Delta Air Lines Form 4: Leslie Hale Adds 4,240 Shares in Annual Award

Rhea-AI Filing Summary

Delta Air Lines (DAL) Form 4 filing: Director Leslie D. Hale received an annual restricted stock award of 4,240 common shares on 20 June 2025. The grant, valued at approximately $200,000, was approved by the Board on 19 June but dated the next trading day due to a federal holiday, consistent with Delta’s Equity Award Grant Policy and exempt under Rule 16b-3(d)(1). After the award, Hale directly owns 19,150 DAL shares. No shares were sold and no derivative securities were involved.

The award raises Hale’s direct ownership by roughly 28% but is a routine non-employee director compensation grant and is immaterial to Delta’s overall share count or financial position.

Insights

Corporate Governance Expert

TL;DR: Routine director stock grant; increases alignment but negligible corporate impact.

The filing documents Delta’s standard $200k equity retainer for outside directors. The 4,240-share grant increases Hale’s direct stake to 19,150 shares, modestly enhancing board-level alignment with shareholders. No sales occurred, signalling continued confidence, yet this is a pre-scheduled, policy-driven issuance rather than discretionary buying. Consequently, it delivers no new insight into Delta’s operating outlook or capital strategy. Investors typically treat such Form 4s as governance housekeeping rather than market-moving information.

Securities Analyst

TL;DR: Neutral; routine Form 4 with insignificant volume relative to DAL float.

Hale’s 4,240-share award represents less than 0.001% of Delta’s ~648 million shares outstanding. The absence of derivative transactions or open-market purchases means no signaling effect on valuation or liquidity. For trading desks, this event is non-actionable; for long-term holders, it merely confirms Delta’s ongoing equity-based director compensation program.

Insider Trade Summary

1 transaction reported

Mixed 1 txn

Insider Hale Leslie D.

Role Director

Type	Security	Shares	Price	Value
Grant/Award	Common Stock	4,240	$0.00	--

Holdings After Transaction: Common Stock — 19,150 shares (Direct)

Footnotes (1)

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Form 4 Insider Transactions: What Each Field Means →

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^*

Hale Leslie D.

(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)	19,150	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 Leslie D. Hale	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 Leslie D. Hale receive?

Hale received 4,240 restricted shares of DAL common stock.

What is the value of the 2025 restricted stock grant to Leslie D. Hale?

Delta valued the award at approximately $200,000 as part of its annual director compensation.

What is Leslie D. Hale’s total direct ownership in DAL after the grant?

Following the award, Hale directly owns 19,150 common shares of Delta Air Lines.

Was any stock sold or any derivative transaction reported in this Form 4?

No. The filing reports only an acquisition of restricted shares; no sales or derivatives were disclosed.

Is the transaction part of Delta’s Rule 10b5-1 trading plan?

The box indicating a Rule 10b5-1 plan was not checked; the grant is a routine board-approved award under Rule 16b-3.