Alaska Air Group (NYSE: ALK) director awarded 5,186 deferred stock units

Rhea-AI Filing Summary

Hogan Kathleen T reported acquisition or exercise transactions in this Form 4 filing.

Alaska Air Group director Kathleen T. Hogan received an equity award of 5,186 deferred stock units (DSUs) valued at $38.56 per unit. This grant was made in connection with her re-election to the Board of Directors and is issued under Alaska Air Group’s 2016 Performance Incentive Plan.

The DSUs are fully vested on grant and will be settled one-for-one in common shares after she resigns from the board. Following this grant, Hogan is reported as holding 22,525 shares in total, including 16,146 DSUs from prior grants that are also fully vested.

Insider Trade Summary

1 transaction reported

Mixed 1 txn

Insider Hogan Kathleen T

Role null

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

Holdings After Transaction: COMMON STOCK — 22,525 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. Total held in column 5 includes 16,146 DSUs previously granted under the Issuers 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

Equity award size: 5,186 DSUs Grant value per unit: $38.56 per DSU Total holdings after grant: 22,525 shares +1 more

4 metrics

Equity award size 5,186 DSUs Grant to director Kathleen T. Hogan

Grant value per unit $38.56 per DSU Price used for the 5,186-unit award

Total holdings after grant 22,525 shares Hogan’s reported holdings following the transaction

Previously granted DSUs 16,146 DSUs Earlier awards under 2016 Performance Incentive Plan

Key Terms

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

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

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

Annual Stockholders Meeting financial

"in connection with the reporting person's re-election to serve on the Board of Directors until the 2027 Annual Stockholders Meeting"

vested financial

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

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^*

Hogan Kathleen T

(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	22,525(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. Total held in column 5 includes 16,146 DSUs previously granted under the Issuers 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) report for Kathleen Hogan?

Alaska Air Group reported that director Kathleen T. Hogan received 5,186 deferred stock units as an equity award. The DSUs were granted in connection with her re-election to the Board under the company’s 2016 Performance Incentive Plan.

At what value were Kathleen Hogan’s new Alaska Air Group DSUs recorded?

The 5,186 deferred stock units granted to Kathleen Hogan were recorded at $38.56 per unit. This value reflects the award price used for the grant under Alaska Air Group’s 2016 Performance Incentive Plan.

How many Alaska Air Group shares does Kathleen Hogan hold after this Form 4 transaction?

After the reported transaction, Kathleen Hogan is listed as holding 22,525 shares in total. This figure includes both the newly granted 5,186 deferred stock units and 16,146 previously granted DSUs under the 2016 Performance Incentive Plan.

When will Kathleen Hogan’s Alaska Air Group deferred stock units be paid out?

Hogan’s deferred stock units are fully vested on the grant date but will be paid out later. They convert into an equal number of Alaska Air Group common shares after she resigns from the company’s Board of Directors.

Why did Alaska Air Group grant DSUs to director Kathleen Hogan?

The deferred stock units were granted to Kathleen Hogan in connection with her re-election to Alaska Air Group’s Board of Directors. They were issued as part of director compensation under the company’s 2016 Performance Incentive Plan.