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

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

Delta Air Lines, Inc. (DAL) â€� Form 4 insider filing

Non-employee director David G. DeWalt received an annual restricted stock award of 4,240 DAL common shares on 20 June 2025. The grant, valued at approximately $200,000 and approved by the board on 19 June (a federal holiday), was effected the next trading day per Delta’s equity-grant policy. Classified as an acquisition (code “Aâ€�) exempt under Rule 16b-3, the award lifts DeWalt’s direct beneficial stake to 83,490 shares. No shares were sold or transferred.

This is a routine equity-based compensation event for board members and is not expected to materially influence Delta’s share count, cash flows, or market sentiment.

Delta Air Lines, Inc. (DAL) � Comunicazione interna Modulo 4

Il direttore non dipendente David G. DeWalt ha ricevuto un premio annuale di azioni vincolate pari a 4.240 azioni ordinarie DAL il 20 giugno 2025. La concessione, del valore di circa 200.000 dollari e approvata dal consiglio il 19 giugno (giorno festivo federale), è stata effettuata il giorno di contrattazione successivo in base alla politica di assegnazione azionaria di Delta. Classificato come acquisizione (codice “A�) esente ai sensi della Regola 16b-3, il premio porta la partecipazione diretta di DeWalt a 83.490 azioni. Nessuna azione è stata venduta o trasferita.

Si tratta di un evento di compensazione basato su azioni di routine per i membri del consiglio e non si prevede che influenzi in modo significativo il numero di azioni in circolazione, i flussi di cassa o il sentiment di mercato di Delta.

Delta Air Lines, Inc. (DAL) � Presentación interna Formulario 4

El director no empleado David G. DeWalt recibió una concesión anual de acciones restringidas por 4.240 acciones comunes de DAL el 20 de junio de 2025. La asignación, valorada en aproximadamente 200.000 dólares y aprobada por la junta el 19 de junio (feriado federal), se realizó el siguiente día hábil según la política de concesión de acciones de Delta. Clasificada como una adquisición (código “A�) exenta bajo la Regla 16b-3, la concesión eleva la participación directa de DeWalt a 83.490 acciones. No se vendieron ni transfirieron acciones.

Este es un evento rutinario de compensación basada en acciones para los miembros de la junta y no se espera que influya materialmente en el número de acciones en circulación, los flujos de efectivo o el sentimiento del mercado de Delta.

Delta Air Lines, Inc. (DAL) â€� ë‚´ë¶€ìž� ì‹ ê³ ì„� ì–‘ì‹ 4

비임ì›� ì´ì‚¬ David G. DeWaltëŠ� 2025ë…� 6ì›� 20ì¼ì— 4,240ì£¼ì˜ DAL ë³´í†µì£¼ì— ëŒ€í•� ì—°ê°„ 제한 ì£¼ì‹ ë³´ìƒì� 받았습니ë‹�. ì� ë³´ìƒì€ ì•� 20ë§� 달러 ìƒë‹¹ì´ë©°, 6ì›� 19ì�(ì—°ë°© 공휴ì�)ì—� ì´ì‚¬íšŒì—ì„� 승ì¸ë˜ì–´ ë¸íƒ€ì� ì£¼ì‹ ë¶€ì—� ì •ì±…ì—� ë”°ë¼ ë‹¤ìŒ ê±°ëž˜ì¼ì— 실행ë˜ì—ˆìŠµë‹ˆë‹�. ì´ëŠ” 규칙 16b-3ì—� 따른 ì¸ìˆ˜(코드 “Aâ€�) ë©´ì œë¡� 분류ë˜ë©°, ì� ë³´ìƒìœ¼ë¡œ DeWaltì� ì§ì ‘ 보유 ì§€ë¶„ì€ 83,490주로 ì¦ê°€í–ˆìŠµë‹ˆë‹¤. 주ì‹ì€ íŒë§¤ë˜ê±°ë‚� ì´ì „ë˜ì§€ 않았습니ë‹�.

ì´ê²ƒì€ ì´ì‚¬íš� 구성ì›ì— 대í•� ì¼ìƒì ì¸ ì£¼ì‹ ê¸°ë°˜ ë³´ìƒ ì´ë²¤íЏì´ë©�, ë¸íƒ€ì� ì£¼ì‹ ìˆ�, 현금 í름 ë˜ëŠ” 시장 심리ì—� 실질ì ì¸ ì˜í–¥ì� 미칠 것으ë¡� 예ìƒë˜ì§€ 않습니다.

Delta Air Lines, Inc. (DAL) � Déclaration d’initié Formulaire 4

Le directeur non salarié David G. DeWalt a reçu une attribution annuelle d’actions restreintes de 4 240 actions ordinaires DAL le 20 juin 2025. Cette attribution, d’une valeur d’environ 200 000 dollars et approuvée par le conseil le 19 juin (jour férié fédéral), a été effectuée le jour de bourse suivant conformément à la politique d’attribution d’actions de Delta. Classée comme acquisition (code « A ») exonérée en vertu de la règle 16b-3, cette attribution porte la participation directe de DeWalt à 83 490 actions. Aucune action n’a été vendue ou transférée.

Il s’agit d’un événement de rémunération en actions de routine pour les membres du conseil et il n’est pas prévu qu’il ait une influence significative sur le nombre d’actions en circulation, les flux de trésorerie ou le sentiment du marché de Delta.

Delta Air Lines, Inc. (DAL) � Insider-Meldung Formular 4

Der nicht geschäftsführende Direktor David G. DeWalt erhielt am 20. Juni 2025 eine jährliche Zuteilung von 4.240 eingeschränkten DAL-Stammaktien. Die Zuteilung, im Wert von etwa 200.000 US-Dollar und vom Vorstand am 19. Juni (ein Bundesfeiertag) genehmigt, wurde am nächsten Handelstag gemäß der Aktienvergaberichtlinie von Delta durchgeführt. Als Erwerb klassifiziert (Code „A�) und gemäß Regel 16b-3 befreit, erhöht die Zuteilung DeWalts direkten Besitz auf 83.490 Aktien. Es wurden keine Aktien verkauft oder übertragen.

Dies ist ein routinemäßiges aktienbasiertes Vergütungsereignis für Vorstandsmitglieder und wird voraussichtlich keine wesentlichen Auswirkungen auf die Aktienanzahl, die Cashflows oder die Marktstimmung von Delta haben.

Positive
  • None.
Negative
  • None.

Insights

TL;DR: Routine director stock grant; negligible financial or market impact.

The 4,240-share grant represents roughly 0.0006% of Delta’s ~670 million shares outstanding, leaving valuation and liquidity virtually unchanged. As the award is compensation rather than an open-market purchase, it provides limited additional demand signal. With post-transaction ownership at 83,490 shares, DeWalt’s alignment with shareholders increases modestly, but the filing does not alter earnings outlook, capital structure, or guidance. Market reaction should therefore be neutral.

TL;DR: Annual restricted stock keeps board incentives aligned; no red flags.

The grant follows Delta’s established $200k annual equity policy for non-employee directors, complying with Rule 16b-3 to avoid short-swing profit issues. Consistency with prior grants signals governance stability and reinforces long-term value alignment between directors and investors. No unusual acceleration, repricing, or excessive dilution is observed, so the event is governance-neutral and maintains best-practice standards.

Delta Air Lines, Inc. (DAL) � Comunicazione interna Modulo 4

Il direttore non dipendente David G. DeWalt ha ricevuto un premio annuale di azioni vincolate pari a 4.240 azioni ordinarie DAL il 20 giugno 2025. La concessione, del valore di circa 200.000 dollari e approvata dal consiglio il 19 giugno (giorno festivo federale), è stata effettuata il giorno di contrattazione successivo in base alla politica di assegnazione azionaria di Delta. Classificato come acquisizione (codice “A�) esente ai sensi della Regola 16b-3, il premio porta la partecipazione diretta di DeWalt a 83.490 azioni. Nessuna azione è stata venduta o trasferita.

Si tratta di un evento di compensazione basato su azioni di routine per i membri del consiglio e non si prevede che influenzi in modo significativo il numero di azioni in circolazione, i flussi di cassa o il sentiment di mercato di Delta.

Delta Air Lines, Inc. (DAL) � Presentación interna Formulario 4

El director no empleado David G. DeWalt recibió una concesión anual de acciones restringidas por 4.240 acciones comunes de DAL el 20 de junio de 2025. La asignación, valorada en aproximadamente 200.000 dólares y aprobada por la junta el 19 de junio (feriado federal), se realizó el siguiente día hábil según la política de concesión de acciones de Delta. Clasificada como una adquisición (código “A�) exenta bajo la Regla 16b-3, la concesión eleva la participación directa de DeWalt a 83.490 acciones. No se vendieron ni transfirieron acciones.

Este es un evento rutinario de compensación basada en acciones para los miembros de la junta y no se espera que influya materialmente en el número de acciones en circulación, los flujos de efectivo o el sentimiento del mercado de Delta.

Delta Air Lines, Inc. (DAL) â€� ë‚´ë¶€ìž� ì‹ ê³ ì„� ì–‘ì‹ 4

비임ì›� ì´ì‚¬ David G. DeWaltëŠ� 2025ë…� 6ì›� 20ì¼ì— 4,240ì£¼ì˜ DAL ë³´í†µì£¼ì— ëŒ€í•� ì—°ê°„ 제한 ì£¼ì‹ ë³´ìƒì� 받았습니ë‹�. ì� ë³´ìƒì€ ì•� 20ë§� 달러 ìƒë‹¹ì´ë©°, 6ì›� 19ì�(ì—°ë°© 공휴ì�)ì—� ì´ì‚¬íšŒì—ì„� 승ì¸ë˜ì–´ ë¸íƒ€ì� ì£¼ì‹ ë¶€ì—� ì •ì±…ì—� ë”°ë¼ ë‹¤ìŒ ê±°ëž˜ì¼ì— 실행ë˜ì—ˆìŠµë‹ˆë‹�. ì´ëŠ” 규칙 16b-3ì—� 따른 ì¸ìˆ˜(코드 “Aâ€�) ë©´ì œë¡� 분류ë˜ë©°, ì� ë³´ìƒìœ¼ë¡œ DeWaltì� ì§ì ‘ 보유 ì§€ë¶„ì€ 83,490주로 ì¦ê°€í–ˆìŠµë‹ˆë‹¤. 주ì‹ì€ íŒë§¤ë˜ê±°ë‚� ì´ì „ë˜ì§€ 않았습니ë‹�.

ì´ê²ƒì€ ì´ì‚¬íš� 구성ì›ì— 대í•� ì¼ìƒì ì¸ ì£¼ì‹ ê¸°ë°˜ ë³´ìƒ ì´ë²¤íЏì´ë©�, ë¸íƒ€ì� ì£¼ì‹ ìˆ�, 현금 í름 ë˜ëŠ” 시장 심리ì—� 실질ì ì¸ ì˜í–¥ì� 미칠 것으ë¡� 예ìƒë˜ì§€ 않습니다.

Delta Air Lines, Inc. (DAL) � Déclaration d’initié Formulaire 4

Le directeur non salarié David G. DeWalt a reçu une attribution annuelle d’actions restreintes de 4 240 actions ordinaires DAL le 20 juin 2025. Cette attribution, d’une valeur d’environ 200 000 dollars et approuvée par le conseil le 19 juin (jour férié fédéral), a été effectuée le jour de bourse suivant conformément à la politique d’attribution d’actions de Delta. Classée comme acquisition (code « A ») exonérée en vertu de la règle 16b-3, cette attribution porte la participation directe de DeWalt à 83 490 actions. Aucune action n’a été vendue ou transférée.

Il s’agit d’un événement de rémunération en actions de routine pour les membres du conseil et il n’est pas prévu qu’il ait une influence significative sur le nombre d’actions en circulation, les flux de trésorerie ou le sentiment du marché de Delta.

Delta Air Lines, Inc. (DAL) � Insider-Meldung Formular 4

Der nicht geschäftsführende Direktor David G. DeWalt erhielt am 20. Juni 2025 eine jährliche Zuteilung von 4.240 eingeschränkten DAL-Stammaktien. Die Zuteilung, im Wert von etwa 200.000 US-Dollar und vom Vorstand am 19. Juni (ein Bundesfeiertag) genehmigt, wurde am nächsten Handelstag gemäß der Aktienvergaberichtlinie von Delta durchgeführt. Als Erwerb klassifiziert (Code „A�) und gemäß Regel 16b-3 befreit, erhöht die Zuteilung DeWalts direkten Besitz auf 83.490 Aktien. Es wurden keine Aktien verkauft oder übertragen.

Dies ist ein routinemäßiges aktienbasiertes Vergütungsereignis für Vorstandsmitglieder und wird voraussichtlich keine wesentlichen Auswirkungen auf die Aktienanzahl, die Cashflows oder die Marktstimmung von Delta haben.

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*
DEWALT DAVID G

(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)
06/20/2025
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 06/20/2025 A 4,240(1) A (1) 83,490 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. 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 award is deemed to be the next trading day (Friday, June 20, 2025) in accordance with Delta's Equity Award Grant Policy. The shares were acquired in a transaction exempt under Rule 16b-3(d)(1).
/s/ Alan T. Rosselot, as attorney-in-fact for David DeWalt 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

How many Delta Air Lines (DAL) shares did Director David DeWalt acquire?

He was granted 4,240 restricted shares on 20 June 2025.

What is the value of the restricted stock award to David DeWalt?

The award is valued at approximately $200,000, per Delta’s non-employee director compensation policy.

Did the Form 4 report any share sales or dispositions by the director?

No. The filing shows only an acquisition; there were no sales or dispositions.

What is David DeWalt’s total beneficial ownership after the transaction?

Following the grant, he directly owns 83,490 DAL shares.

Is this transaction expected to affect Delta Air Lines� share price?

The grant is a routine compensation event and is not expected to materially influence DAL’s share price.
Delta Air Lines Inc Del

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United States
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