Delta Air Lines (DAL) CEO Edward H. Bastian Exercises Options, Sells 206,510 Shares

What Happened

• Edward H. Bastian, CEO of Delta Air Lines, exercised 206,510 stock options on 2026-08-04 at an exercise price of $49.33 per share (cost = $10,187,138) and sold those 206,510 shares in the open market the same day for a weighted-average price of $92.80 per share (proceeds ≈ $19,163,302). The filing also shows a derivative disposition entry for 206,510 shares at $0 reflecting the option conversion.

Key Details

• Transaction date: 2026-08-04
• Exercise (code M): 206,510 shares at $49.33 each (total exercise cost $10,187,138)
• Sale (code S): 206,510 shares sold at a weighted-average price of $92.80 (total proceeds ≈ $19,163,302); reported sale prices ranged $92.38–$93.08 per share (see footnote)
• Shares owned after transaction: not specified in the provided filing excerpt
• Footnotes: F1 notes the sale price is a weighted average across multiple transactions ($92.38–$93.08) and detailed breakdowns can be provided to the SEC or Delta upon request; F2 notes the option was currently exercisable
• Timeliness: Filing posted 2026-08-05 for transactions on 2026-08-04 (no indication of a late filing)

Context

• Because the options were exercised and the same shares were sold the same day, this is effectively a cashless exercise (exercise followed by immediate sale). This is common for executives realizing gains from vested options and does not, by itself, indicate a change in view about the company.