Alaska Air Group (NYSE: ALK) director granted 5,186 shares for board service

Rhea-AI Filing Summary

SANDVIK HELVI KAY reported acquisition or exercise transactions in this Form 4 filing.

Alaska Air Group director Helvi Kay Sandvik received an equity grant as board compensation. She was awarded 5,186 shares of common stock at a reference price of $38.56 per share under the company’s 2016 Performance Incentive Plan in connection with her re-election to the board until the 2027 Annual Stockholders Meeting.

After this grant, her reported direct holdings total 30,755 shares of common stock, which include 4,108 deferred stock units (DSUs) from the 2008 plan and 3,026 DSUs from the 2016 plan. The DSUs are fully vested on grant and will be issued in common shares when she resigns from the board.

Insider Trade Summary

1 transaction reported

Mixed 1 txn

Insider SANDVIK HELVI KAY

Role null

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

Holdings After Transaction: COMMON STOCK — 30,755 shares (Direct, null)

Footnotes (1)

1. Shares of Alaska Air Group, Inc. (the "Issuer") common stock granted under the Issuer's 2016 Performance Incentive Plan ("2016 PIP") in connection with the reporting person's re-election to serve on the Issuer's Board of Directors until the 2027 Annual Stockholders Meeting. Total held in column 5 includes 4,108 DSUs previously granted under the Issuer's 2008 Performance Incentive Plan and 3,026 DSUs granted under the Issuer's 2016 PIP. The DSUs are 100% vested on the date of grant and issuable in common shares upon resignation from the Issuer's Board of Directors.

Key Figures

Director stock grant: 5,186 shares Grant reference price: $38.56/share Total holdings after grant: 30,755 shares +2 more

5 metrics

Director stock grant 5,186 shares Common stock award for board re-election

Grant reference price $38.56/share Value used for the 5,186-share award

Total holdings after grant 30,755 shares Reported direct holdings post-transaction

2008 plan DSUs 4,108 units Deferred stock units under 2008 Performance Incentive Plan

2016 plan DSUs 3,026 units Deferred stock units under 2016 Performance Incentive Plan

Key Terms

2016 Performance Incentive Plan, 2008 Performance Incentive Plan, DSUs, deferred stock units, +1 more

5 terms

2016 Performance Incentive Plan financial

"common stock granted under the Issuer's 2016 Performance Incentive Plan ("2016 PIP")"

2008 Performance Incentive Plan financial

"previously granted under the Issuer's 2008 Performance Incentive Plan"

DSUs financial

"includes 4,108 DSUs previously granted under the Issuer's 2008 Performance Incentive Plan"

DSUs, or Deferred Share Units, are a form of long-term pay where employees or directors receive a promise of company shares or cash at a later date instead of immediate salary. Think of them as an IOU for future stock that vests over time and converts into actual shares or cash, so they matter to investors because they can increase the number of outstanding shares (dilution) and reveal how management’s pay is tied to company performance.

deferred stock units financial

"The DSUs are 100% vested on the date of grant and issuable in common shares"

Deferred stock units are promises from a company to give an employee shares of stock at a future date, often after certain conditions are met or after leaving the company. They function like a form of delayed compensation, allowing employees to earn shares over time. For investors, they represent potential future ownership in the company, but do not provide immediate voting rights or dividends until the shares are actually received.

Annual Stockholders Meeting financial

"re-election to serve on the Issuer's 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^*

SANDVIK HELVI KAY

(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	30,755(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. Shares of Alaska Air Group, Inc. (the "Issuer") common stock granted under the Issuer's 2016 Performance Incentive Plan ("2016 PIP") in connection with the reporting person's re-election to serve on the Issuer's Board of Directors until the 2027 Annual Stockholders Meeting.

2. Total held in column 5 includes 4,108 DSUs previously granted under the Issuer's 2008 Performance Incentive Plan and 3,026 DSUs granted under the Issuer's 2016 PIP. The DSUs are 100% vested on the date of grant and issuable in common shares 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) director Helvi Kay Sandvik report?

Director Helvi Kay Sandvik reported receiving 5,186 shares of Alaska Air Group common stock. The award was granted under the 2016 Performance Incentive Plan as compensation for her re-election to the board until the 2027 Annual Stockholders Meeting.

At what price was Helvi Kay Sandvik’s ALK stock grant valued?

The reported grant to Helvi Kay Sandvik used a reference price of $38.56 per share. This value is typically the fair market price on the grant date and is used to determine the compensation value of the equity award for reporting purposes.

How many ALASKA AIR GROUP (ALK) shares does Helvi Kay Sandvik hold after this Form 4?

Following the award, Helvi Kay Sandvik is reported to hold 30,755 shares of Alaska Air Group common stock. This total includes previously granted deferred stock units that will convert into common shares when she resigns from the company’s board.

What are the DSUs mentioned in Helvi Kay Sandvik’s ALK Form 4 filing?

The filing notes 4,108 DSUs from the 2008 plan and 3,026 DSUs from the 2016 plan. These deferred stock units are 100% vested on their grant dates and will be settled in Alaska Air Group common shares when she leaves the board.

Under which plan was Helvi Kay Sandvik’s latest ALK stock grant issued?

The 5,186-share grant was issued under Alaska Air Group’s 2016 Performance Incentive Plan. The award was tied to her re-election to the board and forms part of the company’s standard equity-based director compensation structure for board service.