Alaska Air (ALK) EVP Von Muehlen logs RSU vesting and tax share disposition

Rhea-AI Filing Summary

Alaska Air Group executive reports RSU vesting and related share withholding. EVP & Advisor to COO Constance E. Von Muehlen converted 5,080 restricted stock units into the same number of Alaska Air Group common shares on February 11, 2026, at an exercise price of $0.

To cover tax obligations from this vesting, 1,152 shares of common stock were disposed of back to the issuer at $57.50 per share in a tax-withholding transaction. After these transactions, she directly holds 33,612 common shares and indirectly holds 938 shares through her spouse, along with 10,160 remaining restricted stock units.

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

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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^*

VON MUEHLEN CONSTANCE E

(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 & Advisor to COO

3. Date of Earliest Transaction (Month/Day/Year)
02/11/2026

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)
			Code	V	Amount	(A) or (D)	Price
COMMON STOCK	02/11/2026		M		5,080	A	$0(1)	34,764	D
COMMON STOCK	02/11/2026		F		1,152(2)	D	$57.5	33,612	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)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares
RESTRICTED STOCK UNITS	$0(1)	02/11/2026		M			5,080	(3)	(3)	COMMON STOCK	5,080	$0	10,160	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 vesting were from a grant of 15,240 shares awarded on February 11, 2025, that vests in 1/3 increments over three years (2/11/2026, 2/11/2027, and 2/11/2028).

Remarks:

	/s/ Howard Kuppler, by power of attorney	02/13/2026
	** 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).
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FAQ

What insider transactions did ALK executive Constance Von Muehlen report on February 11, 2026?

Constance E. Von Muehlen reported the vesting and conversion of 5,080 restricted stock units into Alaska Air Group common shares, followed by a tax-withholding disposition of 1,152 shares back to the issuer at $57.50 per share to satisfy related tax obligations.

How many Alaska Air Group (ALK) shares does Constance Von Muehlen own after this Form 4?

After the reported transactions, Constance E. Von Muehlen directly owns 33,612 shares of Alaska Air Group common stock and indirectly owns 938 additional shares held by her spouse, as well as 10,160 restricted stock units that remain outstanding and unconverted into common shares.

Was the ALK insider transaction a market sale or a tax-withholding disposition?

The disposition of 1,152 Alaska Air Group shares was a tax-withholding transaction, not an open-market sale. Shares were withheld and delivered to the issuer under Rule 16b-3(e) to cover tax liabilities arising from the vesting of restricted stock units granted to the executive.

What restricted stock unit grant is associated with the ALK Form 4 filing?

The vested restricted stock units came from a grant of 15,240 units awarded on February 11, 2025. This grant vests in three equal annual installments on February 11, 2026, February 11, 2027, and February 11, 2028, with each RSU representing one share of ALK common stock.

What does transaction code M mean in this ALK Form 4 for Constance Von Muehlen?

Transaction code M indicates an exercise or conversion of a derivative security. Here, 5,080 restricted stock units were converted into 5,080 Alaska Air Group common shares at an exercise price of $0 per unit, reflecting the scheduled vesting of equity compensation awarded previously.

How many RSUs does the ALK executive still hold after the reported vesting event?

Following the February 11, 2026 vesting, Constance E. Von Muehlen holds 10,160 restricted stock units. These RSUs are tied to the original 15,240-unit grant and are scheduled to vest in remaining annual tranches on February 11, 2027 and February 11, 2028, subject to applicable conditions.