Alaska Air Group (ALK) director receives 5,186-share stock grant

Rhea-AI Filing Summary

Conner Raymond L. reported acquisition or exercise transactions in this Form 4 filing.

ALASKA AIR GROUP, INC. director Raymond L. Conner reported an equity award of 5,186 shares of common stock at $38.56 per share. These shares were granted under the company’s 2016 Performance Incentive Plan in connection with his re-election to the Board through the 2027 Annual Stockholders Meeting.

After this grant, Conner directly holds 25,001 shares of Alaska Air Group common stock. This is a compensation-related stock grant, not an open-market purchase or sale.

Insider Trade Summary

1 transaction reported

Mixed 1 txn

Insider Conner Raymond L.

Role null

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

Holdings After Transaction: COMMON STOCK — 25,001 shares (Direct, null)

Footnotes (1)

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Key Figures

Stock grant size: 5,186 shares Grant price per share: $38.56 per share Shares held after grant: 25,001 shares

3 metrics

Stock grant size 5,186 shares Common stock award to director Raymond L. Conner

Grant price per share $38.56 per share Reported transaction price for the equity award

Shares held after grant 25,001 shares Director’s direct common stock holdings after the transaction

Key Terms

2016 Performance Incentive Plan, Annual Stockholders Meeting, Grant, award, or other acquisition

3 terms

2016 Performance Incentive Plan financial

"granted under the Issuer's 2016 Performance Incentive Plan in connection"

Annual Stockholders Meeting financial

"to serve on the Issuer's Board of Directors until the 2027 Annual Stockholders Meeting"

Grant, award, or other acquisition financial

"transaction_code_description": "Grant, award, or other acquisition""

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^*

Conner Raymond L.

(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	25,001	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. Shares of Alaska Air Group, Inc. (the "Issuer") common stock granted under the Issuer's 2016 Performance Incentive Plan in connection with the reporting person's re-election to serve on the Issuer's Board of Directors until the 2027 Annual Stockholders Meeting.

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 ALK director Raymond L. Conner report?

Raymond L. Conner reported receiving 5,186 shares of Alaska Air Group common stock. The shares are an equity award granted in connection with his re-election to the Board, rather than an open-market stock purchase.

How many ALASKA AIR GROUP, INC. (ALK) shares were granted to the director?

The director received a grant of 5,186 shares of Alaska Air Group common stock. This award was made under the company’s 2016 Performance Incentive Plan as part of his compensation for Board service through the 2027 Annual Stockholders Meeting.

At what price was the ALK director’s stock grant reported on the Form 4?

The stock grant was reported at $38.56 per share for 5,186 shares of common stock. This figure represents the transaction price per share used in the Form 4 disclosure for the compensation-related equity award.

How many ALASKA AIR GROUP, INC. shares does the director hold after this grant?

Following the grant, Raymond L. Conner directly holds 25,001 shares of Alaska Air Group common stock. This total includes the newly awarded 5,186 shares disclosed in the Form 4 insider transaction filing.

Was the ALK director’s Form 4 transaction an open-market purchase or a compensation grant?

The transaction was a compensation grant, not an open-market purchase. The shares were awarded under Alaska Air Group’s 2016 Performance Incentive Plan in connection with Conner’s re-election to the Board, reflecting standard director equity compensation.