YEAMAN ERIC K 4

What Happened
Eric K. Yeaman, a director of Alaska Air Group, Inc. (ALK), was granted 5,186 deferred stock units (DSUs) on 2026-05-13 at an imputed price of $38.56 each, valued at $199,972. This transaction is an award (Form 4 code A), not an open-market buy or sale.

Key Details

• Transaction date: 2026-05-13; filing date: 2026-05-14 (appears timely).
• Grant: 5,186 DSUs at $38.56; total value ≈ $199,972.
• Shares/units held after grant: 16,864 DSUs total (includes 1,108 DSUs from 2008 PIP and 10,570 DSUs from the 2016 PIP plus this 5,186 grant).
• Footnote F1: DSUs granted under the 2016 Performance Incentive Plan in connection with re‑election; 100% vested and payable one‑for‑one in common shares upon the reporting person's resignation from the Board.
• Footnote F2: Confirms prior DSU balances (1,108 from 2008 PIP; 10,570 from 2016 PIP); all DSUs are 100% vested and issuable in common shares upon resignation.

Context
DSUs are a form of deferred compensation for directors: they are not tradable shares today and convert to common stock (one share per DSU) when the director leaves the board. Because this is a compensation grant tied to board service, it should be viewed as routine director remuneration rather than an open‑market purchase that signals personal bullishness.