Delta Air Lines (NYSE: DAL) CEO sells shares after option exercise

Rhea-AI Filing Summary

Delta Air Lines, Inc. chief executive Edward H. Bastian reported an option exercise and share sale. On January 15, 2026, he exercised 173,230 employee stock options with an exercise price of $43.61 per share, receiving the same number of common shares and bringing his directly held common stock to 806,053 shares.

On the same day, he sold 173,230 common shares in broker-handled trades at prices ranging from $71.000 to $71.035 per share, leaving him with 632,823 directly owned Delta shares after the transactions. The filing notes that the option involved was already exercisable.

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^*

Bastian Edward H

(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)

X	Director		10% Owner
X	Officer (give title below)		Other (specify below)
	Chief Executive Officer

3. Date of Earliest Transaction (Month/Day/Year)
01/15/2026

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	01/15/2026		M		173,230	A	$43.61	806,053	D
Common Stock	01/15/2026		S		173,230	D	$71(1)	632,823	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)	$43.61	01/15/2026		M			173,230	(2)	02/01/2026	Common Stock	173,230	$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 $71.000 to $71.035 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 Edward H. Bastian	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.
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 insider transaction did Delta (DAL) report for Edward H. Bastian?

Delta Air Lines reported that chief executive Edward H. Bastian exercised 173,230 employee stock options and sold 173,230 common shares on January 15, 2026.

At what price did Edward H. Bastian exercise his Delta (DAL) stock options?

He exercised employee stock options covering 173,230 shares of Delta common stock at an exercise price of $43.61 per share.

At what prices did the Delta (DAL) CEO sell his common stock?

The 173,230 common shares were sold in multiple broker-handled trades at prices ranging from $71.000 to $71.035 per share, according to the weighted-average price footnote.

How many Delta (DAL) shares does Edward H. Bastian own after this Form 4?

Following the reported sale, Edward H. Bastian directly owns 632,823 shares of Delta Air Lines common stock, as stated in the filing.

What happened to the employee stock options reported for Delta (DAL)?

The employee stock option for 173,230 shares with a $43.61 exercise price was exercised in full, leaving 0 derivative securities of that option beneficially owned after the transaction.

What is Edward H. Bastian’s role and relationship to Delta (DAL)?

The reporting person, Edward H. Bastian, is listed as both a director and an officer, serving as Chief Executive Officer of Delta Air Lines, Inc.