Southwest Airlines (LUV) grants 7,294 restricted stock units to accounting chief

Rhea-AI Filing Summary

Southwest Airlines Co. Principal Accounting Officer Jimmy Ryan Martinez received a grant of 7,294 restricted stock units tied to the company’s common stock. The award was granted at no cash cost to him under the Amended and Restated 2007 Equity Incentive Plan.

The restricted stock units will vest in three equal annual installments beginning on March 21, 2027, with each vested unit converting into one share of common stock. After this grant, Martinez directly holds 25,423 shares of common stock, and indirectly holds 938 shares through a Retirement Savings Plan.

Insider Trade Summary

2 transactions reported

Mixed 2 txns

Insider Martinez Jimmy Ryan

Role Principal Accounting Officer

Type	Security	Shares	Price	Value
Grant/Award	Common Stock	7,294	$0.00	--
holding	Common Stock	--	--	--

Holdings After Transaction: Common Stock — 25,423 shares (Direct); Common Stock — 938 shares (Indirect, By Retirement Savings Plan)

Footnotes (1)

1. Reflects the exempt acquisition of restricted stock units pursuant to the Southwest Airlines Co. Amended and Restated 2007 Equity Incentive Plan. The restricted stock units will vest with respect to one-third of the shares covered thereby annually, beginning on March 21, 2027, and will entitle the reporting person to one share of common stock for each restricted stock unit that vests. Holdings reflect exempt transactions under the Issuer's Retirement Savings Plan.

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Form 4 Insider Transactions: What Each Field Means →

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
Estimated average burden
hours per response:			0.5

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

Martinez Jimmy Ryan

(Last) (First) (Middle)

2702 LOVE FIELD DRIVE

HDQ 4GC

(Street)

DALLAS TX 75235

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
SOUTHWEST AIRLINES CO [ LUV ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

	Director		10% Owner
X	Officer (give title below)		Other (specify below)
	Principal Accounting Officer

3. Date of Earliest Transaction (Month/Day/Year)
03/16/2026

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Common Stock	03/16/2026		A		7,294(1)	A	$0	25,423	D
Common Stock								938(2)	I	By Retirement Savings Plan

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares

Explanation of Responses:

1. Reflects the exempt acquisition of restricted stock units pursuant to the Southwest Airlines Co. Amended and Restated 2007 Equity Incentive Plan. The restricted stock units will vest with respect to one-third of the shares covered thereby annually, beginning on March 21, 2027, and will entitle the reporting person to one share of common stock for each restricted stock unit that vests.

2. Holdings reflect exempt transactions under the Issuer's Retirement Savings Plan.

Remarks:

	/s/ Claire Hoedebeck, on behalf of and as attorney-in-fact for Jimmy Ryan Martinez	03/17/2026
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.

FAQ

What did Southwest Airlines (LUV) disclose about Jimmy Ryan Martinez in this Form 4?

Southwest Airlines reported a stock-based award to Jimmy Ryan Martinez. The Principal Accounting Officer received 7,294 restricted stock units, which convert into common shares as they vest, and his direct and indirect holdings were updated in the filing.

How many restricted stock units did Jimmy Ryan Martinez receive from Southwest Airlines (LUV)?

Jimmy Ryan Martinez received 7,294 restricted stock units. These units were granted at no cash cost and are linked to Southwest Airlines common stock, increasing his equity-based compensation position subject to a multi-year vesting schedule.

When do Jimmy Ryan Martinez’s Southwest Airlines restricted stock units vest?

The restricted stock units vest over three years starting March 21, 2027. One-third of the 7,294 units vests annually beginning on that date, and each vested unit entitles him to one share of common stock.

What are Jimmy Ryan Martinez’s Southwest Airlines share holdings after this Form 4 transaction?

After the award, Martinez directly holds 25,423 shares of common stock. He also indirectly holds 938 shares through a Retirement Savings Plan, as reflected in the Form 4’s holdings section and related footnote.

Was Jimmy Ryan Martinez’s Southwest Airlines stock award an open-market purchase?

No, the award was an exempt, compensation-related grant. The Form 4 identifies the transaction as a grant of restricted stock units under an equity incentive plan, with no purchase price per share reported.

Under which plan were Jimmy Ryan Martinez’s restricted stock units granted at Southwest Airlines (LUV)?

The units were granted under the Amended and Restated 2007 Equity Incentive Plan. This plan provides equity-based compensation, and the footnote specifies that the award consists of restricted stock units subject to a defined vesting schedule.