Delta Air Lines (NYSE: DAL) EVP exercises options, sells shares on Form 4

Rhea-AI Filing Summary

Delta Air Lines executive Steven M. Sear, EVP - Global Sales & Distribution, reported stock transactions on common shares of Delta Air Lines, Inc. On January 14, 2026, he exercised 31,290 employee stock options at an exercise price of $49.33 per share and acquired the same number of common shares.

That same day, he sold 31,290 common shares in broker-handled trades at a weighted average price of $69.685 per share, with individual sale prices ranging from $69.640 to $69.820. After these transactions, he directly owned 97,505 shares of Delta common stock.

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^*

Sear Steven M

(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 - Global Sales & Distrib

3. Date of Earliest Transaction (Month/Day/Year)
01/14/2026

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	01/14/2026		M		31,290	A	$49.33	128,795	D
Common Stock	01/14/2026		S		31,290	D	$69.685(1)	97,505	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
Employee Stock Option (right to buy)	$49.33	01/14/2026		M			31,290	(2)	02/08/2027	Common Stock	31,290	$0	0	D

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 $69.640 to $69.820 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 option is currently exercisable.

	/s/ Alan T. Rosselot as attorney-in-fact for Steven M. Sear	01/16/2026
	** 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.
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FAQ

What insider transaction did Delta (DAL) report for Steven M. Sear?

Delta Air Lines reported that EVP Steven M. Sear exercised 31,290 employee stock options and sold 31,290 common shares of Delta on January 14, 2026.

At what prices did Steven M. Sear trade Delta (DAL) shares?

He exercised employee stock options at an exercise price of $49.33 per share and sold the resulting 31,290 shares at a weighted average price of $69.685, with individual trades ranging from $69.640 to $69.820 per share.

How many Delta (DAL) shares does Steven M. Sear own after these transactions?

Following the reported transactions, Steven M. Sear directly owned 97,505 shares of Delta Air Lines common stock.

What type of derivative security was involved in the Delta (DAL) Form 4?

The Form 4 shows an employee stock option (right to buy) covering 31,290 shares of Delta common stock, which was exercised at an exercise price of $49.33 per share.

Is the option reported by Steven M. Sear currently exercisable?

Yes. The filing notes that the option is currently exercisable, and it was exercised on January 14, 2026.

Were Steven M. Sear’s Delta (DAL) share sales made through a broker?

Yes. The filing explains that the 31,290 shares were sold in multiple transactions through a broker-dealer within the stated price range.