BREWER ROSALIND G 4

4 · United Airlines Holdings, Inc. · Filed May 22, 2026

AI-generated summary of this filing

Updated May 22, 2026

United Airlines (UAL) Director Rosalind G. Brewer Receives 2,130 Share Units

What Happened

Rosalind G. Brewer, a director of United Airlines Holdings, Inc. (UAL), was granted 2,130 share units on 2026-05-20 as part of her 2026 annual director equity award. The units were reported as a derivative award (transaction code A) with an acquisition price of $0.00.

Key Details

Transaction date: 2026-05-20; filing date: 2026-05-22 (Form 4 accession 0000100517-26-000109).
Award size: 2,130 share units; reported acquisition price: $0.00 (derivative grant).
Shares owned after the transaction: not disclosed in the filing.
Footnote highlights:
- Each unit equals the economic equivalent of one share; on settlement 50% is paid in cash (based on the average high/low stock price at settlement) and 50% in shares, with fractional units paid in cash (F1).
- Brewer elected to defer 50% of her 2026 director award into a deferred share account under the Director Equity Incentive Plan (DEIP); those deferred units will be settled after separation from service (F2).
- Additional share units will accrue when dividends are paid (dividend equivalents are converted into units based on stock price) (F3).
Nature of transaction: an equity award to a director (not an open-market purchase or sale).

Context

These are restricted/phantom-style share units (derivative awards) rather than an outright stock purchase or sale. They do not represent immediate cash proceeds or a sale of stock and are commonly used for director compensation. The DEIP deferral and dividend-equivalent accruals affect timing and composition (cash vs. stock) of eventual settlement.

Form 4

Period: 2026-05-20

Director

Transactions

Award
Share Units
[F1][F2][F3]
2026-05-20+2,130→ 2,130 total
From: 2027-05-20→ Common Stock (2,130 underlying)

Footnotes (3)

[F1]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.
[F2](Continued from Footnote 1) Notwithstanding the foregoing, the Reporting Person elected to defer 50% of 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, 50% of 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.
[F3]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.

Signature

/s/ James Cotton for Rosalind G. Brewer|2026-05-22

1 file