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

Rhea-AI Filing Summary

Form 4 Overview – Delta Air Lines (DAL)

On 20 June 2025, non-employee director Willie C.W. Chiang received 4,240 shares of Delta Air Lines common stock as his annual restricted stock award, a grant valued by the company at roughly $200,000. The board approved the award on 19 June 2025, but because that date was a U.S. federal holiday, Delta’s equity-grant policy shifted the effective grant date to the next trading day.

After the transaction, Mr. Chiang’s direct holdings increased to 8,280 shares. He also maintains indirect beneficial ownership of 20,000 shares held in the Chiang 2014 Management Trust, for which he and his spouse act as co-trustees. The filing was made under Rule 16b-3(d)(1), classifying the grant as exempt from short-swing profit rules.

The disclosure is an administrative record of routine board compensation; it does not involve open-market buying or selling and has no effect on Delta’s capital structure. Given Delta’s share count (≈640 million outstanding), the additional 4,240 shares are immaterial to float, insider-ownership percentage, and valuation. Nonetheless, the grant modestly tightens alignment between the director and shareholders by increasing his equity exposure.

Insights

Securities Analyst

TL;DR: Routine director stock grant; negligible effect on DAL valuation or float.

The 4,240-share restricted stock award is standard board compensation, exempt under Rule 16b-3. The $200k value represents less than 0.001% of Delta’s market capitalisation and adds a trivial 0.0007% to shares outstanding. No open-market activity occurred, so the transaction does not convey incremental information about management’s view of valuation nor does it affect liquidity. Overall impact on investment thesis: neutral.

Corporate Governance Expert

TL;DR: Governance-compliant equity award; modestly strengthens director–shareholder alignment.

The grant follows Delta’s disclosed equity award policy and was approved by the board in advance, reflecting strong procedural governance. Using restricted stock (rather than options) ties director wealth to absolute share performance, which is viewed positively in governance circles. However, the dollar value is typical for S&P 500 airlines and does not materially shift board ownership metrics. Investors should see this as good housekeeping rather than a strategic signal.

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

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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^*

Chiang Willie CW

(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)	8,280	D
Common Stock								20,000(2)	I	By Trust

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).

2. The shares are held by the Chiang 2014 Management Trust, of which Mr. Chiang and his wife are co-trustees.

	/s/ Alan T. Rosselot as attorney-in-fact for Willie CW Chiang	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 (DAL) shares did Willie C.W. Chiang acquire on 20 June 2025?

4,240 restricted shares were granted as part of his annual director compensation.

What is Chiang’s total direct share ownership in Delta after the grant?

His direct holdings rose to 8,280 shares of common stock.

How many Delta shares does Chiang hold indirectly via the Chiang 2014 Management Trust?

He beneficially owns 20,000 shares through the trust.

Was the transaction an open-market purchase or sale?

No; it was an exempt restricted stock award under Rule 16b-3, not an open-market trade.

What is the approximate dollar value of the restricted stock award disclosed in the Form 4?

Delta valued the annual director award at about $200,000.

Why is the grant date listed as 20 June 2025 instead of the approval date 19 June 2025?

Because 19 June 2025 was a federal holiday, Delta’s policy shifts the grant to the next trading day.