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Corporate Governance Guidelines

Other Practices

The Company will not reprice stock options for any reason.  As is the historical practice of the Board of Directors, with respect to any market value option grants authorized by the Board of Directors or its Compensation Committee, the exercise price of such options shall be no less than the market price on the date of grant.

All Shareholder proxies, ballots, and voting materials that identify the votes of specific Shareholders will be confidential and not disclosed to the Company, unless (a) required by law, (b) a Shareholder requests disclosure of a Shareholder’s vote or seeks information from management, or (c) there is a proxy contest.

As adopted by the Board of Directors of Southwest Airlines Co. on May 18, 2011.