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STOCK TITAN

[Form 4] Delta Air Lines, Inc. Insider Trading Activity

Filing Impact
(Neutral)
Filing Sentiment
(Neutral)
Form Type
4
Rhea-AI Filing Summary

Form 4 overview: On 23-Jun-2025 Delta Air Lines (DAL) filed a Form 4 disclosing two insider transactions by director Sergio Rial.

  • 18-Jun-2025: 1,212 shares were withheld (Code F) at $47.56 to cover taxes on a 2024 restricted-stock vesting; transaction approved by the Personnel & Compensation Committee and exempt under Rule 16b-3.
  • 20-Jun-2025: 4,240 restricted shares were granted (Code A) as the annual $200,000 equity award to non-employee directors. Because 19-Jun was a federal holiday, the grant date shifted to the next trading day; the award is likewise Rule 16b-3 exempt.

Following these movements Mr. Rial directly owns 36,069 DAL shares, a net increase of 3,028 shares (�9.2%) versus the pre-event balance. No derivative securities were reported.

The filing is routine, compensation-related, and introduces no new information about Delta’s operations, earnings or strategy.

Panoramica del Modulo 4: Il 23 giugno 2025 Delta Air Lines (DAL) ha presentato un Modulo 4 che rende note due operazioni interne effettuate dal direttore Sergio Rial.

  • 18 giugno 2025: 1.212 azioni sono state trattenute (Codice F) a $47,56 per coprire le tasse relative alla maturazione di azioni vincolate del 2024; l'operazione è stata approvata dal Comitato del Personale e delle Retribuzioni ed è esente secondo la Regola 16b-3.
  • 20 giugno 2025: 4.240 azioni vincolate sono state assegnate (Codice A) come premio azionario annuale di $200.000 ai direttori non dipendenti. Poiché il 19 giugno era un giorno festivo federale, la data di assegnazione è stata spostata al giorno di borsa successivo; anche questo premio è esente dalla Regola 16b-3.

Dopo queste operazioni, il Sig. Rial possiede direttamente 36.069 azioni DAL, con un aumento netto di 3.028 azioni (circa il 9,2%) rispetto al saldo precedente. Non sono stati segnalati titoli derivati.

La comunicazione è di routine, correlata alla compensazione, e non fornisce nuove informazioni sulle operazioni, i guadagni o la strategia di Delta.

Resumen del Formulario 4: El 23 de junio de 2025, Delta Air Lines (DAL) presentó un Formulario 4 revelando dos transacciones internas realizadas por el director Sergio Rial.

  • 18 de junio de 2025: se retuvieron 1,212 acciones (Código F) a $47.56 para cubrir impuestos sobre la adquisición de acciones restringidas de 2024; la transacción fue aprobada por el Comité de Personal y Compensación y está exenta bajo la Regla 16b-3.
  • 20 de junio de 2025: se otorgaron 4,240 acciones restringidas (Código A) como premio anual en acciones de $200,000 para directores no empleados. Debido a que el 19 de junio fue un feriado federal, la fecha de otorgamiento se trasladó al siguiente día hábil; el premio también está exento bajo la Regla 16b-3.

Tras estas operaciones, el Sr. Rial posee directamente 36,069 acciones de DAL, un aumento neto de 3,028 acciones (�9.2%) respecto al saldo previo. No se reportaron valores derivados.

La presentación es rutinaria, relacionada con compensaciones, y no aporta nueva información sobre las operaciones, ganancias o estrategia de Delta.

Form 4 개요: 2025� 6� 23�, 델타 항공(DAL)은 이사 세르히오 리알� 내부� 거래 � 건을 공개하는 Form 4� 제출했습니다.

  • 2025� 6� 18�: 2024� 제한 주식 베스팅에 대� 세금 납부� 위해 1,212주가 보유(Code F)되었으며, 주당 가격은 $47.56이었습니�. � 거래� 인사 � 보상 위원회의 승인� 받았으며 Rule 16b-3� 따라 면제되었습니�.
  • 2025� 6� 20�: 비임� 이사들에� 연간 $200,000 주식 보상으로 제한 주식 4,240주가 부�(Code A)되었습니�. 6� 19일이 연방 공휴일이어서 부여일� 다음 거래일로 연기되었으며, � 보상� Rule 16b-3 면제 대상입니다.

� 거래 이후 리알 씨는 직접적으� 36,069주의 DAL 주식� 보유하게 되었으며, 이는 이전 보유� 대� 순증가 3,028�(� 9.2%)입니�. 파생 증권은 보고되지 않았습니�.

이번 제출은 일상적인 보상 관� 건으�, 델타� 운영, 수익 또는 전략� 관� 새로� 정보� 포함되어 있지 않습니다.

Résumé du Formulaire 4 : Le 23 juin 2025, Delta Air Lines (DAL) a déposé un Formulaire 4 divulguant deux transactions d'initiés réalisées par le directeur Sergio Rial.

  • 18 juin 2025 : 1 212 actions ont été retenues (Code F) à 47,56 $ pour couvrir les impôts liés à l'acquisition d'actions restreintes de 2024 ; la transaction a été approuvée par le Comité du Personnel et de la Rémunération et est exemptée en vertu de la Règle 16b-3.
  • 20 juin 2025 : 4 240 actions restreintes ont été attribuées (Code A) en tant que récompense annuelle en actions de 200 000 $ aux administrateurs non salariés. Étant donné que le 19 juin était un jour férié fédéral, la date d'attribution a été reportée au jour de bourse suivant ; cette récompense est également exemptée selon la Règle 16b-3.

À la suite de ces mouvements, M. Rial détient directement 36 069 actions DAL, soit une augmentation nette de 3 028 actions (�9,2 %) par rapport au solde précédent. Aucun titre dérivé n'a été signalé.

Le dépôt est de routine, lié à la rémunération, et n'apporte aucune nouvelle information sur les opérations, les résultats ou la stratégie de Delta.

Übersicht Formular 4: Am 23. Juni 2025 reichte Delta Air Lines (DAL) ein Formular 4 ein, das zwei Insider-Transaktionen des Direktors Sergio Rial offenlegt.

  • 18. Juni 2025: 1.212 Aktien wurden (Code F) zu $47,56 einbehalten, um Steuern auf eine Restricted-Stock-Vesting aus 2024 zu begleichen; die Transaktion wurde vom Personal- und Vergütungsausschuss genehmigt und ist gemäß Regel 16b-3 ausgenommen.
  • 20. Juni 2025: 4.240 Restricted Shares wurden (Code A) als jährliche Aktienzuwendung in Höhe von $200.000 an nicht-geschäftsführende Direktoren gewährt. Da der 19. Juni ein bundesweiter Feiertag war, verschob sich das Gewährungsdatum auf den nächsten Handelstag; auch diese Zuwendung ist gemäß Regel 16b-3 ausgenommen.

Nach diesen Transaktionen besitzt Herr Rial direkt 36.069 DAL-Aktien, eine Nettozunahme von 3.028 Aktien (�9,2%) gegenüber dem vorherigen Bestand. Es wurden keine Derivatwerte gemeldet.

Die Meldung ist routinemäßig, vergütungsbezogen und enthält keine neuen Informationen zu Deltas Geschäftstätigkeit, Erträgen oder Strategie.

Positive
  • Director Sergio Rial acquired 4,240 restricted shares, boosting his stake by 9.2% and modestly enhancing board-shareholder alignment.
Negative
  • None.

Insights

TL;DR: Routine director equity grant; negligible valuation impact.

The 4,240-share award, worth about $200k, is standard board compensation and immaterial versus Delta’s multi-billion market cap. Net addition of 3,028 shares increases the director’s stake but involves no open-market buying. Both transactions are Rule 16b-3 exempt, indicating compliance rather than opportunistic trading. Investors should not expect meaningful price movement based on this filing alone.

TL;DR: Stock-based pay aligns board and shareholders; no concerns.

Delta continues to remunerate non-employee directors chiefly in equity, supporting alignment with shareholder interests. Grant size and timing follow established policy, and the tax-withholding sale is mechanical. No governance red flags or timing irregularities appear. While positive for incentive alignment, the disclosure is not materially impactful for shareholders.

Panoramica del Modulo 4: Il 23 giugno 2025 Delta Air Lines (DAL) ha presentato un Modulo 4 che rende note due operazioni interne effettuate dal direttore Sergio Rial.

  • 18 giugno 2025: 1.212 azioni sono state trattenute (Codice F) a $47,56 per coprire le tasse relative alla maturazione di azioni vincolate del 2024; l'operazione è stata approvata dal Comitato del Personale e delle Retribuzioni ed è esente secondo la Regola 16b-3.
  • 20 giugno 2025: 4.240 azioni vincolate sono state assegnate (Codice A) come premio azionario annuale di $200.000 ai direttori non dipendenti. Poiché il 19 giugno era un giorno festivo federale, la data di assegnazione è stata spostata al giorno di borsa successivo; anche questo premio è esente dalla Regola 16b-3.

Dopo queste operazioni, il Sig. Rial possiede direttamente 36.069 azioni DAL, con un aumento netto di 3.028 azioni (circa il 9,2%) rispetto al saldo precedente. Non sono stati segnalati titoli derivati.

La comunicazione è di routine, correlata alla compensazione, e non fornisce nuove informazioni sulle operazioni, i guadagni o la strategia di Delta.

Resumen del Formulario 4: El 23 de junio de 2025, Delta Air Lines (DAL) presentó un Formulario 4 revelando dos transacciones internas realizadas por el director Sergio Rial.

  • 18 de junio de 2025: se retuvieron 1,212 acciones (Código F) a $47.56 para cubrir impuestos sobre la adquisición de acciones restringidas de 2024; la transacción fue aprobada por el Comité de Personal y Compensación y está exenta bajo la Regla 16b-3.
  • 20 de junio de 2025: se otorgaron 4,240 acciones restringidas (Código A) como premio anual en acciones de $200,000 para directores no empleados. Debido a que el 19 de junio fue un feriado federal, la fecha de otorgamiento se trasladó al siguiente día hábil; el premio también está exento bajo la Regla 16b-3.

Tras estas operaciones, el Sr. Rial posee directamente 36,069 acciones de DAL, un aumento neto de 3,028 acciones (�9.2%) respecto al saldo previo. No se reportaron valores derivados.

La presentación es rutinaria, relacionada con compensaciones, y no aporta nueva información sobre las operaciones, ganancias o estrategia de Delta.

Form 4 개요: 2025� 6� 23�, 델타 항공(DAL)은 이사 세르히오 리알� 내부� 거래 � 건을 공개하는 Form 4� 제출했습니다.

  • 2025� 6� 18�: 2024� 제한 주식 베스팅에 대� 세금 납부� 위해 1,212주가 보유(Code F)되었으며, 주당 가격은 $47.56이었습니�. � 거래� 인사 � 보상 위원회의 승인� 받았으며 Rule 16b-3� 따라 면제되었습니�.
  • 2025� 6� 20�: 비임� 이사들에� 연간 $200,000 주식 보상으로 제한 주식 4,240주가 부�(Code A)되었습니�. 6� 19일이 연방 공휴일이어서 부여일� 다음 거래일로 연기되었으며, � 보상� Rule 16b-3 면제 대상입니다.

� 거래 이후 리알 씨는 직접적으� 36,069주의 DAL 주식� 보유하게 되었으며, 이는 이전 보유� 대� 순증가 3,028�(� 9.2%)입니�. 파생 증권은 보고되지 않았습니�.

이번 제출은 일상적인 보상 관� 건으�, 델타� 운영, 수익 또는 전략� 관� 새로� 정보� 포함되어 있지 않습니다.

Résumé du Formulaire 4 : Le 23 juin 2025, Delta Air Lines (DAL) a déposé un Formulaire 4 divulguant deux transactions d'initiés réalisées par le directeur Sergio Rial.

  • 18 juin 2025 : 1 212 actions ont été retenues (Code F) à 47,56 $ pour couvrir les impôts liés à l'acquisition d'actions restreintes de 2024 ; la transaction a été approuvée par le Comité du Personnel et de la Rémunération et est exemptée en vertu de la Règle 16b-3.
  • 20 juin 2025 : 4 240 actions restreintes ont été attribuées (Code A) en tant que récompense annuelle en actions de 200 000 $ aux administrateurs non salariés. Étant donné que le 19 juin était un jour férié fédéral, la date d'attribution a été reportée au jour de bourse suivant ; cette récompense est également exemptée selon la Règle 16b-3.

À la suite de ces mouvements, M. Rial détient directement 36 069 actions DAL, soit une augmentation nette de 3 028 actions (�9,2 %) par rapport au solde précédent. Aucun titre dérivé n'a été signalé.

Le dépôt est de routine, lié à la rémunération, et n'apporte aucune nouvelle information sur les opérations, les résultats ou la stratégie de Delta.

Übersicht Formular 4: Am 23. Juni 2025 reichte Delta Air Lines (DAL) ein Formular 4 ein, das zwei Insider-Transaktionen des Direktors Sergio Rial offenlegt.

  • 18. Juni 2025: 1.212 Aktien wurden (Code F) zu $47,56 einbehalten, um Steuern auf eine Restricted-Stock-Vesting aus 2024 zu begleichen; die Transaktion wurde vom Personal- und Vergütungsausschuss genehmigt und ist gemäß Regel 16b-3 ausgenommen.
  • 20. Juni 2025: 4.240 Restricted Shares wurden (Code A) als jährliche Aktienzuwendung in Höhe von $200.000 an nicht-geschäftsführende Direktoren gewährt. Da der 19. Juni ein bundesweiter Feiertag war, verschob sich das Gewährungsdatum auf den nächsten Handelstag; auch diese Zuwendung ist gemäß Regel 16b-3 ausgenommen.

Nach diesen Transaktionen besitzt Herr Rial direkt 36.069 DAL-Aktien, eine Nettozunahme von 3.028 Aktien (�9,2%) gegenüber dem vorherigen Bestand. Es wurden keine Derivatwerte gemeldet.

Die Meldung ist routinemäßig, vergütungsbezogen und enthält keine neuen Informationen zu Deltas Geschäftstätigkeit, Erträgen oder Strategie.

SEC Form 4
FORM 4 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
or Section 30(h) of the Investment Company Act of 1940
OMB APPROVAL
OMB Number: 3235-0287
Estimated average burden
hours per response: 0.5
Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).
Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.
1. Name and Address of Reporting Person*
Rial Sergio

(Last) (First) (Middle)
C/O DELTA AIR LINES, INC., DEPT. 981
1030 DELTA BOULEVARD

(Street)
ATLANTA GA 30354

(City) (State) (Zip)
2. Issuer Name and Ticker or Trading Symbol
DELTA AIR LINES, INC. [ DAL ]
5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)
X Director 10% Owner
Officer (give title below) Other (specify below)
3. Date of Earliest Transaction (Month/Day/Year)
06/18/2025
4. If Amendment, Date of Original Filed (Month/Day/Year)
6. Individual or Joint/Group Filing (Check Applicable Line)
X Form filed by One Reporting Person
Form filed by More than One Reporting Person
Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3) 2. Transaction Date (Month/Day/Year) 2A. Deemed Execution Date, if any (Month/Day/Year) 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 06/18/2025 F 1,212(1) D $47.56 31,829 D
Common Stock 06/20/2025 A 4,240(2) A (2) 36,069 D
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 (Month/Day/Year) 3A. Deemed Execution Date, if any (Month/Day/Year) 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 (Month/Day/Year) 7. Title and Amount of Securities Underlying Derivative Security (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: 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
Explanation of Responses:
1. Shares withheld for payment of tax liability upon vesting of the restricted stock award granted on June 20, 2024. This withholding was approved by the Personnel & Compensation Committee of Delta's Board of Directors and is exempt under Rules 16b-3(d)(1) and 16b-3(e). In light of the restricted common stock vesting date (Thursday, June 19, 2025) occurring on a federal holiday, the number of shares withheld for payment of tax liability was based upon Delta's closing stock price on Wednesday, June 18, 2025, the immediately preceding business day.
2. Non-employee members of Delta's Board of Directors receive an annual restricted stock award valued at $200,000. The shares reported in this Form 4 represent the annual restricted stock award grant to the Reporting Person, as approved by the Board of Directors on June 19, 2025. Because June 19, 2025 was a federal holiday, the grant date for the restricted stock is deemed to be the next trading day (Friday, June 20, 2025) in accordance with Delta's Equity Grant Award Policy. The shares were acquired in a transaction exempt under Rule 16b-3(d)(1).
/s/ Alan T. Rosselot, as attorney-in-fact for Sergio Rial 06/23/2025
** Signature of Reporting Person Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.

FAQ

What insider transactions did Delta Air Lines (DAL) report on 23-Jun-2025?

Two transactions: 1,212 shares withheld for taxes on 18-Jun-25 and 4,240 restricted shares granted on 20-Jun-25.

How many DAL shares did director Sergio Rial acquire through the 2025 equity grant?

He received 4,240 restricted shares valued at roughly $200,000.

Why were 1,212 DAL shares disposed of on 18-Jun-2025?

They were withheld to pay taxes upon vesting of a 2024 restricted-stock award (Code F).

What is Sergio Rial's total beneficial ownership after the transactions?

He now directly owns 36,069 DAL shares.

Were the transactions open-market or exempt under SEC rules?

Both were Rule 16b-3 exempt; no open-market buying or selling occurred.

Does the Form 4 include any derivative securities?

No, no derivative positions were reported in Table II.
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