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

Rhea-AI Filing Summary

Delta Air Lines insider sale reported on Form 4. Glen W. Hauenstein, identified as an officer (President), sold 10,000 shares of Delta Air Lines, Inc. (DAL) on 08/27/2025 at a weighted-average price of $61.307 per share. After the sale, the reporting person beneficially owned 217,347 shares, held directly. The filing includes an explanation that the reported price is a weighted average for multiple brokered transactions executed between $61.300 and $61.330, and the filer offers to provide a breakdown on request. The form was signed on 08/29/2025 by an attorney-in-fact.

Positive

• Timely and complete disclosure of the sale date, weighted-average price range, and post-transaction beneficial ownership
• Offer to provide per-trade details increases transparency about execution prices

Negative

• Insider sale of 10,000 shares could be interpreted unfavorably by some investors despite lack of context
• No explanation provided for the reason behind the sale (e.g., diversification, taxes, planned sale), limiting interpretability

Insights

Corporate Governance Expert

TL;DR: Routine officer sale disclosed; transparency maintained, no additional context on motivation provided.

The Form 4 shows a straightforward disposition by an officer, with required details about shares sold and post-transaction ownership. Documentation of a weighted-average sale price and an offer to provide per-trade breakdowns aligns with disclosure best practices. Because the filing contains no related-party or plan-based language and does not amend earlier disclosures, the transaction appears procedural rather than indicative of governance issues. Materiality to shareholders is limited without further context.

Securities Analyst

TL;DR: Insider sold 10,000 shares, leaving ~217k shares; transaction size relative to holdings is modest and likely neutral.

The sale of 10,000 shares at an average $61.307 results in proceeds of roughly $613,070 before fees and taxes. Compared with the remaining 217,347 shares, the disposition represents about 4.6% of the reporting person's post-sale holdings if viewed against that single-day change, though exact pre-sale holdings are not disclosed. The filing is explicit and timely, which supports market transparency but does not provide information to infer intent or signal company fundamentals.

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^*

HAUENSTEIN GLEN W

(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)
	President

3. Date of Earliest Transaction (Month/Day/Year)
08/27/2025

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	08/27/2025		S		10,000	D	$61.307(1)	217,347	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 $61.300 to $61.330 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 Glen W. Hauenstein	08/29/2025
	** 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

What did Glen W. Hauenstein report in the Form 4 for DAL?

The Form 4 reports that Glen W. Hauenstein sold 10,000 shares of Delta Air Lines (DAL) on 08/27/2025 at a weighted-average price of $61.307 and holds 217,347 shares after the sale.

How was the sale price reported on the DAL Form 4?

The price is reported as a weighted-average of multiple brokered transactions ranging from $61.300 to $61.330 per share; the filer offered to provide a breakdown on request.

Does the Form 4 indicate whether the sale was part of a 10b5-1 plan?

No. The filing does not check or state that the transaction was made pursuant to a 10b5-1 plan or similar written plan.

When was the Form 4 signed and filed?

The Form 4 is dated as to the transaction on 08/27/2025 and was signed by an attorney-in-fact for the reporting person on 08/29/2025.

How significant is the sale relative to the reporting person's holdings?

After the sale the reporting person beneficially owned 217,347 shares. The reported 10,000-share sale represents a modest portion of disclosed post-sale holdings, but the filing does not state pre-sale totals.