Sec Form 3 Filing - VON MUEHLEN CONSTANCE E @ ALASKA AIR GROUP, INC. - 2021-04-06

FORM 3 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 VON MUEHLEN CONSTANCE E 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 COO (Last) (First) (Middle) 19300 INTERNATIONAL BLVD 3. Date of Earliest Transaction (MM/DD/YY) 04/06/2021 (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 3,339 D COMMON STOCK 117 I HELD BY SPOUSE

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 02/14/2022( 1 ) 02/14/2029 COMMON STOCK 1,490 D RESTRICTED STOCK UNITS $ 0 02/11/2023( 1 ) 02/11/2030 COMMON STOCK 1,190 D RESTRICTED STOCK UNITS $ 0 11/05/2021( 2 ) 11/05/2030 COMMON STOCK 2,960 D RESTRICTED STOCK UNITS $ 0 01/21/2022( 1 ) 01/21/2029 COMMON STOCK 20 D RESTRICTED STOCK UNITS $ 0 04/03/2024( 1 ) 04/03/2031 COMMON STOCK 4,110 D EMPLOYEE STOCK OPTION (RT TO BUY) $ 66.89 02/13/2019( 3 ) 02/13/2028 COMMON STOCK 3,930 D EMPLOYEE STOCK OPTION (RT TO BUY) $ 64.86 01/21/2020( 4 ) 01/21/2029 COMMON STOCK 90 D EMPLOYEE STOCK OPTION (RT TO BUY) $ 66.57 02/14/2020( 5 ) 02/14/2029 COMMON STOCK 5,690 D RESTRICTED STOCK UNITS $ 0 09/09/2021( 6 ) 09/09/2030 COMMON STOCK 503 I HELD BY SPOUSE EMPLOYEE STOCK OPTION (RT TO BUY) $ 64.55 02/11/2021( 7 ) 02/11/2030 COMMON STOCK 5,170 D EMPLOYEE STOCK OPTIONS (RT TO BUY) $ 39.18 11/05/2021( 8 ) 11/05/2030 COMMON STOCK 2,540 D EMPLOYEE STOCK OPTION (RT TO BUY) $ 69.49 04/03/2022( 9 ) 04/03/2031 COMMON STOCK 10,060 D

Reporting Owners Reporting Owner Name / Address Relationships Director 10% Owner Officer Other VON MUEHLEN CONSTANCE E 19300 INTERNATIONAL BLVD SEATTLE, WA98188 EVP AND COO Signatures /S/JEANNE E GAMMON, ATTORNEY IN FACT FOR CONSTANCE E VON MUEHLEN 04/15/2021 Signature of Reporting Person Date

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.

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).

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