Sec Form 4 Filing - TACKETT SHANE R @ ALASKA AIR GROUP, INC. - 2025-02-07

FORM 4 Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934, Section 17(a) of the Public Utility Holding Company Act of 1935 or Section 30(h) of the Investment Company Act of 1940

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1. Name and Address of Reporting Person TACKETT SHANE R 2. Issuer Name and Ticker or Trading Symbol ALASKA AIR GROUP, INC. [ ALK] 5. Relationship of Reporting Person(s) to Issuer (Check all applicable) _____ Director _____ 10% Owner X __ Officer (give title below) _____ Other (specify below) EVP AND CFO (Last) (First) (Middle) ALASKA AIR GROUP, INC., 19300 INTERNATIONAL BLVD 3. Date of Earliest Transaction (MM/DD/YY) 02/07/2025 (Street) SEATTLE, WA98188 4. If Amendment, Date Original Filed (MM/DD/YY) 6. Individual or Joint/Group Filing (Check Applicable Line) __ X __ Form filed by One Reporting Person _____ Form filed by More than One Reporting Person (City) (State) (Zip)

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned 1.Title of Security (Instr. 3) 2. Transaction Date (MM/DD/YY) 2A. Deemed Execution Date, if any (MM/DD/YY) 3. Transaction Code (Instr. 8) 4. Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5) 5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4) 6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4) 7. Nature of Indirect Beneficial Ownership (Instr. 4) Code V Amount (A) or (D) Price COMMON STOCK 02/07/2025 M 7,440 A $ 0 ( 1 ) 34,802 D COMMON STOCK 02/07/2025 F 2,929 ( 2 ) D $ 75.92 31,873 D COMMON STOCK 02/10/2025 M 13,222 A $ 55.36 45,095 D COMMON STOCK 02/10/2025 M 8,470 A $ 39.18 53,565 D COMMON STOCK 02/10/2025 M 276 A $ 65.63 53,841 D COMMON STOCK 02/10/2025 M 925 A $ 65.37 54,766 D COMMON STOCK 02/10/2025 S 22,893 D $ 75.7424 ( 3 ) 31,873 D COMMON STOCK 02/11/2025 A 16,666 A ( 4 ) $ 0 48,539 D COMMON STOCK 02/11/2025 F 6,559 ( 5 ) D $ 72.85 41,980 D COMMON STOCK ( 6 ) 2,806 I ESOP TRUST

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned ( e.g. , puts, calls, warrants, options, convertible securities) 1. Title of Derivative Security (Instr. 3) 2. Conversion or Exercise Price of Derivative Security 3. Transaction Date (MM/DD/YY) 3A. Deemed Execution Date, if any (MM/DD/YY) 4. Transaction Code (Instr. 8) 5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4, and 5) 6. Date Exercisable and Expiration Date (MM/DD/YY) 7. Title and Amount of Underlying Securities (Instr. 3 and 4) 8. Price of Derivative Security (Instr. 5) 9. Number of Derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4) 10. Ownership Form of Derivative Security: Direct (D) or Indirect (I) (Instr. 4) 11. Nature of Indirect Beneficial Ownership (Instr. 4) Code V (A) (D) Date Exercisable Expiration Date Title Amount or Number of Shares RESTRICTED STOCK UNITS $ 0 ( 1 ) 02/07/2025 M 7,440 02/07/2025 02/07/2025 COMMON STOCK 7,440 $ 0 0 D EMPLOYEE STOCK OPTION (RIGHT TO BUY) $ 55.36 02/10/2025 M 13,222 ( 7 ) 02/07/2032 COMMON STOCK 13,222 $ 0 4,408 D EMPLOYEE STOCK OPTION (RIGHT TO BUY) $ 39.18 02/10/2025 M 8,470 ( 8 ) 11/05/2030 COMMON STOCK 8,470 $ 0 0 D EMPLOYEE STOCK OPTION (RIGHT TO BUY) $ 65.63 02/10/2025 M 276 ( 9 ) 02/09/2026 COMMON STOCK 276 $ 0 0 D EMPLOYEE STOCK OPTION (RIGHT TO BUY) $ 65.37 02/10/2025 M 925 ( 10 ) 02/10/2025 COMMON STOCK 925 $ 0 0 D RESTRICTED STOCK UNITS $ 0 ( 1 ) 02/11/2025 A 19,330 ( 11 ) ( 11 ) COMMON STOCK 19,330 $ 0 19,330 D

Reporting Owners Reporting Owner Name / Address Relationships Director 10% Owner Officer Other TACKETT SHANE R ALASKA AIR GROUP, INC. 19300 INTERNATIONAL BLVD SEATTLE, WA98188 EVP AND CFO Signatures /s/ Howard Kuppler, by power of attorney 02/11/2025 Signature of Reporting Person Date

Explanation of Responses:

( 1 )Restricted Stock Units (RSUs) convert into common stock on a one-for-one basis. ( 2 )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. ( 3 )The price reported in column 4 is a weighted average price. These shares sold in multiple transactions at prices ranging from $75.7000 to $75.8250, inclusive. The reporting person undertakes to provide to Alaska Air Group, Inc., any security holder of Alaska Air Group, Inc., or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within the ranges set forth in this footnote. ( 4 )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, 2024, in accordance with the terms of a PSU award granted under the Issuer's 2016 Performance Incentive Plan and per approval by the Board's Compensation Committee on February 11, 2025. ( 5 )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. ( 6 )Common shares held in the Alaska Air Group, Inc. Employee Stock Ownership 401(K) Plan Trust, as of 12/31/2024. ( 7 )The options exercised were from a grant of 17,630 options that vested or will vest in 25% increments over four years (2/7/2023, 2/7/2024, 2/7/2025 and 2/7/2026). ( 8 )The options vested in equal installments on the first three anniversaries of the grant date (11/15/2021, 11/5/20222 and 11/5/2023). ( 9 )The options exercised were from a grant of 1,750 shares that vested in 25% increments over four years (2/9/2017, 2/9/2018, 2/9/2019 and 2/9/2020). ( 10 )The options exercised were from a grant of 1,850 shares that vested in 25% increments over four years (2/10/2016, 2/10/2017, 2/10/2018 and 2/10/2019). ( 11 )The RSUs vest in 1/3 increments over three years (2/11/2026, 2/11/2027, and 2/11/2028).

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* If the form is filed by more than one reporting person, see Instruction 4(b)(v).

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