Ward Laysha 4

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.