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

Rhea-AI Filing Summary

Alaska Air Group (ALK) reported an insider equity event. The VP Finance, Controller & Treasurer converted 970 restricted stock units into common stock on 11/02/2025 (code M) at $0 per unit, then had 243 shares withheld at $41.73 (code F) to cover taxes. After these transactions, the officer beneficially owns 9,065 shares.

The vested RSUs are part of a 2,910‑share grant issued on 11/02/2023, vesting in three annual 970‑share installments. Holdings include 85 shares acquired via the ESPP on 10/31/2025.

Insights

Equity compensation analyst

Routine RSU vesting with tax withholding; neutral impact.

This filing records standard equity compensation activity: 970 RSUs vested and converted to common shares, followed by 243 shares withheld to satisfy tax obligations at a reported price of $41.73. Such transactions are common when multi‑year RSU grants reach scheduled vesting dates.

The insider’s reported ownership stands at 9,065 shares after the transactions. The vest ties back to a 2,910‑share grant from Nov 2, 2023 that vests in three 970‑share tranches. No cash proceeds to the company are indicated; the activity reflects non‑cash compensation accounting and withholding mechanics.

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^*

HALVERSON EMILY

(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)
	VP Finance, Controller & Treas

3. Date of Earliest Transaction (Month/Day/Year)
11/02/2025

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	11/02/2025		M		970	A	$0(1)	9,223	D
COMMON STOCK	11/02/2025		F		243(2)	D	$41.73	9,065(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	$0(1)	11/02/2025		M			970	(4)	(4)	COMMON STOCK	970	$0	970	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 85 shares acquired under the Alaska Air Group, Inc. Employee Stock Purchase Plan (ESPP) on October 31, 2025, in transactions that were exempt under both Rule 16b-3(d) and Rule 16b-3(c).

4. The RSUs vesting were from a grant of 2,910 shares issued on November 2, 2023, that vest in three annual installments of 970 shares beginning on the first anniversary of the grant date.

Remarks:

	/s/ Howard Kuppler, by power of attorney	11/04/2025
	** 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's Form 4 report on 11/02/2025?

An officer converted 970 RSUs to common stock (code M) and had 243 shares withheld for taxes at $41.73 (code F).

How many ALK shares does the reporting person own after the transactions?

Beneficial ownership is 9,065 shares after the reported transactions.

What was the source and schedule of the RSUs that vested?

They were from a 2,910‑share grant issued on 11/02/2023, vesting in three annual 970‑share installments.

What is the insider’s relationship to Alaska Air Group (ALK)?

The reporting person is an officer: VP Finance, Controller & Treasurer.

Were any shares acquired through ALK's ESPP noted?

Yes. Holdings include 85 shares acquired under the ESPP on 10/31/2025.

Did the company receive cash from these transactions?

No. The filing reflects non‑cash RSU vesting and share withholding for taxes.