;s exciting future. We&#146;ll be giving you ways to show your support for our great Company as this marathon continues, so please visit SWALife regularly for the latest. Right now, the most powerful thing that you
can do is join me in our steadfast focus to deliver on our plan&#151;<B><U>all eyes forward</U></B>. And, my ask of you today is that you share your passion for this Company and make it known that it&#146;s <B><U>OUR</U></B>
Southwest&#151;demonstrating pride for what we&#146;ve built, and confidence in what we will become. Together. <B><U>It&#146;s Our Southwest.</U></B> And we&#146;ve got this. So, let&#146;s go!<SUP STYLE="font-size:75%; vertical-align:top">1</SUP>
</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="2%" 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></I><B><I>It&#146;s Our Southwest.</I></B><I> To show your LUV: </I></P></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I>Add [this frame] to your Facebook profile. To add the frame, go to your Facebook profile &gt; click update &gt; click add frame &gt; search for
&#147;It&#146;s Our Southwest.&#148; </I></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I>Post to your [link Instagram feed], [Instagram stories], and [LinkedIn]. </I></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I>You can also tag your social posts with #OurSouthwest and #LifeAt Southwest so we can cultivate awesome stories that demonstrate our unique Culture and
Southwest Spirit. </I></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">Item 2: </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">On
October&nbsp;15, 2024, the Company made the following digital frame available to users of Facebook.com: </P> <P STYLE="margin-top:0pt;margin-bottom:0pt">


<IMG SRC="g850934g1015222528373.jpg" ALT="LOGO">
 </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" ALIGN="justify">This message 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 initiatives, strategic priorities and focus areas,
plans, goals, and opportunities, including with respect to (a)&nbsp;creating substantial value for the Company and its Shareholders and (b)&nbsp;transforming the Company&#146;s business. 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 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 and assigned and premium seating; (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, Boeing MAX 7 aircraft certifications, 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 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, and Global Distribution
Systems, and the impact on the Company&#146;s operations and results of operations of any third party delays or nonperformance; (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 labor matters on the Company&#146;s business decisions, plans, strategies, and results; (x)&nbsp;the impact of governmental regulations and other governmental actions on the Company&#146;s business plans,
results, and operations; (xi)&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; (xii)&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 (xiii)&nbsp;other factors, as described in the Company&#146;s filings with the Securities and Exchange Commission (&#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"><B><U>Important Additional Information</U></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="justify">The Company intends to file a proxy statement and <B>a WHITE</B> proxy card with the SEC in connection with the solicitation of proxies for the
Company&#146;s Special Meeting of Shareholders (the &#147;Special 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 SPECIAL 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 <U>www.sec.gov</U>. Copies will also be available at no charge at the Company&#146;s website at <U><FONT
STYLE="white-space:nowrap">https://www.southwestairlinesinvestorrelations.com/financials/sec-filings</FONT></U>. </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" ALIGN="justify">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, Robert L. Fornaro, 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 Special 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 Initial Statements of Beneficial Ownership of Securities on Form 3
or Statements of Changes in Beneficial Ownership on Form 4 filed with the SEC on October&nbsp;2, 2024 for Mr.&nbsp;Kelly (available<A HREF="http://www.sec.gov/Archives/edgar/data/92380/000009238024000124/xslF345X05/wk-form4_1727900197.xml">&nbsp;
here</A>); October&nbsp;2, 2024 for Mr.&nbsp;Jordan (available<A HREF="http://www.sec.gov/Archives/edgar/data/92380/000009238024000126/xslF345X05/wk-form4_1727900428.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">&nbsp;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">&nbsp;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">&nbsp;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">&nbsp;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">&nbsp;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">&nbsp;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">&nbsp;here</A>); October&nbsp;3, 2024 for Mr.&nbsp;
Fornaro (available<A HREF="http://www.sec.gov/Archives/edgar/data/92380/000009238024000142/xslF345X02/wk-form3_1727988581.xml">&nbsp;here</A>); October&nbsp;2, 2024 for Mr.&nbsp;
Gangwal (available<A HREF="http://www.sec.gov/Archives/edgar/data/92380/000009238024000140/xslF345X05/wk-form4_1727902390.xml">&nbsp;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">&nbsp;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">&nbsp;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">&nbsp;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">&nbsp;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<I>
<FONT STYLE="white-space:nowrap">https://www.southwestairlinesinvestorrelations.com/financials/sec-filings</FONT></I> 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 Special 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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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
