Delta (DAL) EVP Alain Bellemare Exercises Options, Sells 35,000 Shares

What Happened

• Alain Bellemare, EVP and President — International at Delta Air Lines, exercised 35,000 stock options on Aug 4, 2026 (exercise cost $39.78/share, total ~$1,392,300) and sold 35,000 shares the same day in an open-market transaction (weighted avg sale price $92.72/share, proceeds ~$3,245,165). The filing also reports the related derivative (the option) being disposed at $0, reflecting the option’s cancellation upon exercise.

Key Details

• Transaction date: 2026-08-04 (filed with the SEC on 2026-08-05 — timely).
• Exercise: 35,000 shares at $39.78 each = $1,392,300 (transaction code M).
• Sale: 35,000 shares sold at a weighted average price of $92.72 = $3,245,165 (transaction code S). Reported sale prices ranged from $92.50 to $93.16 (see footnote F1).
• Derivative disposition: 35,000 options reported disposed at $0, reflecting cancellation on exercise (footnote F2 notes the option was exercisable).
• Shares owned after the transaction: not specified in this filing.
• Footnotes: F1 explains the weighted-average sale price and availability of per-trade details upon request; F2 confirms the option was exercisable.

Context

• This is an exercise-plus-sale (effectively a cashless monetization): the insider paid the exercise cost and immediately sold the resulting shares. The net pre-tax proceeds from the round-trip are roughly $3,245,165 − $1,392,300 = ~$1,852,865. The filing does not state whether proceeds were used to cover taxes or for other purposes.