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

Rhea-AI Filing Summary

NetApp, Inc. (NTAP) EVP & Chief Administrative Officer Elizabeth M. O'Callahan has filed a Form 4 disclosing the sale of 1,000 common shares on 07/10/2025 at $106.84 per share. The trade was executed under a Rule 10b5-1 plan adopted on 11/29/2024, indicating it was pre-scheduled. After the transaction, the executive owns 24,251 shares directly. No derivative securities were reported.

The disposition is modest—about US $107,000—and does not represent a material percentage of either the insider’s holdings or NetApp’s total shares outstanding. Consequently, the filing is viewed as a routine compliance event rather than a signal of strategic or financial change at the company.

Insights

Financial Analyst

TL;DR: Small, pre-planned insider sale—neutral impact.

This Form 4 reflects an immaterial sale (~1,000 shares) by a senior executive under a Rule 10b5-1 plan. The remaining 24,251-share stake suggests continued alignment with shareholders. Given NetApp’s market capitalization, the dollar value is negligible and provides no directional insight into operating fundamentals or near-term performance. I classify the event as routine and not impactful to the investment thesis.

Corporate Governance Specialist

TL;DR: Proper Rule 10b5-1 disclosure; governance practices intact.

The filing demonstrates adherence to best practices: advance adoption of a 10b5-1 trading plan (11/29/2024) and timely Form 4 submission. The small sale size and clear documentation reduce concerns about opportunistic trading. From a governance standpoint, transparency is adequate and no red flags emerge. Impact on shareholder perception is neutral.

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 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)

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

3. Date of Earliest Transaction (Month/Day/Year)
07/11/2025

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	07/11/2025		S		25,241	D	$54.954(1)	151,913	D
Common Stock	07/11/2025		S		20,182	D	$56.317(2)	131,731	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. 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 $54.670 to $55.620 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 $55.930 to $56.320 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.

	/s/ Alan T. Rosselot as attorney-in-fact for Alain M. Bellemare	07/14/2025
	** 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 NetApp (NTAP) shares did EVP Elizabeth O'Callahan sell?

She sold 1,000 common shares on 07/10/2025.

What was the sale price in the NTAP insider trade?

The shares were sold at $106.84 per share.

How many NTAP shares does the insider hold after the transaction?

O'Callahan now directly owns 24,251 shares.

Was the transaction made under a Rule 10b5-1 plan?

Yes. The Form 4 states the trade was executed under a 10b5-1 plan adopted on 11/29/2024.

Does the filing involve any derivative securities?

No derivative securities were acquired or disposed of in this filing.

Is this insider sale significant for NetApp investors?

Given its small size relative to both insider holdings and company float, the sale is considered routine and not materially significant.