Delta (DAL) EVP Erik Snell exercises options, then sells 39,420 shares

Rhea-AI Filing Summary

Delta Air Lines executive Erik Storey Snell reported exercising stock options and selling shares. On January 16, 2026, he exercised three employee stock option grants, acquiring 13,880 shares at $50.52 per share, 13,460 shares at $58.89 per share, and 9,080 shares at $39.78 per share, all for Delta common stock. These option exercises were coded as transaction type “M.”

On the same date, Snell sold 39,420 shares of Delta common stock in a broker-handled transaction coded “S” at a weighted average price of $71.015 per share, with individual sale prices ranging from $71.000 to $71.065 per share. Following these transactions, he directly held 35,625 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^*

Snell Erik Storey

(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 & Chief Cust Exper Officer

3. Date of Earliest Transaction (Month/Day/Year)
01/16/2026

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	01/16/2026		M		13,880	A	$50.52	52,505	D
Common Stock	01/16/2026		M		13,460	A	$58.89	65,965	D
Common Stock	01/16/2026		M		9,080	A	$39.78	75,045	D
Common Stock	01/16/2026		S		39,420	D	$71.015(1)	35,625	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)	$50.52	01/16/2026		M			13,880	(2)	02/05/2029	Common Stock	13,880	$0	0	D
Employee Stock Option (right to buy)	$58.89	01/16/2026		M			13,460	(2)	02/04/2030	Common Stock	13,460	$0	0	D
Employee Stock Option (right to buy)	$39.78	01/16/2026		M			9,080	(2)	02/02/2031	Common Stock	9,080	$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 $71.065 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 Erik S. Snell	01/21/2026
	** 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 DAL executive Erik Storey Snell report?

Erik Storey Snell, EVP & Chief Customer Experience Officer of Delta Air Lines, Inc. (DAL), reported option exercises and a share sale dated January 16, 2026. He exercised multiple employee stock options and then sold a portion of the resulting common shares.

How many Delta (DAL) shares did Erik Storey Snell sell and at what price?

Snell reported selling 39,420 shares of Delta common stock at a weighted average price of $71.015 per share. The shares were sold through a broker in multiple trades at prices ranging from $71.000 to $71.065 per share.

What stock options did Erik Storey Snell exercise in this DAL Form 4?

On January 16, 2026, Snell exercised three employee stock option grants for 13,880 shares at an exercise price of $50.52, 13,460 shares at $58.89, and 9,080 shares at $39.78, each converting into the same number of Delta common shares.

How many Delta (DAL) shares does Erik Storey Snell hold after the reported transactions?

After the option exercises and subsequent sale, Erik Storey Snell directly owned 35,625 shares of Delta Air Lines common stock, as reported in the filing.

Were the Delta (DAL) options exercised by Erik Storey Snell already exercisable?

Yes. A footnote states that each employee stock option involved in the January 16, 2026 transactions was currently exercisable at the time of exercise.

What do the transaction codes M and S mean in this DAL insider filing?

In this report, code M indicates the exercise or conversion of employee stock options into Delta common shares, while code S indicates an open market or broker sale of common stock.