United Airlines (UAL) director Michelle Freyre granted 2,130 deferred share units

Rhea-AI Filing Summary

Freyre Michelle reported acquisition or exercise transactions in this Form 4 filing.

United Airlines Holdings, Inc. director Michelle Freyre received an equity-based compensation award in the form of 2,130 share units on May 20, 2026. Each share unit is economically equivalent to one share of common stock.

The grant is recorded as a derivative security and brings Freyre’s total reported share units to 2,130. Under the company’s Director Equity Incentive Plan, she elected to defer her 2026 annual director equity award, so these units will be settled after she separates from service. Settlement is designed to be half in cash and half in common stock based on the share price at settlement, and additional share units will accrue over time when dividends are paid.

Insights

Equity Compensation Analyst

Routine deferred equity grant to a United Airlines director.

Director Michelle Freyre received 2,130 share units as her 2026 annual director equity award. This is classified as an acquisition under code A, meaning it is a grant or award, not an open-market purchase.

The share units mirror the value of common stock and are typically settled 50% in cash and 50% in shares, using the stock price at settlement. Freyre elected to defer settlement under the Director Equity Incentive Plan until after she leaves the board, turning this into a long-term holding.

Additional share units will accrue when dividends are paid, based on the dollar value of dividends divided by the average high and low trading prices on the dividend date. Overall, this filing reflects standard board compensation mechanics rather than a directional trading signal.

Insider Trade Summary

1 transaction reported

Mixed 1 txn

Insider Freyre Michelle

Role null

Type	Security	Shares	Price	Value
Grant/Award	Share Units	2,130	$0.00	--

Holdings After Transaction: Share Units — 2,130 shares (Direct, null)

Footnotes (1)

1. Each share unit represents the economic equivalent of one share of common stock. Upon vesting, the share units are settled (i) 50% in cash based on average of the high and low sale prices of a share of the Company's common stock on the date of settlement (or the average of the high and low sale prices of the common stock on the preceding trading day if the settlement date is not a trading day) and (ii) 50% in shares of the Company's common stock, with any odd or fractional units rounded toward the share units to be settled in cash. (Continued from Footnote 1) Notwithstanding the foregoing, the Reporting Person elected to defer the Reporting Person's 2026 annual director equity award into a share account pursuant to the terms of the Company's Director Equity Incentive Plan ("DEIP"). Therefore, all the share units granted to the Reporting Person for the 2026 annual director equity award will be settled following the Reporting Person's separation from service in accordance with the terms of the DEIP. Additional share units accrue when and as dividends are paid on the Company's common stock. The number of share units accrued will be equal to the dollar amount of dividends that would be payable if the share units were actual shares of common stock, divided by the average of the high and low sale prices of a share of the Company's common stock on the date dividends are paid.

Key Figures

Share units granted: 2,130 share units Total share units after grant: 2,130 share units Exercise or conversion price: $0.0000 per unit +2 more

5 metrics

Share units granted 2,130 share units 2026 annual director equity award

Total share units after grant 2,130 share units Holdings following transaction

Exercise or conversion price $0.0000 per unit Share units grant price

Economic equivalence 1 unit = 1 share Each share unit equals one common share economically

Settlement mix 50% cash / 50% shares Standard settlement structure at vesting

Key Terms

Share Units, Director Equity Incentive Plan, dividends, annual director equity award

4 terms

Share Units financial

"Each share unit represents the economic equivalent of one share of common stock."

Director Equity Incentive Plan financial

"the Company's Director Equity Incentive Plan ("DEIP")"

dividends financial

"Additional share units accrue when and as dividends are paid on the Company's common stock."

Dividends are cash payments a company gives to its shareholders from profits or cash reserves, effectively sharing part of its earnings with owners. They matter to investors because they provide a steady income stream, act like an interest or rent payment on owning the stock, and signal management’s confidence in the business—factors that influence total return and share price. Regular or special dividends can change an investor’s income and reinvestment strategy.

annual director equity award financial

"the Reporting Person's 2026 annual director equity award"

Form 4 Insider Transactions: What Each Field Means →

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^*

Freyre Michelle

(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)
05/20/2026

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)(2)	05/20/2026		A		2,130(3)		05/20/2027	(1)(2)	Common Stock	2,130	$0	2,130	D

Explanation of Responses:

1. Each share unit represents the economic equivalent of one share of common stock. Upon vesting, the share units are settled (i) 50% in cash based on average of the high and low sale prices of a share of the Company's common stock on the date of settlement (or the average of the high and low sale prices of the common stock on the preceding trading day if the settlement date is not a trading day) and (ii) 50% in shares of the Company's common stock, with any odd or fractional units rounded toward the share units to be settled in cash.

2. (Continued from Footnote 1) Notwithstanding the foregoing, the Reporting Person elected to defer the Reporting Person's 2026 annual director equity award into a share account pursuant to the terms of the Company's Director Equity Incentive Plan ("DEIP"). Therefore, all the share units granted to the Reporting Person for the 2026 annual director equity award will be settled following the Reporting Person's separation from service in accordance with the terms of the DEIP.

3. Additional share units accrue when and as dividends are paid on the Company's common stock. The number of share units accrued will be equal to the dollar amount of dividends that would be payable if the share units were actual shares of common stock, divided by the average of the high and low sale prices of a share of the Company's common stock on the date dividends are paid.

Remarks:

	/s/ James Cotton for Michelle Freyre	05/22/2026
	** 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)

FAQ

What insider transaction did United Airlines (UAL) report for Michelle Freyre?

United Airlines reported that director Michelle Freyre received a grant of 2,130 share units as part of her 2026 annual director equity award. These units are equity-based compensation, not an open-market stock purchase or sale, and are tied to the company’s common stock value.

How do Michelle Freyre’s United Airlines share units work in relation to UAL common stock?

Each share unit granted to Michelle Freyre is economically equivalent to one share of United Airlines common stock. Upon settlement, the units are designed to be paid 50% in cash and 50% in UAL shares, using the average high and low stock prices on the settlement date.

When will Michelle Freyre’s 2,130 United Airlines share units be settled?

Michelle Freyre elected to defer settlement of her 2,130 share units under the Director Equity Incentive Plan. All units from her 2026 annual director equity award will be settled after she separates from service as a director, following the plan’s specific terms and timing rules.

Do Michelle Freyre’s United Airlines share units receive dividends like UAL stock?

The share units themselves do not receive cash dividends, but additional share units accrue whenever United Airlines pays dividends on common stock. The number of new units equals the dividend dollar amount divided by the average high and low UAL share prices on the dividend date.

Is Michelle Freyre’s Form 4 transaction in UAL shares a buy or a grant?

The Form 4 transaction is a grant of share units, coded as “A” for grant, award, or other acquisition. It represents compensation awarded by United Airlines, not an open-market buy or sell decision, and increases her reported holdings to 2,130 share units.