ISAACSON WALTER 4

What Happened
Walter Isaacson, a director of United Airlines Holdings, Inc. (UAL), was granted 2,130 share units on May 20, 2026. The filing reports the acquisition as a derivative award at $0.00 (i.e., a grant of units, not an open‑market purchase or sale). There was no immediate cash exchanged; the units represent the economic equivalent of common stock and will be settled per the company plan.

Key Details

• Transaction date: 2026-05-20; Form 4 filed: 2026-05-22 (timely filing).
• Grant type: Award/Grant (code A) — 2,130 share units at $0.00.
• Shares owned after transaction: Not specified in the filing.
• Footnotes of note:
  • Each share unit equals one share economically; upon settlement 50% is paid in cash (based on the average high/low price on settlement date) and 50% in shares, with fractional amounts paid in cash.
  • Mr. Isaacson elected to defer the 2026 director equity award into a share account under the Director Equity Incentive Plan (DEIP); all units will be settled following his separation from service per DEIP terms.
  • Additional share units will accrue when dividends are paid (dividend dollars converted into units based on share price).

Context
This was a routine director equity award (deferred share units), not a stock purchase or sale. Such awards are standard compensation for board service and do not necessarily signal a change in the director's view of the company. Because the award is deferred and settled later (per the DEIP), its ultimate cash/stock value will depend on United's share price at settlement and any accrued dividend units.