SEC FORM 4

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

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Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

1. Name and Address of Reporting Person^*

HARRISON ANDREW R

(Last)

(First)

(Middle)

19300 INTERNATIONAL BLVD

(Street)

SEATTLE

98188

(City)

(State)

(Zip)

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 & CRO

3. Date of Earliest Transaction (Month/Day/Year)
02/10/2017

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)
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	Code	V	Amount	(A) or (D)	Price		6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
COMMON STOCK	02/10/2017		M		1,827	A	$65.63	16,555	D
COMMON STOCK	02/10/2017		M		180	A	$38.755	16,735	D
COMMON STOCK	02/10/2017		S		5,007	D	$98.37	11,728	D
COMMON STOCK	02/11/2017		A⁽³⁾		1,760	A	$0	13,488	D
RESTRICTED STOCK UNIT	02/11/2017		J⁽⁴⁾		1,780	D	$0	7,440	D
COMMON STOCK	02/11/2017		F⁽⁵⁾		487⁽⁶⁾	D	$97.35	13,001	D
COMMON STOCK	02/13/2017		M		1,396	A	$24.4	14,397	D
COMMON STOCK	02/13/2017		M		840	A	$38.755	15,237	D
COMMON STOCK	02/13/2017		M		1,573	A	$65.37	16,810	D
COMMON STOCK	02/13/2017		S		1,573	D	$97.5984	15,237	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)
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)	Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares	8. Price of Derivative Security (Instr. 5)		10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
EMPLOYEE STOCK OPTION (RT TO BUY)	$65.63	02/10/2017		M			1,827	02/09/2017⁽¹⁾	02/09/2026	COMMON STOCK	1,827	$0	5,483	D
EMPLOYEE STOCK OPTION (RT TO BUY)	$38.755	02/10/2017		M			180	02/11/2015⁽²⁾	02/11/2024	COMMON STOCK	180	$0	1,680	D
EMPLOYEE STOCK OPTION (RT TO BUY)	$24.4	02/13/2017		M			1,396	02/11/2014	02/11/2023	COMMON STOCK	1,396	$0	0	D
EMPLOYEE STOCK OPTION (RT TO BUY)	$38.755	02/13/2017		M			840	02/11/2015⁽²⁾	02/11/2024	COMMON STOCK	840	$0	840	D
EMPLOYEE STOCK OPTION (RT TO BUY)	$65.37	02/13/2017		M			1,573	02/10/2016⁽⁷⁾	02/10/2025	COMMON STOCK	1,573	$0	3,145	D

Explanation of Responses:

1. OPTIONS REMAINING WILL VEST AS FOLLOWS: 1,828 ON 2/9/2018; 1,827 ON 2/9/2019; AND 1,828 ON 2/9/2020.

2. THE 840 OPTIONS REMAINING WILL VEST ON 2/11/2018.

3. COMMON SHARES ACQUIRED UPON VESTING OF RESTRICTED STOCK UNITS AWARDED UNDER THE ISSUER'S 2008 PERFORMANCE INCENTIVE PLAN.

4. FULLY VESTED RESTRICTED STOCK UNITS ISSUED IN ALASKA AIR GROUP COMMON STOCK.

5. COMMON SHARES FORFEITED TO COVER PAYROLL TAXES UPON VESTING OF RESTRICTED STOCK UNITS.

6. PRICE PROVIDED IN COLUMN 4 REPRESENTS THE FMV OF THE SHARES ON THE DATE OF FORFEITURE.

7. OPTIONS REMAINING WILL VEST AS FOLLOWS: 1,572 ON 2/10/2018 AND 1,573 ON 2/10/2019.

	/S/ JEANNE E GAMMON, ATTORNEY IN FACT FOR ANDREW R. HARRISON	02/14/2017
	** 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).
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