United Airlines (NASDAQ: UAL) director defers 2026 fees into 432 share units

Rhea-AI Filing Summary

United Airlines Holdings director Matthew Friend received a grant of 432.7700 share units on March 31, 2026. These units represent 2026 quarterly retainer fees that he elected to defer into a share account under the company’s Director Equity Incentive Plan.

The share units convert into common stock on a 1-for-1 basis and will be settled in stock after his separation from service, in line with the plan’s terms. Following this award, Friend holds 11,085.5300 share units directly.

Insider Trade Summary

1 transaction reported

Mixed 1 txn

Insider Friend Matthew

Role Director

Type	Security	Shares	Price	Value
Grant/Award	Share Units	432.77	$0.00	$0.00

Holdings After Transaction: Share Units — 11,085.53 shares (Direct)

Footnotes (3)

1. F1. The share units convert to shares of common stock on a 1-for-1 basis.
2. F2. Represents 2026 quarterly retainer fees that the Reporting Person elected to defer into a share account pursuant to the terms of the Company's 2006 Director Equity Incentive Plan ("DEIP").
3. F3. The share units will be settled in common stock following the Reporting Person's separation from service in accordance with the terms of the DEIP.

Key Figures

Share units granted: 432.7700 share units Price per share unit: $0.0000 per unit Total share units after grant: 11,085.5300 share units +2 more

5 metrics

Share units granted 432.7700 share units Grant on March 31, 2026 as deferred 2026 quarterly retainer fees

Price per share unit $0.0000 per unit Equity grant, not an open-market purchase

Total share units after grant 11,085.5300 share units Direct holdings following the reported transaction

Conversion ratio 1-for-1 into common stock Each share unit converts into one UAL common share

Plan year reference 2026 quarterly retainer fees Fees deferred into share units under the DEIP

Key Terms

Share Units, Director Equity Incentive Plan, retainer fees, defer into a share account, +1 more

5 terms

Share Units financial

"The share units convert to shares of common stock on a 1-for-1 basis."

Director Equity Incentive Plan financial

"pursuant to the terms of the Company's 2006 Director Equity Incentive Plan ("DEIP")."

retainer fees financial

"Represents 2026 quarterly retainer fees that the Reporting Person elected to defer into a share account"

defer into a share account financial

"elected to defer into a share account pursuant to the terms of the Company's 2006 Director Equity Incentive Plan"

separation from service financial

"will be settled in common stock following the Reporting Person's separation from service in accordance with the terms of the DEIP."

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Form 4 Insider Transactions: What Each Field Means →

Accepted by SEC EDGAR 04/02/2026 - 05:09 PM Learn about SEC filing dates

FAQ

What insider transaction did UAL director Matthew Friend report?

Matthew Friend reported receiving 432.7700 share units as a grant. These units reflect his 2026 quarterly retainer fees, which he chose to defer into a share account under United Airlines’ Director Equity Incentive Plan, rather than taking the fees in cash.

How do Matthew Friend’s UAL share units convert into common stock?

Friend’s share units convert into United Airlines common stock on a 1-for-1 basis. This means each share unit becomes one share of common stock when settled, aligning his director compensation directly with the company’s equity performance over time.

When will Matthew Friend’s UAL share units be settled?

The share units will be settled in common stock after Matthew Friend’s separation from service. Settlement timing follows the terms of United Airlines’ 2006 Director Equity Incentive Plan, deferring delivery of shares until his board service ends in the future.

How many UAL share units does Matthew Friend hold after this grant?

After this grant, Matthew Friend holds 11,085.5300 share units directly. This total includes the newly awarded 432.7700 units linked to his 2026 quarterly retainer, providing an ongoing equity-based stake in United Airlines’ performance as a director.

What is the price per share unit in Matthew Friend’s latest UAL award?

The reported price per share unit for this award is $0.0000. That reflects the nature of the grant as deferred equity compensation for director service, rather than a purchase in the open market involving cash paid by Matthew Friend.

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).

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^*

Friend Matthew

(Last) (First) (Middle)

P.O. BOX 66100 HDQLD

(Street)

CHICAGO ILLINOIS 60666

(City) (State) (Zip)

UNITED STATES

(Country)

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

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

X	Director		10% Owner
	Officer (give title below)		Other (specify below)

2a. Foreign Trading Symbol

3. Date of Earliest Transaction (Month/Day/Year)
03/31/2026

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

4. If Amendment, Date of Original Filed (Month/Day/Year)

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

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
Share Units	(1)	03/31/2026		A		432.77(2)		(3)	(3)	Common Stock	432.77	$0	11,085.53	D

Explanation of Responses:

1. The share units convert to shares of common stock on a 1-for-1 basis.

2. Represents 2026 quarterly retainer fees that the Reporting Person elected to defer into a share account pursuant to the terms of the Company's 2006 Director Equity Incentive Plan ("DEIP").

3. The share units will be settled in common stock following the Reporting Person's separation from service in accordance with the terms of the DEIP.

Remarks:

	/s/ James Cotton for Matthew Friend	04/02/2026
	** 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).
** 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.
* Form 4: SEC 1474 (03-26)