Chiang Willie CW 4

What Happened
Willie Chiang, a non-employee director of Delta Air Lines (DAL), received an annual restricted stock award of 2,380 shares on June 18, 2026. The award is valued at approximately $200,000 per Delta’s board-approved annual grant. The transaction is reported as an award/grant (code A); no per-share price is shown because these were restricted shares issued as compensation.

Key Details

• Transaction date: June 18, 2026; Form 4 filed June 22, 2026 (timely filing).
• Transaction type/code: Award/Grant (A); shares acquired under an exemption (Rule 16b-3(d)(1)).
• Shares received: 2,380 restricted shares; reported value of the annual award ≈ $200,000 (per footnote).
• Price: N/A (restricted stock award).
• Shares owned after transaction: Not specified in the provided filing excerpt.
• Footnotes: F1 notes this is the standard annual restricted stock award approved by the Board. F2 states the shares are held by the Chiang 2014 Management Trust, of which Mr. Chiang and his wife are co‑trustees.

Context
This was a routine board compensation grant to a non-employee director rather than an open-market purchase or sale. Such awards compensate service and do not, by themselves, indicate the director buying or selling stock for investment reasons. The award was granted under a Rule 16b-3 exemption that commonly covers certain director compensation arrangements; the shares are held in a family trust.