Southwest Airlines (LUV) EVP granted 23,863 restricted stock units in equity award

Rhea-AI Filing Summary

Southwest Airlines executive vice president of operations Justin Jones reported an acquisition of 23,863 shares of common stock in the form of restricted stock units granted at no cash cost. After this grant, he holds 77,216 shares directly.

The award was made under the Southwest Airlines Co. Amended and Restated 2007 Equity Incentive Plan. These restricted stock units will vest in three equal annual installments beginning on March 21, 2027, and each vested unit will convert into one share of common stock.

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

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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^*

Jones Justin

(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)
	EVP Operations

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		23,863(1)	A	$0	77,216	D

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.

Remarks:

	/s/ Claire Hoedebeck, on behalf of and as attorney-in-fact for Justin Jones	03/17/2026
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
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** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
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FAQ

What insider transaction did Southwest Airlines (LUV) report for Justin Jones?

Southwest Airlines reported that EVP Operations Justin Jones received 23,863 restricted stock units of common stock as a grant. The award was reported at no cash cost per share and reflects equity-based compensation under the company’s Amended and Restated 2007 Equity Incentive Plan.

How many Southwest Airlines (LUV) shares does Justin Jones hold after this Form 4?

Following the reported grant, Justin Jones holds 77,216 shares of Southwest Airlines common stock directly. This total includes the newly awarded restricted stock units, which represent equity compensation tied to future vesting rather than an open-market purchase of shares.

What type of security was granted to Justin Jones in this Southwest Airlines (LUV) filing?

The filing shows a grant of restricted stock units linked to Southwest Airlines common stock. These units are equity awards, not cash transactions, and each unit will ultimately entitle Jones to one share of common stock upon vesting according to the stated schedule.

What is the vesting schedule for Justin Jones’s restricted stock units at Southwest Airlines (LUV)?

The restricted stock units will vest in three equal parts, one-third each year, starting March 21, 2027. As each portion vests, Justin Jones will receive one share of Southwest Airlines common stock for every vested unit, reflecting long-term incentive compensation.

Under which plan were Justin Jones’s Southwest Airlines (LUV) restricted stock units granted?

The restricted stock units were granted under the Southwest Airlines Co. Amended and Restated 2007 Equity Incentive Plan. This plan authorizes equity-based awards, such as restricted stock units, as part of the company’s compensation and incentive programs for executives and other participants.

Was Justin Jones’s Southwest Airlines (LUV) Form 4 transaction a market purchase or sale?

The transaction was not a market purchase or sale; it was an exempt acquisition coded as a grant or award. Justin Jones received 23,863 restricted stock units as compensation, with no cash price per share reported, and future vesting determining when shares are actually delivered.