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

Rhea-AI Filing Summary

United Airlines Holdings, Inc. (UAL) has filed a Form 4 disclosing an insider transaction by Director Walter Isaacson.

• Transaction date: 06/30/2025
• Securities involved: 502.89 derivative share units acquired at $0 cost under the company’s 2006 Director Equity Incentive Plan (DEIP).
• Conversion ratio: 1 share unit = 1 share of common stock.
• Settlement timing: Units convert to common stock after the director’s separation from service, per DEIP terms.
• Post-transaction holdings: Isaacson now beneficially owns 21,058.91 share units, held directly.

The filing represents a routine deferral of quarterly director retainer fees rather than an open-market purchase or sale. No non-derivative common stock transactions were reported. The disclosure is dated 07/02/2025 and contains no price-sensitive information beyond the incremental increase in deferred equity.

Insights

Securities Analyst

TL;DR Small, routine deferral of director fees into share units; neutral for valuation, but signals continued board alignment.

The acquisition of 502.89 share units—worth less than 0.001% of UAL’s 327 million outstanding shares—is immaterial to market supply-demand dynamics or earnings forecasts. Because the units stem from the DEIP, no cash changed hands and the director cannot realize value until departure, limiting short-term trading implications. The filing nonetheless reinforces governance alignment, as compensation remains equity-linked. There is no indication of strategic shifts, operational updates, or financial re-guidance; therefore, the market impact is classified as neutral.

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 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)
06/30/2025

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

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
Share Units	(1)	06/30/2025		A		502.89(2)		(3)	(3)	Common Stock	502.89	$0	20,236.1	D

Explanation of Responses:

1. The share units convert to shares of common stock on a 1-for-1 basis.

2. Represents 2025 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	07/02/2025
	** 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

How many share units did UAL director Walter Isaacson acquire on 06/30/2025?

He acquired 502.89 share units under the Director Equity Incentive Plan.

What is the conversion ratio of the share units reported in UAL's Form 4?

Each share unit converts to one share of UAL common stock (1-for-1).

How many derivative share units does Walter Isaacson own after the transaction?

Following the acquisition, he beneficially owns 21,058.91 share units.

Was any cash paid for the share units disclosed in the UAL insider filing?

No. The units were received at $0 cost as a deferral of quarterly director fees.

When will the reported share units be settled into UAL common stock?

Settlement occurs after Isaacson’s separation from service, per the DEIP.