Delta Air Lines Form 4: Director Boosts Stake to 46,120 Shares

Rhea-AI Filing Summary

Delta Air Lines (DAL) – Form 4 insider filing

Director Kathy N. Waller received an annual restricted-stock award of 4,240 common shares on 20 Jun 2025, as approved by the Board the prior day. The award, valued at roughly $200,000, was granted under Delta’s equity-award policy and is exempt from short-swing profit rules (Rule 16b-3). Following the grant, Waller’s direct beneficial ownership rises to 46,120 DAL shares. Because the shares were awarded rather than bought on the open market, the transaction is considered routine director compensation; however, it modestly strengthens insider alignment with shareholders.

Positive

• Director increases ownership by 4,240 shares, lifting holdings to 46,120 shares and modestly enhancing alignment with shareholders.

Negative

• None.

Insights

Securities Analyst

TL;DR: Routine director grant; slight positive signal but immaterial to DAL valuation.

The transaction adds just 4,240 shares (~$0.2 M) to a company with a multi-billion-dollar market cap, so it does not move the fundamental needle. Still, insider ownership now exceeds 46 k shares, indicating continued personal exposure to DAL’s equity performance. Because shares were granted, no cash outlay occurred, limiting incremental commitment. Investors may view the filing as a standard part of director remuneration rather than a discretionary bullish bet.

Corporate Governance Expert

TL;DR: Standard board compensation, increases skin-in-the-game; no governance concerns flagged.

Delta’s policy issues annual equity to non-employee directors, keeping board interests aligned with long-term shareholder value. The award follows policy timing rules—moving the grant date to the next trading day after a federal holiday—showing procedural compliance. No 10b5-1 plan was invoked, and the filing was timely. Overall, governance practices appear sound, with modest but positive alignment incentives.

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^*

Waller Kathy N

(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)	46,120	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 Kathy N. Waller	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 DAL shares did Director Kathy Waller acquire on 20 June 2025?

She received 4,240 restricted shares as part of her annual director equity award.

What is the total DAL share count now owned by Kathy Waller?

After the award, Waller beneficially owns 46,120 shares of Delta Air Lines common stock.

Was the transaction an open-market purchase?

No. The shares were a restricted-stock grant awarded under Delta’s director compensation plan.

What is the approximate dollar value of the restricted-stock award?

Delta values the annual director grant at about $200,000.

Does the Form 4 filing indicate use of a Rule 10b5-1 trading plan?

No. The box relating to Rule 10b5-1(c) plans was not checked in this filing.