Ward Laysha 4

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

AI-generated summary of this filing

Updated May 22, 2026

United Airlines (UAL) Director Ward Laysha Receives Award

What happened

Ward Laysha, a director of United Airlines Holdings, Inc. (UAL), received a grant of 2,130 share units on May 20, 2026. The units were reported as a derivative award with an acquisition price of $0.00 (no cash paid at grant). This is an equity award (A = Award/Grant), not an open-market purchase or sale.

Key details

Transaction date: 2026-05-20; Form 4 filed: 2026-05-22 (appears timely under the two-business-day Form 4 rule).
Award: 2,130 share units; reported price: $0.00 (derivative award).
Shares owned after transaction: not specified in the filing.
Relevant footnotes:
- F1: Each share unit equals the economic equivalent of one common share; on vesting, units are settled 50% in cash (based on average high/low price at settlement) and 50% in shares (fractional units paid in cash).
- F2: The reporting person elected to defer the 2026 director award into the Director Equity Incentive Plan (DEIP); these units will be settled following the director’s separation from service per DEIP terms.
- F3: Additional share units accrue when dividends are paid (dividend equivalents converted into share units based on stock price).
Filing timeliness: Filed May 22, 2026 for a May 20, 2026 grant — appears timely.

Context

These are restricted/share units (derivative awards) rather than immediate stock transfers. Because the director deferred the award into the DEIP (F2), the units will be paid out after separation, rather than vesting/settling now. Dividend equivalents will increase the unit count over time (F3). Director equity awards are routine compensation for board service and do not, by themselves, indicate a buy/sell signal.

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 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.
[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 Laysha Ward|2026-05-22

1 file