ELWELL DANIEL KEVIN 4

What Happened Daniel Elwell, a director of Alaska Air Group, received two awards on 2026-05-13: one grant of 2,593 common shares and one grant of 2,593 deferred stock units (DSUs), each at an imputed value of $38.56 per share. Each award is valued at $99,986, for a combined grant value of $199,972. These awards were granted in connection with his re-election to the company’s Board of Directors through the 2027 annual meeting and are reported as "A" (award/acquisition) transactions.

Key Details

• Transaction date and price: 2026-05-13, 2,593 shares or DSUs at $38.56 each (two grants).
• Total value: $99,986 per grant; $199,972 combined.
• Grant types: one grant of common stock (F1) and one grant of DSUs (F2) under the 2016 Performance Incentive Plan.
• Ownership notes: filing notes there were 9,715 previously granted DSUs outstanding (F3). The new awards add 2,593 common shares plus 2,593 DSUs; the DSUs are payable one-for-one in common shares upon the director’s resignation.
• Timeliness: Report covers 2026-05-13 and was filed 2026-05-14 (appears timely).

Context These awards are board-compensation-related (re-election awards), not open-market purchases or sales. The DSUs are 100% vested on grant but are payable as shares only when the director resigns from the board, so they are a deferred form of equity compensation rather than an immediate change in tradable share supply. Such grants are routine for director compensation and do not, by themselves, indicate the insider is buying or selling stock in the open market.