United Airlines (UAL) EVP settles RSUs and withholds stock for tax

Rhea-AI Filing Summary

United Airlines Holdings EVP Kate Gebo reported multiple transactions on February 28, 2026 involving restricted stock units (RSUs) and common stock. Several RSU grants vested and were settled into UAL common stock, including blocks of 12,067, 11,849 and 6,104 shares, with no cash exercise price.

The filing also shows share dispositions coded "F" for tax withholding, including 13,300 direct shares and 2,032 indirect shares delivered at $106.30 per share to cover tax obligations on the vesting awards. Some resulting holdings are reported as direct, while others are held through revocable trusts and the spouse of the reporting person.

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).

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^*

Gebo Kate

(Last) (First) (Middle)

P. O. BOX 66100 HDQLD

(Street)

CHICAGO IL 60666

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
United Airlines Holdings, Inc. [ UAL ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

	Director		10% Owner
X	Officer (give title below)		Other (specify below)
	EVP HR and Labor Relations

3. Date of Earliest Transaction (Month/Day/Year)
02/28/2026

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	02/28/2026		M(1)(2)		12,067	A	$0	97,723	D
Common Stock	02/28/2026		M(1)(3)		11,849	A	$0	109,572	D
Common Stock	02/28/2026		M(1)(4)		6,104	A	$0	115,676	D
Common Stock	02/28/2026		F(5)		13,300	D	$106.3	102,376	D(6)
Common Stock	02/28/2026		M(1)(2)		1,894	A	$0	64,526	I	See Footnote(7)
Common Stock	02/28/2026		M(1)(3)		1,860	A	$0	66,386	I	See Footnote(7)
Common Stock	02/28/2026		M(1)(4)		1,370	A	$0	67,756	I	See Footnote(7)
Common Stock	02/28/2026		F(5)		2,032	D	$106.3	65,724	I	See Footnote(7)(8)

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
Restricted Stock Units	(9)	02/28/2026		M(1)			12,067	(2)	(2)	Common Stock	12,067	$0	0	D
Restricted Stock Units	(9)	02/28/2026		M(1)			11,849	(3)	(3)	Common Stock	11,849	$0	11,849	D
Restricted Stock Units	(9)	02/28/2026		M(1)			6,104	(4)	(4)	Common Stock	6,104	$0	12,210	D
Restricted Stock Units	(9)	02/28/2026		M(1)			1,894	(2)	(2)	Common Stock	1,894	$0	0	I	See Footnote(7)
Restricted Stock Units	(9)	02/28/2026		M(1)			1,860	(3)	(3)	Common Stock	1,860	$0	1,860	I	See Footnote(7)
Restricted Stock Units	(9)	02/28/2026		M(1)			1,370	(4)	(4)	Common Stock	1,370	$0	2,742	I	See Footnote(7)

Explanation of Responses:

1. Represents the settlement upon vesting of restricted stock units ("RSUs") into UAL common stock.

2. The RSUs were granted on April 4, 2023 and vest in one-third (1/3) substantially equal annual installments on February 28, 2024, February 28, 2025 and February 28, 2026.

3. The RSUs were granted on February 29, 2024 and vest in one-third (1/3) substantially equal annual installments on February 28, 2025, February 28, 2026 and February 28, 2027.

4. The RSUs were granted on February 28, 2025 and vest in one-third (1/3) substantially equal annual installments on February 28, 2026, February 28, 2027 and February 28, 2028.

5. This transaction represents the withholding of shares to pay tax withholding obligations associated with the vesting of the RSU awards referenced in footnotes 2 - 4, above, with respect to the reporting person or, as applicable, the spouse of the reporting person.

6. Balance includes shares held in a revocable trust in the name of the reporting person.

7. By spouse of the reporting person.

8. Balance includes shares held in a revocable trust in the name of the spouse of the reporting person.

9. Each RSU represents the economic equivalent of one share of UAL common stock and shall be settled in shares of UAL common stock upon vesting.

Remarks:

	/s/ James Cotton for Kate Gebo	03/03/2026
	** 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).
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FAQ

What insider activity did UAL EVP Kate Gebo report on this Form 4?

Kate Gebo reported RSU vesting and related stock movements. Several restricted stock unit grants converted into United Airlines common shares, and some of those shares were withheld or delivered to satisfy tax obligations connected to the vesting events for her and her spouse.

How many United Airlines RSUs vested for Kate Gebo in this filing?

The filing shows multiple RSU tranches settling into common stock, including blocks of 12,067, 11,849 and 6,104 units. Each RSU represents the economic equivalent of one UAL common share and is settled in stock when vesting conditions on the original grant dates are met.

Were any United Airlines (UAL) shares sold by Kate Gebo on the open market?

No open-market sale is shown; dispositions are tax-related. Transactions coded "F" represent shares delivered at $106.30 per share to cover tax withholding obligations tied to RSU vesting, rather than discretionary sales into the market for investment purposes.

How many United Airlines shares were withheld for taxes in this Form 4?

The Form 4 reports 13,300 direct shares and 2,032 indirect shares disposed of. Both are coded as tax-withholding dispositions at $106.30 per share, meaning they were used to pay tax liabilities associated with RSU vesting for the reporting person and, where applicable, the spouse.

How are Kate Gebo’s United Airlines shares held after these transactions?

Post-transaction balances include both direct and indirect holdings. Some shares are held directly in her name, while footnotes state that additional shares are held in revocable trusts for her and in the name of her spouse, reflecting different ownership structures related to the same household.

What do the vesting schedules in the UAL Form 4 indicate about RSU timing?

Footnotes describe RSUs granted on April 4, 2023, February 29, 2024 and February 28, 2025. Each grant vests in substantially equal one-third annual installments on specified February 28 dates from 2024 through 2028, driving recurring conversion of RSUs into United Airlines common stock over several years.