Alaska Air director Elwell awarded stock units

ELWELL DANIEL KEVIN reported acquisition or exercise transactions in this Form 4 filing.

Rhea-AI Filing Summary

ELWELL DANIEL KEVIN reported acquisition or exercise transactions in this Form 4 filing.

ALASKA AIR GROUP, INC. director Daniel Kevin Elwell reported equity awards in connection with his re-election to the Board. On May 13, 2026, he received 2,593 shares of common stock at $38.56 per share under the 2016 Performance Incentive Plan.

He was also granted 2,593 deferred stock units (DSUs) under the same plan, which are 100% vested and will be settled one-for-one in common shares after he resigns from the Board. The filing states his reported holdings now include 9,715 previously granted DSUs.

Insider Trade Summary

Grant/Award: 5,186 shares

Grant/Award 2 txns

Insider ELWELL DANIEL KEVIN

Role Director

Type	Security	Shares	Price	Value
Grant/Award	COMMON STOCK	2,593	$38.56	$100K
Grant/Award	COMMON STOCK	2,593	$38.56	$100K

Holdings After Transaction: COMMON STOCK — 18,318 shares (Direct)

Footnotes (3)

1. F1. 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. F2. Deferred stock units (DSUs) granted under the Issuer's 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. 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.
3. F3. Total held in column 5 includes 9,715 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

Common stock grant: 2,593 shares at $38.56/share Deferred stock units grant: 2,593 DSUs Total holdings after grant (one line): 18,318 shares +1 more

4 metrics

Common stock grant 2,593 shares at $38.56/share Common stock awarded on May 13, 2026 under 2016 PIP

Deferred stock units grant 2,593 DSUs DSUs granted May 13, 2026; payable one-for-one in shares

Total holdings after grant (one line) 18,318 shares Total reported following one of the May 13, 2026 grants

Previously granted DSUs 9,715 DSUs Fully vested DSUs included in reported total holdings

Key Terms

2016 Performance Incentive Plan ("2016 PIP"), Deferred stock units (DSUs), Annual Stockholders Meeting, 100% vested

4 terms

2016 Performance Incentive Plan ("2016 PIP") financial

"Shares of Alaska Air Group common stock granted under the Issuer's 2016 Performance Incentive Plan ("2016 PIP")"

Deferred stock units (DSUs) financial

"Deferred stock units (DSUs) granted under the Issuer's 2016 PIP in connection with the reporting person's re-election"

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.

Annual Stockholders Meeting financial

"re-election to serve on the Issuer's Board of Directors until the 2027 Annual Stockholders Meeting"

100% vested financial

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

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What did ALASKA AIR GROUP (ALK) director Daniel Elwell report on this Form 4?

Director Daniel Elwell reported receiving equity awards from Alaska Air Group. He was granted 2,593 shares of common stock and 2,593 deferred stock units under the 2016 Performance Incentive Plan following his re-election to the Board.

How many ALASKA AIR GROUP (ALK) shares did Daniel Elwell acquire and at what price?

Daniel Elwell acquired 2,593 shares of Alaska Air Group common stock at $38.56 per share. This award was made under the company’s 2016 Performance Incentive Plan in connection with his re-election to the Board of Directors.

What are the deferred stock units (DSUs) granted to ALK director Daniel Elwell?

Elwell received 2,593 deferred stock units (DSUs) that are fully vested. Each DSU will be paid in one share of Alaska Air Group common stock after he resigns from the Board, aligning compensation with long-term service.

When will Daniel Elwell’s ALASKA AIR GROUP DSUs be paid out?

The DSUs granted to Daniel Elwell will be paid in shares of Alaska Air Group common stock after his resignation from the Board. They are 100% vested on grant, but settlement occurs only upon his departure from Board service.

How many previously granted DSUs does ALK director Daniel Elwell hold?

The filing notes that Elwell’s reported total includes 9,715 previously granted DSUs. These DSUs are fully vested at grant and are issuable in Alaska Air Group common shares when he resigns from the Board of Directors.

Why were these ALASKA AIR GROUP (ALK) equity awards granted to Daniel Elwell?

The common stock and DSUs were granted in connection with Elwell’s re-election to Alaska Air Group’s Board. They were issued under the company’s 2016 Performance Incentive Plan and relate to his term through the 2027 Annual Stockholders Meeting.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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Accepted by SEC EDGAR 05/14/2026 - 05:56 PM Learn about SEC filing dates

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^*

ELWELL DANIEL KEVIN

(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		2,593(1)	A	$38.56	15,725	D
COMMON STOCK	05/13/2026		A		2,593(2)	A	$38.56	18,318(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

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. Deferred stock units (DSUs) granted under the Issuer's 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. 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.

3. Total held in column 5 includes 9,715 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)