Enqvist Torbjorn J 4

What Happened
Torbjorn J. Enqvist, Executive Vice President & Chief Operations Officer of United Airlines Holdings (UAL), sold 20,000 shares in an open-market transaction on July 24, 2026 for a total of about $2,398,200 (weighted average price $119.91). On July 25, 2026 he received 24,971 shares upon settlement of performance-based restricted stock units (PB RSUs) granted in 2024; 9,825 of those shares were withheld to satisfy tax-withholding obligations (withheld at a price of $118.27, representing proceeds of about $1,162,003). The transactions are mostly routine: a sale plus an award/settlement with tax withholding.

Key Details

• Sale (S): 20,000 shares sold 2026-07-24, weighted avg price reported $119.91, total proceeds ≈ $2,398,200. Footnote: sale prices ranged from $119.86–$119.95 across multiple trades.
• Award (A): 24,971 shares acquired 2026-07-25 upon settlement of PB RSUs granted in 2024 (value recorded as $0 in the filing because these are awards settling into stock).
• Tax withholding (F): 9,825 shares withheld on 2026-07-25 at $118.27 to cover taxes, proceeds ≈ $1,162,003.
• Shares owned after the reported transactions: not disclosed in this Form 4.
• Filing: Form 4 filed 2026-07-28 (reporting period 2026-07-24); filing appears timely under the two-business-day rule.
• Transaction codes: S = sale, A = award/grant, F = tax-withholding (share withholding).

Context
PB RSUs are performance-based restricted stock units that convert to shares when vesting conditions are met; withholding of shares to cover taxes is common and does not necessarily signal a change in view on the company. The sale on 7/24 was an open-market disposition; the award and withholding on 7/25 reflect routine settlement and tax obligations rather than a cash exercise of options. All statements above are factual summaries of the Form 4 — they do not attempt to infer motivation.