Southwest Airlines (NYSE: LUV) director granted 4,108 common shares

Rhea-AI Filing Summary

Hess David P reported acquisition or exercise transactions in this Form 4 filing.

Southwest Airlines director David P. Hess received a grant of 4,108 shares of common stock on May 7, 2026, at no cash cost per share. This compensation-related award increased his direct holdings to 32,682 shares, reflecting routine equity-based pay rather than an open-market purchase.

Insider Trade Summary

1 transaction reported

Mixed 1 txn

Insider Hess David P

Role null

Type	Security	Shares	Price	Value
Grant/Award	Common Stock	4,108	$0.00	--

Holdings After Transaction: Common Stock — 32,682 shares (Direct, null)

Footnotes (1)

Key Figures

Shares granted: 4,108 shares Reported price per share: $0.0000 per share Holdings after transaction: 32,682 shares +1 more

4 metrics

Shares granted 4,108 shares Common Stock award on May 7, 2026

Reported price per share $0.0000 per share Grant, award, or other acquisition

Holdings after transaction 32,682 shares Total direct ownership after grant

Transaction code A Grant, award, or other acquisition of common stock

Key Terms

Form 4, Common Stock, Grant, award, or other acquisition, direct ownership

4 terms

Form 4 regulatory

"insider transaction on Form 4 for Southwest Airlines common stock"

Form 4 is a official document that company insiders, such as executives or major shareholders, file with regulators whenever they buy or sell company shares. It provides transparency about how those with inside knowledge are trading, helping investors see if insiders are confident in the company's prospects or may be selling for personal reasons. This information can influence investor decisions by revealing insiders' perspectives on the company's value.

Common Stock financial

"security title is listed as Common Stock for the transaction"

Common stock represents ownership shares in a company, giving investors a stake in its success and a say in important decisions through voting rights. It is the most common type of stock traded on markets and can provide income through dividends, as well as potential for value growth. For investors, holding common stock means sharing in the company’s profits and risks.

Grant, award, or other acquisition financial

"transaction_code_description states Grant, award, or other acquisition"

direct ownership financial

"ownership_type is reported as direct for the shares held"

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^*

Hess David P

(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)

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

2a. Foreign Trading Symbol

3. Date of Earliest Transaction (Month/Day/Year)
05/07/2026

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	05/07/2026		A		4,108	A	$0	32,682	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:

Remarks:

	/s/ Claire Hoedebeck, on behalf of and as attorney-in-fact for David P. Hess	05/11/2026
	** 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)

FAQ

What did Southwest Airlines (LUV) director David P. Hess report on this Form 4?

David P. Hess reported receiving a grant of 4,108 Southwest Airlines common shares. The award was recorded at zero cash cost per share and classified as a grant or award acquisition, indicating stock-based compensation rather than an open-market trade or discretionary purchase.

How many Southwest Airlines (LUV) shares does David P. Hess hold after this transaction?

After the reported grant, David P. Hess directly holds 32,682 Southwest Airlines common shares. This total reflects his position following the 4,108-share award and helps investors gauge the scale of the grant relative to his overall disclosed ownership stake.

Was the Southwest Airlines (LUV) Form 4 transaction a stock purchase or a compensation grant?

The Form 4 shows a compensation grant, not a market purchase. The transaction code “A” and description “Grant, award, or other acquisition” indicate the 4,108 Southwest shares were awarded as equity compensation at no cash price per share, rather than bought in the market.

Did David P. Hess pay a price per share for the 4,108 Southwest Airlines (LUV) shares?

The filing reports a price per share of $0.0000 for the 4,108 shares. This confirms the transaction was a non-cash equity award to director David P. Hess, aligning with typical board compensation practices rather than a standard buy or sell transaction in the open market.

Does this Southwest Airlines (LUV) Form 4 involve any derivative securities or option exercises?

The Form 4 does not show any derivative securities or option exercises for this event. It lists only one non-derivative transaction: a direct grant of 4,108 Southwest common shares to David P. Hess, with no accompanying options, warrants, or other derivative instruments disclosed.