Alaska Air (ALK) Form 4: Executive sale and RSU vesting details

Rhea-AI Filing Summary

Insider transaction summary for ALK: Diana Birkett Rakow, Executive Vice President of Public Affairs and Sustainability at Alaska Air Group, reported a sale of 18,257 shares of common stock on 09/29/2025. The filing also reports acquisition by vesting of 940 restricted stock units (RSUs) that convert one-for-one into common stock and vest in three annual installments: 313 shares on 09/29/2026, 313 on 09/29/2027 and 314 on 09/29/2028. Following the reported sale, the filing shows 18,257 shares were disposed and 940 RSUs remain reported as derivative holdings that will convert to common stock when vested.

Positive

• None.

Negative

• Disposition of 18,257 common shares reported on 09/29/2025, reducing the reporting person's direct holdings
• Sale price not disclosed in the filing, so proceeds and tax/plan context are not available to investors

Insights

Financial Analyst

TL;DR: Insider sold a material block of shares and holds a small RSU award that vests over three years, indicating routine compensation vesting with a concurrent sale.

The 18,257-share sale on 09/29/2025 is a clear disposition that reduces the reporting person’s direct holdings. The RSU grant of 940 units is modest in size and vests in three equal installments, creating predictable future share issuance, but no exercise price or proceeds are associated with the RSUs until conversion. There is no pricing information for the 18,257-share sale provided in the filing, and no details on whether the disposition was part of a planned trading program. Impact on outstanding share count and ownership percentages is not provided in this form and cannot be inferred from the filing alone.

Corporate Governance Expert

TL;DR: Transaction appears to reflect executive compensation vesting and an unrelated open-market sale; no governance red flags visible in this filing.

The filing documents a standard RSU award with time-based vesting (313/313/314 shares over three years) and a same-date reported sale of 18,257 shares. The form is signed by a power of attorney and does not disclose any accelerated vesting, related-party transfers, or pledge arrangements. Absent additional context (trading plan disclosures or explanations), this Form 4 presents routine insider activity rather than an event suggesting governance issues.

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^*

BIRKETT RAKOW DIANA

(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 PUB AFFAIRS/SUSTAINABILITY

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								18,257	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		940		(2)	(2)	COMMON STOCK	940	$0	940	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: 313 shares on September 29, 2026; 313 shares on September 29, 2027; and 314 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 did ALK insider Diana Birkett Rakow report on Form 4?

She reported a sale of 18,257 shares of ALK common stock on 09/29/2025 and ownership of 940 RSUs that vest over three years.

How do the reported RSUs for ALK vest and convert?

The 940 RSUs convert one-for-one to common stock and vest in three annual installments: 313 shares on 09/29/2026, 313 on 09/29/2027, and 314 on 09/29/2028.

Does the Form 4 disclose the sale price for the 18,257 ALK shares?

No. The filing lists the disposition quantity and date but does not provide the sale price.

Is this Form 4 indicative of a trading plan or planned disposition?

The filing does not state whether the sale was under a trading plan; no plan or Rule 10b5-1 disclosure is included in this Form 4.

Who signed the Form 4 for Diana Birkett Rakow?

The form is signed by Howard Kuppler by power of attorney on 09/30/2025.