[Form 4] United Airlines Holdings, Inc. Insider Trading Activity

Rhea-AI Filing Summary

United Airlines Holdings (UAL) filed a Form 4 on 07/29/2025 for EVP & Chief Operations Officer Torbjorn J. Enqvist covering transactions dated 07/25/2025.

• 24,971 shares acquired at $0 upon settlement of 2024 performance-based RSUs (code “A”).
• 9,829 shares withheld at $91.11 to satisfy tax obligations (code “F”).
• Net ownership increase: +15,142 shares, bringing direct holdings to 77,500 shares.

The filing reflects routine equity-award vesting; no open-market buying or selling occurred. While the net share gain modestly deepens insider alignment, it does not convey a fresh valuation view or affect UAL’s fundamentals. Investors typically view such PB-RSU settlements as neutral events unless followed by additional insider purchases or sales.

Insights

Financial Analyst

TL;DR: Routine RSU vesting; neutral fundamental impact, slight positive ownership signal.

The transaction is administrative—shares from 2024 PB-RSUs vested and were booked at zero cost, with part withheld for taxes. Net gain of 15,142 shares (≈20% boost to Enqvist’s stake) marginally strengthens management-shareholder alignment but involves no cash outlay or market purchase. It does not change earnings, guidance, or liquidity; therefore, valuation impact is negligible. I classify overall effect on UAL shares as neutral.

Corporate Governance Expert

TL;DR: Insider’s larger stake is governance-friendly, mildly positive.

Executives holding more equity can reduce agency risk. Enqvist’s direct stake rises to 77,500 shares, enhancing incentive alignment. Because the increase arises from scheduled award settlement, not an elective stock buy, the strength of the positive signal is limited. Still, higher skin-in-the-game is a constructive governance development, so I assign a modest positive rating.

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

OMB APPROVAL

OMB Number:			3235-0287
Estimated average burden
hours per response:			0.5

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^*

Nocella Andrew P

(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 & Chief Commercial Officer

3. Date of Earliest Transaction (Month/Day/Year)
07/25/2025

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	07/25/2025		A(1)		21,404	A	$0	186,729	D
Common Stock	07/25/2025		F(2)		9,643	D	$91.11	177,086	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)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares

Explanation of Responses:

1. Represents shares of UAL common stock acquired upon the settlement of performance-based restricted stock units ("PB RSUs") granted to the reporting person in 2024.

2. This transaction represents the withholding of shares to pay tax withholding obligations associated with the settlement of the PB RSU awards referenced in footnote 1, above.

Remarks:

	/s/ James Cotton for Andrew P. Nocella	07/29/2025
	** 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).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.

FAQ

What did United Airlines EVP Torbjorn Enqvist report in the latest Form 4?

He received 24,971 shares from vested performance-based RSUs and had 9,829 shares withheld for taxes, netting +15,142 shares.

How many UAL shares does Enqvist now own?

Following the transaction, his direct ownership totals 77,500 common shares.

Was there an open-market purchase or sale of UAL stock?

No. The filing shows award settlement and tax withholding only; no cash-based market trade occurred.

Why were 9,829 shares disposed of at $91.11?

They were withheld to cover statutory tax obligations arising from the RSU settlement (transaction code “F”).

Does this Form 4 affect United Airlines’ financial outlook?

The event is administrative and has no direct impact on UAL’s earnings, cash flow, or guidance.