United Airlines (UAL) CFO details RSU vesting, stock withholding for taxes in Form 4

Rhea-AI Filing Summary

United Airlines Holdings EVP & Chief Financial Officer Michael D. Leskinen reported equity compensation activity involving restricted stock units (RSUs) and common stock on February 28, 2026. Multiple RSU awards vested and were settled into common shares at a stated price of $0.00 per share, reflecting routine conversions rather than open-market purchases.

The filing shows RSU-to-stock conversions of 838, 6,212, 10,579 and 6,395 units into an equal number of United common shares. A separate transaction withheld 10,642 common shares at $106.30 per share to cover tax obligations tied to these vestings, leaving Leskinen with 47,500 shares held directly.

In addition, the report notes 1,500 shares of United common stock held indirectly in an account of Leskinen’s mother, over which he holds a power of attorney, indicating a small indirect ownership position alongside his direct holdings.

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

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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^*

Leskinen Michael D.

(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)

	Director		10% Owner
X	Officer (give title below)		Other (specify below)
	EVP & Chief Financial 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)
			Code	V	Amount	(A) or (D)	Price
Common Stock	02/28/2026		M(1)(2)		838	A	$0	34,956	D
Common Stock	02/28/2026		M(1)(3)		6,212	A	$0	41,168	D
Common Stock	02/28/2026		M(1)(4)		10,579	A	$0	51,747	D
Common Stock	02/28/2026		M(1)(5)		6,395	A	$0	58,142	D
Common Stock	02/28/2026		F(6)		10,642	D	$106.3	47,500	D
Common Stock								1,500	I	See Footnote(7)

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
Restricted Stock Units	(8)	02/28/2026		M(1)			838	(2)	(2)	Common Stock	838	$0	0	D
Restricted Stock Units	(8)	02/28/2026		M(1)			6,212	(3)	(3)	Common Stock	6,212	$0	0	D
Restricted Stock Units	(8)	02/28/2026		M(1)			10,579	(4)	(4)	Common Stock	10,579	$0	10,579	D
Restricted Stock Units	(8)	02/28/2026		M(1)			6,395	(5)	(5)	Common Stock	6,395	$0	12,792	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 September 25, 2023 and vest in one-third (1/3) substantially equal annual installments on February 28, 2024, February 28, 2025 and February 28, 2026.

4. 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.

5. 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.

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

7. Represents shares held in an account by the reporting person's mother over which the reporting person holds a power of attorney.

8. 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 Michael D. Leskinen	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).
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FAQ

What insider transactions did UAL EVP & CFO Michael Leskinen report?

Michael Leskinen reported RSU vesting and related stock activity, not open-market trades. Several restricted stock unit grants converted into United common shares, and additional shares were withheld to satisfy tax obligations tied to those vestings.

How many United (UAL) RSUs vested for Michael Leskinen on February 28, 2026?

On February 28, 2026, 838, 6,212, 10,579 and 6,395 RSUs vested for Michael Leskinen. Each restricted stock unit represents the economic equivalent of one United common share and was settled in stock upon vesting according to prior grant terms.

Were any United (UAL) shares sold by Michael Leskinen in the open market?

The filing does not show open-market sales by Michael Leskinen. It reports a tax-withholding disposition of 10,642 shares at $106.30 per share, used to pay withholding obligations associated with the RSU vestings disclosed in the same report.

What are Michael Leskinen’s direct and indirect United (UAL) share holdings after these transactions?

After the reported transactions, Michael Leskinen directly holds 47,500 United common shares. The filing also notes 1,500 additional shares held indirectly in an account owned by his mother, where he has power of attorney authority.

What do the United (UAL) Form 4 footnotes say about Michael Leskinen’s RSU grants?

Footnotes explain that RSUs were granted on April 4, 2023, September 25, 2023, February 29, 2024 and February 28, 2025, vesting in substantially equal one‑third installments on specified February 28 dates between 2024 and 2028, and settling in United common stock.

How were taxes handled on Michael Leskinen’s United (UAL) RSU vesting?

Taxes related to RSU vesting were paid by withholding 10,642 United common shares. A footnote clarifies this share withholding covered tax obligations associated with the RSU awards that vested and converted into common stock on February 28, 2026.