UAL director granted 446 share units in fee deferral

United Airlines Holdings director Walter Isaacson received a grant of 446.73 share units on March 31, 2026, representing 2026 quarterly retainer fees he chose to defer under the company’s Director Equity Incentive Plan.

Rhea-AI Filing Summary

United Airlines Holdings director Walter Isaacson received a grant of 446.73 share units on March 31, 2026, representing 2026 quarterly retainer fees he chose to defer under the company’s Director Equity Incentive Plan. The 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 22,276.82 share units in total.

Insider Trade Summary

Grant/Award: 446.73 shares

Grant/Award 1 txn

Insider ISAACSON WALTER

Role Director

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

Holdings After Transaction: Share Units — 22,276.82 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 Total share units after grant: 22,276.82 share units Conversion ratio: 1-for-1 into common stock +1 more

4 metrics

Share units granted 446.73 share units Grant on March 31, 2026 for 2026 quarterly retainer fees

Total share units after grant 22,276.82 share units Holdings following the reported Form 4 transaction

Conversion ratio 1-for-1 into common stock Each share unit converts into one UAL common share at settlement

Exercise price $0.00 per unit Share units granted at no cash exercise cost to the director

Key Terms

Share Units, Director Equity Incentive Plan, retainer fees, separation from service

4 terms

Share Units financial

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

Director Equity Incentive Plan financial

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

retainer fees financial

"Represents 2026 quarterly retainer fees that the Reporting Person elected to defer"

separation from service financial

"settled in common stock following the Reporting Person's separation from service in accordance with the terms of the DEIP."

FAQ

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

What insider transaction did UAL director Walter Isaacson report on this Form 4?

Walter Isaacson reported receiving 446.73 share units as a grant on March 31, 2026. These units represent deferred 2026 quarterly retainer fees under United Airlines’ Director Equity Incentive Plan and will convert into common stock on a one-for-one basis after his service ends.

Are Walter Isaacson’s UAL share units an open-market purchase or sale?

The Form 4 shows a grant of 446.73 share units, not an open-market trade. The units represent director retainer fees Isaacson elected to defer into stock-based units under the company’s Director Equity Incentive Plan instead of receiving immediate cash compensation.

How many UAL share units does Walter Isaacson hold after this transaction?

After the March 31, 2026 grant, Walter Isaacson holds 22,276.82 share units. Each share unit is designed to convert into one share of United Airlines common stock, providing equity-based compensation linked directly to the company’s stock price performance over time.

When will Walter Isaacson’s UAL share units be settled into common stock?

The share units will be settled in United Airlines common stock after Isaacson’s separation from service. Settlement timing follows the terms of the Director Equity Incentive Plan, meaning he receives actual shares only once he is no longer serving as a director.

What does a 1-for-1 conversion of UAL share units into common stock mean?

A 1-for-1 conversion means each share unit equals one share of United Airlines common stock at settlement. When Isaacson’s units are settled after his service ends, 446.73 units from this grant would convert into 446.73 common shares, subject to plan terms.

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^*

ISAACSON WALTER

(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	22,276.82	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 Walter Isaacson	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)