CONSTANCE E. VON MUEHLEN - 02 May 2023 Form 4 Insider Report for ALASKA AIR GROUP, INC. (ALK)

Role: EVP AND COO
Signature: /s/ Howard Kuppler, by power of attorney
Issuer symbol: ALK
Transactions as of: 02 May 2023
Net transactions value: -$28,407
Form type: 4
Filing time: 04 May 2023, 17:04:31 UTC
Previous filing: 07 Mar 2023
Next filing: 07 Nov 2023
SEC: View on sec.gov

Transactions Table

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Ownership	Footnotes
transaction	ALK	COMMON STOCK	Options Exercise	$0	+1,190	+17%	$0.000000	8,320	02 May 2023	Direct	F1
transaction	ALK	COMMON STOCK	Tax liability	$18,909	-436	-5.2%	$43.37	7,884	02 May 2023	Direct	F2
transaction	ALK	COMMON STOCK	Award	$0	+556	+7.1%	$0.000000	8,440	02 May 2023	Direct	F3
transaction	ALK	COMMON STOCK	Tax liability	$9,498	-219	-2.6%	$43.37	8,221	02 May 2023	Direct	F4
holding	ALK	COMMON STOCK						470	02 May 2023	Held by Spouse

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	+1,190		$0.000000	1,190	02 May 2023	COMMON STOCK	1,190	$0.000000	Direct	F1
transaction	ALK	RESTRICTED STOCK UNITS	Options Exercise	$0	-1,190	-100%	$0.000000^*	0	02 May 2023	COMMON STOCK	1,190	$0.000000	Direct	F1
transaction	ALK	RESTRICTED STOCK UNITS	Award	$0	+4,110		$0.000000	4,110	02 May 2023	COMMON STOCK	4,110	$0.000000	Direct	F1
transaction	ALK	RESTRICTED STOCK UNITS	Award	$0	+5,810		$0.000000	5,810	02 May 2023	COMMON STOCK	5,810	$0.000000	Direct	F1
transaction	ALK	EMPLOYEE STOCK OPTION (RIGHT TO BUY)	Award	$0	+8,576		$0.000000	8,576	02 May 2023	COMMON STOCK	8,576	$69.49	Direct	F5
transaction	ALK	EMPLOYEE STOCK OPTION (RIGHT TO BUY)	Award	$0	+2,585		$0.000000	2,585	02 May 2023	COMMON STOCK	2,585	$64.55	Direct	F6
transaction	ALK	COMMON STOCK	Award	$0	+13,770		$0.000000	13,770	02 May 2023	COMMON STOCK	13,770	$55.36	Direct	F7
transaction	ALK	RESTRICTED STOCK UNITS	Award	$0	+13,160		$0.000000	13,160	04 May 2023	COMMON STOCK	13,160	$0.000000	Direct	F1

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

Explanation of Responses:

Id	Content
F1	Each restricted stock unit represents a contingent right to receive one share of ALK common stock.
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 RSUs and settled with shares by the reporting person.
F3	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, 2022, in accordance with the terms of a PSU award agreement granted under the Issuer's 2016 Performance Incentive Plan and per approval by the Board's Compensation Committee.
F4	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.
F5	The option vests as to 3,546 shares on May 2, 2023; as to 2,515 shares on April 3, 2024; and as to 2,515 shares on April 3, 2025.
F6	The option vests as to 1,292 shares on May 2, 2023, and as to 1,293 shares on February 11, 2024.
F7	The option vests as to 3,442 shares on May 2, 2023; as to 3,443 shares on February 7, 2024; as to 3,442 shares on February 7, 2025; and as to 3,443 shares on February 7, 2026.