Southwest Airlines (LUV) CFO Tom Doxey receives 28,199 restricted stock units

Rhea-AI Filing Summary

Southwest Airlines executive vice president and chief financial officer Tom Doxey received a grant of 28,199 shares of common stock in the form of restricted stock units 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, with each vested unit converting into one share of common stock. Following this award, Doxey directly holds 116,247 shares of Southwest Airlines common stock.

Insights

Executive compensation analyst

Routine equity grant increasing CFO’s stock-based compensation and alignment.

The filing shows Tom Doxey, EVP and CFO of Southwest Airlines, receiving 28,199 restricted stock units under the company’s equity incentive plan. This is a non-cash, compensation-related acquisition rather than an open-market purchase or sale.

The units vest in three equal annual tranches starting on March 21, 2027, and each vested unit delivers one share of common stock. Such time-based vesting is typically designed to encourage executive retention and alignment with long-term shareholder value.

After this grant, Doxey directly owns 116,247 common shares, according to the filing. As a standard compensation award with no immediate cash transaction or sale activity, this development is best viewed as routine and neutral from a market-sentiment standpoint.

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^*

Doxey Tom

(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, Chief Financial 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		28,199(1)	A	$0	116,247	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 Tom Doxey	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) CFO Tom Doxey report in this Form 4?

Tom Doxey reported receiving 28,199 restricted stock units of Southwest Airlines common stock as compensation. The grant was made under the company’s Amended and Restated 2007 Equity Incentive Plan and is a non-cash award, not an open-market stock purchase or sale.

How many Southwest Airlines shares did CFO Tom Doxey acquire in this transaction?

The CFO acquired 28,199 restricted stock units, each representing the right to receive one share of Southwest Airlines common stock upon vesting. These units are part of an equity incentive award and will settle in shares over time rather than immediately increasing freely tradable stock.

When will Tom Doxey’s new Southwest Airlines restricted stock units vest?

The restricted stock units will vest in three equal annual installments beginning on March 21, 2027. Each vesting date covers one-third of the 28,199 units, and every vested unit will entitle Doxey to one share of Southwest Airlines common stock at that time.

What is Tom Doxey’s total Southwest Airlines share ownership after this Form 4?

After the reported grant, Tom Doxey directly owns 116,247 shares of Southwest Airlines common stock. This figure, disclosed in the Form 4, reflects his direct holdings immediately following the award of the 28,199 restricted stock units reported in the transaction.

Was there any purchase or sale of Southwest Airlines stock in this CFO filing?

No open-market purchase or sale occurred. The filing records a compensation-related grant of 28,199 restricted stock units with a reported price per share of $0.0000, indicating an award rather than a buy or sell transaction in the market by the CFO.

Under which plan were Tom Doxey’s restricted stock units granted at Southwest Airlines?

The restricted stock units were granted under the Southwest Airlines Co. Amended and Restated 2007 Equity Incentive Plan. This plan governs equity-based awards to executives and provides the framework for grants like the 28,199 units reported in Tom Doxey’s Form 4 filing.