DELTA AIR LINES, INC. — Director's Dealing 2021

Feb 5, 2021

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: DELTA AIR LINES, INC. (DAL)
CIK: 0000027904
Period of Report: 2021-02-03

Reporting Person: Carter Peter W (EVP and Chief Legal Officer)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2021-02-03	Common Stock	A	24359	—	Acquired	133083	Direct
2021-02-03	Common Stock	F	9992	$39.78	Disposed	123091	Direct
2021-02-03	Common Stock	A	67800	—	Acquired	190891	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2021-02-03	Employee Stock Option (right to buy)	$39.78	A	46890	Acquired	2031-02-02	Common Stock (46890)	Direct

Footnotes

F1: Settlement of performance awards granted under Delta's 2018 long-term incentive program which were earned effective February 3, 2021. The grant of the performance awards was approved by the Personnel & Compensation Committee of Delta's Board of Directors (the "Committee") and is exempt from Section 16(b) of the Securities Exchange Act of 1934 under Rule 16b-3(d)(1).

F2: Shares withheld for payment of tax liability upon settlement of the performance awards earned under Delta's 2018 long-term incentive program. This withholding was approved by the Committee and is exempt from Section 16(b) of the Securities Exchange Act of 1934 under Rules 16b-3(d)(1) and 16b-3(e).

F3: The Committee granted Mr. Carter 67,800 shares of restricted common stock under Delta's 2021 long-term incentive program. The shares will vest pursuant to the terms of the award agreement. This grant was approved by the Committee and is exempt from Section 16(b) of the Securities Exchange Act of 1934 under Rule 16b-3(d)(1).

F4: On February 3, 2021, the Committee granted Mr. Carter an option to purchase 46,890 shares of common stock under the 2021 long-term incentive program. The option vests in three equal installments beginning on February 1, 2022. This grant was approved by the Committee and is exempt from Section 16(b) of the Securities Exchange Act of 1934 under Rule 16b-3(d)(1).