Gary C. Kelly - Sep 30, 2024 Form 4 Insider Report for SOUTHWEST AIRLINES CO (LUV)

Role
Executive Chairman, Director
Signature
/s/ Tim Whisler, on behalf of and as attorney-in-fact for Gary C. Kelly
Stock symbol
LUV
Transactions as of
Sep 30, 2024
Transactions value $
$1,001,348
Form type
4
Date filed
10/2/2024, 04:16 PM
Previous filing
Jul 1, 2024

Transactions Table

Type Sym Class Transaction Value $ Shares Change % * Price $ Shares After Date Ownership Footnotes
transaction LUV Common Stock Purchase $1M +33.9K +30.15% $29.52 146K Sep 30, 2024 Direct
transaction LUV Common Stock Gift $0 -84.2K -53.05% $0.00 74.5K Sep 30, 2024 By Family Limited Partnership F1, F2, F3
transaction LUV Common Stock Gift $0 +84.2K +26.27% $0.00 405K Sep 30, 2024 By Family Trust 2 F1, F2, F4
holding LUV Common Stock 368K Sep 30, 2024 By Family Trust F2, F5
* An asterisk sign (*) next to the price indicates that the price is likely invalid.

Explanation of Responses:

Id Content
F1 On September 30, 2024, as part of his estate planning, the reporting person made a gift of the reporting person's limited partnership interest in a family limited partnership (the "Family Limited Partnership") to a trust for the reporting person's spouse and her descendants (the "Spousal Trust"). The reporting person's spouse is trustee of the Spousal Trust.
F2 After the transaction, the sole general partner of the Family Limited Partnership continues to be a limited liability company (the "Family Limited Liability Company") that is wholly owned by the reporting person and his spouse and the sole limited partners of the Family Limited Partnership are (a) a trust for the reporting person and his descendants, for which the reporting person is trustee (the "Reporting Person Trust"), (b) the Spousal Trust, and (c) the reporting person's spouse through a separate limited partnership interest in the Family Limited Partnership (the "Spousal LP Interest").
F3 Includes (a) 70,293 shares indirectly held through the total Spousal LP Interest in the Family Limited Partnership, and (b) 4,227 shares indirectly held through the Family Limited Liability Company's general partnership interest in the Family Limited Partnership.
F4 Includes shares indirectly held through the Spousal Trust, including (a) 199,794 shares held as a result of the Spousal Trust's limited partnership interest in the Family Limited Partnership and (b) 205,000 other shares held by the Spousal Trust.
F5 Includes shares indirectly held through the Reporting Person Trust, including (a) 148,348 shares held as a result of the Reporting Person Trust's limited partnership interest in the Family Limited Partnership and (b) 219,758 shares held by the Reporting Person Trust.