Rakow Diana Birkett - 10 Feb 2026 Form 4 Insider Report for ALASKA AIR GROUP, INC. (ALK)

Role: EVP & CEO of Hawaiian Airlines
Signature: /s/ Howard Kuppler, by power of attorney
Issuer symbol: ALK
Transactions as of: 10 Feb 2026
Net transactions value: -$81,140
Form type: 4
Filing time: 12 Feb 2026, 19:22:32 UTC
Previous filing: 30 Sep 2025
Next filing: 13 Feb 2026
SEC: View on sec.gov

Reporting Owners (1)

Name	Relationship	Address	Signature	Signature date	CIK
BIRKETT RAKOW DIANA	EVP & CEO of Hawaiian Airlines	ALASKA AIR GROUP, INC., 19300 INTERNATIONAL BLVD, SEATTLE	/s/ Howard Kuppler, by power of attorney	11 Feb 2026	0001717592

Transactions Table

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Ownership	Footnotes
transaction	ALK	COMMON STOCK	Award	$0	+5,107	+28%	$0.000000	23,364	10 Feb 2026	Direct	F1
transaction	ALK	COMMON STOCK	Tax liability	$81,140	-1,372	-5.9%	$59.14	21,992	10 Feb 2026	Direct	F2

Derivative Securities (e.g., puts, calls, warrants, options, convertible securities)

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Underlying Class	Amount	Exercise Price	Ownership	Footnotes
transaction	ALK	RESTRICTED STOCK UNITS	Award	$0	+12,380		$0.000000	12,380	10 Feb 2026	COMMON STOCK	12,380		Direct	F3, F4

* An asterisk sign (*) next to the price indicates that the price is likely invalid.

Explanation of Responses:

Id	Content
F1	The acquisition resulted from the vesting of Performance Stock Units (PSUs) pursuant to the attainment of certain performance goals over a three-year period ending December 31, 2025, in accordance with the terms of a PSU award granted under the Issuer's 2016 Performance Incentive Plan and upon certification of performance results by the Board's Compensation Committee on February 10, 2026.
F2	The shares withheld were an exempt disposition to the Issuer under Rule 16b-3(e) to satisfy tax withholding obligations arising out of the vesting of PSUs and settled with shares by the reporting person.
F3	Each restricted stock unit (RSUs) represents a contingent right to receive one share of ALK common stock.
F4	The RSUs vest in three annual installments as follows: 4,126 shares on February 10, 2027; 4,127 shares on February 10, 2028; and 4,127 shares on February 10, 2029.