Delta Air Lines (DAL) director awarded $200,000 in stock

Rhea-AI Filing Summary

Waller Kathy N reported acquisition or exercise transactions in this Form 4 filing.

DELTA AIR LINES, INC. director Kathy N. Waller received a grant of 2,380 shares of common stock on June 18, 2026 as her annual restricted stock award, valued at $200,000 and approved by the Board. The shares were issued at no cash cost to her and are exempt under Rule 16b-3(d)(1). Following this equity award, she directly holds 48,500 Delta shares.

Insider Trade Summary

1 transaction reported

Mixed 1 txn

Insider Waller Kathy N

Role null

Type	Security	Shares	Price	Value
Grant/Award	Common Stock	2,380	$0.00	--

Holdings After Transaction: Common Stock — 48,500 shares (Direct, null)

Footnotes (1)

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Key Figures

Restricted shares granted: 2,380 shares Award value: $200,000 Shares after transaction: 48,500 shares +1 more

4 metrics

Restricted shares granted 2,380 shares Annual restricted stock award to director on June 18, 2026

Award value $200,000 Annual restricted stock award for non-employee Delta directors

Shares after transaction 48,500 shares Kathy N. Waller direct Delta holdings following grant

Price per share in transaction $0.00 Equity compensation grant, no cash paid by director

Key Terms

restricted stock award, Rule 16b-3(d)(1), non-employee members of Delta's Board of Directors

3 terms

restricted stock award financial

"Non-employee members of Delta's Board of Directors receive an annual restricted stock award valued at $200,000."

A restricted stock award is company shares given to an employee or executive that cannot be sold or fully owned until certain conditions—like staying with the company for a set time or hitting performance targets—are met. Think of it as a gift that only becomes yours after you fulfill specific obligations; for investors, these awards matter because they can increase the total shares outstanding when they vest, reveal how management is being paid and motivated, and create potential selling pressure when restrictions lift.

Rule 16b-3(d)(1) regulatory

"The shares were acquired in a transaction exempt under Rule 16b-3(d)(1)."

non-employee members of Delta's Board of Directors financial

"Non-employee members of Delta's Board of Directors receive an annual restricted stock award valued at $200,000."

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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^*

Waller Kathy N

(Last) (First) (Middle)

C/O DELTA AIR LINES, INC., DEPT. 981

1030 DELTA BOULEVARD

(Street)

ATLANTA GEORGIA 30354

(City) (State) (Zip)

UNITED STATES

(Country)

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)

2a. Foreign Trading Symbol

3. Date of Earliest Transaction (Month/Day/Year)
06/18/2026

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

4. If Amendment, Date of Original Filed (Month/Day/Year)

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	06/18/2026		A		2,380(1)	A	(1)	48,500	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 18, 2026. The shares were acquired in a transaction exempt under Rule 16b-3(d)(1).

	/s/ Alan T. Rosselot as attorney-in-fact for Kathy N. Waller	06/22/2026
	** 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.
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.
* Form 4: SEC 1474 (03-26)

FAQ

What did Delta Air Lines (DAL) director Kathy N. Waller report on this Form 4?

Kathy N. Waller reported receiving 2,380 Delta Air Lines common shares as an equity grant. The award represents her annual restricted stock compensation as a non-employee director, approved by the Board on June 18, 2026, and issued with no cash payment from her.

How large is Kathy N. Waller’s Delta (DAL) stock grant and what is its stated value?

The grant consists of 2,380 shares of Delta common stock tied to a $200,000 annual award value. Delta’s non-employee directors receive restricted stock valued at this amount each year, making the grant part of standard board compensation rather than an open-market purchase.

How many Delta Air Lines (DAL) shares does Kathy N. Waller own after this transaction?

After the award, Kathy N. Waller directly owns 48,500 shares of Delta common stock. This figure reflects her holdings following the June 18, 2026 restricted stock grant reported in the Form 4 insider filing submitted to the SEC.

Was Kathy N. Waller’s Delta (DAL) stock award an open-market purchase or compensation grant?

The 2,380 Delta shares were a compensation-related restricted stock grant, not an open-market purchase. The filing notes the award is the annual $200,000 director grant and indicates the transaction is exempt under Rule 16b-3(d)(1), which typically covers insider compensation awards.

What does Rule 16b-3(d)(1) exemption mean for this Delta (DAL) Form 4 transaction?

The Rule 16b-3(d)(1) exemption means the restricted stock grant is treated as an insider compensation award approved by the Board. This exempts the transaction from certain short-swing profit rules, underscoring that the award is routine director compensation rather than a trading decision.