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

Rhea-AI Filing Summary

Insider transaction summary for ALK: Kyle B. Levine, an executive serving as EVP Corporate Public Affairs & Chief Legal Officer, reported two changes in his Alaska Air Group holdings. He disposed of 20,917 shares of common stock and was granted 630 restricted stock units (RSUs) that convert one-for-one into common shares and vest in three equal annual installments of 210 shares on September 29 of 2026, 2027 and 2028. Following these transactions, the reporting form shows 630 shares of common stock beneficially owned from the RSUs. The RSUs carry $0 per-share exercise/price because they are time-based awards.

Positive

• Grant of 630 RSUs aligns the executive's future compensation with shareholder value through time‑based vesting.
• RSUs vest in equal annual installments (210 shares), supporting multi‑year retention of the executive.

Negative

• Disposition of 20,917 common shares reduces the reporting person’s immediate direct equity stake.
• The RSU grant (630 shares) is small relative to the shares disposed, so it does not offset the near‑term reduction in holdings.

Insights

Corporate Governance Expert

TL;DR: Executive sold a material block of shares and received time‑vesting RSUs, signaling routine compensation activity but a near‑term reduction in direct holdings.

The reported disposal of 20,917 common shares materially reduces the executive's immediate direct equity stake while the grant of 630 RSUs preserves future equity alignment through multi‑year vesting. The RSU vesting schedule (three equal annual installments) is standard for retention incentives. No derivative instruments or priced option exercises are reported. Documentation is complete with ownership form indicated as direct for the underlying shares.

Securities Analyst

TL;DR: Transaction mix of sale plus modest RSU grant is neutral for near‑term share supply and reflects compensation rather than market signal.

The sale of 20,917 shares increases available float in the short term, but the relatively small RSU award (630 shares) vests over three years, limiting immediate offset to the disposition. No purchases or option exercises at positive prices were reported; the RSUs indicate long‑term retention intent embedded in compensation design rather than immediate accumulation. Impact on valuation is likely negligible absent further disclosures.

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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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).

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)
09/29/2025

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								20,917	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	(1)	09/29/2025		A		630		(2)	(2)	COMMON STOCK	630	$0	630	D

Explanation of Responses:

1. Restricted Stock Units (RSUs) convert into common stock on a one-for-one basis.

2. The RSUs vest in three annual installments as follows: 210 shares on September 29, 2026; 210 shares on September 29, 2027; and 210 shares on September 29, 2028.

Remarks:

	/s/ Howard Kuppler, by power of attorney	09/30/2025
	** 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 transactions did Kyle B. Levine report on the ALK Form 4?

He disposed of 20,917 common shares and was granted 630 restricted stock units (RSUs) that convert one‑for‑one into common stock.

How do the 630 RSUs issued to Kyle B. Levine vest?

The RSUs vest in three equal annual installments: 210 shares on September 29, 2026; 210 shares on September 29, 2027; and 210 shares on September 29, 2028.

Are the RSUs awarded to Kyle B. Levine immediately exercisable or priced?

The RSUs carry a $0 price and are time‑based awards, converting to one common share per RSU upon vesting.

Does the Form 4 show indirect ownership or derivatives for Kyle B. Levine?

No indirect ownership or derivative instruments are reported for these transactions; the underlying shares from the RSUs are shown as direct ownership.

What is Kyle B. Levine's role at Alaska Air Group as listed on the form?

He is listed as EVP Corporate Public Affairs & Chief Legal Officer and the filing indicates officer status.

Do these transactions include any option exercises or convertible securities?

No option exercises, converts, or priced derivative transactions are reported; only a sale of common stock and issuance of RSUs are listed.