Alaska Air EVP converts RSUs, withholds shares for tax

Q: What insider activity did ALK executive Constance Von Muehlen report?

Constance Von Muehlen reported RSU vesting and related tax withholding transactions. She converted 22,020 RSUs into Alaska Air common stock and had shares withheld at $55.27 per share to satisfy tax obligations arising from those vestings, rather than open-market sales.

Q: How many Alaska Air (ALK) shares did the executive acquire through RSU vesting?

She acquired 22,020 shares of ALK common stock through RSU vesting and derivative conversion. These came from blocks of 13,160 and 8,860 RSUs, each representing a contingent right to receive one share of Alaska Air Group common stock upon vesting.

Q: Were any of the ALK insider transactions open-market sales?

No, the filing describes tax-withholding dispositions, not open-market sales. Shares totaling 4,956 and 3,337 were withheld by Alaska Air at $55.27 per share to cover tax liabilities triggered by RSU vesting, under Rule 16b-3(e).

Q: How many Alaska Air (ALK) shares does Constance Von Muehlen own after these transactions?

After the reported transactions, she directly owned 47,339 shares of ALK common stock and held 8,860 RSUs. In addition, she had an indirect beneficial interest in 938 shares of Alaska Air Group common stock held by her spouse.

Q: What are the key terms of the Alaska Air (ALK) RSUs in this Form 4?

Each RSU represents a right to receive one ALK share. One grant vested 100% on February 13, 2026, while another grant of 26,580 RSUs vests in three equal 8,860-share installments in 2025, 2026, and 2027.

Q: What transaction codes were used in the ALK insider Form 4 and what do they mean?

The filing uses code M for exercise or conversion of derivative securities, reflecting RSU-to-stock conversion, and code F for tax-withholding dispositions. Code F indicates shares delivered back to Alaska Air to satisfy tax obligations, not discretionary market sales.

Alaska Air Group executive Constance E. Von Muehlen reported equity award activity tied to restricted stock units (RSUs).

Accepted by SEC EDGAR 02/17/2026 - 06:42 PM EST

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Rhea-AI Filing Summary

Alaska Air Group executive Constance E. Von Muehlen reported equity award activity tied to restricted stock units (RSUs). On February 13, 2026, she converted 13,160 and 8,860 RSUs into Alaska Air common stock at $0 per share, reflecting vesting of prior grants.

To cover tax withholding obligations from these vestings, the company withheld 4,956 and 3,337 shares at a price of $55.27 per share, classified as tax-withholding dispositions. After these transactions, she directly owned 47,339 shares of common stock, held 8,860 RSUs, and indirectly owned 938 shares through her spouse.

Insider Trade Summary

22,020 shares exercised/converted

Exercise 6 txns

Insider VON MUEHLEN CONSTANCE E

Role EVP & Advisor to COO

Type	Security	Shares	Price	Value
Exercise	RESTRICTED STOCK UNITS	13,160	$0.00	$0.00
Exercise	RESTRICTED STOCK UNITS	8,860	$0.00	$0.00
Exercise	COMMON STOCK	13,160	$0.00	$0.00
Exercise Price or Tax Liability	COMMON STOCK	4,956	$55.27	$274K
Exercise	COMMON STOCK	8,860	$0.00	$0.00
Exercise Price or Tax Liability	COMMON STOCK	3,337	$55.27	$184K
Holding	COMMON STOCK	--	--	--

Holdings After Transaction: RESTRICTED STOCK UNITS — 8,860 contracts (Direct); COMMON STOCK — 47,339 shares (Direct); COMMON STOCK — 938 shares (Indirect, Held by Spouse)

Holdings Before and After: RESTRICTED STOCK UNITS, 30,880 to 8,860 contracts (Direct); COMMON STOCK, 33,612 to 47,339 shares (Direct)

Footnotes (4)

F1. Each restricted stock unit (RSUs) represents a contingent right to receive one share of ALK common stock.
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.
F3. The RSUs vest as to 100% of the shares granted on February 13, 2026.
F4. The RSUs vesting were from a grant of 26,580 shares that vested or will vest in three equal installments as follows: 8,860 shares on February 13, 2025; 8,860 shares on February 13, 2026; and 8,860 shares on February 13, 2027.

FAQ

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What insider activity did ALK executive Constance Von Muehlen report?

Constance Von Muehlen reported RSU vesting and related tax withholding transactions. She converted 22,020 RSUs into Alaska Air common stock and had shares withheld at $55.27 per share to satisfy tax obligations arising from those vestings, rather than open-market sales.

How many Alaska Air (ALK) shares did the executive acquire through RSU vesting?

She acquired 22,020 shares of ALK common stock through RSU vesting and derivative conversion. These came from blocks of 13,160 and 8,860 RSUs, each representing a contingent right to receive one share of Alaska Air Group common stock upon vesting.

Were any of the ALK insider transactions open-market sales?

No, the filing describes tax-withholding dispositions, not open-market sales. Shares totaling 4,956 and 3,337 were withheld by Alaska Air at $55.27 per share to cover tax liabilities triggered by RSU vesting, under Rule 16b-3(e).

How many Alaska Air (ALK) shares does Constance Von Muehlen own after these transactions?

After the reported transactions, she directly owned 47,339 shares of ALK common stock and held 8,860 RSUs. In addition, she had an indirect beneficial interest in 938 shares of Alaska Air Group common stock held by her spouse.

What are the key terms of the Alaska Air (ALK) RSUs in this Form 4?

Each RSU represents a right to receive one ALK share. One grant vested 100% on February 13, 2026, while another grant of 26,580 RSUs vests in three equal 8,860-share installments in 2025, 2026, and 2027.

What transaction codes were used in the ALK insider Form 4 and what do they mean?

The filing uses code M for exercise or conversion of derivative securities, reflecting RSU-to-stock conversion, and code F for tax-withholding dispositions. Code F indicates shares delivered back to Alaska Air to satisfy tax obligations, not discretionary market sales.

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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^*

VON MUEHLEN CONSTANCE E

(Last)

(First)

(Middle)

ALASKA AIR GROUP, INC.

19300 INTERNATIONAL BLVD

(Street)

SEATTLE

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 & Advisor to COO

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)
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	Code	V	Amount	(A) or (D)	Price		6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
COMMON STOCK	02/13/2026		M		13,160	A	$0⁽¹⁾	46,772	D
COMMON STOCK	02/13/2026		F		4,956⁽²⁾	D	$55.27	41,816	D
COMMON STOCK	02/13/2026		M		8,860	A	$0⁽¹⁾	50,676	D
COMMON STOCK	02/13/2026		F		3,337⁽²⁾	D	$55.27	47,339	D
COMMON STOCK								938	I	Held by Spouse

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)
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)	Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares	8. Price of Derivative Security (Instr. 5)		10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
RESTRICTED STOCK UNITS	$0⁽¹⁾	02/13/2026		M			13,160	05/04/2026⁽³⁾	05/04/2026⁽³⁾	COMMON STOCK	13,160	$0	0	D
RESTRICTED STOCK UNITS	$0⁽¹⁾	02/13/2026		M			8,860	⁽⁴⁾	⁽⁴⁾	COMMON STOCK	8,860	$0	8,860	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 vest as to 100% of the shares granted on February 13, 2026.

4. The RSUs vesting were from a grant of 26,580 shares that vested or will vest in three equal installments as follows: 8,860 shares on February 13, 2025; 8,860 shares on February 13, 2026; and 8,860 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.
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.

Source: View Original Filing on SEC EDGAR