Andrew R. Harrison - Feb 11, 2023 Form 4 Insider Report for ALASKA AIR GROUP, INC. (ALK)

Role: EVP AND CCO
Signature: /s/ Howard Kuppler, by power of attorney
Stock symbol: ALK
Transactions as of: Feb 11, 2023
Transactions value $: -$206,361
Form type: 4
Date filed: 2/14/2023, 05:40 PM
Previous filing: Nov 8, 2022
Next filing: May 4, 2023

Transactions Table

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Ownership	Footnotes
transaction	ALK	COMMON STOCK	Options Exercise	$0	+5.26K	+40.87%	$0.00	18.1K	Feb 11, 2023	Direct	F1
transaction	ALK	COMMON STOCK	Tax liability	-$103K	-2.07K	-11.42%	$49.58	16.1K	Feb 11, 2023	Direct	F2
transaction	ALK	COMMON STOCK	Award	$0	+5.26K	+32.72%	$0.00	21.3K	Feb 13, 2023	Direct	F3
transaction	ALK	COMMON STOCK	Tax liability	-$104K	-2.07K	-9.7%	$50.16	19.2K	Feb 13, 2023	Direct	F4

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	Options Exercise	$0	-5.26K	-100%	$0.00^*	0	Feb 11, 2023	COMMON STOCK	5.26K	$0.00	Direct	F1

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

Explanation of Responses:

Id	Content
F1	Restricted Stock Units (RSUs) convert into common stock on a one-for-one basis.
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 on February 11, 2020, under the Issuer's 2016 Performance Incentive Plan and per approval by the Board's Compensation Committee on February 13, 2023.
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.