Alaska Air director granted 5,186 stock units

BEER JAMES A reported acquisition or exercise transactions in this Form 4 filing.

Rhea-AI Filing Summary

BEER JAMES A reported acquisition or exercise transactions in this Form 4 filing.

Alaska Air Group director James A. Beer reported receiving 5,186 common stock units as a stock award. The grant was valued at $38.56 per share and was made in connection with his re-election to the Board of Directors.

The award consists of deferred stock units under the company’s 2016 Performance Incentive Plan. These units are fully vested and will be paid out in shares of common stock on a one-for-one basis after he resigns from the Board. Following this grant, Beer directly holds 25,490 shares, including 19,510 previously granted deferred stock units.

Insider Trade Summary

Grant/Award: 5,186 shares

Grant/Award 1 txn

Insider BEER JAMES A

Role Director

Type	Security	Shares	Price	Value
Grant/Award	COMMON STOCK	5,186	$38.56	$200K

Holdings After Transaction: COMMON STOCK — 25,490 shares (Direct)

Footnotes (2)

1. F1. Deferred stock units (DSUs) granted under the Alaska Air Group, Inc. (the "Issuer") 2016 Performance Incentive Plan ("2016 PIP") in connection with the reporting person's re-election to serve on the Board of Directors until the 2027 Annual Stockholders Meeting. The DSUs are 100% vested and payable in shares of the Issuer's common stock on a one-for-one basis following the resignation of the reporting person from the Issuer's Board of Directors.
2. F2. Total held in column 5 includes 19,510 deferred stock units DSUs previously granted under the Issuers 2016 PIP. The DSUs are 100% vested on the date of grant and issuable in common shares upon resignation from the Issuer's Board of Directors.

Key Figures

Stock award size: 5,186 shares Grant price per share: $38.56/share Total direct holdings after grant: 25,490 shares +1 more

4 metrics

Stock award size 5,186 shares Deferred stock units granted to director James A. Beer

Grant price per share $38.56/share Value used for the 5,186 DSUs award

Total direct holdings after grant 25,490 shares Common stock held directly by James A. Beer after transaction

Previously granted DSUs included in holdings 19,510 units Deferred stock units under 2016 Performance Incentive Plan

Key Terms

Deferred stock units, 2016 Performance Incentive Plan, Annual Stockholders Meeting, Board of Directors

4 terms

Deferred stock units financial

"Deferred stock units (DSUs) granted under the Alaska Air Group, Inc. 2016 Performance Incentive Plan"

Deferred stock units are promises from a company to give an employee shares of stock at a future date, often after certain conditions are met or after leaving the company. They function like a form of delayed compensation, allowing employees to earn shares over time. For investors, they represent potential future ownership in the company, but do not provide immediate voting rights or dividends until the shares are actually received.

2016 Performance Incentive Plan financial

"granted under the Alaska Air Group, Inc. (the "Issuer") 2016 Performance Incentive Plan ("2016 PIP")"

Annual Stockholders Meeting financial

"in connection with the reporting person's re-election to serve on the Board of Directors until the 2027 Annual Stockholders Meeting"

Board of Directors financial

"following the resignation of the reporting person from the Issuer's Board of Directors"

The Board of Directors is a group of people chosen by a company's owners to help make big decisions and oversee how the company is run. They act like a team of advisors or managers, making sure the company stays on track and meets its goals. Their choices can influence the company's success and how it grows.

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What insider transaction did ALASKA AIR GROUP (ALK) director James A. Beer report?

James A. Beer reported receiving 5,186 Alaska Air Group common stock units as a grant. The award is part of his Board compensation and was granted at $38.56 per share in connection with his re-election as a director.

Is the ALK insider transaction by James A. Beer a market purchase or a compensation grant?

The transaction is a compensation grant, not a market purchase. Beer received 5,186 deferred stock units under Alaska Air Group’s 2016 Performance Incentive Plan as part of his Board service, rather than buying shares on the open market.

How many ALASKA AIR GROUP shares does James A. Beer hold after this Form 4 filing?

After the reported grant, James A. Beer directly holds 25,490 Alaska Air Group shares. This total includes 19,510 deferred stock units previously granted under the company’s 2016 Performance Incentive Plan, which are payable in shares upon his resignation from the Board.

What are deferred stock units (DSUs) in the ALK director’s Form 4 filing?

Deferred stock units are awards that convert into shares of common stock at a later date. In Beer’s case, the DSUs are fully vested and will be paid out in Alaska Air Group shares after he resigns from the Board of Directors.

Under which plan were the 5,186 ALK deferred stock units granted to James A. Beer?

The 5,186 deferred stock units were granted under Alaska Air Group’s 2016 Performance Incentive Plan. This plan provides stock-based compensation to directors, with Beer’s units fully vested and deliverable as common shares following his resignation from the Board.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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Accepted by SEC EDGAR 05/14/2026 - 05:51 PM Learn about SEC filing dates

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
Estimated average burden
hours per response:			0.5

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

BEER JAMES A

(Last) (First) (Middle)

C/O ALASKA AIR GROUP, INC.

19300 INTERNATIONAL BLVD

(Street)

SEATTLE WASHINGTON 98188

(City) (State) (Zip)

UNITED STATES

(Country)

2. Issuer Name and Ticker or Trading Symbol
ALASKA AIR GROUP, INC. [ ALK ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

X	Director		10% Owner
	Officer (give title below)		Other (specify below)

2a. Foreign Trading Symbol

3. Date of Earliest Transaction (Month/Day/Year)
05/13/2026

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

4. If Amendment, Date of Original Filed (Month/Day/Year)

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
COMMON STOCK	05/13/2026		A		5,186(1)	A	$38.56	25,490(2)	D

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares

Explanation of Responses:

1. Deferred stock units (DSUs) granted under the Alaska Air Group, Inc. (the "Issuer") 2016 Performance Incentive Plan ("2016 PIP") in connection with the reporting person's re-election to serve on the Board of Directors until the 2027 Annual Stockholders Meeting. The DSUs are 100% vested and payable in shares of the Issuer's common stock on a one-for-one basis following the resignation of the reporting person from the Issuer's Board of Directors.

2. Total held in column 5 includes 19,510 deferred stock units DSUs previously granted under the Issuers 2016 PIP. The DSUs are 100% vested on the date of grant and issuable in common shares upon resignation from the Issuer's Board of Directors.

Remarks:

	/s/ Howard Kuppler, by power of attorney	05/14/2026
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.
* Form 4: SEC 1474 (03-26)