[Form 4] Delta Air Lines, Inc. Insider Trading Activity

Rhea-AI Filing Summary

Key Takeaway: Delta Air Lines (DAL) filed a Form 4 reporting that non-employee director Christophe Beck acquired 4,240 shares of common stock on 20-Jun-2025.

The shares represent the board-approved $200,000 annual restricted stock award for outside directors. Because 19-Jun-2025 was a U.S. federal holiday, the grant date rolled to the next trading day, 20-Jun-2025, in accordance with Delta’s Equity Award Grant Policy. The transaction was coded “A” (acquisition) and is exempt under Rule 16b-3.

Following the grant, Beck’s directly-held position stands at 4,240 shares. No sales, options, or other derivative securities were reported, and there is no impact on Delta’s capital structure. The filing reflects routine director compensation rather than a discretionary open-market purchase.

Insights

Financial Analyst

TL;DR: Routine director stock grant; immaterial for DAL valuation.

This Form 4 discloses a standard restricted-stock award to non-employee director Christophe Beck. The 4,240-share grant—valued at $200k—represents less than 0.001% of Delta’s 641 million basic shares outstanding and does not signal incremental insider sentiment or operational change. Such awards occur annually and are exempt under Rule 16b-3, meaning no open-market cash outlay by the director. From a market standpoint the transaction is neutral and should not affect valuation models or liquidity assumptions.

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
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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).

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^*

Beck Christophe

(Last) (First) (Middle)

C/O DELTA AIR LINES, INC.

DEPT. 981, 1030 DELTA BOULEVARD

(Street)

ATLANTA GA 30354

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
DELTA AIR LINES, INC. [ DAL ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

X	Director		10% Owner
	Officer (give title below)		Other (specify below)

3. Date of Earliest Transaction (Month/Day/Year)
06/20/2025

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	06/20/2025		A		4,240(1)	A	(1)	4,240	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. Non-employee members of Delta's Board of Directors receive an annual restricted stock award valued at $200,000. The shares reported in this Form 4 represent the annual restricted stock award grant to the Reporting Person, as approved by the Board of Directors on June 19, 2025. Because June 19, 2025 was a federal holiday, the grant date for the restricted stock award is deemed to be the next trading day (Friday, June 20, 2025) in accordance with Delta's Equity Award Grant Policy. The shares were acquired in a transaction exempt under Rule 16b-3(d)(1).

	/s/ Alan T. Rosselot as attorney-in-fact for Christophe Beck	06/23/2025
	** 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

How many Delta Air Lines (DAL) shares did director Christophe Beck acquire?

He received 4,240 restricted shares as reported in the Form 4.

What was the transaction date listed in the DAL Form 4?

The effective grant date was 20-Jun-2025.

Was the transaction a purchase or a sale of DAL shares?

It was an acquisition (coded "A") of shares; no shares were sold.

What is the nature of the share grant to Christophe Beck?

It is the annual restricted stock award for non-employee directors, valued at $200,000.

Were any derivative securities involved in this insider transaction?

No. No options, warrants, or other derivatives were reported.