Barney Harford Reduces Direct Holding to 80,000 UAL Shares — Form 4 Details

Rhea-AI Filing Summary

Barney Harford, a director of United Airlines Holdings (UAL), reported sales of common stock on 08/08/2025 and 08/12/2025. On 08/08/2025 he sold 15,823 shares at a weighted average price of $90.0334 (sales in that batch ranged from $90.00 to $90.42). On 08/12/2025 he sold an additional 9,000 shares at $97.7625. Following those reported transactions his direct beneficial ownership is reported as 80,000 shares. The filing also discloses an indirect beneficial ownership of 11,000 shares held by his spouse. The Form 4 reports these transactions and provides the weighted-average pricing detail for the earlier sales.

Positive

• Full transaction details disclosed including share counts, transaction dates, and post-transaction direct holdings
• Weighted-average price and price range provided for the 08/08/2025 sales, enhancing transparency
• Indirect ownership by spouse disclosed, clarifying total family-related beneficial ownership

Negative

• Insider disposals totaling 24,823 shares (15,823 and 9,000), which reduce the reporting person’s direct stake to 80,000 shares
• No context provided in the filing for the purpose of the sales, so motives are not disclosed

Insights

Financial Analyst

TL;DR: Director Harford sold 24,823 UAL shares in two transactions, leaving 80,000 direct shares and 11,000 indirectly held by spouse.

The transactions are routine insider sales disclosed on a Form 4. Total shares sold equal 24,823 across two dates with reported weighted-average pricing for the first sale and a single price for the second. These are explicit disposals rather than option exercises or derivative transactions. From an investor-information perspective the filing delivers clear quantities and prices, enabling market participants to quantify insider selling but not to infer motives or broader corporate changes.

Corporate Governance Expert

TL;DR: Disclosure complies with Section 16 reporting: two sales disclosed, weighted-average pricing and indirect spouse holdings are reported.

The Form 4 includes the necessary elements for transparency: reporting person identity and relationship (director), transaction dates, share counts, prices, post-transaction holdings, and a note clarifying a weighted-average price range. It also identifies indirect ownership by a spouse. The filing appears complete for the transactions shown and meets standard disclosure expectations for insider trading reports.

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
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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^*

Harford Barney

(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)

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

3. Date of Earliest Transaction (Month/Day/Year)
08/08/2025

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	08/08/2025		S		15,823	D	$90.0334(1)	89,000	D
Common Stock	08/12/2025		S		9,000	D	$97.7625	80,000	D
Common Stock								11,000	I	By spouse

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. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $90.00 to $90.42, inclusive. The reporting person undertakes to provide to United Airlines Holdings, Inc., any security holder of United Airlines Holdings, Inc. or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within the ranges set forth in this Form 4.

Remarks:

	/s/ James Cotton for Barney Harford	08/12/2025
	** 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 insider transactions did UAL director Barney Harford report?

He reported sales of common stock: 15,823 shares on 08/08/2025 and 9,000 shares on 08/12/2025.

How many UAL shares does Barney Harford directly own after the reported transactions?

Direct beneficial ownership is reported as 80,000 shares following the transactions.

What prices were reported for the Harford sales in the Form 4?

The 08/08/2025 sales had a weighted-average price of $90.0334 (individual prices ranged $90.00 to $90.42) and the 08/12/2025 sale was at $97.7625.

Is there any indirect ownership disclosed for Barney Harford in the filing?

Yes: an indirect beneficial ownership of 11,000 shares is reported as held by his spouse.

Do the reported transactions include derivative or option exercises?

No derivative securities or option exercises are reported in Table II; only common stock transactions appear in Table I.