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

Rhea-AI Filing Summary

Alaska Air Group (ALK) reported an insider equity update. On 11/02/2025, the EVP Corporate Public Affairs & Chief Legal Officer had 4,857 RSUs vest and convert to common stock (Code M) at $0. To cover taxes, 1,944 shares were withheld (Code F) at $41.73. Following these transactions, the officer directly owns 23,922 shares.

The vested shares were part of a 14,570 RSU grant from November 2, 2023, vesting in three annual installments: 4,856 on 11/02/2024; 4,857 on 11/02/2025; and 4,857 on 11/02/2026. Holdings include 92 shares acquired via the Employee Stock Purchase Plan on 10/31/2025.

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^*

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)
	EVP Corp Pub Aff & Chf Leg Off

3. Date of Earliest Transaction (Month/Day/Year)
11/02/2025

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	11/02/2025		M		4,857	A	$0(1)	25,774	D
COMMON STOCK	11/02/2025		F		1,944(2)	D	$41.73	23,922(3)	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)	11/02/2025		M			4,857	(4)	(4)	COMMON STOCK	4,857	$0	4,857	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. Includes 92 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).

4. The RSUs vesting were from a grant of 14,570 RSUs issued on November 2, 2023, that vest in three annual installments as follows: 4,856 shares on November 2, 2024; 4,857 shares on November 2, 2025; and 4,857 shares on November 2, 2026.

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’s insider report on Form 4?

On 11/02/2025, 4,857 RSUs vested and converted to common stock (Code M), with 1,944 shares withheld for taxes (Code F) at $41.73.

How many ALK shares does the reporting person own after the transactions?

Direct ownership is 23,922 shares following the reported transactions.

What is the source grant and vesting schedule for the RSUs?

They come from a 14,570 RSU grant dated 11/02/2023, vesting in three tranches: 4,856 (11/02/2024), 4,857 (11/02/2025), and 4,857 (11/02/2026).

What do transaction codes M and F mean here?

Code M indicates conversion of a derivative (RSU to stock). Code F indicates shares withheld/disposed to satisfy tax withholding obligations.

Were any additional shares noted in the ownership total?

Yes, the total includes 92 shares acquired under the Employee Stock Purchase Plan on 10/31/2025.

What price is associated with the tax withholding transaction?

The withholding transaction used a price of $41.73 per share.