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

Rhea-AI Filing Summary

Alaska Air Group (ALK) reported an insider equity grant to the CEO of Horizon Airlines. On November 3, 2025, the officer was awarded 1,280 restricted stock units (RSUs), each representing one share of ALK common stock. The RSUs vest in three annual installments: 426 shares on November 3, 2026, 427 shares on November 3, 2027, and 427 shares on November 3, 2028.

Following the reported transactions, the filing lists 29,934 shares of ALK common stock held directly and 15 shares held indirectly by a spouse.

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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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^*

SCHNEIDER ANDREA L

(Last) (First) (Middle)

C/O 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)
	CEO Horizon Airlines

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								29,934	D
COMMON STOCK								15	I	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)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares
RESTRICTED STOCK UNITS	(1)	11/03/2025		A		1,280		(2)	(2)	COMMON STOCK	1,280	$0	1,280	D

Explanation of Responses:

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

2. The RSUs vest in three annual installments as follows: 426 shares on November 3, 2026; 427 shares on November 3, 2027; and 427 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 officer (CEO of Horizon Airlines) received 1,280 RSUs on November 3, 2025, each convertible into one ALK share.

How do the 1,280 RSUs vest for ALK?

They vest in three tranches: 426 shares on Nov 3, 2026, 427 shares on Nov 3, 2027, and 427 shares on Nov 3, 2028.

What is the officer’s reported ALK share ownership after the filing?

The filing lists 29,934 ALK shares held directly and 15 shares held indirectly by a spouse.

What is the title of the reporting person at ALK’s affiliate?

The reporting person is CEO Horizon Airlines.

What security type was granted in the ALK Form 4?

Restricted stock units (RSUs), representing the right to receive ALK common stock on vesting.

What was the price of the derivative security noted?

The RSUs were listed at $0 for the derivative security entry, consistent with RSU grants.