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

Rhea-AI Filing Summary

Alaska Air Group (ALK) reported an insider equity award. The company’s EVP Chief Operating Officer reported the acquisition of 1,990 restricted stock units (RSUs) on 11/03/2025. Each RSU represents the right to receive one share of ALK common stock.

The RSUs vest in three annual installments: 663 shares on 11/03/2026, 663 shares on 11/03/2027, and 664 shares on 11/03/2028. Following the reported transactions, the officer beneficially owned 5,664 shares of common stock. The filing also notes 232 shares acquired under the Employee Stock Purchase Plan on 10/31/2025, in transactions exempt under Rule 16b‑3.

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

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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^*

Berry Jason M

(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)
	EVP Chief Operating Officer

3. Date of Earliest Transaction (Month/Day/Year)
11/03/2025

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								5,664(1)	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	(2)	11/03/2025		A		1,990		(3)	(3)	COMMON STOCK	1,990	$0	1,990	D

Explanation of Responses:

1. Includes 232 shares acquired under the Alaska Air Group, Inc. Employee Stock Purchase Plan on October 31, 2025, in transactions that were exempt under both Rule 16b-3(d) and Rule 16b-3(c).

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

3. The RSUs vest in three annual installments as follows: 663 shares on November 3, 2026; 663 shares on November 3, 2027; and 664 shares on November 3, 2028.

Remarks:

	/s/ Howard Kuppler, by power of attorney	11/04/2025
	** 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.

FAQ

What did ALK disclose in this Form 4?

An equity award to the EVP Chief Operating Officer of 1,990 RSUs on 11/03/2025.

How do the ALK RSUs vest?

In three tranches: 663 shares on 11/03/2026, 663 shares on 11/03/2027, and 664 shares on 11/03/2028.

What does each ALK RSU represent?

Each RSU represents a contingent right to receive one share of ALK common stock.

How many ALK shares are beneficially owned after the transactions?

The officer beneficially owned 5,664 shares of ALK common stock following the reported transactions.

Were any ALK shares bought through an employee plan?

Yes. 232 shares were acquired under the Employee Stock Purchase Plan on 10/31/2025, in transactions exempt under Rule 16b-3.

What role does the reporting person hold at ALK?

The reporting person serves as EVP Chief Operating Officer.