[Form 4] Alaska Air Group, Inc. Insider Trading Activity

Rhea-AI Filing Summary

Form 4 shows insider sale activity by Kyle B. Levine, SVP Legal & Gen Counsel of Alaska Air Group (ALK). On 08/18/2025 Mr. Levine sold 5,914 shares of ALK common stock at $57.75 per share. After the sale he is reported to beneficially own 20,917 shares on a direct basis. The filing notes that the reported beneficial ownership figure includes 74 shares acquired under the companys Employee Stock Purchase Plan on 04/30/2025 that were exempt under Rule 16b-3(c) and (d). The form is signed by Howard Kuppler by power of attorney on 08/19/2025.

Positive

• Insider disclosure filed for the sale, demonstrating compliance with Section 16 reporting requirements
• ESPP shares explicitly noted (74 shares acquired 04/30/2025) and identified as exempt under Rule 16b-3(c) and (d)

Negative

• Officer sold 5,914 shares on 08/18/2025, reducing direct holdings to 20,917 shares
• Filing executed by power of attorney rather than signed directly by the reporting person

Insights

Financial Analyst

TL;DR: Routine insider sale disclosed; transaction size is modest relative to typical issuer market caps.

The filing documents a proprietary sale of 5,914 shares at $57.75 on 08/18/2025 by a senior officer, leaving reported direct beneficial ownership of 20,917 shares. This is a straightforward Section 16 disclosure consistent with insider reporting obligations. The inclusion of 74 ESPP shares acquired 04/30/2025 is noted as exempt under Rule 16b-3(c) and (d), which explains their treatment. No derivative transactions, option exercises, or other compensation-related issuances are reported in this filing.

Corporate Governance Expert

TL;DR: Compliance filing appears timely and complete for the disclosed sale; no governance red flags shown.

The Form 4 indicates an open-market sale by an officer with the report executed under power of attorney the following day. The document discloses the nature of beneficial ownership and the ESPP exemption for 74 shares, satisfying common disclosure requirements. There are no indications of related-party transactions, Rule 10b5-1 plan markings, or amendments in this filing that would suggest complex governance issues.

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^*

LEVINE KYLE B

(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)
	SVP LEGAL & GEN COUNSEL

3. Date of Earliest Transaction (Month/Day/Year)
08/18/2025

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	08/18/2025		S		5,914	D	$57.75	20,917(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

Explanation of Responses:

1. Includes 74 shares acquired under the Alaska Air Group, Inc. Employee Stock Purchase Plan on April 30, 2025, in transactions that were exempt under both Rule 16b-3(d) and Rule 16b-3(c).

Remarks:

	/s/ Howard Kuppler, by power of attorney	08/19/2025
	** 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 the Form 4 for ALK disclose on 08/18/2025?

The Form 4 discloses that Kyle B. Levine sold 5,914 shares of Alaska Air Group at $57.75 per share on 08/18/2025.

How many ALK shares does Kyle B. Levine beneficially own after the reported transaction?

The filing reports 20,917 shares of beneficial ownership following the transaction, reported as direct ownership.

Were any ESPP shares involved in the Form 4 filing for ALK?

Yes. The filing states that 74 shares acquired under the Alaska Air Group Employee Stock Purchase Plan on 04/30/2025 are included and were exempt under Rule 16b-3(c) and (d).

Who signed the Form 4 for the Alaska Air Group filing?

The Form 4 is signed by Howard Kuppler, by power of attorney on 08/19/2025.

Does the Form 4 show any derivative transactions or option exercises?

No. Table II (derivative securities) contains no reported transactions or holdings in this filing.