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Southwest Airlines logoSouthwest Airlines LUV

Southwest Airlines said shareholders approved the Amended and Restated 2007 Equity Incentive Plan at the May 15, 2024 annual meeting. The plan allows grants of stock options, restricted stock, restricted stock units, unrestricted common shares, stock appreciation rights and phantom shares.

8-KDeparture or Appointment of Directors or Certain OfficersFiled Period of report Summary published (UTC)

Key points

AI summary

  1. Southwest Airlines said shareholders approved the Amended and Restated 2007 Equity Incentive Plan at the May 15, 2024 annual meeting. The plan allows grants of stock options, restricted stock, restricted stock units, unrestricted common shares, stock appreciation rights and phantom shares.

  2. The company said the total number of common shares that may be issued under the plan across all award types may not exceed 36.25 million. This is an increase of 4.75 million over the 31.5 million shares previously reserved under the plan.

  3. Southwest Airlines said no awards may be granted under the plan after January 30, 2034, and stock options and stock appreciation rights may not be exercised more than 10 years after grant. Time-based restricted stock and restricted stock units may not vest in less than 3 years from grant, and no more than 33-1/3% of an award may vest on each anniversary of the grant date.

  4. The company said at its May 15, 2024 annual meeting that shareholders cast 408,346,613 votes for, 28,870,401 votes against and 1,635,532 abstentions on the compensation plan approval proposal (Proposal 3). Broker non-votes totaled 90,613,942.

Summary

AI-written

Analysis scope · Filing body and confirmed press-release exhibitWe analyzed the filing body and confirmed exhibits. This is not a review of other exhibits, investor presentations or the full earnings call.

Shareholders Approve Amended Equity Incentive Plan

Southwest Airlines said shareholders approved the Amended and Restated 2007 Equity Incentive Plan at the May 15, 2024 annual meeting. The plan allows grants of stock options, restricted stock, restricted stock units, unrestricted common shares, stock appreciation rights and phantom shares.

Source · Based on the filing body and exhibits

Shares Available for Issuance Rise by 4.75 million

The company said the total number of common shares that may be issued under the plan across all award types may not exceed 36.25 million. This is an increase of 4.75 million over the 31.5 million shares previously reserved under the plan.

Source · Based on the filing body and exhibits

Award Expiration and Vesting Terms

Southwest Airlines said no awards may be granted under the plan after January 30, 2034, and stock options and stock appreciation rights may not be exercised more than 10 years after grant. Time-based restricted stock and restricted stock units may not vest in less than 3 years from grant, and no more than 33-1/3% of an award may vest on each anniversary of the grant date.

Source · Based on the filing body and exhibits

Voting Results on Compensation Plan Proposal

The company said at its May 15, 2024 annual meeting that shareholders cast 408,346,613 votes for, 28,870,401 votes against and 1,635,532 abstentions on the compensation plan approval proposal (Proposal 3). Broker non-votes totaled 90,613,942.

Source · Based on the filing body and exhibits

AI summarized the filing and translated the summary into English; it may differ from the original. For reference only, not investment advice. AI translated the published Korean report into English. Figures are copied as filed, not recalculated.

Original filing

The filing as submitted to SEC EDGAR. You can check the figures and statements of this summary against it.

View the original filing on SEC EDGAR ↗
Source: SEC EDGAR (U.S. Securities and Exchange Commission). Item captions are the SEC's. The summary is for reference only and is not investment advice.