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

Rhea-AI Filing Summary

Form 4 filing overview – Delta Air Lines, Inc. (DAL)

Non-executive board chair David S. Taylor reported the annual equity grant approved by Delta’s board on 19 June 2025 and deemed granted on the next trading day, 20 June 2025, in accordance with the company’s Equity Award Grant Policy. The award consists of 6,780 shares of Delta common stock, designated as a restricted stock award exempt under Rule 16b-3(d)(1). The filing shows the shares were acquired (Transaction code “A”) and directly increase the director’s personal holdings.

Post-transaction holdings

• Direct ownership: 23,240 shares following the award.
• Indirect ownership: 99,480 shares held in a Grantor Retained Annuity Trust (GRAT) established for the benefit of the reporting person’s adult children, for which Mr. Taylor serves as trustee and sole annuity recipient.

The restricted stock award is valued at $320,000, reflecting Delta’s annual equity compensation for its non-executive chair. No derivative securities were involved, and no dispositions occurred. The filing was signed on 23 June 2025 by an attorney-in-fact on Mr. Taylor’s behalf.

No other transactions, option exercises, or changes in indirect ownership were reported. Given the scale of Delta’s outstanding share count, the acquisition is routine board compensation rather than a market-moving insider purchase.

Insights

Securities Analyst

TL;DR: Routine board equity grant; negligible ownership impact—neutral for DAL investors.

The filing reflects Delta’s standard annual equity compensation for its non-executive chair. While Mr. Taylor’s direct stake rises 41% to 23,240 shares, the absolute increase—6,780 shares valued at roughly $0.32 million—is immaterial relative to Delta’s multi-billion-dollar market capitalization and daily trading volume. No open-market purchase occurred, so the transaction does not signal incremental insider conviction. Indirect holdings in the GRAT remain unchanged. Overall, the disclosure is governance-related housekeeping with no material EPS, cash-flow, or strategic implications.

Corporate Governance Expert

TL;DR: Filing confirms compliance with equity policy; no governance red flags.

Delta’s board followed its Equity Award Grant Policy by deferring the grant date to the next trading day after the June 19 federal holiday, demonstrating procedural rigor. The award is exempt under Rule 16b-3, reducing potential short-swing profit concerns. Placement of family-benefit shares in a GRAT is common estate-planning practice and poses no conflict, as Mr. Taylor retains fiduciary responsibility. From a governance perspective, the disclosure is standard and maintains transparency without altering control dynamics.

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^*

Taylor David S

(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		6,780(1)	A	(1)	23,240	D
Common Stock								99,480(2)	I	By grantor retained annuity 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. Delta's non-executive chair of the Board of Directors receives an annual restricted stock award valued at $320,000. 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 in a Grantor Retained Annuity Trust (the "GRAT") for the benefit of the Reporting Person's adult children. The Reporting Person is the trustee of the GRAT, and the sole recipient of the annuity payments made by the GRAT.

	/s/ Alan T. Rosselot, as attorney-in-fact for David S. Taylor	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).
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FAQ

How many Delta Air Lines (DAL) shares did David S. Taylor acquire in the Form 4?

He acquired 6,780 shares of common stock as a restricted stock award.

What was the transaction date reported in the Form 4 for DAL?

The deemed grant date is 20 June 2025, the trading day after the board approval on 19 June 2025.

What is David S. Taylor’s total direct DAL shareholding after the transaction?

His direct ownership increased to 23,240 shares.

How many DAL shares does the Grantor Retained Annuity Trust hold?

The GRAT holds 99,480 Delta shares, unchanged by this filing.

What is the reported value of the restricted stock award to the non-executive chair?

Delta values the annual restricted stock award at $320,000.