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

Rhea-AI Filing Summary

United Airlines Holdings (UAL) Form 4: EVP HR & Labor Relations Kate Gebo reported transactions dated 25-28 Jul 2025.

• RSU settlement: 17,836 common shares acquired on 7/25 (Code A) at $0, reflecting vesting of 2024 performance-based RSUs; direct holdings rose to 108,931 shares.
• Tax withholding sale: 7,904 shares disposed on 7/25 (Code F) at $91.11 to cover withholding, reducing direct stake to 101,027 shares.
• Family trust re-allocation: On 7/28 (Code G) 25,578 shares moved from Gebo’s direct account to a revocable trust in her name, and an equivalent amount recorded as acquired indirectly by her spouse; direct holdings now 75,449 while aggregate family ownership unchanged.

No derivative securities were reported. After transactions Gebo controls ~101 k shares directly and indirectly, indicating continued sizeable exposure to UAL equity with only routine tax-related sales. No open-market sales beyond withholding were disclosed.

Positive

• 17,836 shares added via RSU settlement, boosting insider alignment.
• Executive maintains ~100 k share stake post-transactions, signalling continued confidence.

Negative

• 7,904 shares sold at $91.11 to satisfy tax obligations, representing a small liquidity event.

Insights

Senior Securities Analyst

TL;DR – Routine equity vesting; no bearish signal.

The filing shows standard executive compensation mechanics: RSUs vest, shares withheld for taxes, and an internal transfer to a family trust. Net of the gift, Gebo still retains roughly the same economic exposure (~100 k shares), suggesting confidence rather than liquidation. The single open-market sale was only 7,904 shares (≈$0.7 m), exclusively for withholding, so market impact is negligible. Investors normally treat such Form 4s as neutral; nonetheless, sustained insider ownership above 100 k shares aligns management interests with shareholders.

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
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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).

1. Name and Address of Reporting Person^*

Gebo Kate

(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 HR and Labor Relations

3. Date of Earliest Transaction (Month/Day/Year)
07/25/2025

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
Common Stock	07/25/2025		A(1)		17,836	A	$0	108,931	D
Common Stock	07/25/2025		F(2)		7,904	D	$91.11	101,027	D
Common Stock	07/28/2025		G		25,578	D	$0	75,449	D(3)
Common Stock	07/28/2025		G	V	25,578	A	$0	75,449	I	See Footnote(4)(5)

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

Explanation of Responses:

1. Represents shares of UAL common stock acquired upon the settlement of performance-based restricted stock units ("PB RSUs") granted to the reporting person in 2024.

2. This transaction represents the withholding of shares to pay tax withholding obligations associated with the settlement of the PB RSU awards referenced in footnote 1, above.

3. Balance held in a revocable trust in the name of the reporting person.

4. By spouse of the reporting person.

5. Balance held in a revocable trust in the name of the spouse of the reporting person.

Remarks:

	/s/ James Cotton for Kate Gebo	07/29/2025
	** 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 UAL shares did EVP Kate Gebo acquire?

She acquired 17,836 shares through the settlement of 2024 performance-based RSUs.

Did the executive sell any UAL stock?

Yes, 7,904 shares were sold at $91.11 solely to cover tax withholding.

What is Kate Gebo’s current direct ownership in UAL?

After the reported transactions she holds 75,449 shares directly and additional shares indirectly via trusts.

Were any derivative securities reported?

No derivative securities were acquired or disposed of in this Form 4.

What does Transaction Code G indicate?

Code G denotes a gift or transfer; 25,578 shares were moved to a family trust, not sold on the market.