[Form 4] ALASKA AIR GROUP, INC. Insider Trading Activity

Rhea-AI Filing Summary

Jason M. Berry, EVP AAG Cargo & President Horizon at Alaska Air Group (ALK), reported transactions on Form 4 showing vesting and related withholding of restricted stock units on September 23, 2025. 2,010 RSUs vested, converting to 2,010 shares issued at no cash price, and 805 shares were disposed (withheld) to satisfy tax withholding at an indicated price of $54.14 per share. After these transactions the filing shows 5,432 shares beneficially owned by Mr. Berry (down from 5,939 reported immediately following the grant/vesting). The filing also notes he acquired 298 shares under the Employee Stock Purchase Plan on April 30, 2025.

Positive

• 2,010 RSUs vested, converting to shares which aligns executive compensation with shareholder interests
• Participation in the Employee Stock Purchase Plan is disclosed (298 shares acquired April 30, 2025), indicating additional share ownership

Negative

• 805 shares were withheld
• Beneficial ownership decreased from 5,939 to 5,432 shares

Insights

Financial Analyst

TL;DR: Insider received vested RSUs, used share-withholding to satisfy taxes, modest net change in holdings.

The Form 4 documents a routine equity compensation vesting event rather than an open-market purchase or sale. 2,010 RSUs vested and converted into 2,010 shares; concurrently 805 shares were withheld5,432 shares298 sharesThese items are compensation-related and do not indicate opportunistic trading.

Corporate Governance Expert

TL;DR: Disclosure is complete for a standard RSU vesting and tax-withholding transaction; no governance red flags apparent.

The report includes the required details: grant origin (6,030 RSU grant dated September 23, 2024), vesting schedule showing portions vested in 2025, 2026, and 2027, and the mechanics of tax settlement via share withholding. The filer used a power of attorney signature and cited the appropriate Rule 16b-3 exemptions for exempt dispositions. All items disclosed are consistent with common executive compensation practices and the filing provides traceable counts for investor review.

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).

1. Name and Address of Reporting Person^*

Berry Jason M

(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 AAG Cargo & Pres Horizon

3. Date of Earliest Transaction (Month/Day/Year)
09/23/2025

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	09/23/2025		M		2,010	A	$0(1)	5,939	D
COMMON STOCK	09/23/2025		F		805(2)	D	$54.14	5,432(3)	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)	09/23/2025		M			2,010	(4)	(4)	COMMON STOCK	2,010	$0	4,020	D

Explanation of Responses:

1. Each restricted stock unit (RSUs) represents a contingent right to receive one share of ALK common stock.

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 RSUs and settled with shares by the reporting person.

3. Includes 298 shares acquired under the Alaska Air Group, Inc. Employee Stock Purchase Plan on April 30, 2025, in transactions that were exempt under both Rule 16b-3(c) and Rule 16b-3(d).

4. The RSUs are from a grant of 6,030 shares granted on September 23, 2024, of which 2,010 shares vested on September 23, 2025, and of which 2,010 shares will vest on September 23, 2026; and 2,010 shares will vest on September 23, 2027.

Remarks:

	/s/ Howard Kuppler, by power of attorney	09/25/2025
	** 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.
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FAQ

What did Jason M. Berry report on his ALK Form 4?

He reported the vesting of 2,010 RSUs on September 23, 2025, conversion to 2,010 shares, and withholding of 805 shares to cover taxes.

How many shares does Jason M. Berry beneficially own after the transactions?

The filing shows 5,432 shares beneficially owned after the reported transactions.

Were any shares acquired through the Employee Stock Purchase Plan (ESPP)?

Yes, the filing includes 298 shares acquired under the Alaska Air Group ESPP on April 30, 2025.

What was the price associated with the shares withheld for taxes?

The filing lists a disposition of 805 shares at an indicated price of $54.14 per share for the tax-withholding settlement.

Does the Form 4 disclose the original RSU grant details?

Yes, it states a grant of 6,030 RSUs dated September 23, 2024, with tranches vesting in 2025, 2026, and 2027.