BIRKETT RAKOW DIANA 4

What Happened
Diana Birkett Rakow, EVP & CEO of Hawaiian Airlines and a director of Alaska Air Group (ALK), received equity awards on Feb 10, 2026. Specifically, 5,107 performance stock units (PSUs) vested (acquired at $0), and she was granted 12,380 restricted stock units (RSUs) (derivative award, $0). To satisfy withholding tax on the PSU vesting, 1,372 shares were withheld/treated as a disposition at $59.14 per share, totaling $81,140. These were not open-market sales but a tax-withholding settlement.

Key Details

• Transaction date: February 10, 2026; Form filed February 12, 2026.
• Vesting/acquisition: 5,107 shares (PSUs) — reported as Award/Acquisition (A) at $0.
• Tax withholding: 1,372 shares withheld/disposed at $59.14 = $81,140 (coded F). This was an exempt disposition to the issuer to satisfy tax withholding.
• Grant/derivative: 12,380 RSUs granted (coded A, derivative) at $0; each RSU represents a right to one share.
• Shares owned after transaction: Not specified in the provided filing excerpt.
• Footnotes: PSU vesting reflected performance over a three‑year period ending 12/31/2025 and was certified by the board’s Compensation Committee; RSUs vest in three annual installments (4,126 on 2/10/2027; 4,127 on 2/10/2028; 4,127 on 2/10/2029). The withholding was settled with shares under Rule 16b-3(e).

Context
This filing primarily reports equity compensation (vesting and new RSU grant), not an open-market purchase or a voluntary sale. The small share disposition was a routine, exempt share‑settlement to cover taxes on vested PSUs (common for executive awards) and should not be read as a directional buy/sell signal. The RSUs are contingent awards that will vest over the next three years per the schedule above.