Delta President Peter W. Carter Exercises Options, Sells 39,900 Shares

What Happened

• Peter W. Carter, President of Delta Air Lines (DAL), exercised stock options to acquire 39,900 shares on 2026-08-04 at $49.33 per share (cost $1,968,267), and sold the same 39,900 shares in an open-market transaction the same day for a weighted average $92.98 per share (proceeds $3,709,942). The difference between proceeds and exercise cost is about $1,741,675 (pre-tax).
• The filing also shows a derivative disposition line for 39,900 shares at $0.00, which reflects the option/derivative conversion associated with the exercise.

Key Details

• Transaction date: 2026-08-04; Form 4 filed 2026-08-05 (timely — within the standard two-business-day window).
• Exercise price: $49.33 per share (total exercise cost $1,968,267).
• Sale price: weighted average $92.98 per share (total proceeds $3,709,942); reported sale prices ranged $92.740–$93.300 (Footnote F1).
• Shares owned after the transaction: not specified in the provided filing excerpt.
• Footnotes: F1 notes the weighted-average sale price and offers to provide a price-by-price breakdown on request; F2 states the option was exercisable at the time of exercise.
• Transaction codes: M = option exercise/conversion; S = open-market sale.

Context

• This is effectively an option exercise followed by an immediate sale (a common "cashless" outcome that covers the exercise cost). Such same-day exercises + sales are routine for executives and often executed to realize gains or cover costs associated with the option exercise.
• The filing is factual and timely; it does not by itself indicate the insider’s view of the company’s prospects.