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

Rhea-AI Filing Summary

Delta Air Lines (DAL) – Form 4 filing dated 23 Jun 2025 documents an insider equity grant to director Michael P. Huerta.

• Transaction date: 20 Jun 2025 (next trading day after the 19 Jun 2025 federal holiday).
• Securities acquired: 4,240 shares of Delta common stock designated as an annual restricted stock award for non-employee directors.
• Grant value: Board-approved award is valued at $200,000 (per explanatory footnote); price per share is not disclosed.
• Post-transaction ownership: Huerta now beneficially owns 35,745 Delta shares, held directly.
• The acquisition was made under Rule 16b-3(d)(1), providing an exemption for director compensation awards.

No derivative securities were reported, and there is no indication of open-market buying or selling. The filing is routine, reflecting annual board compensation and modestly increasing insider alignment without signalling a strategic shift.

Positive

• Director’s ownership rises to 35,745 shares, marginally enhancing shareholder-management alignment.

Negative

• None.

Insights

Corporate Governance Specialist

TL;DR – Routine compensation grant; improves alignment, limited market impact.

This Form 4 merely records Delta’s standard $200 k restricted-stock award to outside directors. Because it is compensation rather than an elective purchase, the signal value is low. Still, Huerta’s stake increases to 35,745 shares, modestly strengthening shareholder alignment. No derivatives, sales, or unusual structures appear, so governance risk is unchanged. Overall, I classify the disclosure as neutral for valuation and corporate-governance assessments.

Portfolio Manager

TL;DR – Neutral: standard board grant, no read-through for DAL fundamentals.

The 4,240-share award modestly raises insider ownership but doesn’t involve cash outlay or signal conviction. With no sales or options exercised, there is neither bullish nor bearish implication for DAL’s short-term price. I view the filing as not impactful to the investment thesis and maintain a neutral stance.

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^*

HUERTA MICHAEL P

(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)	35,745	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 Michael P. Huerta	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 Michael P. Huerta acquire?

He received 4,240 restricted shares on 20 Jun 2025.

What is the value of the restricted stock award disclosed in DAL’s Form 4?

The Board valued the award at $200,000 for each non-employee director.

What is Michael P. Huerta’s total DAL share ownership after this grant?

Following the transaction, he beneficially owns 35,745 shares.

Was the transaction exempt from short-swing profit rules?

Yes, it was exempt under Rule 16b-3(d)(1) as director compensation.

Does the filing report any derivative securities for Michael P. Huerta?

No derivative securities were reported in Table II.