United Airlines (NASDAQ: UAL) COO awarded 26,273 restricted stock units in equity grant

Rhea-AI Filing Summary

United Airlines Holdings, Inc. executive Torbjorn J. Enqvist, EVP & Chief Operations Officer, reported an equity compensation grant. On March 4, 2026, he acquired 26,273 restricted stock units, each representing the economic equivalent of one share of UAL common stock and settling in shares upon vesting.

The restricted stock units vest in three substantially equal annual installments on February 28, 2027, February 28, 2028, and February 28, 2029, encouraging longer-term alignment with company performance. Following this award, his reported direct holdings of restricted stock units are 26,273.

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^*

Enqvist Torbjorn J

(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 Operations Officer

3. Date of Earliest Transaction (Month/Day/Year)
03/04/2026

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

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	(1)	03/04/2026		A		26,273		(2)	(2)	Common Stock	26,273	$0	26,273	D

Explanation of Responses:

1. Each restricted stock unit ("RSU") represents the economic equivalent of one share of UAL common stock and shall be settled in shares of UAL common stock upon vesting.

2. The RSUs vest in one-third (1/3) substantially equal annual installments on February 28, 2027, February 28, 2028 and February 28, 2029.

Remarks:

	/s/ James Cotton for Torbjorn J. Enqvist	03/06/2026
	** 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.

FAQ

What insider transaction did UAL EVP Torbjorn Enqvist report on this Form 4?

UAL’s EVP & Chief Operations Officer Torbjorn Enqvist reported receiving 26,273 restricted stock units as an equity award. Each RSU equals one share of UAL common stock and will be settled in stock as the units vest over time.

When do Torbjorn Enqvist’s new UAL restricted stock units vest?

The 26,273 UAL restricted stock units vest in three substantially equal annual installments. The vesting dates are February 28, 2027, February 28, 2028, and February 28, 2029, creating a multi‑year incentive for long-term company performance and executive retention.

How many UAL restricted stock units does Torbjorn Enqvist hold after this Form 4?

After this reported grant, Torbjorn Enqvist holds 26,273 restricted stock units directly. These units represent the economic equivalent of 26,273 shares of UAL common stock, subject to the specified vesting schedule before shares are actually delivered.

Did Torbjorn Enqvist buy or sell any UAL stock for cash in this filing?

This filing reflects an equity award, not a market trade. Torbjorn Enqvist acquired 26,273 restricted stock units at a stated price of $0.0000 per unit, indicating a compensation grant rather than an open-market purchase or sale of UAL shares.

What does each UAL restricted stock unit in this award represent?

Each restricted stock unit represents the economic equivalent of one share of UAL common stock. Upon vesting, the RSUs will be settled in actual UAL shares, directly linking the executive’s compensation value to the company’s stock performance over the vesting period.

Why are UAL executives granted restricted stock units like this award?

Restricted stock units align executive compensation with shareholder outcomes over time. The three-year vesting schedule for the 26,273 RSUs encourages the executive to focus on UAL’s longer-term performance, as actual shares are only delivered when vesting conditions are met.