How did Torbjorn Enqvist’s direct UAL share ownership change after these transactions?

Following the RSU settlements and related tax withholding, Torbjorn Enqvist directly held 134,800 shares of United Airlines common stock. This figure reflects vested RSUs converted into stock and the shares withheld to cover tax obligations tied to those equity awards.

United Airlines (UAL) EVP reports RSU vesting and tax-share withholding

Filing Impact

(Very High)

Filing Sentiment

(Neutral)

Form Type

Rhea-AI Filing Summary

United Airlines Holdings EVP & Chief Operations Officer Torbjorn J. Enqvist reported the vesting and settlement of several restricted stock unit (RSU) awards into United Airlines common stock on February 28, 2026. The RSUs were originally granted in April 2023, February 2024, and February 2025 and vest in one-third annual installments on specified February 28 dates from 2024 through 2028.

Upon vesting, RSUs representing 14,105, 14,509 and 8,286 units converted into an equal number of common shares, increasing his directly held stock, before 14,821 shares were withheld at $106.30 per share to cover tax obligations related to these awards.

Insider Trade Summary

36,900 shares exercised/converted

Mixed 7 txns

Insider Enqvist Torbjorn J

Role EVP & Chief Operations Officer

Type	Security	Shares	Price	Value
Exercise	Restricted Stock Units	14,105	$0.00	--
Exercise	Restricted Stock Units	14,509	$0.00	--
Exercise	Restricted Stock Units	8,286	$0.00	--
Exercise	Common Stock	14,105	$0.00	--
Exercise	Common Stock	14,509	$0.00	--
Exercise	Common Stock	8,286	$0.00	--
Tax Withholding	Common Stock	14,821	$106.30	$1.58M

Holdings After Transaction: Restricted Stock Units — 0 shares (Direct); Common Stock — 126,826 shares (Direct)

Footnotes (1)

Represents the settlement upon vesting of restricted stock units ("RSUs") into UAL common stock. The RSUs were granted on April 4, 2023 and vest in one-third (1/3) substantially equal annual installments on February 28, 2024, February 28, 2025 and February 28, 2026. The RSUs were granted on February 29, 2024 and vest in one-third (1/3) substantially equal annual installments on February 28, 2025, February 28, 2026 and February 28, 2027. The RSUs were granted on February 28, 2025 and vest in one-third (1/3) substantially equal annual installments on February 28, 2026, February 28, 2027 and February 28, 2028. This transaction represents the withholding of shares to pay tax withholding obligations associated with the vesting of the RSU awards referenced in footnotes 2 - 4, above. Each RSU represents the economic equivalent of one share of UAL common stock and shall be settled in shares of UAL common stock upon vesting.

Form 4 Insider Transactions: What Each Field Means →

03/03/2026 - 06:02 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^*

Enqvist Torbjorn J

(Last)

(First)

(Middle)

P. O. BOX 66100 HDQLD

(Street)

CHICAGO

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 Operations Officer

3. Date of Earliest Transaction (Month/Day/Year)
02/28/2026

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)
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)
Common Stock	02/28/2026		M⁽¹⁾⁽²⁾		14,105	A	$0	126,826	D
Common Stock	02/28/2026		M⁽¹⁾⁽³⁾		14,509	A	$0	141,335	D
Common Stock	02/28/2026		M⁽¹⁾⁽⁴⁾		8,286	A	$0	149,621	D
Common Stock	02/28/2026		F⁽⁵⁾		14,821	D	$106.3	134,800	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)
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)
Restricted Stock Units	⁽⁶⁾	02/28/2026		M⁽¹⁾			14,105	⁽²⁾	⁽²⁾	Common Stock	14,105	$0	0	D
Restricted Stock Units	⁽⁶⁾	02/28/2026		M⁽¹⁾			14,509	⁽³⁾	⁽³⁾	Common Stock	14,509	$0	14,509	D
Restricted Stock Units	⁽⁶⁾	02/28/2026		M⁽¹⁾			8,286	⁽⁴⁾	⁽⁴⁾	Common Stock	8,286	$0	16,572	D

Explanation of Responses:

1. Represents the settlement upon vesting of restricted stock units ("RSUs") into UAL common stock.

2. The RSUs were granted on April 4, 2023 and vest in one-third (1/3) substantially equal annual installments on February 28, 2024, February 28, 2025 and February 28, 2026.

3. The RSUs were granted on February 29, 2024 and vest in one-third (1/3) substantially equal annual installments on February 28, 2025, February 28, 2026 and February 28, 2027.

4. The RSUs were granted on February 28, 2025 and vest in one-third (1/3) substantially equal annual installments on February 28, 2026, February 28, 2027 and February 28, 2028.

5. This transaction represents the withholding of shares to pay tax withholding obligations associated with the vesting of the RSU awards referenced in footnotes 2 - 4, above.

6. Each RSU represents the economic equivalent of one share of UAL common stock and shall be settled in shares of UAL common stock upon vesting.

Remarks:

	/s/ James Cotton for Torbjorn J. Enqvist	03/03/2026
	** 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.

Source: View Original Filing on SEC EDGAR

FAQ

What insider transaction did UAL executive Torbjorn Enqvist report on this Form 4?

Torbjorn Enqvist reported multiple RSU vesting events that converted into United Airlines common stock on February 28, 2026. These entries reflect the exercise or settlement of restricted stock units, rather than an open-market purchase or sale of UAL shares.

How many United Airlines RSUs vested for UAL executive Torbjorn Enqvist?

RSUs covering 14,105, 14,509 and 8,286 units vested and settled into an equal number of United Airlines common shares. Each RSU represents the economic equivalent of one share and is settled in stock when the vesting conditions are met.

What are the vesting schedules for Torbjorn Enqvist’s UAL RSU grants?

One RSU grant from April 4, 2023 vests in one-third installments on February 28, 2024, 2025 and 2026. Additional grants from February 29, 2024 and February 28, 2025 vest in similar one-third installments on February 28 dates through 2027 and 2028.

Did Torbjorn Enqvist sell UAL shares in this Form 4 filing?

The filing shows a tax-withholding disposition of 14,821 United Airlines shares at $106.30 per share. These shares were withheld by the company to satisfy tax obligations triggered by RSU vesting, not an open-market sale initiated by the executive.

What does each RSU represent in Torbjorn Enqvist’s UAL equity awards?

Each restricted stock unit represents the economic equivalent of one share of United Airlines common stock. Upon vesting, every RSU is settled in one share of UAL common stock, directly increasing the executive’s stock ownership before any tax-withholding adjustments.