SOUTHWEST AIRLINES CO — Director's Dealing 2017

Feb 23, 2017

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: SOUTHWEST AIRLINES CO (LUV)
CIK: 0000092380
Period of Report: 2017-02-21

Reporting Person: KELLY GARY C (Director, Chairman of the Board & CEO)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2017-02-21	Common Stock	F	5609	$57.86	Disposed	619456	Direct
2017-02-21	Common Stock	F	9872	$57.86	Disposed	609584	Direct
2017-02-22	Common Stock	M	100000	$6.75	Acquired	709584	Direct
2017-02-22	Common Stock	F	1736	$57.57	Disposed	707848	Direct
2017-02-22	Common Stock	S	300	$57.15	Disposed	707548	Direct
2017-02-22	Common Stock	S	500	$57.16	Disposed	707048	Direct
2017-02-22	Common Stock	S	100	$57.17	Disposed	706948	Direct
2017-02-22	Common Stock	S	200	$57.18	Disposed	706748	Direct
2017-02-22	Common Stock	S	600	$57.19	Disposed	706148	Direct
2017-02-22	Common Stock	S	200	$57.20	Disposed	705948	Direct
2017-02-22	Common Stock	S	96	$57.21	Disposed	705852	Direct
2017-02-22	Common Stock	S	3604	$57.22	Disposed	702248	Direct
2017-02-22	Common Stock	S	200	$57.225	Disposed	702048	Direct
2017-02-22	Common Stock	S	780	$57.23	Disposed	701268	Direct
2017-02-22	Common Stock	S	300	$57.231	Disposed	700968	Direct
2017-02-22	Common Stock	S	100	$57.235	Disposed	700868	Direct
2017-02-22	Common Stock	S	2020	$57.24	Disposed	698848	Direct
2017-02-22	Common Stock	S	1000	$57.25	Disposed	697848	Direct
2017-02-22	Common Stock	S	100	$57.254	Disposed	697748	Direct
2017-02-22	Common Stock	S	900	$57.26	Disposed	696848	Direct
2017-02-22	Common Stock	S	100	$57.261	Disposed	696748	Direct
2017-02-22	Common Stock	S	3279	$57.27	Disposed	693469	Direct
2017-02-22	Common Stock	S	200	$57.271	Disposed	693269	Direct
2017-02-22	Common Stock	S	1921	$57.28	Disposed	691348	Direct
2017-02-22	Common Stock	S	200	$57.281	Disposed	691148	Direct
2017-02-22	Common Stock	S	3700	$57.29	Disposed	687448	Direct
2017-02-22	Common Stock	S	400	$57.291	Disposed	687048	Direct
2017-02-22	Common Stock	S	500	$57.295	Disposed	686548	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2017-02-22	Employee Stock Option (right to buy)	$6.75	M	100000	Disposed	2019-02-01	Common Stock (100000)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock	69883	Indirect
Common Stock	69891	Indirect

Footnotes

F1: These shares are held in trust for the reporting person and his descendants. The reporting person is trustee of the trust.

F2: These shares are held in trust for the benefit of the reporting person's spouse and descendants. The reporting person's spouse is trustee of the trust.

F3: The option was 100% vested at the time of exercise.