How do the deferred share units convert to common stock?

The units convert on a 1-for-1 basis to common stock and will be settled in shares following the reporting person’s separation from service.

UAL Form 4: Edward Shapiro defers 412.37 units under 2006 DEIP

Q: What did Edward Shapiro report on Form 4 for UAL?

He reported deferral of 412.37 share units on 09/30/2025 , representing his 2025 quarterly retainer fees under the 2006 DEIP .

Q: How many shares did Edward Shapiro beneficially own after the transaction?

Following the reported transaction, he beneficially owned 20,648.47 shares/units.

Q: When was the Form 4 signed and filed?

The filing bears a signature date of 10/02/2025 (signed by James Cotton for Edward Shapiro).

Filing Impact

(Neutral)

Filing Sentiment

(Neutral)

Form Type

Rhea-AI Filing Summary

United Airlines Holdings director Edward Shapiro reported on Form 4 that on 09/30/2025 he acquired 412.37 share units under the company’s 2006 Director Equity Incentive Plan (DEIP). The units were elected as deferred payment of his 2025 quarterly retainer fees and convert to common stock on a 1-for-1 basis. The report shows a $0 price for the acquisition because these are fee deferrals rather than market purchases, and Shapiro’s total beneficial ownership after the transaction is 20,648.47 shares/units. The share units will be settled in common stock following his separation from service, per the DEIP terms. The Form 4 was signed on behalf of Mr. Shapiro on 10/02/2025.

Positive

412.37 share units deferred from 2025 retainer fees under the 2006 DEIP, aligning director compensation with shareholder equity
Total beneficial ownership 20,648.47 shares/units after the transaction, increasing director stake

Negative

None.

Insider Trade Summary

1 transaction reported

Mixed 1 txn

Insider SHAPIRO EDWARD

Role Director

Type	Security	Shares	Price	Value
Grant/Award	Share Units	412.37	$0.00	--

Holdings After Transaction: Share Units — 20,648.47 shares (Direct)

Footnotes (1)

The share units convert to shares of common stock on a 1-for-1 basis. Represents 2025 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"). 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.

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Form 4 Insider Transactions: What Each Field Means →

Accepted by SEC EDGAR 10/02/2025 - 05:33 PM

FAQ

What did Edward Shapiro report on Form 4 for UAL?

He reported deferral of 412.37 share units on 09/30/2025, representing his 2025 quarterly retainer fees under the 2006 DEIP.

What was the acquisition price reported on the Form 4?

The Form 4 shows a reported price of $0 because the units were deferred retainer fees, not a cash market purchase.

How many shares did Edward Shapiro beneficially own after the transaction?

Following the reported transaction, he beneficially owned 20,648.47 shares/units.

When was the Form 4 signed and filed?

The filing bears a signature date of 10/02/2025 (signed by James Cotton for Edward Shapiro).

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).

1. Name and Address of Reporting Person^*

SHAPIRO EDWARD

(Last)

(First)

(Middle)

P. O. BOX 66100 HDQLD

(Street)

CHICAGO

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)

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

3. Date of Earliest Transaction (Month/Day/Year)
09/30/2025

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)
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⁾	09/30/2025		A		412.37⁽²⁾		⁽³⁾	⁽³⁾	Common Stock	412.37	$0	20,648.47	D

Explanation of Responses:

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

2. Represents 2025 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	10/02/2025
	** 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.

Source: View Original Filing on SEC EDGAR