BEER JAMES A 4

What Happened

• James A. Beer, a director of Alaska Air Group, Inc. (ALK), was granted 5,186 deferred stock units (DSUs) on 2026-05-13 at an indicated price of $38.56 per share, equal to $199,972. This grant was issued as an award (transaction code A) in connection with his re-election to the Board.

Key Details

• Transaction date and price: 2026-05-13, 5,186 DSUs at $38.56 each (total value $199,972).
• Shares/units held after the transaction: filing indicates 19,510 previously held DSUs plus this 5,186 grant = 24,696 DSUs total (each DSU is convertible one-for-one into common shares upon resignation from the Board).
• Footnotes: Grant made under the Issuer’s 2016 Performance Incentive Plan; DSUs are 100% vested and payable in common shares when the director resigns from the Board.
• Filing timeliness: Form 4 filed on 2026-05-14 for a 2026-05-13 transaction (within the normal 2-business-day reporting window).

Context

• DSUs are deferred compensation that convert to company stock later (here, payable upon resignation). This award is a routine board compensation event related to re-election, not an open-market purchase or sale, and therefore should be interpreted as director compensation rather than a direct market signal of insider buying or selling.