Director at Alaska Air (NYSE: ALK) gets 5,186 deferred stock units

Rhea-AI Filing Summary

LOFTON ADRIENNE ROCHELLE reported acquisition or exercise transactions in this Form 4 filing.

Alaska Air Group director Adrienne Rochelle Lofton received 5,186 deferred stock units (DSUs) of common stock, valued at $38.56 per share, as a grant under the company’s 2016 Performance Incentive Plan. The award is tied to her re-election to the Board and is 100% vested.

The DSUs will be settled in an equal number of common shares after she resigns from the Board. Following this grant, Lofton directly holds 17,252 shares, which include 5,844 DSUs from previous awards that are also fully vested and payable upon resignation.

Insider Trade Summary

1 transaction reported

Mixed 1 txn

Insider LOFTON ADRIENNE ROCHELLE

Role null

Type	Security	Shares	Price	Value
Grant/Award	COMMON STOCK	5,186	$38.56	$200K

Holdings After Transaction: COMMON STOCK — 17,252 shares (Direct, null)

Footnotes (1)

1. Deferred stock units (DSUs) granted under the Alaska Air Group, Inc. (the "Issuer") 2016 Performance Incentive Plan ("2016 PIP") in connection with the reporting person's re-election to serve on the Board of Directors until the 2027 Annual Stockholders Meeting. The DSUs are 100% vested and payable in shares of the Issuer's common stock on a one-for-one basis following the resignation of the reporting person from the Issuer's Board of Directors. Includes 5,844 DSUs previously granted under the Issuer's 2016 PIP. The DSUs are 100% vested on the date of grant and issuable in common stock upon resignation from the Issuer's Board of Directors.

Key Figures

Deferred stock units granted: 5,186 units Grant valuation price: $38.56 per share Shares held after grant: 17,252 shares +1 more

4 metrics

Deferred stock units granted 5,186 units Director equity grant on 2026-05-13

Grant valuation price $38.56 per share Reference value for DSU grant

Shares held after grant 17,252 shares Total direct holdings following transaction

Previously granted DSUs 5,844 units Prior DSUs under 2016 Performance Incentive Plan

Key Terms

Deferred stock units (DSUs), 2016 Performance Incentive Plan, 100% vested, Annual Stockholders Meeting

4 terms

Deferred stock units (DSUs) financial

"Deferred stock units (DSUs) granted under the Alaska Air Group, Inc. (the "Issuer") 2016 Performance Incentive Plan"

Deferred stock units (DSUs) are a form of long-term pay that promises an employee or director future company shares or cash equal to the share value at a later date, usually after leaving the company or at a set vesting time. Think of them as a delayed paycheck tied to the stock: they align recipients’ interests with long-term share performance and matter to investors because they create potential future dilution and signal how management is rewarded and incentivized.

2016 Performance Incentive Plan financial

"Deferred stock units (DSUs) granted under the Alaska Air Group, Inc. (the "Issuer") 2016 Performance Incentive Plan ("2016 PIP")"

100% vested financial

"The DSUs are 100% vested and payable in shares of the Issuer's common stock"

Annual Stockholders Meeting financial

"re-election to serve on the Board of Directors until the 2027 Annual Stockholders Meeting"

Form 4 Insider Transactions: What Each Field Means →

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
Estimated average burden
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).

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^*

LOFTON ADRIENNE ROCHELLE

(Last) (First) (Middle)

C/O ALASKA AIR GROUP, INC.

19300 INTERNATIONAL BLVD

(Street)

SEATTLE WASHINGTON 98188

(City) (State) (Zip)

UNITED STATES

(Country)

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
	Officer (give title below)		Other (specify below)

2a. Foreign Trading Symbol

3. Date of Earliest Transaction (Month/Day/Year)
05/13/2026

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

4. If Amendment, Date of Original Filed (Month/Day/Year)

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	05/13/2026		A		5,186(1)	A	$38.56	17,252(2)	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

Explanation of Responses:

1. Deferred stock units (DSUs) granted under the Alaska Air Group, Inc. (the "Issuer") 2016 Performance Incentive Plan ("2016 PIP") in connection with the reporting person's re-election to serve on the Board of Directors until the 2027 Annual Stockholders Meeting. The DSUs are 100% vested and payable in shares of the Issuer's common stock on a one-for-one basis following the resignation of the reporting person from the Issuer's Board of Directors.

2. Includes 5,844 DSUs previously granted under the Issuer's 2016 PIP. The DSUs are 100% vested on the date of grant and issuable in common stock upon resignation from the Issuer's Board of Directors.

Remarks:

	/s/ Howard Kuppler, by power of attorney	05/14/2026
	** 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).
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.
* Form 4: SEC 1474 (03-26)

FAQ

What insider transaction did ALASKA AIR GROUP (ALK) report for Adrienne Lofton?

Alaska Air Group reported that director Adrienne Rochelle Lofton received 5,186 deferred stock units of common stock as a fully vested equity grant. The award was made under the 2016 Performance Incentive Plan in connection with her re-election to the company’s Board of Directors.

At what price were Adrienne Lofton’s Alaska Air Group DSUs valued?

The 5,186 deferred stock units granted to Adrienne Lofton were valued at $38.56 per share. This price represents the reference value used for the equity award and helps indicate the notional grant size in dollar terms at the time of the transaction.

When will Adrienne Lofton’s Alaska Air Group DSUs be paid in shares?

Adrienne Lofton’s deferred stock units are payable in shares of Alaska Air Group common stock after she resigns from the Board. Both the new 5,186 DSUs and 5,844 previously granted DSUs are fully vested and convert to shares on that resignation event.

How many Alaska Air Group shares does Adrienne Lofton hold after this Form 4?

After the award, Adrienne Lofton directly holds 17,252 shares of Alaska Air Group common stock. This total includes 5,844 previously granted deferred stock units that are fully vested and will be issued as common shares upon her resignation from the Board.

What plan governs Adrienne Lofton’s new Alaska Air Group DSU grant?

The 5,186 deferred stock units granted to Adrienne Lofton were issued under Alaska Air Group’s 2016 Performance Incentive Plan. This plan provides equity-based compensation, and the DSUs are 100% vested on grant, settling one-for-one into common stock after her Board resignation.