How many share units did the United Airlines (UAL) director receive and what do they represent?

The United Airlines director received 2,130 share units. Each share unit represents the economic equivalent of one share of United Airlines common stock, providing stock-linked value without being immediate shares until settlement occurs in the future.

When will Laysha Ward’s 2,130 United Airlines share units be settled?

All 2,130 share units from the 2026 annual director equity award will be settled after Laysha Ward’s separation from service. Settlement timing follows the terms of United Airlines’ Director Equity Incentive Plan rather than occurring immediately upon grant or vesting.

How will the UAL director’s granted share units be paid at settlement?

At settlement, the share units are structured to be paid 50% in cash and 50% in United Airlines common stock. Cash value is based on the average of the high and low sale prices of the stock on the applicable settlement pricing date.

Do the United Airlines share units for the director earn dividends before settlement?

Yes, additional share units accrue as dividends are paid on United Airlines common stock. The number added equals the dividend dollar amount that would be paid on equivalent shares, divided by the average high and low stock prices on the dividend payment date.

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

Filing Impact

(Neutral)

Filing Sentiment

(Neutral)

Form Type

Rhea-AI Filing Summary

Ward Laysha reported acquisition or exercise transactions in this Form 4 filing.

United Airlines Holdings director Laysha Ward received a grant of 2,130 share units tied to the company’s common stock. Each share unit is economically equivalent to one share of common stock. The 2026 annual director equity award has been deferred and will be settled after Ward’s separation from service under the company’s Director Equity Incentive Plan. Upon settlement, the award is designed to be paid 50% in cash and 50% in common stock, with additional share units accruing over time as dividends are paid.

Insider Trade Summary

1 transaction reported

Mixed 1 txn

Insider Ward Laysha

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)

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 Underlying common stock: 2,130 shares Settlement mix: 50% cash / 50% common stock +1 more

4 metrics

Share units granted 2,130 share units 2026 annual director equity award granted on 2026-05-20

Underlying common stock 2,130 shares Each share unit equals one share of common stock

Settlement mix 50% cash / 50% common stock Settlement structure for vested share units

Total units after transaction 2,130 share units Total share units held directly following grant

Key Terms

Share Units, Director Equity Incentive Plan ("DEIP"), annual director equity award, dividends

4 terms

Director Equity Incentive Plan ("DEIP") financial

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

annual director equity award financial

"the Reporting Person's 2026 annual director equity award into a share account"

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.

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Form 4 Insider Transactions: What Each Field Means →

05/22/2026 - 04:35 PM

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^*

Ward Laysha

(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)
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⁾⁽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 Laysha Ward	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)

Source: View Original Filing on SEC EDGAR

FAQ

What insider transaction did UAL director Laysha Ward report on this Form 4?

UAL director Laysha Ward reported receiving a grant of 2,130 share units. These units represent the economic equivalent of United Airlines common stock and constitute her 2026 annual director equity award under the company’s Director Equity Incentive Plan.

Is the UAL director’s Form 4 transaction an open-market stock purchase or sale?

The Form 4 shows a grant of 2,130 share units as a compensation-related award, not an open-market stock purchase or sale. The transaction code indicates a grant or award, and no buy or sell transactions are reported in this filing.