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

Director defers 2026 fees into United Airlines (UAL) share units

Filing Impact
(Neutral)
Filing Sentiment
(Neutral)
Form Type
4

Rhea-AI Filing Summary

United Airlines Holdings director Matthew Friend reported a compensation-related equity award. He received 283.070 share units as of June 30, 2026, recorded at a price of $0.00 per unit because they represent deferred fees rather than a market purchase.

The share units convert into an equal number of shares of common stock on a 1-for-1 basis and will be settled in stock after he separates from service, under the company’s 2006 Director Equity Incentive Plan. Following this grant, Friend now holds a total of 11,368.600 share units directly.

Positive

  • None.

Negative

  • None.
Insider Friend Matthew
Role Director
Type Security Shares Price Value
Grant/Award Share Units 283.07 $0.00 --
Holdings After Transaction: Share Units — 11,368.6 shares (Direct)
Footnotes (1)
  1. The share units convert to shares of common stock on a 1-for-1 basis. 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"). 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.
Share units granted 283.070 share units Grant/award on June 30, 2026
Price per unit $0.00 per unit Compensation award, not open-market trade
Total share units after grant 11,368.600 share units Direct holdings following the transaction
Conversion ratio 1-for-1 Each share unit converts into one share of common stock
Transaction code A Grant, award, or other acquisition of derivative security
Transaction direction acquire Derivative grant under director equity plan
Share Units financial
"The share units convert to shares of common stock on a 1-for-1 basis."
2006 Director Equity Incentive Plan financial
"pursuant to the terms of the Company's 2006 Director Equity Incentive Plan ("DEIP")."
deferred into a share account financial
"retainer fees that the Reporting Person elected to defer into a share account"
settled in common stock financial
"The share units will be settled in common stock following the Reporting Person's separation from service"

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Form 4 Insider Transactions: What Each Field Means →

FAQ

What did United Airlines (UAL) director Matthew Friend report on this Form 4?
Director Matthew Friend reported receiving 283.070 share units of United Airlines Holdings as a compensation-related award, increasing his total directly held share units to 11,368.600 under the company’s director equity plan.

Were Matthew Friend’s United Airlines (UAL) share units an open-market purchase?
No. The 283.070 share units were recorded at $0.00 per unit and represent deferred 2026 quarterly retainer fees, not an open-market stock purchase, under the 2006 Director Equity Incentive Plan.

How do the reported United Airlines (UAL) share units convert into common stock?
Each reported share unit converts into one share of common stock of United Airlines Holdings on a 1-for-1 basis, according to the filing’s footnotes describing the structure of the director share units.

When will Matthew Friend’s United Airlines (UAL) share units be settled?
The share units will be settled in common stock after Matthew Friend’s separation from service, consistent with the terms of United Airlines’ 2006 Director Equity Incentive Plan governing director fee deferrals.

What is the source of the 283.070 United Airlines (UAL) share units?
The 283.070 share units represent 2026 quarterly retainer fees that Matthew Friend elected to defer into a share account instead of taking in cash, under United Airlines’ 2006 Director Equity Incentive Plan.
SEC Form 4
FORM 4UNITED 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)
XDirector10% Owner
Officer (give title below)Other (specify below)
2a. Foreign Trading Symbol
3. Date of Earliest Transaction (Month/Day/Year)
06/30/2026		6. Individual or Joint/Group Filing (Check Applicable Line)
XForm 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)
CodeVAmount(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)
CodeV(A)(D)Date ExercisableExpiration DateTitleAmount or Number of Shares
Share Units(1)06/30/2026A283.07(2) (3) (3)Common Stock283.07$011,368.6D
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 Friend07/02/2026
** Signature of Reporting PersonDate
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