How are the United Airlines (UAL) share units for the director settled?

Each share unit represents one share of common stock and is normally settled 50% in cash and 50% in shares . For this award, all units are deferred and will be settled after the director’s separation from service under the Director Equity Incentive Plan.

Do United Airlines (UAL) director share units earn dividends before settlement?

Yes. Additional share units accrue whenever dividends are paid on United Airlines common stock. The number of new units equals the dividend amount that would be paid on the units, divided by the average high and low sale prices on the dividend payment date.

United Airlines (NASDAQ: UAL) awards director deferred share units

Q: How many share units did the United Airlines (UAL) director receive and on what date?

Philip Edward M was granted 2,396 share units and a separate 2,130 share units on May 20, 2026 . Each share unit represents the economic equivalent of one share of United Airlines common stock under the company’s director compensation programs.

Q: When will the United Airlines (UAL) director’s 2026 annual equity award be paid out?

The director elected to defer the 2026 annual director equity award into a share account. All share units from this award will be settled only after his separation from service, according to the terms of United Airlines’ Director Equity Incentive Plan.

Filing Impact

(Neutral)

Filing Sentiment

(Neutral)

Form Type

Rhea-AI Filing Summary

PHILIP EDWARD M reported acquisition or exercise transactions in this Form 4 filing.

United Airlines Holdings director Philip Edward M received equity-based compensation in the form of share units. On May 20, 2026, he was granted 2,396 share units and a separate grant of 2,130 share units, each representing the economic equivalent of one share of common stock.

These awards are part of his Non-Executive Chair compensation and were elected to be deferred into a share account under the company's Director Equity Incentive Plan. The units will be settled after his separation from service, with settlement split between cash and common stock, and additional units accruing over time as dividends are paid.

Insider Trade Summary

2 transactions reported

Mixed 2 txns

Insider PHILIP EDWARD M

Role null

Type	Security	Shares	Price	Value
Grant/Award	Share Units	2,130	$0.00	--
Grant/Award	Share Units	2,396	$0.00	--

Holdings After Transaction: Share Units — 2,130 shares (Direct, null)

Footnotes (1)

Each share unit represents the economic equivalent of one share of common stock. Upon vesting, the share units are settled (i) 50% in cash based on average of the high and low sale prices of a share of the Company's common stock on the date of settlement (or the average of the high and low sale prices of the common stock on the preceding trading day if the settlement date is not a trading day) and (ii) 50% in shares of the Company's common stock, with any odd or fractional units rounded toward the share units to be settled in cash. (Continued from Footnote 1) Notwithstanding the foregoing, the Reporting Person elected to defer the Reporting Person's 2026 annual director equity award into a share account pursuant to the terms of the Company's Director Equity Incentive Plan ("DEIP"). Therefore, all the share units granted to the Reporting Person for the 2026 annual director equity award will be settled following the Reporting Person's separation from service in accordance with the terms of the DEIP. Additional share units accrue when and as dividends are paid on the Company's common stock. The number of share units accrued will be equal to the dollar amount of dividends that would be payable if the share units were actual shares of common stock, divided by the average of the high and low sale prices of a share of the Company's common stock on the date dividends are paid. Non-Executive Chair award.

Key Figures

Share unit grant 1: 2,396 share units Share unit grant 2: 2,130 share units Units after grant 1: 2,396 share units +3 more

6 metrics

Share unit grant 1 2,396 share units Grant on May 20, 2026; economic equivalent of common stock

Share unit grant 2 2,130 share units Grant on May 20, 2026; economic equivalent of common stock

Units after grant 1 2,396 share units Total share units following first transaction

Units after grant 2 2,130 share units Total share units following second transaction

Exercise date May 20, 2027 Listed exercise date for the share units

Transaction price per unit $0.0000 per unit Compensation grant, not an open-market purchase

Key Terms

Share Units, Director Equity Incentive Plan, Non-Executive Chair award, dividends

4 terms

Director Equity Incentive Plan financial

"elected to defer the 2026 annual director equity award into a share account pursuant to the terms of the Company's Director Equity Incentive Plan"

Non-Executive Chair award financial

"Non-Executive Chair award."

dividends financial

"Additional share units accrue when and as dividends are paid on the Company's common stock."

Dividends are cash payments a company gives to its shareholders from profits or cash reserves, effectively sharing part of its earnings with owners. They matter to investors because they provide a steady income stream, act like an interest or rent payment on owning the stock, and signal management’s confidence in the business—factors that influence total return and share price. Regular or special dividends can change an investor’s income and reinvestment strategy.

Form 4 Insider Transactions: What Each Field Means →

05/22/2026 - 04:34 PM

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^*

PHILIP EDWARD M

(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)
05/20/2026

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)
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)

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)
Share Units	⁽¹⁾⁽²⁾	05/20/2026		A		2,130⁽³⁾		05/20/2027	⁽¹⁾⁽²⁾	Common Stock	2,130	$0	2,130	D
Share Units	⁽¹⁾⁽²⁾	05/20/2026		A		2,396⁽³⁾⁽⁴⁾		05/20/2027	⁽¹⁾⁽²⁾	Common Stock	2,396	$0	2,396	D

Explanation of Responses:

1. Each share unit represents the economic equivalent of one share of common stock. Upon vesting, the share units are settled (i) 50% in cash based on average of the high and low sale prices of a share of the Company's common stock on the date of settlement (or the average of the high and low sale prices of the common stock on the preceding trading day if the settlement date is not a trading day) and (ii) 50% in shares of the Company's common stock, with any odd or fractional units rounded toward the share units to be settled in cash.

2. (Continued from Footnote 1) Notwithstanding the foregoing, the Reporting Person elected to defer the Reporting Person's 2026 annual director equity award into a share account pursuant to the terms of the Company's Director Equity Incentive Plan ("DEIP"). Therefore, all the share units granted to the Reporting Person for the 2026 annual director equity award will be settled following the Reporting Person's separation from service in accordance with the terms of the DEIP.

3. Additional share units accrue when and as dividends are paid on the Company's common stock. The number of share units accrued will be equal to the dollar amount of dividends that would be payable if the share units were actual shares of common stock, divided by the average of the high and low sale prices of a share of the Company's common stock on the date dividends are paid.

4. Non-Executive Chair award.

Remarks:

	/s/ James Cotton for Edward M. Philip	05/22/2026
	** 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)

Source: View Original Filing on SEC EDGAR

FAQ

What insider transaction did United Airlines (UAL) report for Philip Edward M?

United Airlines director Philip Edward M received equity awards totaling 4,526 share units on May 20, 2026. These compensation-related grants are not open-market purchases or sales, but deferred share-based awards tied to the company’s common stock.

When will the United Airlines (UAL) director’s 2026 annual equity award be paid out?

The director elected to defer the 2026 annual director equity award into a share account. All share units from this award will be settled only after his separation from service, according to the terms of United Airlines’ Director Equity Incentive Plan.