SEC Form 3

FORM 3

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

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1. Name and Address of Reporting Person* VON MUEHLEN CONSTANCE E (Last) (First) (Middle) 19300 INTERNATIONAL BLVD (Street) SEATTLE WA 98188 (City) (State) (Zip)	2. Date of Event Requiring Statement (Month/Day/Year) 04/06/2021	3. Issuer Name and Ticker or Trading Symbol ALASKA AIR GROUP, INC. [ ALK ]
		4. Relationship of Reporting Person(s) to Issuer (Check all applicable) Director 10% Owner X Officer (give title below) Other (specify below) EVP AND COO	5. 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 Beneficially Owned
1. Title of Security (Instr. 4)	2. Amount of Securities Beneficially Owned (Instr. 4)	3. Ownership Form: Direct (D) or Indirect (I) (Instr. 5)	4. Nature of Indirect Beneficial Ownership (Instr. 5)
COMMON STOCK	3,339	D
COMMON STOCK	117	I	HELD BY SPOUSE

Table II - Derivative Securities Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 4)	2. Date Exercisable and Expiration Date (Month/Day/Year)		3. Title and Amount of Securities Underlying Derivative Security (Instr. 4)		4. Conversion or Exercise Price of Derivative Security	5. Ownership Form: Direct (D) or Indirect (I) (Instr. 5)	6. Nature of Indirect Beneficial Ownership (Instr. 5)
	Date Exercisable	Expiration Date	Title	Amount or Number of Shares
RESTRICTED STOCK UNITS	02/14/2022(1)	02/14/2029	COMMON STOCK	1,490	0	D
RESTRICTED STOCK UNITS	02/11/2023(1)	02/11/2030	COMMON STOCK	1,190	0	D
RESTRICTED STOCK UNITS	11/05/2021(2)	11/05/2030	COMMON STOCK	2,960	0	D
RESTRICTED STOCK UNITS	01/21/2022(1)	01/21/2029	COMMON STOCK	20	0	D
RESTRICTED STOCK UNITS	04/03/2024(1)	04/03/2031	COMMON STOCK	4,110	0	D
EMPLOYEE STOCK OPTION (RT TO BUY)	02/13/2019(3)	02/13/2028	COMMON STOCK	3,930	66.89	D
EMPLOYEE STOCK OPTION (RT TO BUY)	01/21/2020(4)	01/21/2029	COMMON STOCK	90	64.86	D
EMPLOYEE STOCK OPTION (RT TO BUY)	02/14/2020(5)	02/14/2029	COMMON STOCK	5,690	66.57	D
RESTRICTED STOCK UNITS	09/09/2021(6)	09/09/2030	COMMON STOCK	503	0	I	HELD BY SPOUSE
EMPLOYEE STOCK OPTION (RT TO BUY)	02/11/2021(7)	02/11/2030	COMMON STOCK	5,170	64.55	D
EMPLOYEE STOCK OPTIONS (RT TO BUY)	11/05/2021(8)	11/05/2030	COMMON STOCK	2,540	39.18	D
EMPLOYEE STOCK OPTION (RT TO BUY)	04/03/2022(9)	04/03/2031	COMMON STOCK	10,060	69.49	D

Explanation of Responses:

1. RESTRICTED STOCK UNITS CLIFF VEST 3 YEARS FROM GRANT AND CONVERT INTO COMMON STOCK ON A ONE-FOR-ONE-BASIS.

2. RESTRICTED STOCK UNITS (RSUs) WILL VEST ANNUALLY IN EQUAL INSTALLMENTS ON THE FIRST THREE ANNIVERSARIES OF THE GRANT DATE (986 RSUs ON 11/5/2021; 987 RSUs ON 11/5/2022 AND 987 RSUs ON 11/5/2023). RSUs CONVERT INTO COMMON STOCK ON A ONE-FOR-ONE-BASIS.

3. OPTIONS VEST IN 25% INCREMENTS OVER FOUR YEARS. 2,947 OPTIONS ARE CURRENTLY EXERCISABLE; THE REMAINING 983 OPTIONS WILL VEST ON 2/13/2022.

4. OPTIONS VEST IN 25% INCREMENTS OVER FOUR YEARS. 45 OPTIONS ARE CURRENTLY EXERCISABLE; THE REMAINING 45 OPTIONS WILL VEST AS FOLLOWS 22 OPTIONS ON 1/21/22 AND 23 OPTIONS ON 1/21/2023.

5. OPTIONS VEST IN 25% INCREMENTS OVER FOUR YEARS. 2,845 OPTIONS ARE CURRENTLY EXERCISABLE; THE REMAINING 2,845 OPTIONS WILL VEST AS FOLLOWS: 1,422 OPTIONS ON 2/14/2022 AND 1,423 OPTIONS ON 2/14/2023.

6. RESTRICTED STOCK UNITS (RSUs) WILL VEST AS FOLLOWS: 168 RSUs ON 9/9/2021; 167 RSUs ON 3/9/2022; AND 168 RSUs ON 9/9/2022. RSUs CONVERT INTO COMMON STOCK ON A ONE-FOR-ONE-BASIS.

7. OPTIONS VEST IN 25% INCREMENTS OVER FOUR YEARS. 1,292 OPTIONS ARE CURRENTLY EXERCISABLE; THE REMAINING 3,878 OPTIONS WILL VEST AS FOLLOWS: 1,293 OPTIONS ON 2/11/2022; 1,292 ON 2/11/2023; AND 1,293 OPTIONS ON 2/11/2024.

8. OPTIONS VEST IN 33% INCREMENTS OVER THREE YEARS. THE OPTIONS WILL VEST AS FOLLOWS: 846 OPTIONS ON 11/5/2021; 847 OPTIONS ON 11/5/2022; AND 847 OPTIONS ON 11/5/2023.

9. OPTIONS VEST IN 25% INCREMENTS OVER FOUR YEARS. THE OPTIONS WILL VEST AS FOLLOWS: 2,515 OPTIONS ON 4/3/22; 2,515 OPTIONS ON 4/3/23; 2,515 OPTIONS ON 4/3/24; AND 2,515 OPTIONS ON 4/23/25.

	/S/JEANNE E GAMMON, ATTORNEY IN FACT FOR CONSTANCE E VON MUEHLEN	04/15/2021
	** 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 5 (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).
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