Southwest Airlines COO granted 2,995 RSUs

Watterson Andrew M reported acquisition or exercise transactions in this Form 4 filing.

Rhea-AI Filing Summary

Watterson Andrew M reported acquisition or exercise transactions in this Form 4 filing.

Southwest Airlines reported that Chief Operating Officer Andrew M. Watterson received an exempt grant of 2,995 restricted stock units under the Southwest Airlines Co. Amended and Restated 2007 Equity Incentive Plan on August 5, 2026. The units will vest in three annual installments beginning on August 21, 2027, each RSU entitling him to one share of common stock upon vesting. Following this award, he is reported with 209,840 shares held directly and 18,101 shares held indirectly through a Retirement Savings Plan, which reflect exempt plan transactions.

Insider Trade Summary

Grant/Award: 2,995 shares

Grant/Award 2 txns

Insider Watterson Andrew M

Role Chief Operating Officer

Type	Security	Shares	Price	Value
Grant/Award	Common Stock F1	2,995	$0.00	$0.00
holding	Common Stock F2	--	--	--

Holdings After Transaction: Common Stock — 209,840 shares (Direct); Common Stock — 18,101 shares (Indirect, By Retirement Savings Plan)

Footnotes (2)

1. F1. 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 August 21, 2027, and will entitle the reporting person to one share of common stock for each restricted stock unit that vests.
2. F2. Holdings reflect exempt transactions under the Issuer's Retirement Savings Plan.

Key Figures

Restricted stock units granted: 2,995 units Direct holdings after award: 209,840 shares Indirect retirement plan holdings: 18,101 shares +2 more

5 metrics

Restricted stock units granted 2,995 units Exempt equity award to COO on 2026-08-05 under 2007 Equity Incentive Plan

Direct holdings after award 209,840 shares Total common stock reported as held directly following the RSU grant

Indirect retirement plan holdings 18,101 shares Common stock held indirectly by Retirement Savings Plan, reflecting exempt plan transactions

RSU vesting start date August 21, 2027 RSUs vest with respect to one-third of the covered shares annually, beginning on this date

Transaction price per share $0.00 Form 4 reports zero price per share for the exempt RSU acquisition

Key Terms

restricted stock units, Amended and Restated 2007 Equity Incentive Plan, Retirement Savings Plan

3 terms

restricted stock units financial

"Reflects the exempt acquisition of restricted stock units pursuant to the Southwest"

Restricted stock units are a type of company reward where employees are promised shares of stock, but they only fully own these shares after meeting certain conditions, like staying with the company for a set time. They matter because they can become valuable assets and are often used to motivate employees to help the company succeed.

Amended and Restated 2007 Equity Incentive Plan financial

"restricted stock units pursuant to the Southwest Airlines Co. Amended and Restated 2007"

Retirement Savings Plan financial

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

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What equity award did Southwest Airlines (LUV) grant to its COO Andrew M. Watterson?

Southwest Airlines granted Andrew M. Watterson an exempt award of 2,995 restricted stock units under its Amended and Restated 2007 Equity Incentive Plan on August 5, 2026, as part of his equity-based compensation.

When do Andrew M. Watterson’s new Southwest Airlines (LUV) RSUs start vesting?

The granted restricted stock units begin vesting on August 21, 2027. They vest in three annual installments, and each vested unit entitles him to receive one share of common stock of Southwest Airlines.

How many Southwest Airlines (LUV) shares does the COO hold after this Form 4 transaction?

After the reported award, Andrew M. Watterson is shown with 209,840 shares held directly. He also has 18,101 shares held indirectly through a Retirement Savings Plan, which reflect exempt plan-related transactions.

Were Andrew M. Watterson’s new Southwest Airlines (LUV) RSUs acquired in a market purchase?

No. The 2,995 restricted stock units were an exempt acquisition granted under the company’s Amended and Restated 2007 Equity Incentive Plan, reported with a transaction price per share of $0.00, indicating no open-market purchase.

What does the Retirement Savings Plan holding mean in this Southwest Airlines (LUV) Form 4?

The Form 4 shows 18,101 shares held indirectly by a Retirement Savings Plan. A footnote states these holdings reflect exempt transactions under the issuer’s Retirement Savings Plan, rather than discretionary market trades by the COO.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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Available on EDGAR 08/07/2026 - 04:23 PM Accepted by SEC EDGAR 08/07/2026 - 04:22 PM Learn about SEC filing dates

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
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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^*

Watterson Andrew M

(Last) (First) (Middle)

2702 LOVE FIELD DRIVE

HDQ 4GC

(Street)

DALLAS TEXAS 75235

(City) (State) (Zip)

UNITED STATES

(Country)

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)
	Chief Operating Officer

2a. Foreign Trading Symbol

3. Date of Earliest Transaction (Month/Day/Year)
08/05/2026

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

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

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

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	08/05/2026		A		2,995(1)	A	$0	209,840	D
Common Stock								18,101(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 August 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/ Blair Hendrix, on behalf of and as attorney-in-fact for Andrew M. Watterson	08/07/2026
	** 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.
* Form 4: SEC 1474 (03-26)