Form 4: MINICUCCI BENITO reports multiple insider transactions in ALK

Rhea-AI Filing Summary

MINICUCCI BENITO reported multiple insider transaction types in a Form 4 filing for ALK. The filing lists transactions totaling 36,804 shares at a weighted average price of $57.50 per share. Following the reported transactions, holdings were 30,974 shares.

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^*

MINICUCCI BENITO

(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)

X	Director		10% Owner
X	Officer (give title below)		Other (specify below)
	CEO AND PRESIDENT

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		15,486	A	$0(1)	198,837	D
COMMON STOCK	02/11/2026		F		5,832(2)	D	$57.5	193,005	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)	02/11/2026		M			15,486	(3)	(3)	COMMON STOCK	15,486	$0	30,974	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 46,460 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 CEO Benito Minicucci report on February 11, 2026?

Benito Minicucci reported RSU vesting and a related tax withholding. 15,486 restricted stock units converted into 15,486 Alaska Air Group common shares, and 5,832 shares were withheld at $57.50 each to satisfy tax obligations from the vesting event.

Did the ALK CEO buy or sell shares on the open market in this Form 4?

The filing shows no open-market buy or sell. Shares came from RSU vesting at $0 per share, and 5,832 shares were withheld and delivered to the issuer solely to satisfy tax withholding obligations related to that vesting.

How many Alaska Air Group (ALK) shares does the CEO own after these transactions?

After the reported transactions, Benito Minicucci directly owns 193,005 shares of Alaska Air Group common stock. He also holds 30,974 restricted stock units, which represent contingent rights to receive additional ALK shares as they vest over time.

What are the terms of the ALK restricted stock units mentioned in the Form 4?

The vesting RSUs come from a 46,460-share grant awarded on February 11, 2025. This grant vests in three equal installments on February 11, 2026, February 11, 2027, and February 11, 2028, with each vested unit converting into one share of ALK common stock.

Why were 5,832 ALK shares withheld in Benito Minicucci’s Form 4 filing?

The 5,832 common shares were withheld as an exempt disposition to Alaska Air Group under Rule 16b-3(e). They were used to satisfy tax withholding obligations that arose from the vesting and settlement of the CEO’s restricted stock units into common shares.

What does transaction code M mean in the ALK CEO’s Form 4?

Transaction code M indicates an exercise or conversion of a derivative security. In this case, it reflects 15,486 restricted stock units converting into 15,486 Alaska Air Group common shares at $0 per share, consistent with standard RSU vesting mechanics.