PHILIP EDWARD M 4

What Happened

Philip Edward M, a United Airlines director serving as Non‑Executive Chair, was granted two director equity awards on 2026-05-20 totaling 4,526 share units (2,130 and 2,396 units). The reported acquisition price is $0 because these are derivative share units (not an open-market purchase). The Form 4 covering these grants was filed on 2026-05-22.

Key Details

• Transaction date: 2026-05-20; Form 4 filed: 2026-05-22.
• Grants: 2,130 share units and 2,396 share units, total = 4,526 share units. Reported price: $0 (derivative award).
• Shares owned after transaction: not specified in this filing.
• Footnotes of note:
  • F1: Each share unit equals the economic equivalent of one common share and, upon vesting, will be settled 50% in cash (based on the average high/low stock price at settlement) and 50% in shares, with fractional units settled in cash.
  • F2: The reporting person elected to defer the 2026 director award into a DEIP share account, so settlement will occur following the reporting person’s separation from service.
  • F3: Additional share units will accrue as dividend equivalents when dividends are paid.
  • F4: Award is a Non‑Executive Chair award.
• Timeliness: filing appears to report the 2026-05-20 grants on 2026-05-22 (no late filing flag shown).

Context

These are director equity awards (derivative share units), a common form of compensation for board members and not a purchase or sale signaling immediate market bets. Because the awards were deferred under the Director Equity Incentive Plan, they will be settled after the director’s separation and include dividend equivalents; half the settled value is expected to be paid in cash and half in shares at settlement.