QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
or |
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
For the transition period from ________ to ________ |
(State or other jurisdiction of | (IRS Employer | |||||||
incorporation or organization) | Identification No.) | |||||||
(Address of principal executive offices) | (Zip Code) |
Title of each class | Trading Symbol | Name of each exchange on which registered | ||||||
x | Accelerated filer | ☐ | |||||||||
Non-accelerated filer | ☐ | Smaller reporting company | |||||||||
Emerging growth company |
March 31, 2021 | December 31, 2020 | ||||||||||
ASSETS | |||||||||||
Current assets: | |||||||||||
Cash and cash equivalents | $ | $ | |||||||||
Short-term investments | |||||||||||
Accounts and other receivables | |||||||||||
Inventories of parts and supplies, at cost | |||||||||||
Prepaid expenses and other current assets | |||||||||||
Total current assets | |||||||||||
Property and equipment, at cost: | |||||||||||
Flight equipment | |||||||||||
Ground property and equipment | |||||||||||
Deposits on flight equipment purchase contracts | |||||||||||
Assets constructed for others | |||||||||||
Less allowance for depreciation and amortization | |||||||||||
Goodwill | |||||||||||
Operating lease right-of-use assets | |||||||||||
Other assets | |||||||||||
$ | $ | ||||||||||
LIABILITIES AND STOCKHOLDERS' EQUITY | |||||||||||
Current liabilities: | |||||||||||
Accounts payable | $ | $ | |||||||||
Accrued liabilities | |||||||||||
Current operating lease liabilities | |||||||||||
Air traffic liability | |||||||||||
Current maturities of long-term debt | |||||||||||
Total current liabilities | |||||||||||
Long-term debt less current maturities | |||||||||||
Air traffic liability - noncurrent | |||||||||||
Deferred income taxes | |||||||||||
Construction obligation | |||||||||||
Noncurrent operating lease liabilities | |||||||||||
Other noncurrent liabilities | |||||||||||
Stockholders' equity: | |||||||||||
Common stock | |||||||||||
Capital in excess of par value | |||||||||||
Retained earnings | |||||||||||
Accumulated other comprehensive loss | ( | ( | |||||||||
Treasury stock, at cost | ( | ( | |||||||||
Total stockholders' equity | |||||||||||
$ | $ |
Three months ended March 31, | |||||||||||
2021 | 2020 | ||||||||||
OPERATING REVENUES: | |||||||||||
Passenger | $ | $ | |||||||||
Freight | |||||||||||
Other | |||||||||||
Total operating revenues | |||||||||||
OPERATING EXPENSES, NET: | |||||||||||
Salaries, wages, and benefits | |||||||||||
Payroll support and voluntary Employee programs, net | ( | ||||||||||
Fuel and oil | |||||||||||
Maintenance materials and repairs | |||||||||||
Landing fees and airport rentals | |||||||||||
Depreciation and amortization | |||||||||||
Other operating expenses | |||||||||||
Total operating expenses, net | |||||||||||
OPERATING INCOME (LOSS) | ( | ||||||||||
OTHER EXPENSES (INCOME): | |||||||||||
Interest expense | |||||||||||
Capitalized interest | ( | ( | |||||||||
Interest income | ( | ( | |||||||||
Other (gains) losses, net | ( | ||||||||||
Total other expenses (income) | |||||||||||
INCOME (LOSS) BEFORE INCOME TAXES | ( | ||||||||||
PROVISION (BENEFIT) FOR INCOME TAXES | ( | ||||||||||
NET INCOME (LOSS) | $ | $ | ( | ||||||||
NET INCOME (LOSS) PER SHARE, BASIC | $ | $ | ( | ||||||||
NET INCOME (LOSS) PER SHARE, DILUTED | $ | $ | ( | ||||||||
COMPREHENSIVE INCOME (LOSS) | $ | $ | ( | ||||||||
WEIGHTED AVERAGE SHARES OUTSTANDING | |||||||||||
Basic | |||||||||||
Diluted |
Common Stock | Capital in excess of par value | Retained earnings | Accumulated other comprehensive income (loss) | Treasury stock | Total | |||||||||||||||||||||||||||||||||
Balance at December 31, 2020 | $ | $ | $ | $ | ( | $ | ( | $ | ||||||||||||||||||||||||||||||
Cumulative effect of adopting Accounting Standards Update No. 2016-01, Financial Instruments (See Note 1) | ( | |||||||||||||||||||||||||||||||||||||
Issuance of common and treasury stock pursuant to Employee stock plans | ( | |||||||||||||||||||||||||||||||||||||
Share-based compensation | ||||||||||||||||||||||||||||||||||||||
Stock warrants | ||||||||||||||||||||||||||||||||||||||
Comprehensive income | ||||||||||||||||||||||||||||||||||||||
Balance at March 31, 2021 | $ | $ | $ | $ | ( | $ | ( | $ | ||||||||||||||||||||||||||||||
Common Stock | Capital in excess of par value | Retained earnings | Accumulated other comprehensive loss | Treasury stock | Total | |||||||||||||||||||||||||||||||||
Balance at December 31, 2019 | $ | $ | $ | $ | ( | $ | ( | $ | ||||||||||||||||||||||||||||||
Repurchase of common stock | ( | ( | ||||||||||||||||||||||||||||||||||||
Issuance of common and treasury stock pursuant to Employee stock plans | ( | ( | ||||||||||||||||||||||||||||||||||||
Share-based compensation | ||||||||||||||||||||||||||||||||||||||
Cash dividends, $ | ( | ( | ||||||||||||||||||||||||||||||||||||
Comprehensive loss | ( | ( | ( | |||||||||||||||||||||||||||||||||||
Balance at March 31, 2020 | $ | $ | $ | $ | ( | $ | ( | $ | ||||||||||||||||||||||||||||||
Three months ended | |||||||||||
March 31, | |||||||||||
2021 | 2020 | ||||||||||
CASH FLOWS FROM OPERATING ACTIVITIES: | |||||||||||
Net income (loss) | $ | $ | ( | ||||||||
Adjustments to reconcile net income (loss) to cash used in operating activities: | |||||||||||
Depreciation and amortization | |||||||||||
Unrealized/realized (gain) loss on fuel derivative instruments | ( | ||||||||||
Deferred income taxes | ( | ||||||||||
Changes in certain assets and liabilities: | |||||||||||
Accounts and other receivables | ( | ||||||||||
Other assets | ( | ||||||||||
Accounts payable and accrued liabilities | ( | ( | |||||||||
Air traffic liability | |||||||||||
Other liabilities | ( | ( | |||||||||
Cash collateral received from (provided to) derivative counterparties | ( | ||||||||||
Other, net | ( | ||||||||||
Net cash provided by (used in) operating activities | ( | ||||||||||
CASH FLOWS FROM INVESTING ACTIVITIES: | |||||||||||
Capital expenditures | ( | ( | |||||||||
Supplier proceeds | |||||||||||
Purchases of short-term investments | ( | ( | |||||||||
Proceeds from sales of short-term and other investments | |||||||||||
Net cash used in investing activities | ( | ( | |||||||||
CASH FLOWS FROM FINANCING ACTIVITIES: | |||||||||||
Proceeds from issuance of long-term debt | |||||||||||
Proceeds from term loan credit facility | |||||||||||
Proceeds from revolving credit facility | |||||||||||
Proceeds from Payroll Support Program loan and warrants | |||||||||||
Proceeds from Employee stock plans | |||||||||||
Repurchase of common stock | ( | ||||||||||
Payments of long-term debt and finance lease obligations | ( | ( | |||||||||
Payments of cash dividends | ( | ||||||||||
Other, net | ( | ||||||||||
Net cash provided by financing activities | |||||||||||
NET CHANGE IN CASH AND CASH EQUIVALENTS | |||||||||||
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD | |||||||||||
CASH AND CASH EQUIVALENTS AT END OF PERIOD | $ | $ | |||||||||
CASH PAYMENTS FOR: | |||||||||||
Interest, net of amount capitalized | $ | $ | |||||||||
Income taxes | $ | $ | |||||||||
SUPPLEMENTAL DISCLOSURE OF NONCASH TRANSACTIONS: | |||||||||||
Right-of-use assets acquired under operating leases | $ | $ | |||||||||
Assets constructed for others | $ | $ |
Maximum fuel hedged as of | ||||||||||||||
March 31, 2021 | Derivative underlying commodity type as of | |||||||||||||
Period (by year) | (gallons in millions) (a) | March 31, 2021 | ||||||||||||
Remainder of 2021 | WTI crude oil and Brent crude oil | |||||||||||||
2022 | WTI crude oil and Brent crude oil | |||||||||||||
2023 | WTI crude oil and Brent crude oil | |||||||||||||
Beyond 2023 | WTI crude oil |
Asset derivatives | Liability derivatives | |||||||||||||||||||||||||||||||
Balance Sheet | Fair value at | Fair value at | Fair value at | Fair value at | ||||||||||||||||||||||||||||
(in millions) | location | 3/31/2021 | 12/31/2020 | 3/31/2021 | 12/31/2020 | |||||||||||||||||||||||||||
Derivatives designated as hedges (a) | ||||||||||||||||||||||||||||||||
Fuel derivative contracts (gross) | Prepaid expenses and other current assets | $ | $ | $ | $ | |||||||||||||||||||||||||||
Fuel derivative contracts (gross) | Other assets | |||||||||||||||||||||||||||||||
Interest rate derivative contracts | Other assets | |||||||||||||||||||||||||||||||
Interest rate derivative contracts | Other noncurrent liabilities | |||||||||||||||||||||||||||||||
Total derivatives designated as hedges | $ | $ | $ | $ | ||||||||||||||||||||||||||||
Derivatives not designated as hedges (a) | ||||||||||||||||||||||||||||||||
Fuel derivative contracts (gross) | Prepaid expenses and other current assets | $ | $ | $ | $ | |||||||||||||||||||||||||||
Total derivatives | $ | $ | $ | $ |
Balance Sheet | March 31, | December 31, | ||||||||||||||||||
(in millions) | location | 2021 | 2020 | |||||||||||||||||
Cash collateral deposits held from counterparties for fuel contracts - current | Offset against Prepaid expenses and other current assets | $ | $ | |||||||||||||||||
Cash collateral deposits held from counterparties for fuel contracts - noncurrent | Offset against Other assets | |||||||||||||||||||
Offsetting of derivative assets | |||||||||||||||||||||||||||||||||||||||||||||||
(in millions) | |||||||||||||||||||||||||||||||||||||||||||||||
(i) | (ii) | (iii) = (i) + (ii) | (i) | (ii) | (iii) = (i) + (ii) | ||||||||||||||||||||||||||||||||||||||||||
March 31, 2021 | December 31, 2020 | ||||||||||||||||||||||||||||||||||||||||||||||
Description | Balance Sheet location | Gross amounts of recognized assets | Gross amounts offset in the Balance Sheet | Net amounts of assets presented in the Balance Sheet | Gross amounts of recognized assets | Gross amounts offset in the Balance Sheet | Net amounts of assets presented in the Balance Sheet | ||||||||||||||||||||||||||||||||||||||||
Fuel derivative contracts | Prepaid expenses and other current assets | $ | $ | ( | $ | $ | $ | ( | $ | ||||||||||||||||||||||||||||||||||||||
Fuel derivative contracts | Other assets | $ | $ | ( | $ | (a) | $ | $ | ( | $ | (a) | ||||||||||||||||||||||||||||||||||||
Interest rate derivative contracts | Other assets | $ | $ | $ | (a) | $ | $ | $ | (a) |
Offsetting of derivative liabilities | |||||||||||||||||||||||||||||||||||||||||||||||
(in millions) | |||||||||||||||||||||||||||||||||||||||||||||||
(i) | (ii) | (iii) = (i) + (ii) | (i) | (ii) | (iii) = (i) + (ii) | ||||||||||||||||||||||||||||||||||||||||||
March 31, 2021 | December 31, 2020 | ||||||||||||||||||||||||||||||||||||||||||||||
Description | Balance Sheet location | Gross amounts of recognized liabilities | Gross amounts offset in the Balance Sheet | Net amounts of liabilities presented in the Balance Sheet | Gross amounts of recognized liabilities | Gross amounts offset in the Balance Sheet | Net amounts of liabilities presented in the Balance Sheet | ||||||||||||||||||||||||||||||||||||||||
Fuel derivative contracts | Prepaid expenses and other current assets | $ | $ | ( | $ | $ | $ | ( | $ | ||||||||||||||||||||||||||||||||||||||
Fuel derivative contracts | Other assets | $ | $ | ( | $ | (a) | $ | $ | ( | $ | (a) | ||||||||||||||||||||||||||||||||||||
Interest rate derivative contracts | Other noncurrent liabilities | $ | $ | $ | $ | $ | $ |
Location and amount recognized in income on cash flow and fair value hedging relationships | ||||||||||||||||||||||||||||||||||||||
Three months ended March 31, 2021 | Three months ended March 31, 2020 | |||||||||||||||||||||||||||||||||||||
(in millions) | Fuel and oil | Other (gains)/losses, net | Other operating expenses | Fuel and oil | Other (gains)/losses, net | Interest expense | ||||||||||||||||||||||||||||||||
Total | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||
Loss on cash flow hedging relationships: | ||||||||||||||||||||||||||||||||||||||
Commodity contracts: | ||||||||||||||||||||||||||||||||||||||
Amount of loss reclassified from AOCI into income | ||||||||||||||||||||||||||||||||||||||
Interest contracts: | ||||||||||||||||||||||||||||||||||||||
Amount of loss reclassified from AOCI into income | ||||||||||||||||||||||||||||||||||||||
Impact of fair value hedging relationships: | ||||||||||||||||||||||||||||||||||||||
Interest contracts: | ||||||||||||||||||||||||||||||||||||||
Hedged items | ||||||||||||||||||||||||||||||||||||||
Derivatives designated as hedging instruments | ( |
Derivatives designated and qualified in cash flow hedging relationships | |||||||||||
(Gain) loss recognized in AOCI on derivatives, net of tax | |||||||||||
Three months ended | |||||||||||
March 31, | |||||||||||
(in millions) | 2021 | 2020 | |||||||||
Fuel derivative contracts | $ | ( | $ | ||||||||
Interest rate derivatives | ( | ||||||||||
Total | $ | ( | $ |
Derivatives not designated as hedges | |||||||||||||||||
(Gain) loss recognized in income on derivatives | |||||||||||||||||
Three months ended | Location of (gain) loss recognized in income on derivatives | ||||||||||||||||
March 31, | |||||||||||||||||
(in millions) | 2021 | 2020 | |||||||||||||||
Fuel derivative contracts | $ | ( | $ | Other (gains) losses, net | |||||||||||||
Interest rate derivatives | Other (gains) losses, net | ||||||||||||||||
Total | $ | ( | $ |
Premium expense recognized in income on derivatives | |||||||||||||||||
Three months ended | Location of premium expense recognized in income on derivatives | ||||||||||||||||
March 31, | |||||||||||||||||
(in millions) | 2021 | 2020 | |||||||||||||||
Fuel derivative contracts designated as hedges | $ | $ | Fuel and oil | ||||||||||||||
Fuel derivative contracts not designated as hedges | Other (gains) losses, net | ||||||||||||||||
Counterparty (CP) | |||||||||||||||||||||||||||||||||||||||||||||||||||||
(in millions) | A | B | C | D | E | F | G | Other (a) | Total | ||||||||||||||||||||||||||||||||||||||||||||
Fair value of fuel derivatives | $ | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||||||||||||||
Cash collateral held from CP | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Option to substitute LC for cash | N/A | N/A | N/A | ||||||||||||||||||||||||||||||||||||||||||||||||||
If credit rating is investment grade, fair value of fuel derivative level at which: | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Cash is provided to CP | >( | >( | >( | >( | >( | >( | >( | ||||||||||||||||||||||||||||||||||||||||||||||
Cash is received from CP | > | > | > | > | > | > | > | ||||||||||||||||||||||||||||||||||||||||||||||
If credit rating is non-investment grade, fair value of fuel derivative level at which: | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Cash is received from CP | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Three months ended March 31, | |||||||||||
(in millions) | 2021 | 2020 | |||||||||
NET INCOME (LOSS) | $ | $ | ( | ||||||||
Unrealized gain (loss) on fuel derivative instruments, net of deferred taxes of $ | ( | ||||||||||
Unrealized gain (loss) on interest rate derivative instruments, net of deferred taxes of $ | ( | ||||||||||
Other, net of deferred taxes of ($ | ( | ( | |||||||||
Total other comprehensive income (loss) | $ | $ | ( | ||||||||
COMPREHENSIVE INCOME (LOSS) | $ | $ | ( |
(in millions) | Fuel derivatives | Interest rate derivatives | Defined benefit plan items | Other | Deferred tax | Accumulated other comprehensive income (loss) | |||||||||||||||||||||||||||||
Balance at December 31, 2020 | $ | ( | $ | ( | $ | ( | $ | $ | $ | ( | |||||||||||||||||||||||||
Cumulative effect of adopting ASU 2016-01 as of January 1, 2018 — See Note 1 | ( | ( | |||||||||||||||||||||||||||||||||
Changes in fair value | ( | ||||||||||||||||||||||||||||||||||
Reclassification to earnings | ( | (a) | ( | ||||||||||||||||||||||||||||||||
Balance at March 31, 2021 | $ | $ | ( | $ | ( | $ | $ | $ | ( |
Three months ended March 31, 2021 | ||||||||||||||
(in millions) | Amounts reclassified from AOCI | Affected line item in the unaudited Condensed Consolidated Statement of Comprehensive Income (Loss) | ||||||||||||
AOCI components | ||||||||||||||
Unrealized loss on fuel derivative instruments | $ | Fuel and oil expense | ||||||||||||
Other (gains) losses, net | ||||||||||||||
Less: Tax expense | ||||||||||||||
$ | Net of tax | |||||||||||||
Unrealized loss on interest rate derivative instruments | $ | Other operating expenses | ||||||||||||
Less: Tax expense | ||||||||||||||
$ | Net of tax | |||||||||||||
Unrealized gain on deferred compensation plan investment (See Note 1) | $ | ( | Other (gains) losses, net | |||||||||||
( | Less: Tax expense | |||||||||||||
$ | ( | Net of tax | ||||||||||||
Total reclassifications for the period | $ | ( | Net of tax |
Three months ended March 31, | |||||||||||
(in millions) | 2021 | 2020 | |||||||||
Passenger non-loyalty | $ | $ | |||||||||
Passenger loyalty - air transportation | |||||||||||
Passenger ancillary sold separately | |||||||||||
Total passenger revenues | $ | $ |
Balance as of | |||||||||||
(in millions) | March 31, 2021 | December 31, 2020 | |||||||||
Air traffic liability - passenger travel and ancillary passenger services | $ | $ | |||||||||
Air traffic liability - loyalty program | |||||||||||
Total Air traffic liability | $ | $ |
Three months ended March 31, | |||||||||||
2021 | 2020 | ||||||||||
Air traffic liability - loyalty program - beginning balance | $ | $ | |||||||||
Amounts deferred associated with points awarded | |||||||||||
Revenue recognized from points redeemed - Passenger | ( | ( | |||||||||
Revenue recognized from points redeemed - Other | ( | ( | |||||||||
Air traffic liability - loyalty program - ending balance | $ | $ |
Air traffic liability | |||||
Balance at December 31, 2020 | $ | ||||
Current period sales (passenger travel, ancillary services, flight loyalty, and partner loyalty) | |||||
Revenue from amounts included in contract liability opening balances | ( | ||||
Revenue from current period sales | ( | ||||
Balance at March 31, 2021 | $ |
Air traffic liability | |||||
Balance at December 31, 2019 | $ | ||||
Current period sales (passenger travel, ancillary services, flight loyalty, and partner loyalty) | |||||
Revenue from amounts included in contract liability opening balances | ( | ||||
Revenue from current period sales | ( | ||||
Balance at March 31, 2020 | $ |
Three months ended March 31, | |||||||||||
2021 | 2020 | ||||||||||
NUMERATOR: | |||||||||||
Net income (loss) | $ | $ | ( | ||||||||
DENOMINATOR: | |||||||||||
Weighted-average shares outstanding, basic | |||||||||||
Dilutive effects of convertible notes (a) | |||||||||||
Dilutive effect of stock warrants | |||||||||||
Dilutive effect of restricted stock units | |||||||||||
Adjusted weighted-average shares outstanding, diluted | |||||||||||
NET INCOME (LOSS) PER SHARE: | |||||||||||
Basic | $ | $ | ( | ||||||||
Diluted | $ | $ | ( | ||||||||
Fair value measurements at reporting date using: | ||||||||||||||||||||||||||
Quoted prices in active markets for identical assets | Significant other observable inputs | Significant unobservable inputs | ||||||||||||||||||||||||
Description | March 31, 2021 | (Level 1) | (Level 2) | (Level 3) | ||||||||||||||||||||||
Assets | (in millions) | |||||||||||||||||||||||||
Cash equivalents: | ||||||||||||||||||||||||||
Cash equivalents (a) | $ | $ | $ | $ | ||||||||||||||||||||||
Commercial paper | ||||||||||||||||||||||||||
Certificates of deposit | ||||||||||||||||||||||||||
Time deposits | ||||||||||||||||||||||||||
Short-term investments: | ||||||||||||||||||||||||||
Treasury bills | ||||||||||||||||||||||||||
Certificates of deposit | ||||||||||||||||||||||||||
Time deposits | ||||||||||||||||||||||||||
Fuel derivatives: | ||||||||||||||||||||||||||
Option contracts (b) | ||||||||||||||||||||||||||
Interest rate derivatives (see Note 4) | ||||||||||||||||||||||||||
Other available-for-sale securities | ||||||||||||||||||||||||||
Total assets | $ | $ | $ | $ | ||||||||||||||||||||||
Fair value measurements at reporting date using: | ||||||||||||||||||||||||||
Quoted prices in active markets for identical assets | Significant other observable inputs | Significant unobservable inputs | ||||||||||||||||||||||||
Description | December 31, 2020 | (Level 1) | (Level 2) | (Level 3) | ||||||||||||||||||||||
Assets | (in millions) | |||||||||||||||||||||||||
Cash equivalents: | ||||||||||||||||||||||||||
Cash equivalents (a) | $ | $ | $ | $ | ||||||||||||||||||||||
Commercial paper | ||||||||||||||||||||||||||
Certificates of deposit | ||||||||||||||||||||||||||
Time deposits | ||||||||||||||||||||||||||
Short-term investments: | ||||||||||||||||||||||||||
Treasury bills | ||||||||||||||||||||||||||
Certificates of deposit | ||||||||||||||||||||||||||
Time deposits | ||||||||||||||||||||||||||
Fuel derivatives: | ||||||||||||||||||||||||||
Option contracts (b) | ||||||||||||||||||||||||||
Other available-for-sale securities | ||||||||||||||||||||||||||
Total assets | $ | $ | $ | $ | ||||||||||||||||||||||
Liabilities | ||||||||||||||||||||||||||
Interest rate derivatives (see Note 4) | $ | ( | $ | $ | ( | $ | ||||||||||||||||||||
Fair value measurements using significant unobservable inputs (Level 3) | ||||||||
(in millions) | Fuel derivatives | |||||||
Balance at December 31, 2020 | $ | |||||||
Total gains (losses) for the period | ||||||||
Included in earnings | ( | (a) | ||||||
Included in other comprehensive income | ||||||||
Settlements | ( | |||||||
Balance at March 31, 2021 | $ | |||||||
The amount of total losses for the period included in earnings attributable to the change in unrealized gains or losses relating to assets still held at March 31, 2021 | $ | ( | (a) | |||||
The amount of total gains for the period included in other comprehensive income attributable to the change in unrealized gains or losses relating to assets still held at March 31, 2021 | $ |
Quantitative information about Level 3 fair value measurements | ||||||||||||||||||||||||||||||||
Valuation technique | Unobservable input | Period (by year) | Range | Weighted Average (a) | ||||||||||||||||||||||||||||
Fuel derivatives | Option model | Implied volatility | Second quarter 2021 | % | ||||||||||||||||||||||||||||
Third quarter 2021 | % | |||||||||||||||||||||||||||||||
Fourth quarter 2021 | % | |||||||||||||||||||||||||||||||
2022 | % | |||||||||||||||||||||||||||||||
2023 | % | |||||||||||||||||||||||||||||||
Beyond 2023 | % |
(in millions) | Carrying value | Estimated fair value | Fair value level hierarchy | ||||||||||||||
$ | $ | Level 2 | |||||||||||||||
Pass Through Certificates due 2022 - | Level 2 | ||||||||||||||||
Level 2 | |||||||||||||||||
Level 2 | |||||||||||||||||
Level 2 | |||||||||||||||||
Term Loan Agreement payable through 2025 - | Level 3 | ||||||||||||||||
Level 2 | |||||||||||||||||
Term Loan Agreement payable through 2026 - | Level 3 | ||||||||||||||||
Level 2 | |||||||||||||||||
Level 2 | |||||||||||||||||
Level 2 | |||||||||||||||||
Term Loan Agreement payable through 2028 - | Level 3 | ||||||||||||||||
Level 2 | |||||||||||||||||
Level 3 | |||||||||||||||||
Level 3 |
(in millions) | March 31, 2021 | December 31, 2020 | |||||||||
Liability component: | |||||||||||
Principal amount | $ | $ | |||||||||
Unamortized debt discount | ( | ( | |||||||||
Net carrying amount | $ | $ |
(in millions) | March 31, 2021 | December 31, 2020 | |||||||||
Trade receivables | $ | $ | |||||||||
Credit card receivables | |||||||||||
Business partners and other suppliers (a) | |||||||||||
Taxes receivable (b) | |||||||||||
Other | |||||||||||
Accounts and other receivables | $ | $ |
(in millions) | March 31, 2021 | December 31, 2020 | |||||||||
Derivative contracts | $ | $ | |||||||||
Intangible assets, net | |||||||||||
Other | |||||||||||
Other assets | $ | $ |
(in millions) | March 31, 2021 | December 31, 2020 | |||||||||
Accounts payable trade | $ | $ | |||||||||
Salaries payable | |||||||||||
Taxes payable excluding income taxes | |||||||||||
Aircraft maintenance payable | |||||||||||
Fuel payable | |||||||||||
Other payable | |||||||||||
Accounts payable | $ | $ |
(in millions) | March 31, 2021 | December 31, 2020 | |||||||||
Extended Emergency Time Off | $ | $ | |||||||||
Voluntary Separation Program 2020 | |||||||||||
Profitsharing and savings plans | |||||||||||
Vendor prepayment (a) | |||||||||||
Vacation pay | |||||||||||
Health | |||||||||||
Workers compensation | |||||||||||
Property and income taxes | |||||||||||
Interest | |||||||||||
Other | |||||||||||
Accrued liabilities | $ | $ |
(in millions) | March 31, 2021 | December 31, 2020 | |||||||||
Extended Emergency Time Off | $ | $ | |||||||||
Voluntary Separation Program 2020 | |||||||||||
Postretirement obligation | |||||||||||
Other deferred compensation | |||||||||||
Other | |||||||||||
Other noncurrent liabilities | $ | $ |
The Boeing Company | |||||||||||||||||||||||||||||
MAX 7 Firm Orders | MAX 8 Firm Orders | MAX 7 or 8 Options | Additional MAX 8s | Total | |||||||||||||||||||||||||
2021 | (a) | ||||||||||||||||||||||||||||
2022 | |||||||||||||||||||||||||||||
2023 | |||||||||||||||||||||||||||||
2024 | |||||||||||||||||||||||||||||
2025 | |||||||||||||||||||||||||||||
2026 | |||||||||||||||||||||||||||||
2027 | |||||||||||||||||||||||||||||
2028 | |||||||||||||||||||||||||||||
2029 | |||||||||||||||||||||||||||||
2030 | |||||||||||||||||||||||||||||
2031 | |||||||||||||||||||||||||||||
(b) | (c) |
Three months ended March 31, | |||||||||||||||||||||||
2021 | 2020 | Change | |||||||||||||||||||||
Revenue passengers carried (000s) | 14,225 | 24,748 | (42.5) | % | |||||||||||||||||||
Enplaned passengers (000s) | 17,927 | 29,779 | (39.8) | % | |||||||||||||||||||
Revenue passenger miles (RPMs) (in millions)(a) | 14,875 | 23,935 | (37.9) | % | |||||||||||||||||||
Available seat miles (ASMs) (in millions)(b) | 23,146 | 35,350 | (34.5) | % | |||||||||||||||||||
Load factor(c) | 64.3 | % | 67.7 | % | (3.4) | pts. | |||||||||||||||||
Average length of passenger haul (miles) | 1,046 | 967 | 8.2 | % | |||||||||||||||||||
Average aircraft stage length (miles) | 772 | 737 | 4.7 | % | |||||||||||||||||||
Trips flown | 192,401 | 312,393 | (38.4) | % | |||||||||||||||||||
Seats flown (000s)(d) | 29,791 | 47,130 | (36.8) | % | |||||||||||||||||||
Seats per trip(e) | 154.8 | 150.9 | 2.6 | % | |||||||||||||||||||
Average passenger fare | $ | 120.36 | $ | 155.37 | (22.5) | % | |||||||||||||||||
Passenger revenue yield per RPM (cents)(f) | 11.51 | 16.07 | (28.4) | % | |||||||||||||||||||
Operating revenues per ASM (cents)(g) | 8.86 | 11.98 | (26.0) | % | |||||||||||||||||||
Passenger revenue per ASM (cents)(h) | 7.40 | 10.88 | (32.0) | % | |||||||||||||||||||
Operating expenses per ASM (cents)(i) | 8.00 | 12.29 | (34.9) | % | |||||||||||||||||||
Operating expenses per ASM, excluding fuel (cents) | 5.98 | 9.83 | (39.2) | % | |||||||||||||||||||
Operating expenses per ASM, excluding fuel and profitsharing (cents) | 5.88 | 9.83 | (40.2) | % | |||||||||||||||||||
Fuel costs per gallon, including fuel tax | $ | 1.63 | $ | 1.90 | (14.2) | % | |||||||||||||||||
Fuel costs per gallon, including fuel tax, economic | $ | 1.70 | $ | 1.90 | (10.5) | % | |||||||||||||||||
Fuel consumed, in gallons (millions) | 286 | 457 | (37.4) | % | |||||||||||||||||||
Active fulltime equivalent Employees | 56,051 | (j) | 60,922 | (8.0) | % | ||||||||||||||||||
Aircraft at end of period(k)(l) | 730 | 742 | (1.6) | % |
Estimated April 2021 | Estimated May 2021 | |||||||||||||
Operating revenue compared with 2019 (a) | Down 40% to 45% | Down 35% to 40% | ||||||||||||
Previous estimation | (b) | (b) | ||||||||||||
Load factor | 75% to 80% | 75% to 80% | ||||||||||||
Previous estimation | (b) | (b) | ||||||||||||
ASMs year-over-year | Up ~83% | Up ~127% | ||||||||||||
Previous estimation | (b) | (b) | ||||||||||||
Three months ended March 31, | Per ASM change | Percent change | |||||||||||||||||||||
(in cents, except for percentages) | 2021 | 2020 | |||||||||||||||||||||
Salaries, wages, and benefits | 6.79 | ¢ | 5.24 | ¢ | 1.55 | ¢ | 29.6 | % | |||||||||||||||
Payroll support and voluntary Employee programs, net | (6.25) | — | (6.25) | n.m. | |||||||||||||||||||
Fuel and oil | 2.02 | 2.46 | (0.44) | (17.9) | |||||||||||||||||||
Maintenance materials and repairs | 0.75 | 0.77 | (0.02) | (2.6) | |||||||||||||||||||
Landing fees and airport rentals | 1.35 | 0.96 | 0.39 | 40.6 | |||||||||||||||||||
Depreciation and amortization | 1.35 | 0.88 | 0.47 | 53.4 | |||||||||||||||||||
Other operating expenses, net | 1.99 | 1.98 | 0.01 | 0.5 | |||||||||||||||||||
Total | 8.00 | ¢ | 12.29 | ¢ | (4.29) | ¢ | (34.9) | % |
Three months ended March 31, | |||||||||||
2021 | 2020 | ||||||||||
Economic fuel costs per gallon | $ | 1.70 | $ | 1.90 | |||||||
Fuel hedging premium expense (in millions) | $ | 25 | $ | 24 | |||||||
Fuel hedging premium expense per gallon | $ | 0.09 | $ | 0.05 | |||||||
Fuel hedging cash settlement gains per gallon | $ | 0.01 | $ | — |
Period | Maximum fuel hedged (gallons in millions) (a)(b) | ||||||||||||||||
Remainder of 2021 | 962 | ||||||||||||||||
2022 | 1,220 | ||||||||||||||||
2023 | 643 | ||||||||||||||||
Beyond 2023 | 106 |
Year | Fair value of fuel derivative contracts at March 31, 2021 | Amount of gains (losses) deferred in AOCI at March 31, 2021 (net of tax) | ||||||||||||
Remainder of 2021 | $ | 33 | $ | (26) | ||||||||||
2022 | 140 | 28 | ||||||||||||
2023 | 64 | 5 | ||||||||||||
Beyond 2023 | 12 | 2 | ||||||||||||
Total | $ | 249 | $ | 9 |
Estimated economic fuel price per gallon, including taxes and fuel hedging premiums (e) | |||||||||||
Average Brent Crude Oil price per barrel | Second Quarter 2021 (c) | Full Year 2021 (d) | |||||||||
$40 | $1.35 - $1.45 | $1.35 - $1.45 | |||||||||
$50 | $1.55 - $1.65 | $1.55 - $1.65 | |||||||||
Current Market (a) | $1.85 - $1.95 | $1.85 - $1.95 | |||||||||
$70 | $1.90 - $2.00 | $1.90 - $2.00 | |||||||||
$80 | $2.00 - $2.10 | $2.00 - $2.10 | |||||||||
$90 | $2.10 - $2.20 | $2.10 - $2.20 | |||||||||
Estimated fuel hedging premium expense per gallon (b) | $0.06 | (f) | |||||||||
Estimated premium costs (b) | $25 million | $100 million |
Three months ended March 31, | |||||||||||
(in millions) | 2021 | 2020 | |||||||||
Mark-to-market impact from fuel contracts settling in current and future periods | $ | 1 | $ | 2 | |||||||
Premium cost of fuel contracts not designated as hedges | 11 | — | |||||||||
Mark-to-market impact from interest rate swap agreements | — | 24 | |||||||||
Other (a) | (60) | 2 | |||||||||
$ | (48) | $ | 28 |
Three months ended March 31, | Percent | ||||||||||||||||
2021 | 2020 | Change | |||||||||||||||
Fuel and oil expense, unhedged | $ | 464 | $ | 846 | |||||||||||||
Add: Premium cost of fuel contracts designated as hedges | 14 | 24 | |||||||||||||||
Deduct: Fuel hedge gains included in Fuel and oil expense, net | (9) | — | |||||||||||||||
Fuel and oil expense, as reported | $ | 469 | $ | 870 | |||||||||||||
Add: Fuel hedge contracts settling in the current period, but for which losses were reclassified from AOCI (a) | 8 | — | |||||||||||||||
Add: Premium cost of fuel contracts not designated as hedges | 11 | — | |||||||||||||||
Fuel and oil expense, excluding special items (economic) | $ | 488 | $ | 870 | (43.9) | ||||||||||||
Total operating expenses, net, as reported | $ | 1,853 | $ | 4,344 | |||||||||||||
Add: Payroll support and voluntary Employee programs, net | 1,448 | — | |||||||||||||||
Add: Fuel hedge contracts settling in the current period, but for which losses were reclassified from AOCI (a) | 8 | — | |||||||||||||||
Add: Interest rate swap agreements terminated in a prior period, but for which losses were reclassified from AOCI (a) | 1 | — | |||||||||||||||
Add: Premium cost of fuel contracts not designated as hedges | 11 | — | |||||||||||||||
Total operating expenses, excluding special items | $ | 3,321 | $ | 4,344 | (23.5)% | ||||||||||||
Operating income (loss), as reported | $ | 199 | $ | (110) | |||||||||||||
Deduct: Payroll support and voluntary Employee programs, net | (1,448) | — | |||||||||||||||
Deduct: Fuel hedge contracts settling in the current period, but for which losses were reclassified from AOCI (a) | (8) | — | |||||||||||||||
Deduct: Interest rate swap agreements terminated in a prior period, but for which losses were reclassified from AOCI (a) | (1) | — | |||||||||||||||
Deduct: Premium cost of fuel contracts not designated as hedges | (11) | — | |||||||||||||||
Operating loss, excluding special items | $ | (1,269) | $ | (110) | n.m. | ||||||||||||
Other (gains) losses, net, as reported | $ | (48) | $ | 28 | |||||||||||||
Deduct: Mark-to-market impact from fuel contracts settling in current and future periods (a) | (1) | (2) | |||||||||||||||
Deduct: Premium cost of fuel contracts not designated as hedges | (11) | — | |||||||||||||||
Deduct: Mark-to-market impact from interest rate swap agreements | — | (24) | |||||||||||||||
Other (gains) losses, net, excluding special items | $ | (60) | $ | 2 | n.m. | ||||||||||||
Income (loss) before income taxes, as reported | $ | 146 | $ | (144) | |||||||||||||
Deduct: Payroll support and voluntary Employee programs, net | (1,448) | — | |||||||||||||||
Deduct: Fuel hedge contracts settling in the current period, but for which losses were reclassified from AOCI (a) | (8) | — | |||||||||||||||
Deduct: Interest rate swap agreements terminated in a prior period, but for which losses were reclassified from AOCI (a) | (1) | — | |||||||||||||||
Add: Mark-to-market impact from fuel contracts settling in current and future periods | 1 | 2 | |||||||||||||||
Add: Mark-to-market impact from interest rate swap agreements | — | 24 | |||||||||||||||
Loss before income taxes, excluding special items | $ | (1,310) | $ | (118) | n.m. | ||||||||||||
Provision (benefit) for income taxes, as reported | $ | 30 | $ | (50) | |||||||||||||
Add (Deduct): Net income (loss) tax impact of fuel and special items (b) | (325) | 9 | |||||||||||||||
Benefit for income taxes, net, excluding special items | $ | (295) | $ | (41) | n.m. | ||||||||||||
Three months ended March 31, | Percent | ||||||||||||||||
2021 | 2020 | Change | |||||||||||||||
Net income (loss), as reported | $ | 116 | $ | (94) | |||||||||||||
Deduct: Payroll support and voluntary Employee programs, net | (1,448) | — | |||||||||||||||
Deduct: Fuel hedge contracts settling in the current period, but for which losses were reclassified from AOCI (a) | (8) | — | |||||||||||||||
Deduct: Interest rate swap agreements terminated in a prior period, but for which losses were reclassified from AOCI (a) | (1) | — | |||||||||||||||
Add: Mark-to-market impact from fuel contracts settling in current and future periods (a) | 1 | 2 | |||||||||||||||
Add: Mark-to-market impact from interest rate swap agreements | — | 24 | |||||||||||||||
Add (Deduct): Net income (loss) tax impact of special items (b) | 325 | (9) | |||||||||||||||
Net loss, excluding special items | $ | (1,015) | $ | (77) | n.m. | ||||||||||||
Net income (loss) per share, diluted, as reported | $ | 0.19 | $ | (0.18) | |||||||||||||
Add (Deduct): Impact of special items | (2.38) | 0.05 | |||||||||||||||
Deduct: Net impact of net income (loss) above from fuel contracts divided by dilutive shares | (0.01) | — | |||||||||||||||
Add (Deduct): Net income (loss) tax impact of special items (b) | 0.53 | (0.02) | |||||||||||||||
Deduct: GAAP to Non-GAAP diluted weighted average shares difference (c) | (0.05) | — | |||||||||||||||
Net loss per share, diluted, excluding special items | $ | (1.72) | $ | (0.15) | n.m. | ||||||||||||
Operating expenses per ASM (cents) | 8.00 | ¢ | 12.29 | ¢ | |||||||||||||
Add: Impact of special items | 6.25 | — | |||||||||||||||
Deduct: Fuel and oil expense divided by ASMs | (2.02) | (2.46) | |||||||||||||||
Deduct: Profitsharing expense divided by ASMs | (0.10) | — | |||||||||||||||
Operating expenses per ASM, excluding Fuel and oil expense, profitsharing, and special items (cents) | 12.13 | ¢ | 9.83 | ¢ | 23.4% |
(in millions, except for Days in the period) | Three months ended March 31, 2021 | |||||||
Loss before income taxes, non-GAAP | $ | (1,310) | ||||||
Depreciation and amortization expense | ||||||||
Capital expenditures | ( | |||||||
Debt service payments | (67) | |||||||
Core cash burn | $ | (1,160) | ||||||
Days in the period | 90 | |||||||
Average daily core cash burn | $ | (13) | ||||||
Core cash burn, prior to changes in working capital | $ | (1,160) | ||||||
Increase in Air traffic liability | ||||||||
Payments associated with Voluntary Employee Programs | (188) | |||||||
Other (a) | 315 | |||||||
Core cash burn, adjusted for changes in working capital | $ | (434) | ||||||
Days in the period | 90 | |||||||
Average daily core cash burn, adjusted for changes in working capital | $ | (5) | ||||||
Average Age (Yrs) | Number of Aircraft | Number Owned | Number Leased | |||||||||||||||||||||||||||||
Type | Seats | |||||||||||||||||||||||||||||||
737-700 | 143 | 16 | 462 | (a) | 370 | 92 | ||||||||||||||||||||||||||
737-800 | 175 | 6 | 207 | 190 | 17 | |||||||||||||||||||||||||||
737 MAX 8 | 175 | 2 | 61 | (a) | 33 | 28 | ||||||||||||||||||||||||||
Totals | 12 | 730 | 593 | 137 |
3.1 | |||||
3.2 | |||||
10.1 | |||||
10.2 | |||||
10.3 | |||||
10.4 | |||||
10.5 | |||||
10.6 | |||||
31.1 | |||||
31.2 | |||||
32.1 | |||||
101.INS | XBRL Instance Document - The instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document. | ||||
101.SCH | Inline XBRL Taxonomy Extension Schema Document. | ||||
101.CAL | Inline XBRL Taxonomy Extension Calculation Linkbase Document. | ||||
101.DEF | Inline XBRL Taxonomy Extension Definition Linkbase Document. | ||||
101.LAB | Inline XBRL Taxonomy Extension Label Linkbase Document. | ||||
101.PRE | Inline XBRL Taxonomy Extension Presentation Linkbase Document. | ||||
104 | Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101). |
SOUTHWEST AIRLINES CO. | ||||||||
April 27, 2021 | By: | /s/ Tammy Romo | ||||||
Tammy Romo | ||||||||
Executive Vice President & Chief Financial Officer | ||||||||
(On behalf of the Registrant and in | ||||||||
her capacity as Principal Financial | ||||||||
and Accounting Officer) |
SUPPLEMENTAL AGREEMENT NO. 12 | ||
to | ||
Purchase Agreement No. 03729 | ||
between | ||
THE BOEING COMPANY | ||
and | ||
SOUTHWEST AIRLINES CO. | ||
Relating to Boeing Model 737-8 and 737-7 Aircraft |
RECITALS: |
1 | ||||||||
SWA-PA-03729 | BOEING PROPRIETARY | SA-12 |
2 | ||||||||
SWA-PA-03729 | BOEING PROPRIETARY | SA-12 |
SWA-PA-03729 | 3 | SA-12 | ||||||
BOEING PROPRIETARY |
SWA-PA-03729 | 4 | SA-12 | ||||||
BOEING PROPRIETARY |
THE BOEING COMPANY | SOUTHWEST AIRLINES CO. | |||||||
By: /s/ Carson J May | By: /s/ Michael Van de Ven | |||||||
Name: Carson J May | Name: Michael Van de Ven | |||||||
Its: Attorney-in-Fact | Its: Chief Operating Officer | |||||||
SWA-PA-03729 | 5 | SA-12 | ||||||
BOEING PROPRIETARY |
TABLE OF CONTENTS | |||||||||||||||||||||||
ARTICLES | TITLES | ||||||||||||||||||||||
Article 1 | Quantity, Model and Description | SA-2 | |||||||||||||||||||||
Article 2 | Delivery Schedule | ||||||||||||||||||||||
Article 3 | Price | ||||||||||||||||||||||
Article 4 | Payment | SA-2 | |||||||||||||||||||||
Article 5 | Additional Terms | ||||||||||||||||||||||
TABLE | TITLE | ||||||||||||||||||||||
1A | 737-8 Aircraft Information Table | SA-12 | |||||||||||||||||||||
1B | 737-7 Aircraft Information Table | SA-12 | |||||||||||||||||||||
EXHIBIT | |||||||||||||||||||||||
A1 | 737-8 Aircraft Configuration | SA-11 | |||||||||||||||||||||
A2 | 737-7 Aircraft Configuration | SA-8 | |||||||||||||||||||||
A3 | 737-8 Remarket Aircraft Configuration | SA-12 | |||||||||||||||||||||
B* | Aircraft Delivery Requirements and Responsibilities | ||||||||||||||||||||||
B-1 | Remarket Aircraft Technical | SA-12 | |||||||||||||||||||||
Acceptance and Delivery Requirements and Responsibilities | |||||||||||||||||||||||
SUPPLEMENTAL EXHIBITS | TITLES | ||||||||||||||||||||||
AE1* | Escalation Adjustment/Airframe and Optional Features | ||||||||||||||||||||||
BFE1 | BFE Variables for 737-8 | SA-7 | |||||||||||||||||||||
BFE2 | BFE Variables for 737-7 | SA-8 | |||||||||||||||||||||
CS1 | Customer Support Variables | ||||||||||||||||||||||
CS1-7MAX | Customer Support Variables SA-2 | ||||||||||||||||||||||
EE1* | Engine Escalation/Engine Warranty and Patent Indemnity | ||||||||||||||||||||||
SWA-PA-03729 | SA-12 | |||||||
Page 1 | ||||||||
BOEING PROPRIETARY |
SLP1* | Service Life Policy Components | ||||||||||||||||||||||
LETTER AGREEMENTS | TITLES | ||||||||||||||||||||||
SWA-PA-03729-LA-1106463R3 | Open Matters | SA-8 | |||||||||||||||||||||
SWA-PA-03729-LA-1106464* | [***] | ||||||||||||||||||||||
SWA-PA-03729-LA-1106465* | [***] | ||||||||||||||||||||||
SWA-PA-03729-LA-1106466 | [***] | ||||||||||||||||||||||
SWA-PA-03729-LA-1106467R2 | [***] | SA-8 | |||||||||||||||||||||
SWA-PA-03729-LA-1106468* | [***] | ||||||||||||||||||||||
SWA-PA-03729-LA-1106469R1 | [***] | SA-2 | |||||||||||||||||||||
SWA-PA-03729-LA-1106470R1 | [***] | SA-2 | |||||||||||||||||||||
SWA-PA-03729-LA-1106471R2 | Substitute Aircraft | SA-12 | |||||||||||||||||||||
SWA-PA-03729-LA-1106473R2 | [***] | ||||||||||||||||||||||
SWA-PA-03729-LA-1106474R3 | Option Aircraft | SA-12 | |||||||||||||||||||||
SWA-PA-03729-LA-1106475R4 | [***] | SA-12 | |||||||||||||||||||||
SWA-PA-03729-LA-1106476R2 | [***] | SA-8 | |||||||||||||||||||||
SWA-PA-03729-LA-1106477* | [***] | ||||||||||||||||||||||
SWA-PA-03729-LA-1106478 | [***] | ||||||||||||||||||||||
SWA-PA-03729-LA-1106479R1 | [***] | SA-2 | |||||||||||||||||||||
SWA-PA-03729-LA-1106480R1 | [***] | SA-2 | |||||||||||||||||||||
SWA-PA-03729-LA-1106481R2 | [***] | SA-2 | |||||||||||||||||||||
SWA-PA-03729-LA-1106482* | [***] | ||||||||||||||||||||||
SWA-PA-03729-LA-1106483* | [***] | ||||||||||||||||||||||
SWA-PA-03729-LA-1106484R2 | [***] | SA-12 | |||||||||||||||||||||
SWA-PA-03729-LA-1106485* | [***] | ||||||||||||||||||||||
SWA-PA-03729 | SA-12 | |||||||
Page 2 | ||||||||
BOEING PROPRIETARY |
LETTER AGREEMENTS | TITLES | ||||||||||||||||||||||
SWA-PA-03729-LA-1209080 | [***] | SA-1 | |||||||||||||||||||||
SWA-PA-03729-LA-1210419 | [***] | SA-1 | |||||||||||||||||||||
SWA-PA-03729-LA-1300943 | [***] | SA-2 | |||||||||||||||||||||
SWA-PA-03729-LA-1301168R3 | [***] | SA-6 | |||||||||||||||||||||
SWA-PA-03729-LA-1301170R3 | [***] | SA-12 | |||||||||||||||||||||
SWA-PA-03729-LA-1400371 | [***] | SA-7 | |||||||||||||||||||||
SWA-PA-03729-LA-1503792 | Service Ready Operational Validation | SA-6 | |||||||||||||||||||||
SWA-PA-03729-LA-1500831 | [***] | SA-7 | |||||||||||||||||||||
SWA-PA-03729-LA-1602486R1 | [***] | SA-12 | |||||||||||||||||||||
SWA-PA-03729-LA-2100594 | 737-8 Remarket Production Aircraft | SA-12 | |||||||||||||||||||||
SWA-PA-03729-LA-2100700 | 737-8 Open Configuration Matters – Remarket Production Aircraft | SA-12 | |||||||||||||||||||||
SWA-PA-03729-LA-2100811 | [***] | SA-12 | |||||||||||||||||||||
SWA-PA-03729-LA-2100812 | [***] | SA-12 | |||||||||||||||||||||
SWA-PA-03729-LA-2100813 | [***] | SA-12 | |||||||||||||||||||||
SWA-PA-03729-LA-2100814 | [***] | SA-12 | |||||||||||||||||||||
SWA-PA-03729-LA-2100819 | [***] | SA-12 | |||||||||||||||||||||
SWA-PA-03729-LA-2100825 | [***] | SA-12 | |||||||||||||||||||||
SWA-PA-03729-LA-2100841 | [***] | SA-12 | |||||||||||||||||||||
SWA-PA-03729 | SA-12 | |||||||
Page 3 | ||||||||
BOEING PROPRIETARY |
LETTER AGREEMENTS | TITLES | ||||||||||||||||||||||
SWA-PA-03729-LA-2100984 | [***] | SA-12 |
SWA-PA-03729 | SA-12 | |||||||
Page 4 | ||||||||
BOEING PROPRIETARY |
Letter Agreement | Title | Last Updated under SA | Current Status | ||||||||
SWA-PA-03729-LA-1106472R1 | [***] | SA-2 | Deleted under SA-4 | ||||||||
SWA-PA- 01810/03729-LA- 1301169 | [***] | SA-2 | Deleted under SA-4 |
SWA-PA-03729 | SA-12 | |||||||
Page 5 | ||||||||
BOEING PROPRIETARY |
Table 1A To | ||
Purchase Agreement No. PA-03729 | ||
Aircraft Delivery, Description, Price and Advance Payments | ||
737-8 Aircraft |
Airframe Model/MTOW: 737-8 Engine Model/Thrust: CFMLEAP-1B28(2) | 181,200 pounds 28,800 pounds | Detail Specification: Airframe Price Base Year/Escalation Formula: | D019A008-P (5/1/2017) Jul-11 | Non-Standard | ||||||||||
Airframe Price: | [***] | Engine Price Base Year/Escalation Formula: | N/A | N/A | ||||||||||
Optional Features: | [***] | |||||||||||||
Sub-Total of Airframe and Features: | [***] | Airframe Escalation Data: | ||||||||||||
Engine Price (Per Aircraft): | [***] | Base Year Index (ECI): | [***] | |||||||||||
Aircraft Basic Price (Excluding BFE/SPE): | [***] | Base Year Index (CPI): | [***] | |||||||||||
Buyer Furnished Equipment (BFE) Estimate: | [***] | |||||||||||||
Seller Purchased Equipment (SPE) Estimate: | [***] |
Delivery Date* | Original Delivery Date* | Number of Aircraft | Escalation Factor (Airframe) | Manufacturer Serial Number** | Escalation Factor | Aircraft Block | Notes | Escalation Estimate Adv Payment Base Price Per A/P | Advance Payment Per Aircraft (Amts. Due/Mos. Prior to Delivery): | |||||||||||||||||||||||||||||
At Signing [***] | 24 Mos. [***] | 21/18/12/9/6 Mos. [***] | Total [***] | |||||||||||||||||||||||||||||||||||
Jul-2017 | Jul-2017 | 1 | [***] | 36929† | [***] | A | Note 1 | [***] | [***] | [***] | [***] | [***] | ||||||||||||||||||||||||||
Jul-2017 | Jul-2017 | 2 | [***] | 42558†, 42559† | [***] | C | Note 1 | [***] | [***] | [***] | [***] | [***] | ||||||||||||||||||||||||||
Aug-2017 | Aug-2017 | 3 | [***] | 36979, 36930, 36984 | [***] | A | Note 1 | [***] | [***] | [***] | [***] | [***] | ||||||||||||||||||||||||||
Aug-2017 | Aug-2017 | 1 | [***] | 42567 | [***] | C | Note 1 | [***] | [***] | [***] | [***] | [***] | ||||||||||||||||||||||||||
Aug-2017 | Aug-2017 | 2 | [***] | 42563, 42566† | [***] | C | Note 1 | [***] | [***] | [***] | [***] | [***] | ||||||||||||||||||||||||||
Sep-2017 | Sep-2017 | 1 | [***] | 36934 | [***] | A | Note 1 | [***] | [***] | [***] | [***] | [***] | ||||||||||||||||||||||||||
Oct-2017 | Oct-2017 | 1 | [***] | 42544 | [***] | A | [***] | [***] | [***] | [***] | [***] | |||||||||||||||||||||||||||
Oct-2017 | Oct-2017 | 1 | [***] | 42570 | [***] | C | [***] | [***] | [***] | [***] | [***] | |||||||||||||||||||||||||||
Nov-2017 | Nov-2017 | 1 | [***] | 36988† | [***] | A | [***] | [***] | [***] | [***] | [***] | |||||||||||||||||||||||||||
Dec-2017 | Dec-2017 | 1 | [***] | 42554† | [***] | C | [***] | [***] | [***] | [***] | [***] | |||||||||||||||||||||||||||
Mar-2018 | Mar-2018 | 1 | [***] | 36989† | [***] | A | [***] | [***] | [***] | [***] | [***] | |||||||||||||||||||||||||||
Mar-2018 | Mar-2018 | 1 | [***] | 42571 | [***] | C | [***] | [***] | [***] | [***] | [***] | |||||||||||||||||||||||||||
Apr-2018 | Apr-2018 | 1 | [***] | 42546 | [***] | A | [***] | [***] | [***] | [***] | [***] | |||||||||||||||||||||||||||
Jun-2018 | Jun-2018 | 1 | [***] | 42572 | [***] | C | [***] | [***] | [***] | [***] | [***] | |||||||||||||||||||||||||||
Jun-2018 | Jun-2018 | 1 | [***] | 42547 | [***] | A | [***] | [***] | [***] | [***] | [***] | |||||||||||||||||||||||||||
Aug-2018 | Aug-2018 | 3 | [***] | 42548, 37019, 42549 | [***] | A | [***] | [***] | [***] | [***] | [***] | |||||||||||||||||||||||||||
Aug-2018 | Aug-2018 | 1 | [***] | 42574 | [***] | [***] | [***] | [***] | [***] | [***] | ||||||||||||||||||||||||||||
Aug-2018 | Aug-2018 | 1 | [***] | 42575 | [***] | [***] | [***] | [***] | [***] | [***] | ||||||||||||||||||||||||||||
Sep-2018 | Sep-2018 | 2 | [***] | 42573, 42576 | [***] | [***] | [***] | [***] | [***] | [***] | ||||||||||||||||||||||||||||
Dec-2018 | Dec-2018 | 1 | [***] | 42577 | [***] | [***] | [***] | [***] | [***] | [***] | ||||||||||||||||||||||||||||
Dec-2018 | Dec-2018 | 4 | [***] | 37042, 42550, 42551, 37043 | [***] | A | [***] | [***] | [***] | [***] | [***] | |||||||||||||||||||||||||||
Feb-2021 | Jul-2019 | 1 | [***] | 42633 | [***] | [***] | [***] | [***] | [***] | [***] | ||||||||||||||||||||||||||||
Feb-2021 | Jul-2019 | 2 | [***] | 65437, 65436 | [***] | E OPEX | [***] | [***] | [***] | [***] | [***] | |||||||||||||||||||||||||||
Feb-2021 | Aug-2019 | 1 | [***] | 42634 | [***] | [***] | [***] | [***] | [***] | [***] |
SA-12 | ||||||||
SWA-PA-03729 107813 / 108198 / 108732 | Boeing Proprietary | Page 1 |
Table 1A To | ||
Purchase Agreement No. PA-03729 | ||
Aircraft Delivery, Description, Price and Advance Payments | ||
737-8 Aircraft |
Delivery Date* | Original Delivery Date* | Number of Aircraft | Escalation Factor (Airframe) | Manufacturer Serial Number** | Escalation Factor | Aircraft Block | Notes | Escalation Estimate Adv Payment Base Price Per A/P | Advance Payment Per Aircraft (Amts. Due/Mos. Prior to Delivery): | |||||||||||||||||||||||||||||
At Signing [***] | 24 Mos. [***] | 21/18/12/9/6 Mos. [***] | Total [***] | |||||||||||||||||||||||||||||||||||
Feb-2021 | Dec-2019 | 1 | [***] | 36722 | [***] | B | [***] | [***] | [***] | [***] | [***] | |||||||||||||||||||||||||||
Feb-2021 | Dec-2019 | 1 | [***] | 42537 | [***] | A | [***] | [***] | [***] | [***] | [***] | |||||||||||||||||||||||||||
Mar-2021 | Aug-2019 | 1 | [***] | 42641 | [***] | [***] | [***] | [***] | [***] | [***] | ||||||||||||||||||||||||||||
Mar-2021 | Sep-2019 | 1 | [***] | 65471 | [***] | E OPEX | [***] | [***] | [***] | [***] | [***] | |||||||||||||||||||||||||||
Apr-2021 | Nov-2019 | 1 | [***] | 42536 | [***] | A | [***] | [***] | [***] | [***] | [***] | |||||||||||||||||||||||||||
Mar-2021 | Aug-2019 | 1 | [***] | 42637 | [***] | [***] | [***] | [***] | [***] | [***] | ||||||||||||||||||||||||||||
Mar-2021 | Sep-2019 | 1 | [***] | 65438 | [***] | E OPEX | [***] | [***] | [***] | [***] | [***] | |||||||||||||||||||||||||||
Apr-2021 | Oct-2019 | 2 | [***] | 42646, 42662 | [***] | [***] | [***] | [***] | [***] | [***] | ||||||||||||||||||||||||||||
Mar-2021 | Oct-2019 | 2 | [***] | 42647, 42661 | [***] | [***] | [***] | [***] | [***] | [***] | ||||||||||||||||||||||||||||
Mar-2021 | Oct-2019 | 1 | [***] | 65439 | [***] | OPEX | [***] | [***] | [***] | [***] | [***] | |||||||||||||||||||||||||||
Mar-2021 | Oct-2019 | 1 | [***] | 65440 | [***] | OPEX | [***] | [***] | [***] | [***] | [***] | |||||||||||||||||||||||||||
Apr-2021 | Nov-2019 | 1 | [***] | 42664 | [***] | [***] | [***] | [***] | [***] | [***] | ||||||||||||||||||||||||||||
Apr-2021 | Nov-2019 | 1 | [***] | 65473 | [***] | D OPEX | [***] | [***] | [***] | [***] | [***] | |||||||||||||||||||||||||||
Jan-2026 | Dec-2019 | 1 | [***] | 42666 | [***] | [***] | [***] | [***] | [***] | [***] | ||||||||||||||||||||||||||||
Feb-2026 | Feb-2020 | 1 | [***] | 36727 | [***] | B | [***] | [***] | [***] | [***] | [***] | |||||||||||||||||||||||||||
Feb-2026 | Mar-2020 | 1 | [***] | 42580 | [***] | [***] | [***] | [***] | [***] | [***] | ||||||||||||||||||||||||||||
Mar-2026 | Mar-2020 | 1 | [***] | 42579 | [***] | [***] | [***] | [***] | [***] | [***] | ||||||||||||||||||||||||||||
Apr-2026 | Apr-2020 | 1 | [***] | 42539 | [***] | A | [***] | [***] | [***] | [***] | [***] | |||||||||||||||||||||||||||
Apr-2026 | Apr-2020 | 1 | [***] | 65441 | [***] | OPEX | [***] | [***] | [***] | [***] | [***] | |||||||||||||||||||||||||||
Jun-2026 | May-2020 | 1 | [***] | 42669 | [***] | [***] | [***] | [***] | [***] | [***] | ||||||||||||||||||||||||||||
Jul-2026 | May-2020 | 1 | [***] | 42553 | [***] | A | [***] | [***] | [***] | [***] | [***] | |||||||||||||||||||||||||||
May-2026 | May-2020 | 1 | [***] | 35970 | [***] | B | [***] | [***] | [***] | [***] | [***] | |||||||||||||||||||||||||||
Aug-2026 | Jun-2020 | 1 | [***] | 42607 | [***] | [***] | [***] | [***] | [***] | [***] | ||||||||||||||||||||||||||||
Sep-2026 | Jun-2020 | 1 | [***] | 65442 | [***] | OPEX | [***] | [***] | [***] | [***] | [***] | |||||||||||||||||||||||||||
Nov-2026 | Jul-2020 | 1 | [***] | 42665 | [***] | [***] | [***] | [***] | [***] | [***] | ||||||||||||||||||||||||||||
Oct-2026 | Jul-2020 | 1 | [***] | 42540 | [***] | A | [***] | [***] | [***] | [***] | [***] | |||||||||||||||||||||||||||
Nov-2026 | Jul-2020 | 1 | [***] | 65443 | [***] | OPEX | [***] | [***] | [***] | [***] | [***] | |||||||||||||||||||||||||||
Dec-2026 | Jul-2020 | 1 | [***] | 65444 | [***] | OPEX | [***] | [***] | [***] | [***] | [***] | |||||||||||||||||||||||||||
Feb-2027 | Aug-2020 | 2 | [***] | 42672, 42673 | [***] | [***] | [***] | [***] | [***] | [***] | ||||||||||||||||||||||||||||
Jan-2027 | Aug-2020 | 1 | [***] | 42541 | [***] | A | [***] | [***] | [***] | [***] | [***] | |||||||||||||||||||||||||||
Mar-2027 | Aug-2020 | 1 | [***] | 65445 | [***] | OPEX | [***] | [***] | [***] | [***] | [***] | |||||||||||||||||||||||||||
Apr-2027 | Aug-2020 | 1 | [***] | 65446 | [***] | OPEX | [***] | [***] | [***] | [***] | [***] | |||||||||||||||||||||||||||
May-2027 | Sep-2020 | 1 | [***] | 42674 | [***] | [***] | [***] | [***] | [***] | [***] | ||||||||||||||||||||||||||||
Jun-2027 | Sep-2020 | 1 | [***] | 42691 | [***] | [***] | [***] | [***] | [***] | [***] | ||||||||||||||||||||||||||||
Jul-2027 | Sep-2020 | 1 | [***] | 42694 | [***] | [***] | [***] | [***] | [***] | [***] |
SA-12 | ||||||||
SWA-PA-03729 107813 / 108198 / 108732 | Boeing Proprietary | Page 2 |
Table 1A To | ||
Purchase Agreement No. PA-03729 | ||
Aircraft Delivery, Description, Price and Advance Payments | ||
737-8 Aircraft |
Delivery Date* | Original Delivery Date* | Number of Aircraft | Escalation Factor (Airframe) | Manufacturer Serial Number** | Escalation Factor | Aircraft Block | Notes | Escalation Estimate Adv Payment Base Price Per A/P | Advance Payment Per Aircraft (Amts. Due/Mos. Prior to Delivery): | |||||||||||||||||||||||||||||
At Signing [***] | 24 Mos. [***] | 21/18/12/9/6 Mos. [***] | Total [***] | |||||||||||||||||||||||||||||||||||
Apr-2027 | Sep-2020 | 1 | [***] | 33941 | [***] | B | [***] | [***] | [***] | [***] | [***] | |||||||||||||||||||||||||||
Aug-2027 | Sep-2020 | 1 | [***] | 65472 | [***] | OPEX | [***] | [***] | [***] | [***] | [***] | |||||||||||||||||||||||||||
Sep-2027 | Sep-2020 | 1 | [***] | 65447 | [***] | OPEX | [***] | [***] | [***] | [***] | [***] | |||||||||||||||||||||||||||
Oct-2027 | Sep-2020 | 1 | [***] | 65448 | [***] | OPEX | [***] | [***] | [***] | [***] | [***] | |||||||||||||||||||||||||||
Nov-2027 | Oct-2020 | 1 | [***] | 42615 | [***] | [***] | [***] | [***] | [***] | [***] | ||||||||||||||||||||||||||||
Nov-2027 | Oct-2020 | 1 | [***] | 42543 | [***] | A | [***] | [***] | [***] | [***] | [***] | |||||||||||||||||||||||||||
Dec-2027 | Oct-2020 | 1 | [***] | 65474 | [***] | OPEX | [***] | [***] | [***] | [***] | [***] | |||||||||||||||||||||||||||
Feb-2028 | Nov-2020 | 2 | [***] | 42697, 42699 | [***] | [***] | [***] | [***] | [***] | [***] | ||||||||||||||||||||||||||||
Jan-2028 | Nov-2020 | 1 | [***] | 36733 | [***] | B | [***] | [***] | [***] | [***] | [***] | |||||||||||||||||||||||||||
Mar-2028 | Nov-2020 | 1 | [***] | 65475 | [***] | D OPEX | [***] | [***] | [***] | [***] | [***] | |||||||||||||||||||||||||||
Apr-2028 | Dec-2020 | 1 | [***] | 42703 | [***] | [***] | [***] | [***] | [***] | [***] | ||||||||||||||||||||||||||||
Apr-2028 | Dec-2020 | 1 | [***] | 33940 | [***] | B | [***] | [***] | [***] | [***] | [***] | |||||||||||||||||||||||||||
May-2028 | Jan-2021 | 1 | [***] | 35974 | [***] | B | [***] | [***] | [***] | [***] | [***] | |||||||||||||||||||||||||||
Jun-2028 | Jan-2021 | 1 | [***] | 65450 | [***] | D OPEX | [***] | [***] | [***] | [***] | [***] | |||||||||||||||||||||||||||
Jul-2028 | Jan-2021 | 1 | [***] | 65449 | [***] | OPEX | [***] | [***] | [***] | [***] | [***] | |||||||||||||||||||||||||||
Sep-2028 | Feb-2021 | 1 | [***] | 65451 | [***] | D OPEX | [***] | [***] | [***] | [***] | [***] | |||||||||||||||||||||||||||
Aug-2028 | Feb-2021 | 1 | [***] | 65835 | [***] | OPEX | Note 3 | [***] | [***] | [***] | [***] | [***] | ||||||||||||||||||||||||||
Oct-2028 | Mar-2021 | 1 | [***] | 42648 | [***] | [***] | [***] | [***] | [***] | [***] | ||||||||||||||||||||||||||||
Nov-2028 | Mar-2021 | 1 | [***] | 65452 | [***] | OPEX | [***] | [***] | [***] | [***] | [***] | |||||||||||||||||||||||||||
Nov-2028 | Apr-2021 | 1 | [***] | 42650 | [***] | [***] | [***] | [***] | [***] | [***] | ||||||||||||||||||||||||||||
Dec-2028 | Apr-2021 | 1 | [***] | 42651 | [***] | [***] | [***] | [***] | [***] | [***] | ||||||||||||||||||||||||||||
Jan-2029 | Apr-2021 | 1 | [***] | 42649 | [***] | [***] | [***] | [***] | [***] | [***] | ||||||||||||||||||||||||||||
Jan-2029 | Apr-2021 | 1 | [***] | 65454 | [***] | D OPEX | [***] | [***] | [***] | [***] | [***] | |||||||||||||||||||||||||||
Feb-2029 | Apr-2021 | 1 | [***] | 65453 | [***] | OPEX | [***] | [***] | [***] | [***] | [***] | |||||||||||||||||||||||||||
Feb-2029 | May-2021 | 1 | [***] | 42652 | [***] | [***] | [***] | [***] | [***] | [***] | ||||||||||||||||||||||||||||
Feb-2029 | May-2021 | 1 | [***] | 42653 | [***] | [***] | [***] | [***] | [***] | [***] | ||||||||||||||||||||||||||||
Mar-2029 | May-2021 | 1 | [***] | 42654 | [***] | [***] | [***] | [***] | [***] | [***] | ||||||||||||||||||||||||||||
Mar-2029 | May-2021 | 1 | [***] | 65455 | [***] | D OPEX | [***] | [***] | [***] | [***] | [***] | |||||||||||||||||||||||||||
Mar-2029 | May-2021 | 1 | [***] | 65456 | [***] | OPEX | [***] | [***] | [***] | [***] | [***] | |||||||||||||||||||||||||||
Apr-2029 | Jun-2021 | 3 | [***] | 42655, 42656, 42670 | [***] | [***] | [***] | [***] | [***] | [***] | ||||||||||||||||||||||||||||
May-2029 | Jun-2021 | 1 | [***] | 65457 | [***] | D OPEX | [***] | [***] | [***] | [***] | [***] | |||||||||||||||||||||||||||
May-2029 | Jul-2021 | 1 | [***] | 42658 | [***] | [***] | [***] | [***] | [***] | [***] | ||||||||||||||||||||||||||||
Jun-2029 | Jul-2021 | 1 | [***] | 65460 | [***] | D OPEX | [***] | [***] | [***] | [***] | [***] | |||||||||||||||||||||||||||
Jul-2029 | Jul-2021 | 1 | [***] | 65459 | [***] | OPEX | [***] | [***] | [***] | [***] | [***] | |||||||||||||||||||||||||||
Jun-2029 | Jul-2021 | 1 | [***] | 65458 | [***] | OPEX | [***] | [***] | [***] | [***] | [***] |
SA-12 | ||||||||
SWA-PA-03729 107813 / 108198 / 108732 | Boeing Proprietary | Page 3 |
Table 1A To | ||
Purchase Agreement No. PA-03729 | ||
Aircraft Delivery, Description, Price and Advance Payments | ||
737-8 Aircraft |
Delivery Date* | Original Delivery Date* | Number of Aircraft | Escalation Factor (Airframe) | Manufacturer Serial Number** | Escalation Factor | Aircraft Block | Notes | Escalation Estimate Adv Payment Base Price Per A/P | Advance Payment Per Aircraft (Amts. Due/Mos. Prior to Delivery): | |||||||||||||||||||||||||||||
At Signing [***] | 24 Mos. [***] | 21/18/12/9/6 Mos. [***] | Total [***] | |||||||||||||||||||||||||||||||||||
May-2029 | Jul-2021 | 1 | [***] | 65834 | [***] | OPEX | Note 3 | [***] | [***] | [***] | [***] | [***] | ||||||||||||||||||||||||||
Sep-2029 | Aug-2021 | 1 | [***] | 65461 | [***] | D OPEX | [***] | [***] | [***] | [***] | [***] | |||||||||||||||||||||||||||
Jul-2029 | Aug-2021 | 1 | [***] | 65836 | [***] | OPEX | Note 3 | [***] | [***] | [***] | [***] | [***] | ||||||||||||||||||||||||||
Aug-2029 | Aug-2021 | 1 | [***] | 65837 | [***] | OPEX | Note 3 | [***] | [***] | [***] | [***] | [***] | ||||||||||||||||||||||||||
Aug-2029 | Aug-2021 | 1 | [***] | 65838 | [***] | OPEX | Note 3 | [***] | [***] | [***] | [***] | [***] | ||||||||||||||||||||||||||
Aug-2029 | Aug-2021 | 1 | [***] | 65839 | [***] | OPEX | Note 3 | [***] | [***] | [***] | [***] | [***] | ||||||||||||||||||||||||||
Sep-2029 | Aug-2021 | 1 | [***] | 66974 | [***] | Note 4 | [***] | [***] | [***] | [***] | [***] | |||||||||||||||||||||||||||
Nov-2029 | Sep-2021 | 1 | [***] | 65462 | [***] | OPEX | [***] | [***] | [***] | [***] | [***] | |||||||||||||||||||||||||||
Oct-2029 | Sep-2021 | 1 | [***] | 65463 | [***] | OPEX | [***] | [***] | [***] | [***] | [***] | |||||||||||||||||||||||||||
Oct-2029 | Sep-2021 | 1 | [***] | 65840 | [***] | OPEX | Note 3 | [***] | [***] | [***] | [***] | [***] | ||||||||||||||||||||||||||
Oct-2029 | Sep-2021 | 1 | [***] | 65841 | [***] | OPEX | Note 3 | [***] | [***] | [***] | [***] | [***] | ||||||||||||||||||||||||||
Nov-2029 | Oct-2021 | 1 | [***] | 65466 | [***] | D OPEX | [***] | [***] | [***] | [***] | [***] | |||||||||||||||||||||||||||
Dec-2029 | Oct-2021 | 2 | [***] | 65465, 65464 | [***] | OPEX | [***] | [***] | [***] | [***] | [***] | |||||||||||||||||||||||||||
Jan-2030 | Nov-2021 | 1 | [***] | 65467 | [***] | D OPEX | [***] | [***] | [***] | [***] | [***] | |||||||||||||||||||||||||||
Jan-2030 | Dec-2021 | 1 | [***] | 65468 | [***] | OPEX | [***] | [***] | [***] | [***] | [***] | |||||||||||||||||||||||||||
Jan-2030 | Dec-2021 | 2 | [***] | 65842, 65843 | [***] | OPEX | Note 3 | [***] | [***] | [***] | [***] | [***] | ||||||||||||||||||||||||||
Feb-2030 | Jan-2022 | 1 | [***] | 65469 | [***] | D OPEX | [***] | [***] | [***] | [***] | [***] | |||||||||||||||||||||||||||
Feb-2030 | Jan-2022 | 1 | [***] | 65470 | [***] | OPEX | [***] | [***] | [***] | [***] | [***] | |||||||||||||||||||||||||||
Feb-2030 | Apr-2022 | 1 | [***] | 65844 | [***] | OPEX | Note 3 | [***] | [***] | [***] | [***] | [***] | ||||||||||||||||||||||||||
Mar-2030 | Jul-2022 | 3 | [***] | 65855, 65853, 65851 | [***] | OPEX | Note 3 | [***] | [***] | [***] | [***] | [***] | ||||||||||||||||||||||||||
Mar-2030 | Aug-2022 | 1 | [***] | 65845 | [***] | OPEX | Note 3 | [***] | [***] | [***] | [***] | [***] | ||||||||||||||||||||||||||
Apr-2030 | Aug-2022 | 2 | [***] | 65847, 65849 | [***] | OPEX | Note 3 | [***] | [***] | [***] | [***] | [***] | ||||||||||||||||||||||||||
Apr-2030 | Oct-2022 | 2 | [***] | 65857, 65859 | [***] | OPEX | Note 3 | [***] | [***] | [***] | [***] | [***] | ||||||||||||||||||||||||||
May-2030 | Dec-2022 | 1 | [***] | 65861 | [***] | OPEX | Note 3 | [***] | [***] | [***] | [***] | [***] | ||||||||||||||||||||||||||
May-2030 | Mar-2023 | 1 | [***] | 36732 | [***] | B | [***] | [***] | [***] | [***] | [***] | |||||||||||||||||||||||||||
May-2030 | Apr-2023 | 1 | [***] | 38806 | [***] | B | [***] | [***] | [***] | [***] | [***] | |||||||||||||||||||||||||||
May-2030 | Jun-2023 | 1 | [***] | 37034 | [***] | A | [***] | [***] | [***] | [***] | [***] | |||||||||||||||||||||||||||
Jun-2030 | Aug-2023 | 1 | [***] | 42552 | [***] | A | [***] | [***] | [***] | [***] | [***] | |||||||||||||||||||||||||||
Jun-2030 | Oct-2023 | 1 | [***] | 42538 | [***] | A | [***] | [***] | [***] | [***] | [***] | |||||||||||||||||||||||||||
Jun-2030 | Nov-2023 | 1 | [***] | 38815 | [***] | B | [***] | [***] | [***] | [***] | [***] | |||||||||||||||||||||||||||
Jul-2030 | Mar-2024 | 3 | [***] | 38817, 35968, 35972 | [***] | B | [***] | [***] | [***] | [***] | [***] | |||||||||||||||||||||||||||
Jul-2030 | Apr-2024 | 1 | [***] | 36736 | [***] | B | [***] | [***] | [***] | [***] | [***] | |||||||||||||||||||||||||||
Aug-2030 | Jun-2024 | 1 | [***] | 42542 | [***] | A | [***] | [***] | [***] | [***] | [***] | |||||||||||||||||||||||||||
Aug-2030 | Jul-2024 | 2 | [***] | 35963, 35967 | [***] | B | [***] | [***] | [***] | [***] | [***] | |||||||||||||||||||||||||||
Aug-2030 | Sep-2024 | 1 | [***] | 36730 | [***] | B | [***] | [***] | [***] | [***] | [***] |
SA-12 | ||||||||
SWA-PA-03729 107813 / 108198 / 108732 | Boeing Proprietary | Page 4 |
Table 1A To | ||
Purchase Agreement No. PA-03729 | ||
Aircraft Delivery, Description, Price and Advance Payments | ||
737-8 Aircraft |
Delivery Date* | Original Delivery Date* | Number of Aircraft | Escalation Factor (Airframe) | Manufacturer Serial Number** | Escalation Factor | Aircraft Block | Notes | Escalation Estimate Adv Payment Base Price Per A/P | Advance Payment Per Aircraft (Amts. Due/Mos. Prior to Delivery): | |||||||||||||||||||||||||||||
At Signing [***] | 24 Mos. [***] | 21/18/12/9/6 Mos. [***] | Total [***] | |||||||||||||||||||||||||||||||||||
Sep-2030 | Nov-2024 | 1 | [***] | 35971 | [***] | B | [***] | [***] | [***] | [***] | [***] | |||||||||||||||||||||||||||
Sep-2030 | Dec-2024 | 1 | [***] | 35975 | [***] | B | [***] | [***] | [***] | [***] | [***] | |||||||||||||||||||||||||||
Sep-2030 | Jan-2025 | 2 | [***] | 38804, 38805 | [***] | B | [***] | [***] | [***] | [***] | [***] | |||||||||||||||||||||||||||
Oct-2030 | Jan-2025 | 2 | [***] | 65863, 65865 | [***] | OPEX | Note 3 | [***] | [***] | [***] | [***] | [***] | ||||||||||||||||||||||||||
Oct-2030 | Feb-2025 | 1 | [***] | 36729 | [***] | B | [***] | [***] | [***] | [***] | [***] | |||||||||||||||||||||||||||
Nov-2030 | Feb-2025 | 2 | [***] | 65868, 65869 | [***] | OPEX | Note 3 | [***] | [***] | [***] | [***] | [***] | ||||||||||||||||||||||||||
Nov-2030 | Mar-2025 | 2 | [***] | 65870, 65871 | [***] | OPEX | Note 3 | [***] | [***] | [***] | [***] | [***] | ||||||||||||||||||||||||||
Dec-2030 | Apr-2025 | 2 | [***] | 65872, 65873 | [***] | OPEX | Note 3 | [***] | [***] | [***] | [***] | [***] | ||||||||||||||||||||||||||
Dec-2030 | May-2025 | 2 | [***] | 65846, 65848 | [***] | OPEX | Note 3 | [***] | [***] | [***] | [***] | [***] | ||||||||||||||||||||||||||
Jan-2031 | Jun-2025 | 1 | [***] | 65852 | [***] | OPEX | Note 3 | [***] | [***] | [***] | [***] | [***] | ||||||||||||||||||||||||||
Feb-2031 | Jun-2025 | 1 | [***] | 65850 | [***] | OPEX | Note 3 | [***] | [***] | [***] | [***] | [***] | ||||||||||||||||||||||||||
Mar-2031 | Jul-2025 | 1 | [***] | 65854 | [***] | OPEX | Note 3 | [***] | [***] | [***] | [***] | [***] | ||||||||||||||||||||||||||
Apr-2031 | Jul-2025 | 1 | [***] | 65856 | [***] | OPEX | Note 3 | [***] | [***] | [***] | [***] | [***] | ||||||||||||||||||||||||||
May-2031 | Aug-2025 | 1 | [***] | 65860 | [***] | OPEX | Note 3 | [***] | [***] | [***] | [***] | [***] | ||||||||||||||||||||||||||
Jun-2031 | Aug-2025 | 1 | [***] | 65858 | [***] | OPEX | Note 3 | [***] | [***] | [***] | [***] | [***] | ||||||||||||||||||||||||||
Jul-2031 | Sep-2025 | 1 | [***] | 65862 | [***] | OPEX | Note 3 | [***] | [***] | [***] | [***] | [***] | ||||||||||||||||||||||||||
Aug-2031 | Oct-2025 | 1 | [***] | 65864 | [***] | OPEX | Note 3 | [***] | [***] | [***] | [***] | [***] | ||||||||||||||||||||||||||
Sep-2031 | Nov-2025 | 1 | [***] | 65866 | [***] | OPEX | Note 3 | [***] | [***] | [***] | [***] | [***] | ||||||||||||||||||||||||||
Oct-2031 | Dec-2025 | 1 | [***] | 65867 | [***] | OPEX | Note 3 | [***] | [***] | [***] | [***] | [***] |
Total: | 180 |
SA-12 | ||||||||
SWA-PA-03729 107813 / 108198 / 108732 | Boeing Proprietary | Page 5 |
Table 1B To | ||
Purchase Agreement No. PA-03729 | ||
Aircraft Delivery, Description, Price and Advance Payments | ||
737-7 Aircraft |
Airframe Model/MTOW: | 737-7 | 177,000 pounds | Detail Specification: | D019A008SWA17P-1 | |||||||||||||||||||
Engine Model/Thrust: | CFMLEAP-1B27C | 26,400 pounds | Airframe Price Base Year/Escalation Formula: | Jul-11 | ECI-MFG/CPI | ||||||||||||||||||
Airframe Price: | [***] | Engine Price Base Year/Escalation Formula: | N/A | N/A | |||||||||||||||||||
Optional Features: | [***] | ||||||||||||||||||||||
Sub-Total of Airframe and Features: | [***] | Airframe Escalation Data: | |||||||||||||||||||||
Engine Price (Per Aircraft): | [***] | Base Year Index (ECI): | [***] | ||||||||||||||||||||
Aircraft Basic Price (Excluding BFE/SPE): | [***] | Base Year Index (CPI): | [***] | ||||||||||||||||||||
Buyer Furnished Equipment (BFE) Estimate: | [***] | ||||||||||||||||||||||
Seller Purchased Equipment (SPE) Estimate: | [***] |
Delivery Date* | Original Delivery Date* | Number of Aircraft | Escalation Factor (Airframe) | Manufacturer | Escalation Estimate Adv Payment Base Price Per A/P | Advance Payment Per Aircraft (Amts. Due/Mos. Prior to Delivery): | |||||||||||||||||||||||||||||
Serial Number** | Escalation Factor | Note | At Signing [***] | 24 Mos. [***] | 21/18/12/9/6 Mos. [***] | Total [***] | |||||||||||||||||||||||||||||
Jan-22 | Apr-2019 | 3 | [***] | 42586, 42587, 42588 | [***] | [***] | [***] | [***] | [***] | [***] | |||||||||||||||||||||||||
Jan-22 | May-2019 | 1 | [***] | 42589 | [***] | [***] | [***] | [***] | [***] | [***] | |||||||||||||||||||||||||
Feb-22 | May-2019 | 1 | [***] | 42590 | [***] | [***] | [***] | [***] | [***] | [***] | |||||||||||||||||||||||||
Feb-22 | Aug-2019 | 2 | [***] | 42561, 42569 | [***] | [***] | [***] | [***] | [***] | [***] | |||||||||||||||||||||||||
Jun-22 | Jan-2023 | 1 | [***] | 42591 | [***] | [***] | [***] | [***] | [***] | [***] | |||||||||||||||||||||||||
Jun-22 | Feb-2023 | 1 | [***] | 42592 | [***] | [***] | [***] | [***] | [***] | [***] | |||||||||||||||||||||||||
Jun-22 | Mar-2023 | 1 | [***] | 42595 | [***] | [***] | [***] | [***] | [***] | [***] | |||||||||||||||||||||||||
Jun-22 | Apr-2023 | 1 | [***] | 42598 | [***] | [***] | [***] | [***] | [***] | [***] | |||||||||||||||||||||||||
Jun-22 | May-2023 | 1 | [***] | 42600 | [***] | [***] | [***] | [***] | [***] | [***] | |||||||||||||||||||||||||
Jul-22 | Jun-2023 | 1 | [***] | 42602 | [***] | [***] | [***] | [***] | [***] | [***] | |||||||||||||||||||||||||
Jul-22 | Jul-2023 | 1 | [***] | 42603 | [***] | [***] | [***] | [***] | [***] | [***] | |||||||||||||||||||||||||
Jul-22 | Aug-2023 | 1 | [***] | 42604 | [***] | [***] | [***] | [***] | [***] | [***] | |||||||||||||||||||||||||
Jul-22 | Sep-2023 | 1 | [***] | 42609 | [***] | [***] | [***] | [***] | [***] | [***] | |||||||||||||||||||||||||
Aug-22 | Oct-2023 | 1 | [***] | 42614 | [***] | [***] | [***] | [***] | [***] | [***] | |||||||||||||||||||||||||
Aug-22 | Nov-2023 | 1 | [***] | 42613 | [***] | [***] | [***] | [***] | [***] | [***] | |||||||||||||||||||||||||
Aug-22 | Dec-2023 | 1 | [***] | 42616 | [***] | [***] | [***] | [***] | [***] | [***] | |||||||||||||||||||||||||
Aug-22 | Jan-2024 | 1 | [***] | 42618 | [***] | [***] | [***] | [***] | [***] | [***] | |||||||||||||||||||||||||
Sep-22 | Feb-2024 | 1 | [***] | 42620 | [***] | [***] | [***] | [***] | [***] | [***] | |||||||||||||||||||||||||
Sep-22 | Mar-2024 | 1 | [***] | 42621 | [***] | [***] | [***] | [***] | [***] | [***] | |||||||||||||||||||||||||
Sep-22 | Apr-2024 | 1 | [***] | 42623 | [***] | [***] | [***] | [***] | [***] | [***] |
SA-12 | ||||||||
SWA-PA-03729 107953- 1F 116795- 1F | Boeing Proprietary | Page 1 |
Table 1B To | ||
Purchase Agreement No. PA-03729 | ||
Aircraft Delivery, Description, Price and Advance Payments | ||
737-7 Aircraft |
Delivery Date* | Original Delivery Date* | Number of Aircraft | Escalation Factor (Airframe) | Manufacturer | Escalation Estimate Adv Payment Base Price Per A/P | Advance Payment Per Aircraft (Amts. Due/Mos. Prior to Delivery): | |||||||||||||||||||||||||||||
Serial Number** | Escalation Factor | Note | At Signing [***] | 24 Mos. [***] | 21/18/12/9/6 Mos. [***] | Total [***] | |||||||||||||||||||||||||||||
Oct-22 | May-2024 | 1 | [***] | 42627 | [***] | [***] | [***] | [***] | [***] | [***] | |||||||||||||||||||||||||
Oct-22 | Jun-2024 | 1 | [***] | 42629 | [***] | [***] | [***] | [***] | [***] | [***] | |||||||||||||||||||||||||
Oct-22 | Jul-2024 | 1 | [***] | 42631 | [***] | [***] | [***] | [***] | [***] | [***] | |||||||||||||||||||||||||
Nov-22 | Aug-2024 | 1 | [***] | 42632 | [***] | [***] | [***] | [***] | [***] | [***] | |||||||||||||||||||||||||
Nov-22 | Sep-2024 | 1 | [***] | 42635 | [***] | [***] | [***] | [***] | [***] | [***] | |||||||||||||||||||||||||
Dec-22 | Oct-2024 | 1 | [***] | 42638 | [***] | [***] | [***] | [***] | [***] | [***] | |||||||||||||||||||||||||
Dec-22 | Nov-2024 | 1 | [***] | 42642 | [***] | [***] | [***] | [***] | [***] | [***] | |||||||||||||||||||||||||
Jan-2023 | Jul-21 | 2 | [***] | 42657, 42671 | [***] | ***737-8 Sub | [***] | [***] | [***] | [***] | [***] | ||||||||||||||||||||||||
Feb-2023 | Mar-22 | 2 | [***] | 42679, 42678 | [***] | ***737-8 Sub | [***] | [***] | [***] | [***] | [***] | ||||||||||||||||||||||||
Feb-2023 | Apr-22 | 1 | [***] | 42688 | [***] | ***737-8 Sub | [***] | [***] | [***] | [***] | [***] | ||||||||||||||||||||||||
Mar-2023 | Apr-22 | 2 | [***] | 42681, 42680 | [***] | ***737-8 Sub | [***] | [***] | [***] | [***] | [***] | ||||||||||||||||||||||||
Mar-2023 | May-22 | 1 | [***] | 42684 | [***] | ***737-8 Sub | [***] | [***] | [***] | [***] | [***] | ||||||||||||||||||||||||
Apr-2023 | May-22 | 2 | [***] | 42683, 42682 | [***] | ***737-8 Sub | [***] | [***] | [***] | [***] | [***] | ||||||||||||||||||||||||
Apr-2023 | Jun-22 | 1 | [***] | 42687 | [***] | ***737-8 Sub | [***] | [***] | [***] | [***] | [***] | ||||||||||||||||||||||||
May-2023 | Jun-22 | 2 | [***] | 42686, 42685 | [***] | ***737-8 Sub | [***] | [***] | [***] | [***] | [***] | ||||||||||||||||||||||||
May-2023 | Jul-22 | 1 | [***] | 42690 | [***] | ***737-8 Sub | [***] | [***] | [***] | [***] | [***] | ||||||||||||||||||||||||
Jun-2023 | Jul-22 | 1 | [***] | 42689 | [***] | ***737-8 Sub | [***] | [***] | [***] | [***] | [***] | ||||||||||||||||||||||||
Jun-2023 | Aug-22 | 1 | [***] | 42693 | [***] | ***737-8 Sub | [***] | [***] | [***] | [***] | [***] | ||||||||||||||||||||||||
Jul-2023 | Aug-22 | 1 | [***] | 42695 | [***] | ***737-8 Sub | [***] | [***] | [***] | [***] | [***] | ||||||||||||||||||||||||
Jul-2023 | Jan-23 | 1 | [***] | 42565 | [***] | ***737-8 Sub | [***] | [***] | [***] | [***] | [***] | ||||||||||||||||||||||||
Aug-2023 | Jan-23 | 1 | [***] | 42560 | [***] | ***737-8 Sub | [***] | [***] | [***] | [***] | [***] | ||||||||||||||||||||||||
Aug-2023 | Feb-23 | 2 | [***] | 42562, 42564 | [***] | ***737-8 Sub | [***] | [***] | [***] | [***] | [***] | ||||||||||||||||||||||||
Sep-2023 | Mar-23 | 1 | [***] | 42557 | [***] | ***737-8 Sub | [***] | [***] | [***] | [***] | [***] | ||||||||||||||||||||||||
Sep-2023 | Apr-23 | 1 | [***] | 42555 | [***] | ***737-8 Sub | [***] | [***] | [***] | [***] | [***] | ||||||||||||||||||||||||
Oct-2023 | May-23 | 2 | [***] | 42594, 42568 | [***] | ***737-8 Sub | [***] | [***] | [***] | [***] | [***] | ||||||||||||||||||||||||
Oct-2023 | Jun-23 | 1 | [***] | 42581 | [***] | ***737-8 Sub | [***] | [***] | [***] | [***] | [***] | ||||||||||||||||||||||||
Nov-2023 | Jul-23 | 2 | [***] | 42582, 42597 | [***] | ***737-8 Sub | [***] | [***] | [***] | [***] | [***] | ||||||||||||||||||||||||
Dec-2023 | Aug-23 | 1 | [***] | 42593 | [***] | ***737-8 Sub | [***] | [***] | [***] | [***] | [***] | ||||||||||||||||||||||||
Dec-2023 | Sep-23 | 1 | [***] | 42578 | [***] | ***737-8 Sub | [***] | [***] | [***] | [***] | [***] | ||||||||||||||||||||||||
Jan-2024 | Sep-23 | 1 | [***] | 42601 | [***] | ***737-8 Sub | [***] | [***] | [***] | [***] | [***] |
SA-12 | ||||||||
SWA-PA-03729 107953- 1F 116795- 1F | Boeing Proprietary | Page 2 |
Table 1B To | ||
Purchase Agreement No. PA-03729 | ||
Aircraft Delivery, Description, Price and Advance Payments | ||
737-7 Aircraft |
Delivery Date* | Original Delivery Date* | Number of Aircraft | Escalation Factor (Airframe) | Manufacturer | Escalation Estimate Adv Payment Base Price Per A/P | Advance Payment Per Aircraft (Amts. Due/Mos. Prior to Delivery): | |||||||||||||||||||||||||||||
Serial Number** | Escalation Factor | Note | At Signing [***] | 24 Mos. [***] | 21/18/12/9/6 Mos. [***] | Total [***] | |||||||||||||||||||||||||||||
Jan-2024 | Oct-23 | 1 | [***] | 42605 | [***] | ***737-8 Sub | [***] | [***] | [***] | [***] | [***] | ||||||||||||||||||||||||
Feb-2024 | Dec-23 | 1 | [***] | 42583 | [***] | ***737-8 Sub | [***] | [***] | [***] | [***] | [***] | ||||||||||||||||||||||||
Feb-2024 | Jan-24 | 2 | [***] | 42584, 42585 | [***] | ***737-8 Sub | [***] | [***] | [***] | [***] | [***] | ||||||||||||||||||||||||
Mar-2024 | Jan-24 | 1 | [***] | 42611 | [***] | ***737-8 Sub | [***] | [***] | [***] | [***] | [***] | ||||||||||||||||||||||||
Mar-2024 | Feb-24 | 2 | [***] | 42596, 42599 | [***] | ***737-8 Sub | [***] | [***] | [***] | [***] | [***] | ||||||||||||||||||||||||
Apr-2024 | Feb-24 | 1 | [***] | 42612 | [***] | ***737-8 Sub | [***] | [***] | [***] | [***] | [***] | ||||||||||||||||||||||||
Apr-2024 | Apr-24 | 2 | [***] | 42606, 42617 | [***] | ***737-8 Sub | [***] | [***] | [***] | [***] | [***] | ||||||||||||||||||||||||
May-2024 | May-24 | 3 | [***] | 42608, 42619, 42622 | [***] | ***737-8 Sub | [***] | [***] | [***] | [***] | [***] | ||||||||||||||||||||||||
Jun-2024 | Jun-24 | 1 | [***] | 42610 | [***] | ***737-8 Sub | [***] | [***] | [***] | [***] | [***] | ||||||||||||||||||||||||
Jun-2024 | Aug-24 | 1 | [***] | 42626 | [***] | ***737-8 Sub | [***] | [***] | [***] | [***] | [***] | ||||||||||||||||||||||||
Jul-2024 | Aug-24 | 1 | [***] | 42624 | [***] | ***737-8 Sub | [***] | [***] | [***] | [***] | [***] | ||||||||||||||||||||||||
Jul-2024 | Sep-24 | 1 | [***] | 42630 | [***] | ***737-8 Sub | [***] | [***] | [***] | [***] | [***] | ||||||||||||||||||||||||
Aug-2024 | Oct-24 | 2 | [***] | 42625, 42636 | [***] | ***737-8 Sub | [***] | [***] | [***] | [***] | [***] | ||||||||||||||||||||||||
Aug-2024 | Nov-24 | 1 | [***] | 42639 | [***] | ***737-8 Sub | [***] | [***] | [***] | [***] | [***] | ||||||||||||||||||||||||
Sep-2024 | Dec-24 | 2 | [***] | 42640, 42628 | [***] | ***737-8 Sub | [***] | [***] | [***] | [***] | [***] | ||||||||||||||||||||||||
Oct-2024 | Feb-25 | 1 | [***] | 42643 | [***] | ***737-8 Sub | [***] | [***] | [***] | [***] | [***] | ||||||||||||||||||||||||
Oct-2024 | Mar-25 | 2 | [***] | 42645, 42644 | [***] | ***737-8 Sub | [***] | [***] | [***] | [***] | [***] | ||||||||||||||||||||||||
Nov-2024 | Apr-25 | 2 | [***] | 42659, 42660 | [***] | ***737-8 Sub | [***] | [***] | [***] | [***] | [***] | ||||||||||||||||||||||||
Dec-2024 | May-25 | 1 | [***] | 42663 | [***] | ***737-8 Sub | [***] | [***] | [***] | [***] | [***] | ||||||||||||||||||||||||
Dec-2024 | Jun-25 | 1 | [***] | 42667 | [***] | ***737-8 Sub | [***] | [***] | [***] | [***] | [***] | ||||||||||||||||||||||||
Jan-2025 | Jul-25 | 1 | [***] | 42668 | [***] | ***737-8 Sub | [***] | [***] | [***] | [***] | [***] | ||||||||||||||||||||||||
Jan-2025 | Aug-25 | 1 | [***] | 42675 | [***] | ***737-8 Sub | [***] | [***] | [***] | [***] | [***] | ||||||||||||||||||||||||
Feb-2025 | Sep-25 | 2 | [***] | 42677, 42676 | [***] | ***737-8 Sub | [***] | [***] | [***] | [***] | [***] | ||||||||||||||||||||||||
Feb-2025 | Oct-25 | 1 | [***] | 42692 | [***] | ***737-8 Sub | [***] | [***] | [***] | [***] | [***] | ||||||||||||||||||||||||
Mar-2025 | Oct-25 | 1 | [***] | 42696 | [***] | ***737-8 Sub | [***] | [***] | [***] | [***] | [***] | ||||||||||||||||||||||||
Mar-2025 | Nov-25 | 2 | [***] | 42698, 42700 | [***] | ***737-8 Sub | [***] | [***] | [***] | [***] | [***] | ||||||||||||||||||||||||
Apr-2025 | Dec-25 | 2 | [***] | 42702, 42701 | [***] | ***737-8 Sub | [***] | [***] | [***] | [***] | [***] | ||||||||||||||||||||||||
Apr-2025 | 1 | [***] | [***] | [***] | [***] | [***] | [***] | [***] | |||||||||||||||||||||||||||
May-2025 | 3 | [***] | [***] | [***] | [***] | [***] | [***] | [***] | |||||||||||||||||||||||||||
Jun-2025 | 2 | [***] | [***] | [***] | [***] | [***] | [***] | [***] |
SA-12 | ||||||||
SWA-PA-03729 107953- 1F 116795- 1F | Boeing Proprietary | Page 3 |
Table 1B To | ||
Purchase Agreement No. PA-03729 | ||
Aircraft Delivery, Description, Price and Advance Payments | ||
737-7 Aircraft |
Delivery Date* | Original Delivery Date* | Number of Aircraft | Escalation Factor (Airframe) | Manufacturer | Escalation Estimate Adv Payment Base Price Per A/P | Advance Payment Per Aircraft (Amts. Due/Mos. Prior to Delivery): | |||||||||||||||||||||||||||||
Serial Number** | Escalation Factor | Note | At Signing [***] | 24 Mos. [***] | 21/18/12/9/6 Mos. [***] | Total [***] | |||||||||||||||||||||||||||||
Jul-2025 | 2 | [***] | [***] | [***] | [***] | [***] | [***] | [***] | |||||||||||||||||||||||||||
Aug-2025 | 2 | [***] | [***] | [***] | [***] | [***] | [***] | [***] | |||||||||||||||||||||||||||
Sep-2025 | 2 | [***] | [***] | [***] | [***] | [***] | [***] | [***] | |||||||||||||||||||||||||||
Oct-2025 | 3 | [***] | [***] | [***] | [***] | [***] | [***] | [***] | |||||||||||||||||||||||||||
Nov-2025 | 2 | [***] | [***] | [***] | [***] | [***] | [***] | [***] | |||||||||||||||||||||||||||
Dec-2025 | 3 | [***] | [***] | [***] | [***] | [***] | [***] | [***] | |||||||||||||||||||||||||||
Jan-2026 | 1 | [***] | [***] | [***] | [***] | [***] | [***] | [***] | |||||||||||||||||||||||||||
Feb-2026 | 1 | [***] | [***] | [***] | [***] | [***] | [***] | [***] | |||||||||||||||||||||||||||
Mar-2026 | 2 | [***] | [***] | [***] | [***] | [***] | [***] | [***] | |||||||||||||||||||||||||||
Apr-2026 | 1 | [***] | [***] | [***] | [***] | [***] | [***] | [***] | |||||||||||||||||||||||||||
May-2026 | 2 | [***] | [***] | [***] | [***] | [***] | [***] | [***] | |||||||||||||||||||||||||||
Jun-2026 | 1 | [***] | [***] | [***] | [***] | [***] | [***] | [***] | |||||||||||||||||||||||||||
Jul-2026 | 1 | [***] | [***] | [***] | [***] | [***] | [***] | [***] | |||||||||||||||||||||||||||
Aug-2026 | 1 | [***] | [***] | [***] | [***] | [***] | [***] | [***] | |||||||||||||||||||||||||||
Sep-2026 | 1 | [***] | [***] | [***] | [***] | [***] | [***] | [***] | |||||||||||||||||||||||||||
Oct-2026 | 2 | [***] | [***] | [***] | [***] | [***] | [***] | [***] | |||||||||||||||||||||||||||
Nov-2026 | 1 | [***] | [***] | [***] | [***] | [***] | [***] | [***] | |||||||||||||||||||||||||||
Dec-2026 | 1 | [***] | [***] | [***] | [***] | [***] | [***] | [***] | |||||||||||||||||||||||||||
Jan-2027 | 1 | [***] | [***] | [***] | [***] | [***] | [***] | [***] | |||||||||||||||||||||||||||
Feb-2027 | 1 | [***] | [***] | [***] | [***] | [***] | [***] | [***] | |||||||||||||||||||||||||||
Mar-2027 | 2 | [***] | [***] | [***] | [***] | [***] | [***] | [***] | |||||||||||||||||||||||||||
Apr-2027 | 1 | [***] | [***] | [***] | [***] | [***] | [***] | [***] | |||||||||||||||||||||||||||
May-2027 | 2 | [***] | [***] | [***] | [***] | [***] | [***] | [***] | |||||||||||||||||||||||||||
Jun-2027 | 1 | [***] | [***] | [***] | [***] | [***] | [***] | [***] | |||||||||||||||||||||||||||
Jul-2027 | 1 | [***] | [***] | [***] | [***] | [***] | [***] | [***] | |||||||||||||||||||||||||||
Aug-2027 | 1 | [***] | [***] | [***] | [***] | [***] | [***] | [***] | |||||||||||||||||||||||||||
Sep-2027 | 1 | [***] | [***] | [***] | [***] | [***] | [***] | [***] | |||||||||||||||||||||||||||
Oct-2027 | 2 | [***] | [***] | [***] | [***] | [***] | [***] | [***] | |||||||||||||||||||||||||||
Nov-2027 | 1 | [***] | [***] | [***] | [***] | [***] | [***] | [***] | |||||||||||||||||||||||||||
Dec-2027 | 1 | [***] | [***] | [***] | [***] | [***] | [***] | [***] |
SA-12 | ||||||||
SWA-PA-03729 107953- 1F 116795- 1F | Boeing Proprietary | Page 4 |
Table 1B To | ||
Purchase Agreement No. PA-03729 | ||
Aircraft Delivery, Description, Price and Advance Payments | ||
737-7 Aircraft |
Delivery Date* | Original Delivery Date* | Number of Aircraft | Escalation Factor (Airframe | Manufacturer | Escalation Estimate Adv Payment Base Price Per A/P | Advance Payment Per Aircraft (Amts. Due/Mos. Prior to Delivery): | |||||||||||||||||||||||||||||
Serial Number** | Escalation Factor | Note | At Signing [***] | 24 Mos. [***] | 21/18/12/9/6 Mos. [***] | Total [***] | |||||||||||||||||||||||||||||
Jan-2028 | 1 | [***] | [***] | [***] | [***] | [***] | [***] | [***] | |||||||||||||||||||||||||||
Feb-2028 | 1 | [***] | [***] | [***] | [***] | [***] | [***] | [***] | |||||||||||||||||||||||||||
Mar-2028 | 2 | [***] | [***] | [***] | [***] | [***] | [***] | [***] | |||||||||||||||||||||||||||
Apr-2028 | 1 | [***] | [***] | [***] | [***] | [***] | [***] | [***] | |||||||||||||||||||||||||||
May-2028 | 2 | [***] | [***] | [***] | [***] | [***] | [***] | [***] | |||||||||||||||||||||||||||
Jun-2028 | 1 | [***] | [***] | [***] | [***] | [***] | [***] | [***] | |||||||||||||||||||||||||||
Jul-2028 | 1 | [***] | [***] | [***] | [***] | [***] | [***] | [***] | |||||||||||||||||||||||||||
Aug-2028 | 1 | [***] | [***] | [***] | [***] | [***] | [***] | [***] | |||||||||||||||||||||||||||
Sep-2028 | 1 | [***] | [***] | [***] | [***] | [***] | [***] | [***] | |||||||||||||||||||||||||||
Oct-2028 | 2 | [***] | [***] | [***] | [***] | [***] | [***] | [***] | |||||||||||||||||||||||||||
Nov-2028 | 1 | [***] | [***] | [***] | [***] | [***] | [***] | [***] | |||||||||||||||||||||||||||
Dec-2028 | 1 | [***] | [***] | [***] | [***] | [***] | [***] | [***] | |||||||||||||||||||||||||||
Jan-2029 | 2 | [***] | [***] | [***] | [***] | [***] | [***] | [***] | |||||||||||||||||||||||||||
Feb-2029 | 1 | [***] | [***] | [***] | [***] | [***] | [***] | [***] | |||||||||||||||||||||||||||
Mar-2029 | 2 | [***] | [***] | [***] | [***] | [***] | [***] | [***] | |||||||||||||||||||||||||||
Apr-2029 | 1 | [***] | [***] | [***] | [***] | [***] | [***] | [***] | |||||||||||||||||||||||||||
May-2029 | 2 | [***] | [***] | [***] | [***] | [***] | [***] | [***] | |||||||||||||||||||||||||||
Jun-2029 | 2 | [***] | [***] | [***] | [***] | [***] | [***] | [***] | |||||||||||||||||||||||||||
Jul-2029 | 2 | [***] | [***] | [***] | [***] | [***] | [***] | [***] | |||||||||||||||||||||||||||
Aug-2029 | 2 | [***] | [***] | [***] | [***] | [***] | [***] | [***] | |||||||||||||||||||||||||||
Sep-2029 | 2 | [***] | [***] | [***] | [***] | [***] | [***] | [***] | |||||||||||||||||||||||||||
Oct-2029 | 1 | [***] | [***] | [***] | [***] | [***] | [***] | [***] | |||||||||||||||||||||||||||
Nov-2029 | 1 | [***] | [***] | [***] | [***] | [***] | [***] | [***] | |||||||||||||||||||||||||||
Dec-2029 | 2 | [***] | [***] | [***] | [***] | [***] | [***] | [***] | |||||||||||||||||||||||||||
Jan-2030 | 1 | [***] | [***] | [***] | [***] | [***] | [***] | [***] | |||||||||||||||||||||||||||
Feb-2030 | 1 | [***] | [***] | [***] | [***] | [***] | [***] | [***] | |||||||||||||||||||||||||||
Mar-2030 | 2 | [***] | [***] | [***] | [***] | [***] | [***] | [***] | |||||||||||||||||||||||||||
Apr-2030 | 1 | [***] | [***] | [***] | [***] | [***] | [***] | [***] | |||||||||||||||||||||||||||
May-2030 | 2 | [***] | [***] | [***] | [***] | [***] | [***] | [***] | |||||||||||||||||||||||||||
Jun-2030 | 1 | [***] | [***] | [***] | [***] | [***] | [***] | [***] |
SA-12 | ||||||||
SWA-PA-03729 107953- 1F 116795- 1F | Boeing Proprietary | Page 5 |
Table 1B To | ||
Purchase Agreement No. PA-03729 | ||
Aircraft Delivery, Description, Price and Advance Payments | ||
737-7 Aircraft |
Delivery Date* | Original Delivery Date* | Number of Aircraft | Escalation Factor (Airframe) | Manufacturer | Escalation Estimate Adv Payment Base Price Per A/P | Advance Payment Per Aircraft (Amts. Due/Mos. Prior to Delivery): | |||||||||||||||||||||||||||||
Serial Number** | Escalation Factor | Note | At Signing [***] | 24 Mos. [***] | 21/18/12/9/6 Mos. [***] | Total [***] | |||||||||||||||||||||||||||||
Jul-2030 | 1 | [***] | [***] | [***] | [***] | [***] | [***] | [***] | |||||||||||||||||||||||||||
Aug-2030 | 1 | [***] | [***] | [***] | [***] | [***] | [***] | [***] | |||||||||||||||||||||||||||
Sep-2030 | 1 | [***] | [***] | [***] | [***] | [***] | [***] | [***] | |||||||||||||||||||||||||||
Oct-2030 | 2 | [***] | [***] | [***] | [***] | [***] | [***] | [***] | |||||||||||||||||||||||||||
Nov-2030 | 1 | [***] | [***] | [***] | [***] | [***] | [***] | [***] | |||||||||||||||||||||||||||
Dec-2030 | 1 | [***] | [***] | [***] | [***] | [***] | [***] | [***] |
Total: | 200 |
SA-12 | ||||||||
SWA-PA-03729 107953- 1F 116795- 1F | Boeing Proprietary | Page 6 |
AIRCRAFT CONFIGURATION FOR | ||
REMARKET AIRCRAFT | ||
BETWEEN | ||
THE BOEING COMPANY | ||
AND | ||
SOUTHWEST AIRLINES CO. | ||
EXHIBIT A-3 to PURCHASE AGREEMENT NUMBER PA-03729 |
Page 1 | ||
BOEING PROPRIETARY |
Exhibit A-3 | ||
AIRCRAFT CONFIGURATION for Remarket aircraft | ||
Dated March < >, 2021 | ||
relating to | ||
BOEING MODEL 737-8 REMARKET AIRCRAFT |
EXHIBIT A-3 | ||||||||||||||
THE AS-BUILT CONFIGURATION FOR THE REMARKET AIRCRAFT IS UNDETERMINED AT THIS POINT IN TIME. ONCE THE AS-BUILT CONFIGURATION IS DETERMINED, A REVISION TO THIS EXHIBIT A-3 WILL BE INCORPORATED INTO THE PURCHASE AGREEMENT. | ||||||||||||||
SWA-PA-03729 | SA-12 | ||||
Page 2 | |||||
BOEING PROPRIETARY |
REMARKET AIRCRAFT TECHNICAL ACCEPTANCE AND DELIVERY REQUIREMENTS AND RESPONSIBILITIES | ||
between | ||
THE BOEING COMPANY | ||
and | ||
SOUTHWEST aIRLINES co. | ||
Exhibit B-1 to Purchase Agreement | ||
Number PA-03729 |
SWA-PA-03729 Exhibit B-1 | SA-12 | |||||||
Page 1 | ||||||||
BOEING PROPRIETARY |
EXHIBIT B-1 | ||
REMARKET AIRCRAFT TECHNICAL ACCEPTANCE AND DELIVERY REQUIREMENTS AND RESPONSIBILITIES | ||
relating to | ||
Boeing Model 737-8 Remarket Aircraft |
EXHIBIT B-1 | ||
THE REMARKET AIRCRAFT TECHNICAL ACCEPTANCE AND | ||
DELIVERY REQUIREMENTS AND RESPONSIBILITIES ARE UNDETERMINED AT THIS POINT IN TIME. ONCE THE REMARKET AIRCRAFT TECHNICAL ACCEPTANCE AND | ||
DELIVERY REQUIREMENTS AND RESPONSIBILITIES ARE DETERMINED, A REVISION TO THIS EXHIBIT B-1 WILL BE INCORPORATED INTO THE PURCHASE AGREEMENT. |
SWA-PA-03729 Exhibit B-1 | SA-12 | |||||||
Page 2 | ||||||||
BOEING PROPRIETARY |
The Boeing Company P.O. Box 3707 Seattle WA 98124-2207 |
SWA-PA-03729 LA-1106471R2 | SA-12 | |||||||
Aircraft Model Substitution | Page 1 | |||||||
BOEING PROPRIETARY |
SWA-PA-03729 LA-1106471R2 | SA-12 | |||||||
Aircraft Model Substitution | Page 2 | |||||||
BOEING PROPRIETARY |
SWA-PA-03729 LA-1106471R2 | SA-12 | |||||||
Aircraft Model Substitution | Page 3 | |||||||
BOEING PROPRIETARY |
THE BOEING COMPANY | ||||||||
By | /s/ Carson J May | |||||||
Name | Carson J. May | |||||||
Its | Attorney-In-Fact | |||||||
ACCEPTED AND AGREED TO this | ||||||||
Date: | March 24, 2021 | |||||||
SOUTHWEST AIRLINES CO. | ||||||||
By | /s/ Michael Van de Ven | |||||||
Name | Michael Van de Ven | |||||||
Its | Chief Operating Officer |
SWA-PA-03729 LA-1106471R2 | SA-12 | |||||||
Aircraft Model Substitution | Page 4 | |||||||
BOEING PROPRIETARY |
The Boeing Company P.O. Box 3707 Seattle WA 98124-2207 |
SWA-PA-03729 LA-1106473R2 | SA-12 | |||||||
[***] | Page 1 | |||||||
BOEING PROPRIETARY |
SWA-PA-03729 LA-1106473R2 | SA-12 | |||||||
[***] | Page 2 | |||||||
BOEING PROPRIETARY |
SWA-PA-03729 LA-1106473R2 | SA-12 | |||||||
[***] | Page 3 | |||||||
BOEING PROPRIETARY |
SWA-PA-03729 LA-1106473R2 | SA-12 | |||||||
[***] | Page 4 | |||||||
BOEING PROPRIETARY |
SWA-PA-03729 LA-1106473R2 | SA-12 | |||||||
[***] | Page 5 | |||||||
BOEING PROPRIETARY |
SWA-PA-03729 LA-1106473R2 | SA-12 | |||||||
[***] | Page 6 | |||||||
BOEING PROPRIETARY |
THE BOEING COMPANY | |||||
By | /s/ Carson J May | ||||
Name | Carson J May | ||||
Its | Attorney-In-Fact |
ACCEPTED AND AGREED TO this | ||||||||
Date: | March 24 , 2021 | |||||||
SOUTHWEST AIRLINES CO. | ||||||||
By | /s/ Michael Van de Ven | |||||||
Name | Michael Van de Ven | |||||||
Its | Chief Operating Officer |
SWA-PA-03729 LA-1106473R2 | SA-12 | |||||||
[***] | Page 7 | |||||||
BOEING PROPRIETARY |
The Boeing Company P.O. Box 3707 Seattle WA 98124-2207 |
SWA-PA-03729 LA-1106474R3 | SA-12 | |||||||
Option Aircraft | Page 1 | |||||||
BOEING PROPRIETARY |
SWA-PA-03729 LA-1106474R3 | SA-12 | |||||||
Option Aircraft | Page 2 | |||||||
BOEING PROPRIETARY |
SWA-PA-03729 LA-1106474R3 | SA-12 | |||||||
Option Aircraft | Page 3 | |||||||
BOEING PROPRIETARY |
THE BOEING COMPANY | ||||||||
By | /s/ Carson J May | |||||||
Name | Carson J May | |||||||
Its | Attorney-In-Fact | |||||||
ACCEPTED AND AGREED TO this | ||||||||
Date: | March 24 , 2021 | |||||||
SOUTHWEST AIRLINES CO. | ||||||||
By | /s/ Michael Van de Ven | |||||||
Name | Michael Van de Ven | |||||||
Its | Chief Operating Officer |
SWA-PA-03729 LA-1106474R3 | SA-12 | |||||||
Option Aircraft | Page 4 | |||||||
BOEING PROPRIETARY |
Attachment 1-A To | ||
Letter Agreement No. 1106474 | ||
Aircraft Delivery, Description, Price and Advance Payments |
Airframe Model/MTOW: 737-8 Engine Model/Thrust: CFMLEAP-1B28(1) | 181,200 pounds 28,800 pounds | Detail Specification: Airframe Price Base Year/Escalation Formula: | D019A008-S (5/1/2017) Jul-11 | ECI-MFG/CPI | ||||||||||
Airframe Price: | [***] | Engine Price Base Year/Escalation Formula: | N/A | N/A | ||||||||||
Optional Features: | [***] | |||||||||||||
Sub-Total of Airframe and Features: | [***] | Airframe Escalation Data: | ||||||||||||
Engine Price (Per Aircraft): | [***] | Base Year Index (ECI): | [***] | |||||||||||
Aircraft Basic Price (Excluding BFE/SPE): | [***] | Base Year Index (CPI): | [***] | |||||||||||
Buyer Furnished Equipment (BFE) Estimate: | [***] | |||||||||||||
Seller Purchased Equipment (SPE) Estimate: | [***] |
Delivery Date | Number of Aircraft | Escalation Factor (Airframe) | Option Exercise Date Deadline | Note | MSN | Escalation Estimate Adv Payment Base Price Per A/P | Advance Payment Per Aircraft (Amts. Due/Mos. Prior to Delivery): | |||||||||||||||||||||||||
At Signing [***] | 24 Mos. [***] | 21/18/12/9/6 Mos. [***] | Total [***] | |||||||||||||||||||||||||||||
Mar-2022 | 5 | [***] | [***] | Remarket Aircraft** | 67206, 67205, 67207, 67208, 67209 | [***] | [***] | [***] | [***] | [***] | ||||||||||||||||||||||
Apr-2022 | 5 | [***] | [***] | Remarket Aircraft** | 67210, 67211, 67212, 67213, 67214 | [***] | [***] | [***] | [***] | [***] | ||||||||||||||||||||||
May-2022 | 1 | [***] | [***] | Remarket Aircraft** | [***] | [***] | [***] | [***] | [***] | |||||||||||||||||||||||
May-2022 | 4 | [***] | [***] | Remarket Aircraft** | 67216, 67215, 67218, 67217 | [***] | [***] | [***] | [***] | [***] | ||||||||||||||||||||||
Jun-2022 | 3 | [***] | [***] | Remarket Aircraft** | [***] | [***] | [***] | [***] | [***] | |||||||||||||||||||||||
Jul-2022 | 3 | [***] | [***] | Remarket Aircraft** | [***] | [***] | [***] | [***] | [***] | |||||||||||||||||||||||
Aug-2022 | 3 | [***] | [***] | Remarket Aircraft** | [***] | [***] | [***] | [***] | [***] | |||||||||||||||||||||||
Sep-2022 | 1 | [***] | [***] | Remarket Aircraft** | [***] | [***] | [***] | [***] | [***] | |||||||||||||||||||||||
Sep-2022 | 2 | [***] | [***] | [***] | [***] | [***] | [***] | [***] | ||||||||||||||||||||||||
Oct-2022 | 1 | [***] | [***] | Remarket Aircraft** | [***] | [***] | [***] | [***] | [***] | |||||||||||||||||||||||
Oct-2022 | 3 | [***] | [***] | [***] | [***] | [***] | [***] | [***] | ||||||||||||||||||||||||
Nov-2022 | 3 | [***] | [***] | Remarket Aircraft** | [***] | [***] | [***] | [***] | [***] | |||||||||||||||||||||||
Nov-2022 | 3 | [***] | [***] | [***] | [***] | [***] | [***] | [***] | ||||||||||||||||||||||||
Dec-2022 | 3 | [***] | [***] | Remarket Aircraft** | [***] | [***] | [***] | [***] | [***] | |||||||||||||||||||||||
Dec-2022 | 2 | [***] | [***] | [***] | [***] | [***] | [***] | [***] | ||||||||||||||||||||||||
Jan-2023 | 2 | [***] | [***] | Remarket Aircraft** | [***] | [***] | [***] | [***] | [***] | |||||||||||||||||||||||
Jan-2023 | 1 | [***] | [***] | [***] | [***] | [***] | [***] | [***] | ||||||||||||||||||||||||
Feb-2023 | 3 | [***] | [***] | Remarket Aircraft** | [***] | [***] | [***] | [***] | [***] | |||||||||||||||||||||||
Mar-2023 | 2 | [***] | [***] | Remarket Aircraft** | [***] | [***] | [***] | [***] | [***] |
SWA-PA-03729-LA-1106474 107813 116801- 1F.txt | Boeing Proprietary | Page 1 |
Attachment 1-A To | ||
Letter Agreement No. 1106474 | ||
Aircraft Delivery, Description, Price and Advance Payments |
Delivery Date | Number of Aircraft | Escalation Factor (Airframe) | Option Exercise Date Deadline | Note | MSN | Escalation Estimate Adv Payment Base Price Per A/P | Advance Payment Per Aircraft (Amts. Due/Mos. Prior to Delivery): | |||||||||||||||||||||||||
At Signing [***] | 24 Mos. [***] | 21/18/12/9/6 Mos. [***] | Total [***] | |||||||||||||||||||||||||||||
Mar-2023 | 1 | [***] | [***] | [***] | [***] | [***] | [***] | [***] | ||||||||||||||||||||||||
Apr-2023 | 2 | [***] | [***] | Remarket Aircraft** | [***] | [***] | [***] | [***] | [***] | |||||||||||||||||||||||
May-2023 | 3 | [***] | [***] | Remarket Aircraft** | [***] | [***] | [***] | [***] | [***] | |||||||||||||||||||||||
Jun-2023 | 2 | [***] | [***] | Remarket Aircraft** | [***] | [***] | [***] | [***] | [***] | |||||||||||||||||||||||
Jul-2023 | 3 | [***] | [***] | Remarket Aircraft** | [***] | [***] | [***] | [***] | [***] | |||||||||||||||||||||||
Jul-2023 | 2 | [***] | [***] | [***] | [***] | [***] | [***] | [***] | ||||||||||||||||||||||||
Aug-2023 | 2 | [***] | [***] | Remarket Aircraft** | [***] | [***] | [***] | [***] | [***] | |||||||||||||||||||||||
Sep-2023 | 2 | [***] | [***] | Remarket Aircraft** | [***] | [***] | [***] | [***] | [***] | |||||||||||||||||||||||
Sep-2023 | 2 | [***] | [***] | [***] | [***] | [***] | [***] | [***] | ||||||||||||||||||||||||
Oct-2023 | 3 | [***] | [***] | Remarket Aircraft** | [***] | [***] | [***] | [***] | [***] | |||||||||||||||||||||||
Nov-2023 | 2 | [***] | [***] | Remarket Aircraft** | [***] | [***] | [***] | [***] | [***] | |||||||||||||||||||||||
Nov-2023 | 2 | [***] | [***] | [***] | [***] | [***] | [***] | [***] | ||||||||||||||||||||||||
Dec-2023 | 2 | [***] | [***] | Remarket Aircraft** | [***] | [***] | [***] | [***] | [***] | |||||||||||||||||||||||
Dec-2023 | 2 | [***] | [***] | [***] | [***] | [***] | [***] | [***] | ||||||||||||||||||||||||
Jan-2024 | 3 | [***] | [***] | [***] | [***] | [***] | [***] | [***] | ||||||||||||||||||||||||
Feb-2024 | 3 | [***] | [***] | [***] | [***] | [***] | [***] | [***] | ||||||||||||||||||||||||
Mar-2024 | 4 | [***] | [***] | [***] | [***] | [***] | [***] | [***] | ||||||||||||||||||||||||
Apr-2024 | 4 | [***] | [***] | [***] | [***] | [***] | [***] | [***] | ||||||||||||||||||||||||
May-2024 | 3 | [***] | [***] | [***] | [***] | [***] | [***] | [***] | ||||||||||||||||||||||||
Jun-2024 | 2 | [***] | [***] | [***] | [***] | [***] | [***] | [***] | ||||||||||||||||||||||||
Jun-2024 | 1 | [***] | [***] | [***] | [***] | [***] | [***] | [***] | ||||||||||||||||||||||||
Jan-2025 | 3 | [***] | [***] | [***] | [***] | [***] | [***] | [***] | ||||||||||||||||||||||||
Feb-2025 | 3 | [***] | [***] | [***] | [***] | [***] | [***] | [***] | ||||||||||||||||||||||||
Mar-2025 | 4 | [***] | [***] | [***] | [***] | [***] | [***] | [***] | ||||||||||||||||||||||||
Apr-2025 | 4 | [***] | [***] | [***] | [***] | [***] | [***] | [***] | ||||||||||||||||||||||||
May-2025 | 1 | [***] | [***] | [***] | [***] | [***] | [***] | [***] | ||||||||||||||||||||||||
May-2025 | 3 | [***] | [***] | Previously Earned | *** | [***] | [***] | [***] | [***] | [***] | ||||||||||||||||||||||
Jun-2025 | 2 | [***] | [***] | Previously Earned | *** | [***] | [***] | [***] | [***] | [***] |
Total: | 120 |
SWA-PA-03729-LA-1106474 107813 116801- 1F.txt | Boeing Proprietary | Page 2 |
Attachment 1-A To | ||
Letter Agreement No. 1106474 | ||
Aircraft Delivery, Description, Price and Advance Payments |
Delivery Date | Number of Aircraft | Escalation Factor (Airframe) | Option Exercise Date Deadline | Note | MSN | Escalation Estimate Adv Payment Base Price Per A/P | Advance Payment Per Aircraft (Amts. Due/Mos. Prior to Delivery): | |||||||||||||||||||||||||
At Signing [***] | 24 Mos. [***] | 21/18/12/9/6 Mos. [***] | Total [***] |
SWA-PA-03729-LA-1106474 107813 116801- 1F.txt | Boeing Proprietary | Page 3 |
Attachment 1-B To | ||
Letter Agreement No. 1106474 | ||
Aircraft Delivery, Description, Price and Advance Payments |
Airframe Model/MTOW: | 737-8 | 181,200 pounds | Detail Specification: | D019A008-S (5/1/2017) | ||||||||||||||||
Engine Mode/Thrust: | CFMLEAP-1B28(1) | 28,800 pounds | Airframe Price Base Year/Escalation Formula: | Jul-11 | Non-Standard | |||||||||||||||
Airframe Price: | [***] | Engine Price Base Year/Escalation Formula: | Jul-11 | Non-Standard | ||||||||||||||||
Optional Features: | [***] | |||||||||||||||||||
Sub-Total of Airframe and Features: | [***] | Airframe Escalation Data: | ||||||||||||||||||
Engine Price (Per Aircraft): | [***] | Base Year Index (ECI): | ||||||||||||||||||
Aircraft Basic Price (Excluding BFE/SPE): | [***] | Base Year Index (CPI): | ||||||||||||||||||
Buyer Furnished Equipment (BFE) Estimate: | [***] | |||||||||||||||||||
Seller Purchased Equipment (SPE) Estimate: | [***] | |||||||||||||||||||
Deposit per Aircraft: | [***] |
Delivery Date* | Number of Aircraft | Escalation Factor (Airframe) | Option Exercise Date | Escalation | Escalation Estimate Adv Payment Base Price Per A/P | Advance Payment Per Aircraft (Amts. Due/Mos. Prior to Delivery): | |||||||||||||||||||||||
At Signing [***] | 24 Mos. [***] | 21/18/12/9/6 Mos. [***] | Total [***] | ||||||||||||||||||||||||||
Deadline | Factor | ||||||||||||||||||||||||||||
Jul-2024 | 3 | [***] | [***] | [***] | [***] | [***] | [***] | [***] | [***] | ||||||||||||||||||||
Aug-2024 | 3 | [***] | [***] | [***] | [***] | [***] | [***] | [***] | [***] | ||||||||||||||||||||
Sep-2024 | 4 | [***] | [***] | [***] | [***] | [***] | [***] | [***] | [***] | ||||||||||||||||||||
Oct-2024 | 4 | [***] | [***] | [***] | [***] | [***] | [***] | [***] | [***] | ||||||||||||||||||||
Nov-2024 | 3 | [***] | [***] | [***] | [***] | [***] | [***] | [***] | [***] | ||||||||||||||||||||
Dec-2024 | 3 | [***] | [***] | [***] | [***] | [***] | [***] | [***] | [***] | ||||||||||||||||||||
Jun-2025 | 1 | [***] | [***] | [***] | [***] | [***] | [***] | [***] | [***] | ||||||||||||||||||||
Jul-2025 | 3 | [***] | [***] | [***] | [***] | [***] | [***] | [***] | [***] | ||||||||||||||||||||
Aug-2025 | 3 | [***] | [***] | [***] | [***] | [***] | [***] | [***] | [***] | ||||||||||||||||||||
Sep-2025 | 4 | [***] | [***] | [***] | [***] | [***] | [***] | [***] | [***] | ||||||||||||||||||||
Oct-2025 | 3 | [***] | [***] | [***] | [***] | [***] | [***] | [***] | [***] | ||||||||||||||||||||
Nov-2025 | 3 | [***] | [***] | [***] | [***] | [***] | [***] | [***] | [***] | ||||||||||||||||||||
Dec-2025 | 3 | [***] | [***] | [***] | [***] | [***] | [***] | [***] | [***] |
SWA-PA-03729-LA-116800- 1F.txt | Boeing Proprietary | Page 1 |
Attachment 1-B To | ||
Letter Agreement No. 1106474 | ||
Aircraft Delivery, Description, Price and Advance Payments |
Delivery Date* | Number of Aircraft | Escalation Factor (Airframe) | Option Exercise Date | Escalation | Escalation Estimate Adv Payment Base Price Per A/P | Advance Payment Per Aircraft (Amts. Due/Mos. Prior to Delivery): | |||||||||||||||||||||||
At Signing [***] | 24 Mos. [***] | 21/18/12/9/6 Mos. [***] | Total [***] | ||||||||||||||||||||||||||
Deadline | Factor | ||||||||||||||||||||||||||||
Jan-2026 | 3 | [***] | [***] | [***] | [***] | [***] | [***] | [***] | [***] | ||||||||||||||||||||
Feb-2026 | 3 | [***] | [***] | [***] | [***] | [***] | [***] | [***] | [***] | ||||||||||||||||||||
Mar-2026 | 4 | [***] | [***] | [***] | [***] | [***] | [***] | [***] | [***] | ||||||||||||||||||||
Apr-2026 | 4 | [***] | [***] | [***] | [***] | [***] | [***] | [***] | [***] | ||||||||||||||||||||
May-2026 | 3 | [***] | [***] | [***] | [***] | [***] | [***] | [***] | [***] | ||||||||||||||||||||
Jun-2026 | 3 | [***] | [***] | [***] | [***] | [***] | [***] | [***] | [***] | ||||||||||||||||||||
Jul-2026 | 3 | [***] | [***] | [***] | [***] | [***] | [***] | [***] | [***] | ||||||||||||||||||||
Aug-2026 | 3 | [***] | [***] | [***] | [***] | [***] | [***] | [***] | [***] | ||||||||||||||||||||
Sep-2026 | 4 | [***] | [***] | [***] | [***] | [***] | [***] | [***] | [***] | ||||||||||||||||||||
Oct-2026 | 4 | [***] | [***] | [***] | [***] | [***] | [***] | [***] | [***] | ||||||||||||||||||||
Nov-2026 | 3 | [***] | [***] | [***] | [***] | [***] | [***] | [***] | [***] | ||||||||||||||||||||
Dec-2026 | 3 | [***] | [***] | [***] | [***] | [***] | [***] | [***] | [***] | ||||||||||||||||||||
Jan-2027 | 2 | [***] | [***] | [***] | [***] | [***] | [***] | [***] | [***] | ||||||||||||||||||||
Feb-2027 | 2 | [***] | [***] | [***] | [***] | [***] | [***] | [***] | [***] | ||||||||||||||||||||
Mar-2027 | 3 | [***] | [***] | [***] | [***] | [***] | [***] | [***] | [***] | ||||||||||||||||||||
Apr-2027 | 3 | [***] | [***] | [***] | [***] | [***] | [***] | [***] | [***] | ||||||||||||||||||||
May-2027 | 3 | [***] | [***] | [***] | [***] | [***] | [***] | [***] | [***] | ||||||||||||||||||||
Jun-2027 | 2 | [***] | [***] | [***] | [***] | [***] | [***] | [***] | [***] | ||||||||||||||||||||
Jul-2027 | 2 | [***] | [***] | [***] | [***] | [***] | [***] | [***] | [***] | ||||||||||||||||||||
Aug-2027 | 2 | [***] | [***] | [***] | [***] | [***] | [***] | [***] | [***] | ||||||||||||||||||||
Sep-2027 | 3 | [***] | [***] | [***] | [***] | [***] | [***] | [***] | [***] | ||||||||||||||||||||
Oct-2027 | 3 | [***] | [***] | [***] | [***] | [***] | [***] | [***] | [***] | ||||||||||||||||||||
Nov-2027 | 3 | [***] | [***] | [***] | [***] | [***] | [***] | [***] | [***] | ||||||||||||||||||||
Dec-2027 | 2 | [***] | [***] | [***] | [***] | [***] | [***] | [***] | [***] | ||||||||||||||||||||
Jan-2028 | 2 | [***] | [***] | [***] | [***] | [***] | [***] | [***] | [***] |
SWA-PA-03729-LA-116800- 1F.txt | Boeing Proprietary | Page 2 |
Attachment 1-B To | ||
Letter Agreement No. 1106474 | ||
Aircraft Delivery, Description, Price and Advance Payments |
Delivery Date* | Number of Aircraft | Escalation Factor (Airframe) | Option Exercise Date | Escalation | Escalation Estimate Adv Payment Base Price Per A/P | Advance Payment Per Aircraft (Amts. Due/Mos. Prior to Delivery): | |||||||||||||||||||||||
At Signing [***] | 24 Mos. [***] | 21/18/12/9/6 Mos. [***] | Total [***] | ||||||||||||||||||||||||||
Deadline | Factor | ||||||||||||||||||||||||||||
Feb-2028 | 2 | [***] | [***] | [***] | [***] | [***] | [***] | [***] | [***] | ||||||||||||||||||||
Mar-2028 | 3 | [***] | [***] | [***] | [***] | [***] | [***] | [***] | [***] | ||||||||||||||||||||
Apr-2028 | 3 | [***] | [***] | [***] | [***] | [***] | [***] | [***] | [***] | ||||||||||||||||||||
May-2028 | 3 | [***] | [***] | [***] | [***] | [***] | [***] | [***] | [***] | ||||||||||||||||||||
Jun-2028 | 2 | [***] | [***] | [***] | [***] | [***] | [***] | [***] | [***] | ||||||||||||||||||||
Jul-2028 | 2 | [***] | [***] | [***] | [***] | [***] | [***] | [***] | [***] | ||||||||||||||||||||
Aug-2028 | 2 | [***] | [***] | [***] | [***] | [***] | [***] | [***] | [***] | ||||||||||||||||||||
Sep-2028 | 3 | [***] | [***] | [***] | [***] | [***] | [***] | [***] | [***] | ||||||||||||||||||||
Oct-2028 | 3 | [***] | [***] | [***] | [***] | [***] | [***] | [***] | [***] | ||||||||||||||||||||
Nov-2028 | 3 | [***] | [***] | [***] | [***] | [***] | [***] | [***] | [***] | ||||||||||||||||||||
Dec-2028 | 2 | [***] | [***] | [***] | [***] | [***] | [***] | [***] | [***] | ||||||||||||||||||||
Jan-2029 | 1 | [***] | [***] | [***] | [***] | [***] | [***] | [***] | [***] | ||||||||||||||||||||
Feb-2029 | 1 | [***] | [***] | [***] | [***] | [***] | [***] | [***] | [***] | ||||||||||||||||||||
Mar-2029 | 1 | [***] | [***] | [***] | [***] | [***] | [***] | [***] | [***] | ||||||||||||||||||||
Apr-2029 | 1 | [***] | [***] | [***] | [***] | [***] | [***] | [***] | [***] | ||||||||||||||||||||
May-2029 | 1 | [***] | [***] | [***] | [***] | [***] | [***] | [***] | [***] | ||||||||||||||||||||
Jun-2029 | 1 | [***] | [***] | [***] | [***] | [***] | [***] | [***] | [***] | ||||||||||||||||||||
Jul-2029 | 1 | [***] | [***] | [***] | [***] | [***] | [***] | [***] | [***] | ||||||||||||||||||||
Aug-2029 | 1 | [***] | [***] | [***] | [***] | [***] | [***] | [***] | [***] | ||||||||||||||||||||
Sep-2029 | 1 | [***] | [***] | [***] | [***] | [***] | [***] | [***] | [***] | ||||||||||||||||||||
Oct-2029 | 1 | [***] | [***] | [***] | [***] | [***] | [***] | [***] | [***] |
Total: | 150 |
SWA-PA-03729-LA-116800- 1F.txt | Boeing Proprietary | Page 3 |
Attachment 1-B To | ||
Letter Agreement No. 1106474 | ||
Aircraft Delivery, Description, Price and Advance Payments |
Delivery Date* | Number of Aircraft | Escalation Factor (Airframe) | Option Exercise Date | Escalation | Escalation Estimate Adv Payment Base Price Per A/P | Advance Payment Per Aircraft (Amts. Due/Mos. Prior to Delivery): | |||||||||||||||||||||||
At Signing [***] | 24 Mos. [***] | 21/18/12/9/6 Mos. [***] | Total [***] | ||||||||||||||||||||||||||
Deadline | Factor |
SWA-PA-03729-LA-116800- 1F.txt | Boeing Proprietary | Page 4 |
The Boeing Company P.O. Box 3707 Seattle WA 98124-2207 |
SWA-PA-03729-LA-1106475R4 | SA-12 | ||||
[***] | Page 2 | ||||
BOEING PROPRIETARY |
SWA-PA-03729-LA-1106475R4 | SA-12 | ||||
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BOEING PROPRIETARY |
SWA-PA-03729-LA-1106475R4 | SA-12 | ||||
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BOEING PROPRIETARY |
SWA-PA-03729-LA-1106475R4 | SA-12 | ||||
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BOEING PROPRIETARY |
THE BOEING COMPANY | ||||||||
By | /s/ Carson J May | |||||||
Name | Carson J May | |||||||
Its | Attorney-In-Fact | |||||||
ACCEPTED AND AGREED TO this | ||||||||
Date: | March 24 , 2021 | |||||||
SOUTHWEST AIRLINES CO. | ||||||||
By | /s/ Michael Van de Ven | |||||||
Name | Michael Van de Ven | |||||||
Its | Chief Operating Officer |
SWA-PA-03729-LA-1106475R4 | SA-12 | ||||
[***] | Page 6 | ||||
BOEING PROPRIETARY |
The Boeing Company P.O. Box 3707 Seattle WA 98124-2207 |
SWA-PA-03729-LA-1106484R3 | SA-12 | ||||
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BOEING PROPRIETARY |
SWA-PA-03729-LA-1106484R2 | SA-12 | ||||
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BOEING PROPRIETARY |
SWA-PA-03729-LA-1106484R2 | SA-12 | ||||
[***] | Page 3 | ||||
BOEING PROPRIETARY |
THE BOEING COMPANY | ||||||||
By | /s/ Carson J May | |||||||
Its | Attorney-In-Fact | |||||||
ACCEPTED AND AGREED TO this | ||||||||
Date: | March 25 , 2021 | |||||||
SOUTHWEST AIRLINES CO. | ||||||||
By | /s/ Michael Van de Ven | |||||||
Its | Chief Operating Officer |
SWA-PA-03729-LA-1106484R2 | SA-12 | ||||
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SWA-PA-03729-LA-1106484R2 | SA-12 | ||||
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BOEING PROPRIETARY |
The Boeing Company P.O. Box 3707 Seattle WA 98124-2207 |
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BOEING PROPRIETARY |
THE BOEING COMPANY | ||||||||
By | /s/ Carson J May | |||||||
Name | Carson J May | |||||||
Its | Attorney-In-Fact | |||||||
ACCEPTED AND AGREED TO this | ||||||||
Date: | March 24 , 2021 | |||||||
SOUTHWEST AIRLINES CO. | ||||||||
By | /s/ Michael Van de Ven | |||||||
Name | Michael Van de Ven | |||||||
Its | Chief Operating Officer |
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The Boeing Company P.O. Box 3707 Seattle WA 98124-2207 |
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THE BOEING COMPANY | |||||
By | /s/ Carson J May | ||||
Name | Carson J May | ||||
Its | Attorney-In-Fact |
ACCEPTED AND AGREED TO this | ||||||||
Date: | March 24 , 2021 | |||||||
SOUTHWEST AIRLINES CO. | ||||||||
By | /s/ Michael Van de Ven | |||||||
Name | Michael Van de Ven | |||||||
Its | Chief Operating Officer |
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The Boeing Company P.O. Box 3707 Seattle, WA 98124 2207 |
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THE BOEING COMPANY | ||||||||
By | /s/ Carson J May | |||||||
Name | Carson J May | |||||||
Its | Attorney-In-Fact | |||||||
ACCEPTED AND AGREED TO this | ||||||||
Date: | March 24, 2021 | |||||||
SOUTHWEST AIRLINES CO. | ||||||||
By | /s/ Michael Van de Ven | |||||||
Name | Michael Van de Ven | |||||||
Its | Chief Operating Officer |
SWA-PA-03729-LA-2100594 | SA-12 | ||||
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The Boeing Company P.O. Box 3707 Seattle, WA 98124 2207 |
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Remarket Aircraft – Open Matters | Page 2 | ||||
BOEING PROPRIETARY |
THE BOEING COMPANY | ||||||||
By | /s/ Carson J May | |||||||
Name | Carson J May | |||||||
Its | Attorney-In-Fact | |||||||
ACCEPTED AND AGREED TO this | ||||||||
Date: | March 24, 2021 | |||||||
SOUTHWEST AIRLINES CO. | ||||||||
By | /s/ Michael Van de Ven | |||||||
Name | Michael Van de Ven | |||||||
Its | Chief Operating Officer |
SWA-PA-03729-LA-2100700 | SA-12 | ||||
Remarket Aircraft – Open Matters | Page 3 | ||||
BOEING PROPRIETARY |
The Boeing Company P.O. Box 3707 Seattle, WA 98124 2207 |
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THE BOEING COMPANY | ||||||||
By | /s/ Carson J May | |||||||
Its | Attorney-In-Fact | |||||||
ACCEPTED AND AGREED TO this | ||||||||
Date: | March 24 , 2021 | |||||||
SOUTHWEST AIRLINES CO. | ||||||||
By | /s/ Michael Van de Ven | |||||||
Its | Chief Operating Officer |
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The Boeing Company P.O. Box 3707 Seattle, WA 98124 2207 |
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THE BOEING COMPANY | ||||||||
By | /s/ Carson J May | |||||||
Name | Carson J May | |||||||
Its | Attorney-In-Fact | |||||||
ACCEPTED AND AGREED TO this | ||||||||
Date: | March 24 , 2021 | |||||||
SOUTHWEST AIRLINES CO. | ||||||||
By | /s/ Michael Van de Ven | |||||||
Name | Michael Van de Ven | |||||||
Its | Chief Operating Officer |
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The Boeing Company P.O. Box 3707 Seattle, WA 98124 2207 |
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Name | Carson J May | |||||||
Its | Attorney-In-Fact | |||||||
ACCEPTED AND AGREED TO this | ||||||||
Date: | March 24 , 2021 | |||||||
SOUTHWEST AIRLINES CO. | ||||||||
By | /s/ Michael Van de Ven | |||||||
Name | Michael Van de Ven | |||||||
Its | Chief Operating Officer |
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southwest airlines co. | THE BOEING COMPANY | |||||||||||||
By: | /s/ Michael Van de Ven | By: | /s/ Carson J May | |||||||||||
Name: | Michael Van de Ven | Name: | Carson J May | |||||||||||
Title: | Chief Operating Officer | Title: | Attorney-In-Fact |
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BOEING PROPRIETARY |
The Boeing Company P.O. Box 3707 Seattle, WA 98124 2207 |
SWA-PA-03729-LA-2100819 | SA-12 | ||||
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SWA-PA-03729-LA-2100819 | SA-12 | ||||
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BOEING PROPRIETARY |
THE BOEING COMPANY | ||||||||
By | /s/ Carson J May | |||||||
Name | Carson J May | |||||||
Its | Attorney-In-Fact | |||||||
ACCEPTED AND AGREED TO this | ||||||||
Date: | March 24 , 2021 | |||||||
SOUTHWEST AIRLINES CO. | ||||||||
By | /s/ Michael Van de Ven | |||||||
Name | Michael Van de Ven | |||||||
Its | Chief Operating Officer |
SWA-PA-03729-LA-2100819 | SA-12 | ||||
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SWA-PA-03729-LA-2100825 | SA-12 | ||||
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THE BOEING COMPANY | ||||||||
By | /s/ Carson J May | |||||||
Name | Carson J May | |||||||
Its | Attorney-In-Fact | |||||||
ACCEPTED AND AGREED TO this | ||||||||
Date: | March 24 , 2021 | |||||||
SOUTHWEST AIRLINES CO. | ||||||||
By | /s/ Michael Van de Ven | |||||||
Name | Michael Van de Ven | |||||||
Its | Chiefs Operating Officer |
SWA-PA-03729-LA-2100825 | SA-12 | ||||
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The Boeing Company P.O. Box 3707 Seattle, WA 98124 2207 |
SWA-PA-03729-LA-2100841 | SA-12 | ||||
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THE BOEING COMPANY | ||||||||
By | /s/ Carson J May | |||||||
Name | Carson J May | |||||||
Its | Attorney-In-Fact | |||||||
ACCEPTED AND AGREED TO this | ||||||||
Date: | March 24 , 2021 | |||||||
SOUTHWEST AIRLINES CO. | ||||||||
By | /s/ Michael Van de Ven | |||||||
Name | Michael Van de Ven | |||||||
Its | Chief Operating Officer |
SWA-PA-03729-LA-2100841 | SA-12 | ||||
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The Boeing Company P.O. Box 3707 Seattle, WA 98124 2207 |
SWA-PA-03729-LA-2100984 | SA-12 | ||||
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THE BOEING COMPANY | |||||
By | /s/ Carson J May | ||||
Name | Carson J May | ||||
Its | Attorney-In-Fact |
ACCEPTED AND AGREED TO this | ||||||||
Date: | March 24 , 2021 | |||||||
SOUTHWEST AIRLINES CO. | ||||||||
By | /s/ Michael Van de Ven | |||||||
Name | Michael Van de Ven | |||||||
Its | Chief Operating Officer |
SWA-PA-03729-LA-2100984 | SA-12 | ||||
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BOEING PROPRIETARY |
The Boeing Company P.O. Box 3707 Seattle, WA 98124-2207 |
6-1162-CAF-0390R2 | ||||||||
Certain Contractual Matters | Page 1 | |||||||
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6-1162-CAF-0390R2 | ||||||||
Certain Contractual Matters | Page 3 | |||||||
BOEING PROPRIETARY |
THE BOEING COMPANY | ||||||||
By | /s/ Carson J. May | |||||||
Name | Carson J. May | |||||||
Its | Attorney-In-Fact | |||||||
ACCEPTED AND AGREED TO this | ||||||||
Date: | March 24, 2021 | |||||||
SOUTHWEST AIRLINES CO. | ||||||||
By | /s/ Michael Van de Ven | |||||||
Name | Michael Van de Ven | |||||||
Its | Chief Operating Officer |
6-1162-CAF-0390R2 | ||||||||
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BOEING PROPRIETARY |
MORTGAGE AND SECURITY AGREEMENT SUPPLEMENT NO. 1 |
W I T N E S S E T H: |
SOUTHWEST AIRLINES CO., as Grantor By: /s/ Chris Monroe Name: Chris Monroe Title: SVP, Finance | |||||
JPMORGAN CHASE BANK, N.A., as Collateral Agent By: /s/ Cristina Caviness Name: Cristina Caviness Title: Executive Director |
Signature Page to Mortgage and Security Agreement Supplement No. 1 |
Annex A | ||
to Mortgage and Security Agreement Supplement No. 1 | ||
Airframes and Engines |
Airframe Make | Airframe Model | Airframe MSN | U.S. Reg. Number | Engine Manufacturer | Engine Model | Engine MSN 1 | Engine MSN 2 | |||||||||||||||||||
1 | Boeing | 737-7H4 | 36913 | N943WN | CFM International | CFM56-7B22E | 896468 | 802895 | ||||||||||||||||||
2 | Boeing | 737-7H4 | 36659 | N944WN | CFM International | CFM56-7B22E | 896402 | 803888 | ||||||||||||||||||
3 | Boeing | 737-7H4 | 36660 | N945WN | CFM International | CFM56-7B22E | 897306 | 802953 | ||||||||||||||||||
4 | Boeing | 737-7H4 | 36918 | N946WN | CFM International | CFM56-7B22E | 804107 | 804108 | ||||||||||||||||||
5 | Boeing | 737-7H4 | 36924 | N947WN | CFM International | CFM56-7B22E | 896235 | 804191 | ||||||||||||||||||
6 | Boeing | 737-7H4 | 36662 | N948WN | CFM International | CFM56-7B22E | 804203 | 896240 | ||||||||||||||||||
7 | Boeing | 737-7H4 | 36663 | N949WN | CFM International | CFM56-7B22E | 896467 | 804322 | ||||||||||||||||||
8 | Boeing | 737-7H4 | 36664 | N950WN | CFM International | CFM56-7B22E | 804336 | 896389 | ||||||||||||||||||
9 | Boeing | 737-7H4 | 36665 | N951WN | CFM International | CFM56-7B22E | 805301 | 804303 | ||||||||||||||||||
10 | Boeing | 737-7BD | 36726 | N555LV | CFM International | CFM56-7B22E | 804725 | 805809 | ||||||||||||||||||
11 | Boeing | 737-7H4 | 36671 | N955WN | CFM International | CFM56-7B22E | 804823 | 804844 | ||||||||||||||||||
12 | Boeing | 737-7BD | 33936 | N556WN | CFM International | CFM56-7B22E | 804863 | 804885 | ||||||||||||||||||
13 | Boeing | 737-7H4 | 36672 | N956WN | CFM International | CFM56-7B22E | 804897 | 804899 | ||||||||||||||||||
14 | Boeing | 737-7H4 | 41528 | N957WN | CFM International | CFM56-7B22E | 805933 | 804955 | ||||||||||||||||||
15 | Boeing | 737-7H4 | 36673 | N958WN | CFM International | CFM56-7B22E | 805936 | 804960 | ||||||||||||||||||
16 | Boeing | 737-7H4 | 36674 | N959WN | CFM International | CFM56-7B22E | 804908 | 960139 | ||||||||||||||||||
17 | Boeing | 737-7H4 | 36675 | N960WN | CFM International | CFM56-7B22E | 960180 | 960182 | ||||||||||||||||||
18 | Boeing | 737-7H4 | 36962 | N961WN | CFM International | CFM56-7B22E | 961177 | 960192 | ||||||||||||||||||
19 | Boeing | 737-7H4 | 36963 | N962WN | CFM International | CFM56-7B22E | 960213 | 804223 | ||||||||||||||||||
20 | Boeing | 737-7H4 | 36676 | N963WN | CFM International | CFM56-7B22E | 804278 | 805295 | ||||||||||||||||||
21 | Boeing | 737-7H4 | 36965 | N964WN | CFM International | CFM56-7B22E | 960259 | 960266 | ||||||||||||||||||
22 | Boeing | 737-7H4 | 36677 | N965WN | CFM International | CFM56-7B22E | 960280 | 960292 | ||||||||||||||||||
23 | Boeing | 737-7H4 | 36966 | N966WN | CFM International | CFM56-7B22E | 960282 | 960284 | ||||||||||||||||||
24 | Boeing | 737-7H4 | 36967 | N967WN | CFM International | CFM56-7B22E | 960275 | 960329 |
(EACH OF WHICH ENGINES DESCRIBED ABOVE HAVING AT LEAST 550 RATED TAKEOFF HORSEPOWER OR THE EQUIVALENT THEREOF) |
SCHEDULE II | ||
POOL ASSETS | ||
Airframes and Engines |
Airframe Make | Airframe Model | U.S. Reg. Number | Airframe MSN | Engine Manufacturer | Engine Model | Engine MSN 1 | Engine MSN 2 | |||||||||||||||||||
1 | Boeing | 737-8H4 | N8635F | 60083 | CFM International | CFM56-7B27E/F | 658992 | 658949 | ||||||||||||||||||
2 | Boeing | 737-8H4 | N8634A | 42522 | CFM International | CFM56-7B27E/F | 658985 | 658982 | ||||||||||||||||||
3 | Boeing | 737-8H4 | N8633A | 36905 | CFM International | CFM56-7B27E/F | 658937 | 658892 | ||||||||||||||||||
4 | Boeing | 737-8H4 | N8632A | 60082 | CFM International | CFM56-7B27E/F | 658893 | 658891 | ||||||||||||||||||
5 | Boeing | 737-8H4 | N8631A | 42385 | CFM International | CFM56-7B27E/F | 657908 | 658873 | ||||||||||||||||||
6 | Boeing | 737-8H4 | N8623F | 36731 | CFM International | CFM56-7B27E/F | 658491 | 658488 | ||||||||||||||||||
7 | Boeing | 737-8H4 | N8619F | 33939 | CFM International | CFM56-7B27E/F | 658361 | 658359 | ||||||||||||||||||
8 | Boeing | 737-8H4 | N8620H | 42526 | CFM International | CFM56-7B27E/F | 658371 | 658351 | ||||||||||||||||||
9 | Boeing | 737-8H4 | N8618N | 36915 | CFM International | CFM56-7B27E/F | 658355 | 658354 | ||||||||||||||||||
10 | Boeing | 737-8H4 | N8617E | 36912 | CFM International | CFM56-7B27E/F | 658280 | 658279 | ||||||||||||||||||
11 | Boeing | 737-8H4 | N8616C | 36914 | CFM International | CFM56-7B27E/F | 658267 | 658257 | ||||||||||||||||||
12 | Boeing | 737-8H4 | N8615E | 36933 | CFM International | CFM56-7B27E/F | 962655 | 658223 | ||||||||||||||||||
13 | Boeing | 737-8H4 | N8614M | 36908 | CFM International | CFM56-7B27E/F | 962723 | 962719 | ||||||||||||||||||
14 | Boeing | 737-8H4 | N8613K | 36998 | CFM International | CFM56-7B27E/F | 963686 | 962683 | ||||||||||||||||||
15 | Boeing | 737-8H4 | N8605E | 36891 | CFM International | CFM56-7B27E/F | 962478 | 963475 | ||||||||||||||||||
16 | Boeing | 737-8H4 | N8329B | 37006 | CFM International | CFM56-7B27E/F | 962467 | 962465 | ||||||||||||||||||
17 | Boeing | 737-8H4 | N8328A | 38818 | CFM International | CFM56-7B27E/F | 962456 | 962448 | ||||||||||||||||||
18 | Boeing | 737-8H4 | N8327A | 37009 | CFM International | CFM56-7B27E/F | 962411 | 962410 | ||||||||||||||||||
19 | Boeing | 737-8H4 | N8326F | 35969 | CFM International | CFM56-7B27E/F | 962416 | 962415 | ||||||||||||||||||
20 | Boeing | 737-8H4 | N8325D | 37003 | CFM International | CFM56-7B27E/F | 962402 | 962401 | ||||||||||||||||||
21 | Boeing | 737-7H4 | N954WN | 36669 | CFM International | CFM56-7B24/3 | 804732 | 804718 | ||||||||||||||||||
22 | Boeing | 737-7H4 | N953WN | 36668 | CFM International | CFM56-7B24/3 | 804651 | 804507 | ||||||||||||||||||
23 | Boeing | 737-7H4 | N952WN | 36667 | CFM International | CFM56-7B24/3 | 804571 | 804568 | ||||||||||||||||||
24 | Boeing | 737-7BD | N7737E | 33929 | CFM International | CFM56-7B20 | 894174 | 894335 | ||||||||||||||||||
25 | Boeing | 737-7BD | N7736A | 35109 | CFM International | CFM56-7B20 | 894344 | 890882 | ||||||||||||||||||
26 | Boeing | 737-7H4 | N258WN | 32516 | CFM International | CFM56-7B24 | 894248 | 894154 | ||||||||||||||||||
27 | Boeing | 737-7H4 | N257WN | 32515 | CFM International | CFM56-7B24 | 894221 | 892867 | ||||||||||||||||||
28 | Boeing | 737-7H4 | N256WN | 32514 | CFM International | CFM56-7B24 | 894216 | 894200 | ||||||||||||||||||
29 | Boeing | 737-7H4 | N255WN | 32513 | CFM International | CFM56-7B24 | 894198 | 894197 | ||||||||||||||||||
30 | Boeing | 737-7H4 | N254WN | 32512 | CFM International | CFM56-7B24 | 894173 | 894172 | ||||||||||||||||||
31 | Boeing | 737-7H4 | N253WN | 32511 | CFM International | CFM56-7B24 | 895150 | 894101 | ||||||||||||||||||
32 | Boeing | 737-7H4 | N252WN | 34973 | CFM International | CFM56-7B24 | 894140 | 894139 | ||||||||||||||||||
33 | Boeing | 737-7H4 | N251WN | 32510 | CFM International | CFM56-7B24 | 894136 | 894135 | ||||||||||||||||||
34 | Boeing | 737-7H4 | N250WN | 34972 | CFM International | CFM56-7B24 | 894122 | 892987 | ||||||||||||||||||
35 | Boeing | 737-7H4 | N249WN | 34951 | CFM International | CFM56-7B24 | 892993 | 892992 | ||||||||||||||||||
36 | Boeing | 737-7H4 | N247WN | 32508 | CFM International | CFM56-7B24 | 892958 | 892957 | ||||||||||||||||||
37 | Boeing | 737-7H4 | N246LV | 32507 | CFM International | CFM56-7B24 | 892950 | 892946 | ||||||||||||||||||
38 | Boeing | 737-7H4 | N245WN | 32506 | CFM International | CFM56-7B24 | 892943 | 892942 | ||||||||||||||||||
39 | Boeing | 737-7H4 | N244WN | 34864 | CFM International | CFM56-7B24 | 874962 | 892930 | ||||||||||||||||||
40 | Boeing | 737-7H4 | N239WN | 34714 | CFM International | CFM56-7B24 | 892885 | 892884 | ||||||||||||||||||
41 | Boeing | 737-7H4 | N238WN | 34713 | CFM International | CFM56-7B24 | 892396 | 892284 | ||||||||||||||||||
42 | Boeing | 737-7H4 | N236WN | 34631 | CFM International | CFM56-7B24 | 892838 | 892835 | ||||||||||||||||||
SCHEDULE II - 1 |
43 | Boeing | 737-7H4 | N235WN | 34630 | CFM International | CFM56-7B24 | 893784 | 892813 | ||||||||||||||||||
44 | Boeing | 737-7H4 | N234WN | 32502 | CFM International | CFM56-7B24 | 892790 | 892776 | ||||||||||||||||||
45 | Boeing | 737-7H4 | N233LV | 32501 | CFM International | CFM56-7B24 | 893759 | 893752 | ||||||||||||||||||
46 | Boeing | 737-7BD | N7720F | 33922 | CFM International | CFM56-7B20 | 892655 | 892654 | ||||||||||||||||||
47 | Boeing | 737-7H4 | N228WN | 32496 | CFM International | CFM56-7B24 | 892606 | 892605 | ||||||||||||||||||
48 | Boeing | 737-7H4 | N222WN | 34290 | CFM International | CFM56-7B24 | 892526 | 892525 | ||||||||||||||||||
49 | Boeing | 737-7BD | N7715E | 33921 | CFM International | CFM56-7B20 | 893511 | 893510 | ||||||||||||||||||
50 | Boeing | 737-7H4 | N221WN | 34259 | CFM International | CFM56-7B24 | 892516 | 892515 | ||||||||||||||||||
51 | Boeing | 737-752 | N7835A | 34294 | CFM International | CFM56-7B22 | 892486 | 893127 | ||||||||||||||||||
52 | Boeing | 737-7H4 | N218WN | 32489 | CFM International | CFM56-7B24 | 892439 | 892438 | ||||||||||||||||||
53 | Boeing | 737-7H4 | N217JC | 34232 | CFM International | CFM56-7B24 | 892429 | 892428 | ||||||||||||||||||
54 | Boeing | 737-7BD | N7713A | 33919 | CFM International | CFM56-7B20 | 892416 | 892415 | ||||||||||||||||||
55 | Boeing | 737-7H4 | N214WN | 32486 | CFM International | CFM56-7B24 | 892183 | 892182 | ||||||||||||||||||
56 | Boeing | 737-7H4 | N215WN | 32487 | CFM International | CFM56-7B24 | 893199 | 893194 | ||||||||||||||||||
57 | Boeing | 737-7H4 | N213WN | 34217 | CFM International | CFM56-7B24 | 892217 | 892212 | ||||||||||||||||||
58 | Boeing | 737-7H4 | N212WN | 32485 | CFM International | CFM56-7B24 | 892201 | 892195 | ||||||||||||||||||
59 | Boeing | 737-7H4 | 36913 | N943WN | CFM International | CFM56-7B22E | 896468 | 802895 | ||||||||||||||||||
60 | Boeing | 737-7H4 | 36659 | N944WN | CFM International | CFM56-7B22E | 896402 | 803888 | ||||||||||||||||||
61 | Boeing | 737-7H4 | 36660 | N945WN | CFM International | CFM56-7B22E | 897306 | 802953 | ||||||||||||||||||
62 | Boeing | 737-7H4 | 36918 | N946WN | CFM International | CFM56-7B22E | 804107 | 804108 | ||||||||||||||||||
63 | Boeing | 737-7H4 | 36924 | N947WN | CFM International | CFM56-7B22E | 896235 | 804191 | ||||||||||||||||||
64 | Boeing | 737-7H4 | 36662 | N948WN | CFM International | CFM56-7B22E | 804203 | 896240 | ||||||||||||||||||
65 | Boeing | 737-7H4 | 36663 | N949WN | CFM International | CFM56-7B22E | 896467 | 804322 | ||||||||||||||||||
66 | Boeing | 737-7H4 | 36664 | N950WN | CFM International | CFM56-7B22E | 804336 | 896389 | ||||||||||||||||||
67 | Boeing | 737-7H4 | 36665 | N951WN | CFM International | CFM56-7B22E | 805301 | 804303 | ||||||||||||||||||
68 | Boeing | 737-7BD | 36726 | N555LV | CFM International | CFM56-7B22E | 804725 | 805809 | ||||||||||||||||||
69 | Boeing | 737-7H4 | 36671 | N955WN | CFM International | CFM56-7B22E | 804823 | 804844 | ||||||||||||||||||
70 | Boeing | 737-7BD | 33936 | N556WN | CFM International | CFM56-7B22E | 804863 | 804885 | ||||||||||||||||||
71 | Boeing | 737-7H4 | 36672 | N956WN | CFM International | CFM56-7B22E | 804897 | 804899 | ||||||||||||||||||
72 | Boeing | 737-7H4 | 41528 | N957WN | CFM International | CFM56-7B22E | 805933 | 804955 | ||||||||||||||||||
73 | Boeing | 737-7H4 | 36673 | N958WN | CFM International | CFM56-7B22E | 805936 | 804960 | ||||||||||||||||||
74 | Boeing | 737-7H4 | 36674 | N959WN | CFM International | CFM56-7B22E | 804908 | 960139 | ||||||||||||||||||
75 | Boeing | 737-7H4 | 36675 | N960WN | CFM International | CFM56-7B22E | 960180 | 960182 | ||||||||||||||||||
76 | Boeing | 737-7H4 | 36962 | N961WN | CFM International | CFM56-7B22E | 961177 | 960192 | ||||||||||||||||||
77 | Boeing | 737-7H4 | 36963 | N962WN | CFM International | CFM56-7B22E | 960213 | 804223 | ||||||||||||||||||
78 | Boeing | 737-7H4 | 36676 | N963WN | CFM International | CFM56-7B22E | 804278 | 805295 | ||||||||||||||||||
79 | Boeing | 737-7H4 | 36965 | N964WN | CFM International | CFM56-7B22E | 960259 | 960266 | ||||||||||||||||||
80 | Boeing | 737-7H4 | 36677 | N965WN | CFM International | CFM56-7B22E | 960280 | 960292 | ||||||||||||||||||
81 | Boeing | 737-7H4 | 36966 | N966WN | CFM International | CFM56-7B22E | 960282 | 960284 | ||||||||||||||||||
82 | Boeing | 737-7H4 | 36967 | N967WN | CFM International | CFM56-7B22E | 960275 | 960329 |
(EACH OF WHICH ENGINES DESCRIBED ABOVE HAVING AT LEAST 550 RATED TAKEOFF HORSEPOWER OR THE EQUIVALENT THEREOF) |
SCHEDULE II - 2 |
Recipient: Southwest Airlines Co. 2702 Love Field Drive Dallas, TX 75235 | PSP Participant Number: PSA-2004031159 Employer Identification Number: 74-1563240 DUNS Number: 055329262 | ||||
Additional Recipients: None. | |||||
Amount of Initial Payroll Support Payment: $926,393,063.95 | |||||
The Department of the Treasury (Treasury) hereby provides Payroll Support (as defined herein) under section 7301 of the American Rescue Plan Act of 2021. The Signatory Entity named above, on behalf of itself and its Affiliates (as defined herein), agrees to comply with this Agreement and applicable Federal law as a condition of receiving Payroll Support. The Signatory Entity and its undersigned authorized representatives acknowledge that a materially false, fictitious, or fraudulent statement (or concealment or omission of a material fact) in connection with this Agreement may result in administrative remedies as well as civil and/or criminal penalties. | |||||
The undersigned hereby agree to the attached Payroll Support Program 3 Agreement. | |||||
/s/ David A Lebryk________________________ Department of the Treasury Name: David A. Lebryk Title: Fiscal Assistant Secretary Date: April 23, 2021 | /s/ Tamy Romo____________________________ Southwest Airlines Co. First Authorized Representative: Tammy Romo Title: Executive Vice President and Chief Financial Officer Date: April 23, 2021 /s/ Chris Monroe_________________________ Southwest Airlines Co. Second Authorized Representative: David Christopher Monroe Title: Senior Vice President Finance and Treasurer Date: April 23, 2021 |
PAYROLL SUPPORT PROGRAM 3 AGREEMENT | ||
INTRODUCTION |
DEFINITIONS |
2 |
3 |
PAYROLL SUPPORT PAYMENTS |
4 |
TERMS AND CONDITIONS |
5 |
6 |
7 |
8 |
9 |
10 |
11 |
12 |
13 |
ATTACHMENT |
14 |
15 |
PAYROLL SUPPORT PROGRAM 3 | ||
CERTIFICATION OF CORPORATE OFFICER OF RECIPIENT |
/s/ Tammy Romo | /s/ Chris Monroe | ||||
Corporate Officer of Signatory Entity Name: Tammy Romo | Second Authorized Representative Name: David Christopher Monroe | ||||
Title: Executive Vice President and Chief Financial Officer | Title: Senior Vice President Finance and Treasurer | ||||
Date: April 23, 2021 | Date: April 23, 2021 |
Execution Version |
WARRANT AGREEMENT |
TABLE OF CONTENTS | ||||||||
Page | ||||||||
Article I | ||||||||
Closing | ||||||||
1.1 | Issuance...................................................................................................................... | 1 | ||||||
1.2 | Initial Closing; Warrant Closing Date. ..................................................................... | 1 | ||||||
1.3 | Interpretation............................................................................................................. | 2 | ||||||
Article II | ||||||||
Representations and Warranties | ||||||||
2.1 | Representations and Warranties of the Company ..................................................... | 3 | ||||||
Article III | ||||||||
Covenants | ||||||||
3.1 | Commercially Reasonable Efforts............................................................................. | 6 | ||||||
3.2 | Expenses .................................................................................................................... | 7 | ||||||
3.3 | Sufficiency of Authorized Common Stock, Exchange Listing.................................. | 8 | ||||||
Article IV Art | ||||||||
Additional Agreements | ||||||||
4.1 | Investment.................................................................................................................. | 8 | ||||||
4.2 | Legends...................................................................................................................... | 8 | ||||||
4.3 | Certain Transactions................................................................................................... | 9 | ||||||
4.4 | Transfer of Warrants and Warrant Shares ................................................................. | 9 | ||||||
4.5 | Registration Rights..................................................................................................... | 9 | ||||||
4.6 | Voting of Warrant Shares........................................................................................... | 21 | ||||||
Article V | ||||||||
Miscellaneous | ||||||||
5.1 | Survival of Representations and Warranties.............................................................. | 21 | ||||||
5.2 | Amendment................................................................................................................ | 21 | ||||||
5.3 | Waiver of Conditions................................................................................................. | 21 | ||||||
5.4 | Governing Law: Submission to Jurisdiction, Etc. ............................................... | 21 | ||||||
5.5 | Notices....................................................................................................................... | 21 | ||||||
5.6 | Definitions.................................................................................................................. | 22 | ||||||
5.7 | Assignment................................................................................................................. | 22 | ||||||
5.8 | Severability................................................................................................................ | 23 | ||||||
-i- |
5.9 | No Third Party Beneficiaries..................................................................................... | 23 | ||||||
-ii- |
LIST OF ANNEXES | |||||
ANNEX A: | FORM OF OPINION | ||||
ANNEX B: | FORM OF WARRANT | ||||
SCHEDULE 1: | WARRANT SHARES FORMULA | ||||
SCHEDULE 2: | CAPITALIZATION | ||||
SCHEDULE 3: | REQUIRED STOCKHOLDER APPROVALS |
-iii- |
Term | Location of Definition | |||||||
Affiliate | Annex B | |||||||
Agreement | Recitals | |||||||
Appraisal Procedure | Annex B | |||||||
Board of Directors | 2.1(i) | |||||||
Business Combination | Annex B | |||||||
Business Day | Annex B | |||||||
Capitalization Date | 2.1(b) | |||||||
Closing | 1.2(a) | |||||||
Common Stock | Annex B | |||||||
Company | Recitals | |||||||
Company Reports | 2.1(j)(i) | |||||||
Exchange Act | Annex B | |||||||
Governmental Authority | 5.6(a) | |||||||
Holder | 4.5(k)(i) | |||||||
Indemnitee | 4.5(g)(i) | |||||||
Initial Closing | 1.2(a) | |||||||
Lien | 5.6(c) | |||||||
Material Adverse Effect | 5.6(d) | |||||||
Organizational Documents | 5.6(e) | |||||||
Pending Underwritten Offering | 4.5(l) | |||||||
Piggyback Registration | 4.5(a)(iv) | |||||||
Promissory Note | Recitals | |||||||
register; registered; registration | 4.5(k)(ii) | |||||||
Registrable Securities | 4.5(k)(iii) | |||||||
Registration Commencement Date | 4.5(a)(i) | |||||||
Registration Expenses | 4.5(k)(iv) | |||||||
Rule 144; Rule 144A; Rule 159A; Rule 405; Rule 415 | 4.5(k)(v) | |||||||
SEC | 2.1(c) | |||||||
Securities Act | Annex B | |||||||
Selling Expenses | 4.5(k)(vi) | |||||||
Shelf Registration Statement | 4.5(a)(ii) | |||||||
Special Registration | 4.5(i) | |||||||
Stockholder Proposals | 3.1(b) | |||||||
Subsidiary | 5.6(f) | |||||||
Transfer | 4.4 | |||||||
Treasury | Recitals | |||||||
Warrant Closing Date | 1.2(a) | |||||||
Warrants | Recitals | |||||||
Warrant Shares | Annex B |
Article I | ||
Closing |
- 2 - |
Article II | ||
Representations and Warranties |
- 3 - |
- 4 - |
- 5 - |
Article III | ||
Covenants |
- 6 - |
- 7 - |
Article IV | ||
Additional Agreements |
- 8 - |
- 9 - |
- 10 - |
- 11 - |
- 12 - |
- 13 - |
- 14 - |
- 15 - |
- 16 - |
- 17 - |
- 18 - |
- 19 - |
- 20 - |
- 21 - |
If to the Company: |
Southwest Airlines Co. | |||||
P.O. Box 36611, HDQ-6TR | |||||
Love Field | |||||
Dallas, Texas 75235 | |||||
Telecopy Number: (214) 932-1322 | |||||
Attention: Treasurer | |||||
E-mail: Capital_Markets-DG@wnco.com |
With a copy to: |
Southwest Airlines Co. | ||
Legal Department - HDQ-4GC | ||
2702 Love Field Drive | ||
Dallas, Texas 75235 |
If to Treasury: |
United States Department of the Treasury 1500 Pennsylvania Avenue, NW, Room 2312 Washington, D.C. 20220 Attention: Assistant General Counsel (Banking and Finance) |
- 22 - |
* * * | ||
[Signature page follows] |
- 23 - |
Execution Version |
THE UNITED STATES DEPARTMENT OF THE | ||
TREASURY | ||
By: /s/ David A Lebryk | ||
Name: David A. Lebryk | ||
Title: Fiscal Assistant Secretary | ||
SOUTHWEST AIRLINES CO. | ||
By: /s/ Tammy Romo | ||
Name: Tammy Romo | ||
Title: Executive Vice President and Chief Financial Officer |
ANNEX A | ||
FORM OF OPINION |
ANNEX B | ||
FORM OF WARRANT | ||
[SEE ATTACHED] |
- 3 - |
FORM OF WARRANT TO PURCHASE COMMON STOCK |
WARRANT to purchase | ||
Shares of Common Stock | ||
of Southwest Airlines Co. | ||
Issue Date:__________________ |
- 4 - |
- 5 - |
- 6 - |
- 7 - |
- 8 - |
- 9 - |
- 10 - |
- 11 - |
- 12 - |
- 13 - |
- 14 - |
- 15 - |
- 16 - |
- 17 - |
[Form of Notice of Exercise] Date: ___________ |
Proceeds to be delivered: $ | ||
Name of Bank: | ||
City/ State of Bank: | ||
ABA Number of Bank | ||
SWIFT # | ||
Name of Account: | ||
Account Number at Bank: |
If in book-entry form through the Depositary: | ||||||||
Depositary Account Number: | ||||||||
Name of Agent Member: | ||||||||
If in certificated form: | ||||||||
Social Security Number or Other Identifying Number: |
- 18 - |
Name: | ||||||||
Street Address: | ||||||||
City, State and Zip Code: | ||||||||
Any unexercised Warrants evidenced by the exercising Warrantholder’s interest in the Warrant: | ||||||||
Social Security Number or Other Identifying Number: | ||||||||
Name: | ||||||||
Street Address: | ||||||||
City, State and Zip Code: |
Holder: _____________________________ | ||
By: __________________________ | ||
Name: ___________________________ | ||
Title: ___________________________ |
- 19 - |
COMPANY: SOUTHWEST AIRLINES CO. | ||
By: _______________________ Name: Tammy Romo Title: Executive Vice President and Chief Financial Officer | ||
Attest: | ||
By: _______________________ Name: David Christopher Monroe Title: Senior Vice President Finance and Treasurer |
[Signature Page to Warrant] |
- 20 - |
Execution Version |
Southwest Airlines Co. | ||
2702 Love Field Drive | ||
Dallas, Texas 75235-1611 |
Southwest Airlines Co. | ||
P.O. Box 36611, HDQ-6TR | ||
Love Field | ||
Dallas, Texas 75235 | ||
Telecopy Number: (214) 932-1322 | ||
Attention: Treasurer | ||
E-mail: Capital_Markets-DG@wnco.com | ||
With a copy to: | ||
Southwest Airlines Co. | ||
Legal Department - HDQ-4GC | ||
2702 Love Field Drive | ||
Dallas, Texas 75235 |
1500 Pennsylvania Avenue, NW, Room 2312 | ||
Washington, D.C., 20220 | ||
Attention: Assistant General Counsel (Banking and Finance) | ||
Telephone Number: (202) 622-0283 | ||
Email: eric.froman@treasury.gov |
- 22 - |
Execution Version |
SCHEDULE 1 | ||
WARRANT SHARES FORMULA |
SCHEDULE 2 | ||
CAPITALIZATION |
Shares of Common Stock Authorized | 2,000,000,000 | ||||
Issued Shares | 888,111,634 | ||||
Treasury Shares | (296,817,710) | ||||
Shares Outstanding | 591,293,924 |
- 24 - |
SCHEDULE 3 | ||
REQUIRED STOCKHOLDER APPROVALS |
- 25 - |
Execution Version |
PROMISSORY NOTE |
2 |
3 |
4 |
5 |
6 |
7 |
SOUTHWEST AIRLINES CO., as Issuer | ||
By_/s/ Tammy Romo________________ Name: Tammy Romo Title: Executive Vice President and Chief Financial Officer | ||
Date: April 23, 2021 |
ANNEX A | ||
DEFINITIONS |
Annex A-1 |
Annex A-2 |
Annex A-3 |
Annex A-4 |
Annex A-5 |
ANNEX B | ||
GUARANTEE |
Annex B-1 |
Annex B-2 |
Annex B-3 |
SCHEDULE I | ||||||||||||||
Date | Current Outstanding Principal Amount | Increase or Decrease in Outstanding Principal Amount | Resulting Outstanding Principal Amount | Notation Made By | ||||||||||
Schedule I |
By: | /s/ Gary C. Kelly | |||||||
Gary C. Kelly | ||||||||
Chief Executive Officer |
By: | /s/ Tammy Romo | |||||||
Tammy Romo | ||||||||
Chief Financial Officer |
By: | /s/ Gary C. Kelly | |||||||
Gary C. Kelly | ||||||||
Chief Executive Officer |
By: | /s/ Tammy Romo | |||||||
Tammy Romo | ||||||||
Chief Financial Officer |
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