Black Maria 4

What Happened
Black Maria, a non-employee member of Delta Air Lines' Board of Directors, was granted 2,380 restricted shares as her annual director award on June 18, 2026. The Form 4 reports no per-share price (N/A); the grant is described in the filing as the board‑approved annual award with an approximate value of $200,000. The shares were acquired in a transaction exempt under Rule 16b-3(d)(1).

Key Details

• Transaction date: 2026-06-18; Form 4 filed: 2026-06-22 (filing falls within the normal two-business-day window and is timely).
• Transaction type/code: Award/Grant (A).
• Shares granted: 2,380 restricted shares. Reported per-share price: N/A. Approximate grant value: $200,000 (per footnote).
• Shares owned after transaction: not disclosed in the filing.
• Footnote: Non-employee directors receive an annual restricted stock award valued at $200,000; this grant was approved by the Board and exempt under Rule 16b-3(d)(1). No 10b5-1 plan, tax-withholding, or disposition details were reported.

Context
Annual restricted stock awards to non-employee directors are routine compensation and do not necessarily indicate the director’s personal buying or selling intent. The Rule 16b-3 exemption is a standard provision that, when complied with, shields certain board-approved awards from short-swing profit liability under Section 16.