United Airlines Director Edward Shapiro Acquires Deferred Share Units via Retainer Deferral

Executive Summary

On October 2, 2026, United Airlines Holdings, Inc. ($UAL) filed a Form 4 on behalf of Director Edward Shapiro. The filing reports the acquisition of 358.29 share units on September 30, 2026, awarded in connection with deferred quarterly director retainer fees.

Transaction Details

• Insider: Edward Shapiro, Director
• Security: Share Units (Derivative, converting 1-for-1 into Common Stock)
• Transaction Code: A (Grant/Award)
• Volume: 358.29 share units
• Price: $0.00 (Quarterly director retainer fee deferred)
• Post-Transaction Holdings: 22,104.51 share units held directly
• Settlement: The share units convert to common stock on a 1-for-1 basis following separation from service under the 2006 Director Equity Incentive Plan (DEIP).

Market Impact & Significance

This transaction carries Low trading significance as it represents routine compensation. The acquisition is not an open-market purchase or sale, but rather an election by the director to receive quarterly retainer fees in equity-linked units rather than cash, aligning board interests with long-term shareholders.