VON MUEHLEN CONSTANCE E 4

What Happened

• Constance E. Von Muehlen, EVP & Advisor to the COO of Alaska Air Group (ALK), had 5,080 restricted stock units (RSUs convert/vest to common shares) vest on Feb 11, 2026. The vested RSUs converted into 5,080 shares valued at $57.50 each (total value $292,100).
• To satisfy tax withholding, 1,152 of those shares were withheld by the issuer at $57.50 per share for a tax withholding of $66,240. The remaining 3,928 shares (net) were delivered to the reporting person.

Key Details

• Transaction date: 2026-02-11; Form 4 filed 2026-02-13 (appears timely).
• Vesting/conversion: 5,080 shares (code M — exercise/conversion of derivative) at $0.00 exercise price; withholding disposition: 1,152 shares (code F) at $57.50 = $66,240.
• Gross value of vested shares: $292,100; net value after withholding delivered to insider: $225,860.
• Shares owned after transaction: not specified in the filing.
• Footnotes: F1 = each RSU converts to one share; F2 = shares withheld were an exempt disposition under Rule 16b-3(e) to satisfy tax withholding; F3 = these RSUs were part of a 15,240-share grant on Feb 11, 2025 vesting in three equal annual installments (this is the 1/3 vesting on 2/11/2026).

Context

• This was not an open-market sale—shares were withheld by the company to cover tax obligations arising from RSU vesting, a routine administrative action rather than a signal of buying/selling intent.
• For retail investors: such withholding of vested RSUs to satisfy taxes is common and does not necessarily indicate insider sentiment about the stock.