Alaska Air (ALK) EVP Von Muehlen reports PSU vesting and tax share withholding

Rhea-AI Filing Summary

Alaska Air Group executive Constance E. Von Muehlen, EVP & Advisor to the COO, reported equity compensation activity in company common stock. On February 10, 2026, she acquired 13,025 shares at $0 from the vesting of Performance Stock Units tied to three-year performance goals. On the same date, 3,367 shares were disposed of at $59.14 to cover tax withholding obligations related to this vesting. After these transactions, she directly owned 29,684 shares and indirectly held 938 shares through her spouse.

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^*

VON MUEHLEN CONSTANCE E

(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 & Advisor to COO

3. Date of Earliest Transaction (Month/Day/Year)
02/10/2026

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	02/10/2026		A		13,025(1)	A	$0	33,051	D
COMMON STOCK	02/10/2026		F		3,367(2)	D	$59.14	29,684	D
COMMON STOCK								938	I	Held by Spouse

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. The acquisition resulted from the vesting of Performance Stock Units (PSUs) pursuant to the attainment of certain performance goals over a three-year period ending December 31, 2025, in accordance with the terms of a PSU award granted under the Issuer's 2016 Performance Incentive Plan and upon certification of performance results by the Board's Compensation Committee on February 10, 2026.

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 PSUs and settled with shares by the reporting person.

Remarks:

	/s/ Howard Kuppler, by power of attorney	02/11/2026
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
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FAQ

What insider transactions did ALK executive Constance Von Muehlen report on February 10, 2026?

Constance E. Von Muehlen reported equity compensation activity on February 10, 2026. She acquired 13,025 Alaska Air Group (ALK) common shares from Performance Stock Unit vesting and had 3,367 shares withheld at $59.14 each to satisfy related tax withholding obligations.

How many ALK shares does Constance Von Muehlen own after the reported Form 4 transactions?

After the reported activity, Constance E. Von Muehlen directly owned 29,684 Alaska Air Group (ALK) common shares. She also indirectly held 938 additional shares through her spouse, reflecting both her personal holdings and related household ownership reported in the Form 4.

What triggered the 13,025-share acquisition reported by ALK’s Constance Von Muehlen?

The 13,025-share acquisition resulted from vesting of Performance Stock Units. These PSUs vested after performance goals were met over a three-year period ending December 31, 2025, and performance was certified by the board’s compensation committee on February 10, 2026.

Why were 3,367 ALK shares disposed of in Constance Von Muehlen’s Form 4 filing?

The 3,367-share disposition was to satisfy tax withholding obligations. Shares were withheld and delivered to Alaska Air Group at $59.14 per share, following the vesting of Performance Stock Units, in a transaction characterized as an exempt tax-withholding disposition.

What compensation plan governs the reported ALK Performance Stock Units for Constance Von Muehlen?

The Performance Stock Units that vested for Constance E. Von Muehlen were granted under Alaska Air Group’s 2016 Performance Incentive Plan. Vesting depended on achieving specified performance goals over three years ending December 31, 2025, then certification by the compensation committee.