UAL director defers 446 share units as fees

United Airlines Holdings, Inc. director Edward Shapiro received a grant of 446.73 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.

Rhea-AI Filing Summary

United Airlines Holdings, Inc. director Edward Shapiro received a grant of 446.73 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. These share units convert into common stock on a 1-for-1 basis and will be settled in stock after his separation from service. Following this grant, he holds a total of 21,454.01 share units directly.

Insider Trade Summary

Grant/Award: 446.73 shares

Grant/Award 1 txn

Insider SHAPIRO EDWARD

Role Director

Type	Security	Shares	Price	Value
Grant/Award	Share Units	446.73	$0.00	$0.00

Holdings After Transaction: Share Units — 21,454.01 contracts (Direct)

Footnotes (3)

1. F1. The share units convert to shares of common stock on a 1-for-1 basis.
2. F2. 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. F3. 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: 446.73 share units Holdings after transaction: 21,454.01 share units Grant price: $0.00 per share unit +1 more

4 metrics

Share units granted 446.73 share units Grant of 2026 quarterly retainer fees

Holdings after transaction 21,454.01 share units Total direct holdings following grant

Grant price $0.00 per share unit Non-cash director compensation award

Conversion ratio 1 share unit : 1 common share Share units convert into common stock

Key Terms

Share Units, 2006 Director Equity Incentive Plan, DEIP, separation from service

4 terms

Share Units financial

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

2006 Director Equity Incentive Plan financial

"pursuant to the terms of the Company's 2006 Director Equity Incentive Plan ("DEIP")."

DEIP financial

"in accordance with the terms of the DEIP."

separation from service financial

"will be settled in common stock following the Reporting Person's separation from service"

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What insider transaction did UAL director Edward Shapiro report?

UAL director Edward Shapiro reported receiving 446.73 share units as a grant tied to his 2026 quarterly retainer fees. The grant is part of deferred director compensation and does not involve an open-market stock purchase or sale.

How many United Airlines (UAL) share units does Edward Shapiro hold after this filing?

After this grant, Edward Shapiro holds 21,454.01 share units directly. These units represent deferred director compensation and will later convert into an equal number of United Airlines common shares on a 1-for-1 basis when they are ultimately settled.

What does the 446.73 share unit grant to UAL’s Edward Shapiro represent?

The 446.73 share unit grant represents 2026 quarterly retainer fees that Shapiro chose to defer. Instead of cash, the fees were converted into share units under the company’s 2006 Director Equity Incentive Plan, aligning a portion of his compensation with stock performance.

At what price were Edward Shapiro’s United Airlines share units granted?

The 446.73 share units were granted at a stated price of $0.00 per unit. This reflects that the award is non-cash director compensation under an equity incentive plan, not a market transaction where the director bought shares at a specific trading price.

When will Edward Shapiro’s UAL share units be converted into common stock?

The share units will be settled in United Airlines common stock following Edward Shapiro’s separation from service. At that time, each share unit will convert into one share of common stock, according to the terms of the 2006 Director Equity Incentive Plan.

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

Edward Shapiro’s share units convert into common stock on a 1-for-1 basis. For each share unit he holds, he will receive one share of United Airlines common stock when the units are settled, which occurs after his separation from service under the plan rules.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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Accepted by SEC EDGAR 04/02/2026 - 05:09 PM EDT Learn about SEC filing dates

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)
03/31/2026

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)
			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)	03/31/2026		A		446.73(2)		(3)	(3)	Common Stock	446.73	$0	21,454.01	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	04/02/2026
	** 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)