Delta Air Lines' Alain Bellemare sells 28,000 shares

The sales were reported as weighted averages across broker-dealer transactions within two stated price ranges.

Available on EDGAR 11/09/2026 - 04:31 PM EST Accepted by SEC EDGAR 11/09/2026 - 04:30 PM EST Learn about SEC filing dates

Rhea-AI Filing Summary

Delta Air Lines, Inc. EVP & Pres. - International Alain Bellemare exercised 13,000 employee stock options on November 6, 2026, at $39.78 per share, acquiring 13,000 common shares. The reported option position after the exercise was 20,060 options, expiring February 2, 2031. On the same date, he sold 15,000 common shares at a weighted average of $85.82 and 13,000 at $86.064. Broker-dealer sale prices ranged from $85.780 to $85.925 and $86.000 to $86.090, respectively; no Rule 10b5-1 plan is reported for the sales.

Insider Trade Summary

Exercise and sale activity reported; no spread calculated

Exercise and Sale 4 txns

Insider BELLEMARE ALAIN

Role EVP & Pres. - International

Sold 28,000 shs ($2.41M)

Approx. gross sale proceeds $2.41M

Approx. exercise cost $517K

Share of Position Sold 25.9%

Type	Security	Shares	Price	Value
Exercise	Employee Stock Option (right to buy) F3	13,000	$0.00	$0.00
Sale	Common Stock F1	15,000	$85.82	$1.29M
Exercise	Common Stock	13,000	$39.78	$517K
Sale	Common Stock F2	13,000	$86.064	$1.12M

Holdings After Transaction: Employee Stock Option (right to buy) — 20,060 options (Direct); Common Stock — 80,025 shares (Direct)

Holdings Before and After: Employee Stock Option (right to buy), 33,060 to 20,060 options (Direct); Common Stock, 95,025 to 80,025 shares (Direct)

Other Insiders: 2 other insiders reported open-market sales of this stock in the 30 days up to this filing.

Footnotes (3)

1. F1. The price reported in column 4 is a weighted average price. The reported shares were sold in multiple transactions through a broker-dealer at prices ranging from $85.780 to $85.925 per share, inclusive. The Reporting Person undertakes to provide, upon request, details regarding the number of shares sold at each separate price to the Staff of the Securities and Exchange Commission, Delta Air Lines, Inc., or a security holder of Delta Air Lines, Inc.
2. F2. The price reported in column 4 is a weighted average price. The reported shares were sold in multiple transactions through a broker-dealer at prices ranging from $86.000 to $86.090 per share, inclusive. The Reporting Person undertakes to provide, upon request, details regarding the number of shares sold at each separate price to the Staff of the Securities and Exchange Commission, Delta Air Lines, Inc., or a security holder of Delta Air Lines, Inc.
3. F3. The option is currently exercisable.

Key Figures

Employee stock options exercised: 13,000 options Exercise price: $39.78 per share Option position after exercise: 20,060 options +3 more

6 metrics

Employee stock options exercised 13,000 options November 6, 2026

Exercise price $39.78 per share Options exercised November 6, 2026

Option position after exercise 20,060 options Reported following the November 6, 2026 exercise

Common shares sold 15,000 shares at a weighted average of $85.82 per share November 6, 2026

Common shares sold 13,000 shares at a weighted average of $86.064 per share November 6, 2026

Option expiration date February 2, 2031 Employee stock options

Key Terms

weighted average price, broker-dealer, Employee Stock Option (right to buy), currently exercisable

4 terms

weighted average price financial

"The price reported in column 4 is a weighted average price."

Weighted average price is the average price of a security where each trade or component is counted according to its size, so bigger trades pull the average more than smaller ones. Think of it like calculating the average cost of a grocery haul where items you bought more of have greater influence on the final per-item cost. Investors use it to understand the true average price paid or received, judge execution quality, and compare trading performance against market movement.

broker-dealer financial

"sold in multiple transactions through a broker-dealer"

A broker-dealer is a licensed firm or individual that both executes trades on behalf of clients (acting as a broker) and buys or sells securities for its own account (acting as a dealer). Investors care because broker-dealers provide the plumbing of markets — they place orders, hold or move cash and securities, offer research or advice, and their stability and fees directly affect trade execution, costs, and the safety of client funds; think of them as a combined travel agent and taxi for your investments.

Employee Stock Option (right to buy) technical

"Employee Stock Option (right to buy)"

currently exercisable technical

"The option is currently exercisable."

FAQ

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

How many DAL shares did Alain Bellemare sell and at what prices?

Alain Bellemare sold 15,000 shares at a weighted average of $85.82 per share and 13,000 shares at a weighted average of $86.064 per share on November 6, 2026. Broker-dealer transactions ranged from $85.780 to $85.925 and $86.000 to $86.090, respectively. No Rule 10b5-1 plan is reported for the sales.

What options did Alain Bellemare exercise at DAL?

He exercised 13,000 employee stock options on November 6, 2026, at $39.78 per share, acquiring 13,000 common shares. The reported option position after the exercise was 20,060 options, expiring February 2, 2031.

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

Form 4 Insider Transactions: What Each Field Means →

See more from StockTitan in Google Search and AI answers. Adds StockTitan as a preferred source · opens Google

Add on Google Not now

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^*

BELLEMARE ALAIN

(Last) (First) (Middle)

C/O DELTA AIR LINES, INC., DEPT. 981

1030 DELTA BLVD.

(Street)

ATLANTA GEORGIA 30354

(City) (State) (Zip)

UNITED STATES

(Country)

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

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

	Director		10% Owner
X	Officer (give title below)		Other (specify below)
	EVP & Pres. - International

2a. Foreign Trading Symbol

3. Date of Earliest Transaction (Month/Day/Year)
11/06/2026

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	11/06/2026		S		15,000	D	$85.82(1)	80,025	D
Common Stock	11/06/2026		M		13,000	A	$39.78	93,025	D
Common Stock	11/06/2026		S		13,000	D	$86.064(2)	80,025	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
Employee Stock Option (right to buy)	$39.78	11/06/2026		M			13,000	(3)	02/02/2031	Common Stock	13,000	$0	20,060	D

Explanation of Responses:

1. The price reported in column 4 is a weighted average price. The reported shares were sold in multiple transactions through a broker-dealer at prices ranging from $85.780 to $85.925 per share, inclusive. The Reporting Person undertakes to provide, upon request, details regarding the number of shares sold at each separate price to the Staff of the Securities and Exchange Commission, Delta Air Lines, Inc., or a security holder of Delta Air Lines, Inc.

2. The price reported in column 4 is a weighted average price. The reported shares were sold in multiple transactions through a broker-dealer at prices ranging from $86.000 to $86.090 per share, inclusive. The Reporting Person undertakes to provide, upon request, details regarding the number of shares sold at each separate price to the Staff of the Securities and Exchange Commission, Delta Air Lines, Inc., or a security holder of Delta Air Lines, Inc.

3. The option is currently exercisable.

	/s/ Alan T. Rosselot as attorney-in-fact for Alain M. Bellemare	11/09/2026
	** 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)