[Form 4] ALASKA AIR GROUP, INC. Insider Trading Activity

Alaska Air Group VP Finance Emily Halverson reported equity award activity involving company stock.

Rhea-AI Filing Summary

Alaska Air Group VP Finance Emily Halverson reported equity award activity involving company stock. On February 13, 2026, restricted stock units converted into 2,550 shares of ALK common stock and a separate grant converted into 2,383 shares, both at an exercise price of $0 per share.

To cover tax withholding from these vestings, 638 shares and 597 shares of common stock were disposed of at $55.27 per share in exempt transactions to the issuer. After these transactions, she directly held 15,441 shares of ALK common stock and 2,384 restricted stock units that remain outstanding.

Insider Trade Summary

4,933 shares exercised/converted

Exercise 6 txns

Insider HALVERSON EMILY

Role VP Finance, Controller & Treas

Type	Security	Shares	Price	Value
Exercise	RESTRICTED STOCK UNITS	2,550	$0.00	$0.00
Exercise	RESTRICTED STOCK UNITS	2,383	$0.00	$0.00
Exercise	COMMON STOCK	2,550	$0.00	$0.00
Exercise Price or Tax Liability	COMMON STOCK	638	$55.27	$35K
Exercise	COMMON STOCK	2,383	$0.00	$0.00
Exercise Price or Tax Liability	COMMON STOCK	597	$55.27	$33K

Holdings After Transaction: RESTRICTED STOCK UNITS — 2,384 contracts (Direct); COMMON STOCK — 15,441 shares (Direct)

Footnotes (4)

1. F1. Each restricted stock unit (RSUs) represents a contingent right to receive one share of ALK common stock.
2. F2. The shares withheld were an exempt disposition to the Issuer under Rule 16b-3(e) to satisfy tax withholding obligations arising out of the vesting of RSUs and settled with shares by the reporting person.
3. F3. The RSUs vested as to 100% of the shares granted on February 13, 2026.
4. F4. The RSUs vesting were from grants of 7,150 shares that vested or will vest in three annual installments as follows: 2,383 shares on February 13, 2025; 2,383 shares on February 13, 2026; and 2,384 shares on February 13, 2027.

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Accepted by SEC EDGAR 02/17/2026 - 06:30 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
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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^*

HALVERSON EMILY

(Last) (First) (Middle)

ALASKA AIR GROUP, INC.

19300 INTERNATIONAL BLVD

(Street)

SEATTLE WA 98188

(City) (State) (Zip)

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

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

	Director		10% Owner
X	Officer (give title below)		Other (specify below)
	VP Finance, Controller & Treas

3. Date of Earliest Transaction (Month/Day/Year)
02/13/2026

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

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

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

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	02/13/2026		M		2,550	A	$0(1)	14,293	D
COMMON STOCK	02/13/2026		F		638(2)	D	$55.27	13,655	D
COMMON STOCK	02/13/2026		M		2,383	A	$0(1)	16,038	D
COMMON STOCK	02/13/2026		F		597(2)	D	$55.27	15,441	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
RESTRICTED STOCK UNITS	$0(1)	02/13/2026		M			2,550	(3)	(3)	COMMON STOCK	2,550	$0	0	D
RESTRICTED STOCK UNITS	$0(1)	02/13/2026		M			2,383	(4)	(4)	COMMON STOCK	2,383	$0	2,384	D

Explanation of Responses:

1. Each restricted stock unit (RSUs) represents a contingent right to receive one share of ALK common stock.

2. The shares withheld were an exempt disposition to the Issuer under Rule 16b-3(e) to satisfy tax withholding obligations arising out of the vesting of RSUs and settled with shares by the reporting person.

3. The RSUs vested as to 100% of the shares granted on February 13, 2026.

4. The RSUs vesting were from grants of 7,150 shares that vested or will vest in three annual installments as follows: 2,383 shares on February 13, 2025; 2,383 shares on February 13, 2026; and 2,384 shares on February 13, 2027.

Remarks:

	/s/ Howard Kuppler, by power of attorney	02/17/2026
	** 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.
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