How many share units did Matthew Friend acquire in this United Airlines Form 4?

He acquired 2,130 share units linked to United Airlines common stock. After this grant, his total reported share units position is 2,130, reflecting this new award as a fresh equity-based compensation grant for board service at the company.

Are Matthew Friend’s United Airlines share units from this filing immediately settled in stock or cash?

These 2,130 share units are deferred and will be settled after Matthew Friend’s separation from service. Under the Director Equity Incentive Plan, they are held in a share account rather than being immediately converted into cash or common shares at the grant date.

How are United Airlines share units economically related to UAL common stock?

Each share unit is economically equivalent to one share of United Airlines common stock. The units are designed so their value mirrors the stock’s price performance, and additional units can accrue over time when dividends are paid on the common stock.

Will Matthew Friend’s United Airlines share units receive dividend equivalents?

Yes. Additional share units accrue when dividends are paid on United Airlines common stock. The number of new units equals the dividend dollar amount that would be paid on equivalent shares, divided by the average high and low sale prices on the dividend payment date.

United Airlines (NASDAQ: UAL) director awarded 2,130 deferred share units

Filing Impact

(Neutral)

Filing Sentiment

(Neutral)

Form Type

Rhea-AI Filing Summary

Friend Matthew reported acquisition or exercise transactions in this Form 4 filing.

United Airlines Holdings director Matthew Friend received a grant of 2,130 share units as part of his 2026 annual director equity award. These units were granted at a price of $0.00 because they represent deferred compensation rather than a market purchase.

Each share unit is economically equivalent to one share of United’s common stock and is designed to track the stock’s value over time. All of these 2026 director share units will be settled after Friend’s separation from service, consistent with the company’s Director Equity Incentive Plan.

Insider Trade Summary

1 transaction reported

Mixed 1 txn

Insider Friend Matthew

Role null

Type	Security	Shares	Price	Value
Grant/Award	Share Units	2,130	$0.00	--

Holdings After Transaction: Share Units — 2,130 shares (Direct, null)

Footnotes (1)

Each share unit represents the economic equivalent of one share of common stock. Upon vesting, the share units are settled (i) 50% in cash based on average of the high and low sale prices of a share of the Company's common stock on the date of settlement (or the average of the high and low sale prices of the common stock on the preceding trading day if the settlement date is not a trading day) and (ii) 50% in shares of the Company's common stock, with any odd or fractional units rounded toward the share units to be settled in cash. (Continued from Footnote 1) Notwithstanding the foregoing, the Reporting Person elected to defer the Reporting Person's 2026 annual director equity award into a share account pursuant to the terms of the Company's Director Equity Incentive Plan ("DEIP"). Therefore, all the share units granted to the Reporting Person for the 2026 annual director equity award will be settled following the Reporting Person's separation from service in accordance with the terms of the DEIP. Additional share units accrue when and as dividends are paid on the Company's common stock. The number of share units accrued will be equal to the dollar amount of dividends that would be payable if the share units were actual shares of common stock, divided by the average of the high and low sale prices of a share of the Company's common stock on the date dividends are paid.

Key Figures

Share units granted: 2,130 share units Grant price per unit: $0.00 per unit Units after transaction: 2,130 share units +1 more

4 metrics

Share units granted 2,130 share units Grant of 2026 annual director equity award

Grant price per unit $0.00 per unit Compensation grant, not market purchase

Units after transaction 2,130 share units Total share units following the grant

Underlying common shares 2,130 shares Common stock underlying granted share units

Key Terms

Share Units, Director Equity Incentive Plan ("DEIP"), economic equivalent, dividends, +1 more

5 terms

Director Equity Incentive Plan ("DEIP") financial

"pursuant to the terms of the Company's Director Equity Incentive Plan ("DEIP")."

economic equivalent financial

"Each share unit represents the economic equivalent of one share of common stock."

dividends financial

"Additional share units accrue when and as dividends are paid on the Company's common stock."

Dividends are cash payments a company gives to its shareholders from profits or cash reserves, effectively sharing part of its earnings with owners. They matter to investors because they provide a steady income stream, act like an interest or rent payment on owning the stock, and signal management’s confidence in the business—factors that influence total return and share price. Regular or special dividends can change an investor’s income and reinvestment strategy.

settled financial

"all the share units granted to the Reporting Person for the 2026 annual director equity award will be settled following the Reporting Person's separation from service"

Form 4 Insider Transactions: What Each Field Means →

05/22/2026 - 04:34 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^*

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)

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

2a. Foreign Trading Symbol

3. Date of Earliest Transaction (Month/Day/Year)
05/20/2026

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⁾⁽²⁾	05/20/2026		A		2,130⁽³⁾		05/20/2027	⁽¹⁾⁽²⁾	Common Stock	2,130	$0	2,130	D

Explanation of Responses:

1. Each share unit represents the economic equivalent of one share of common stock. Upon vesting, the share units are settled (i) 50% in cash based on average of the high and low sale prices of a share of the Company's common stock on the date of settlement (or the average of the high and low sale prices of the common stock on the preceding trading day if the settlement date is not a trading day) and (ii) 50% in shares of the Company's common stock, with any odd or fractional units rounded toward the share units to be settled in cash.

2. (Continued from Footnote 1) Notwithstanding the foregoing, the Reporting Person elected to defer the Reporting Person's 2026 annual director equity award into a share account pursuant to the terms of the Company's Director Equity Incentive Plan ("DEIP"). Therefore, all the share units granted to the Reporting Person for the 2026 annual director equity award will be settled following the Reporting Person's separation from service in accordance with the terms of the DEIP.

3. Additional share units accrue when and as dividends are paid on the Company's common stock. The number of share units accrued will be equal to the dollar amount of dividends that would be payable if the share units were actual shares of common stock, divided by the average of the high and low sale prices of a share of the Company's common stock on the date dividends are paid.

Remarks:

	/s/ James Cotton for Matthew Friend	05/22/2026
	** 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 director Matthew Friend report on this Form 4 for UAL?

Matthew Friend reported receiving a grant of 2,130 share units as part of his 2026 annual director equity award. These units are a form of deferred equity compensation, not an open-market stock purchase or sale, and are tied to United Airlines common stock value.