How do Edward Shapiro’s United Airlines share units convert into common stock?

The share units convert into United Airlines common stock on a 1-for-1 basis. Each share unit corresponds to one share of common stock, providing a clear link between the deferred director compensation and future equity ownership in the company.

How many United Airlines share units does Edward Shapiro hold after this transaction?

After receiving the 292.21 share units, Edward Shapiro holds a total of 21,746.22 share units. All are directly owned and are tied to United Airlines common stock under the company’s director equity incentive and deferral arrangements.

United Airlines (UAL) director defers 2026 board fees into share units

Filing Impact

(Neutral)

Filing Sentiment

(Neutral)

Form Type

Rhea-AI Filing Summary

United Airlines Holdings director Edward Shapiro reported a routine equity compensation grant. He acquired 292.21 share units as part of his 2026 quarterly retainer fees, which he elected to defer into a share account under the company’s 2006 Director Equity Incentive Plan.

The share units convert into common stock on a 1-for-1 basis and will be settled in stock after he separates from service as a director, in line with the plan’s terms. Following this grant, he directly holds 21,746.22 share units tied to United Airlines common stock.

Insider Trade Summary

1 transaction reported

Mixed 1 txn

Insider SHAPIRO EDWARD

Role null

Type	Security	Shares	Price	Value
Grant/Award	Share Units	292.21	$0.00	--

Holdings After Transaction: Share Units — 21,746.22 shares (Direct, null)

Footnotes (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.

Key Figures

Share units granted: 292.21 share units Total share units after grant: 21,746.22 share units Conversion ratio: 1 share unit = 1 common share +1 more

4 metrics

Share units granted 292.21 share units 2026 quarterly director retainer deferred into share account

Total share units after grant 21,746.22 share units Director’s direct holdings following the reported transaction

Conversion ratio 1 share unit = 1 common share Share units convert into United Airlines common stock

Transaction price per unit $0.00 per share unit Grant/award acquisition, compensation not an open-market purchase

Key Terms

Share Units, 2006 Director Equity Incentive Plan, retainer fees, separation from service

4 terms

2006 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"

separation from service financial

"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 →

Available on EDGAR 07/02/2026 - 04:02 PM Accepted by SEC EDGAR 07/02/2026 - 04:01 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^*

SHAPIRO EDWARD

(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)
06/30/2026

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⁾	06/30/2026		A		292.21⁽²⁾		⁽³⁾	⁽³⁾	Common Stock	292.21	$0	21,746.22	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 Edward Shapiro	07/02/2026
	** 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)

Source: View Original Filing on SEC EDGAR

FAQ

What did United Airlines (UAL) director Edward Shapiro report in this Form 4?

Edward Shapiro reported receiving 292.21 share units as equity compensation. These units represent his 2026 quarterly director retainer fees, which he chose to defer into a share account under United Airlines’ 2006 Director Equity Incentive Plan.

Is Edward Shapiro buying or selling United Airlines (UAL) stock in this filing?

He is not buying or selling shares in the market. The Form 4 shows a grant of 292.21 deferred share units as part of his board retainer, reflecting compensation rather than an open-market purchase or sale of United Airlines common stock.

When will Edward Shapiro receive United Airlines shares for these deferred units?

The share units will be settled in United Airlines common stock after his separation from service as a director. Settlement timing follows the terms of the 2006 Director Equity Incentive Plan governing deferred director compensation.

What is the purpose of United Airlines’ 2006 Director Equity Incentive Plan (DEIP) in this context?

The 2006 Director Equity Incentive Plan lets directors defer fees into share units instead of cash. In this filing, Shapiro’s 2026 quarterly retainer fees were deferred under the plan, creating additional share units that will later be settled in common stock.