J. Scott Kirby - Feb 28, 2025 Form 4 Insider Report for United Airlines Holdings, Inc. (UAL)

Role: Chief Executive Officer, Director
Signature: /s/ James Cotton for J. Scott Kirby
Stock symbol: UAL
Transactions as of: Feb 28, 2025
Transactions value $: -$5,668,000
Form type: 4
Date filed: 3/4/2025, 06:59 PM
Previous filing: Feb 12, 2025
SEC: View on sec.gov

Transactions Table

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Ownership	Footnotes
transaction	UAL	Common Stock	Options Exercise	$0	+53.4K	+8.85%	$0.00	657K	Feb 28, 2025	Direct	F1, F2
transaction	UAL	Common Stock	Options Exercise	$0	+49.6K	+7.54%	$0.00	707K	Feb 28, 2025	Direct	F1, F3
transaction	UAL	Common Stock	Options Exercise	$0	+50.6K	+7.15%	$0.00	757K	Feb 28, 2025	Direct	F1, F4
transaction	UAL	Common Stock	Tax liability	-$5.67M	-60.4K	-7.98%	$93.81	697K	Feb 28, 2025	Direct	F5
holding	UAL	Common Stock						5K	Feb 28, 2025	See Footnote	F6
holding	UAL	Common Stock						8K	Feb 28, 2025	See Footnote	F7

Showing 1 to 6 of 6 entries

Derivative Securities (e.g., puts, calls, warrants, options, convertible securities)

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Underlying Class	Amount	Exercise Price	Ownership	Footnotes
transaction	UAL	Restricted Stock Units	Options Exercise	$0	-53.4K	-100%	$0.00	0	Feb 28, 2025	Common Stock	53.4K		Direct	F1, F2, F8
transaction	UAL	Restricted Stock Units	Options Exercise	$0	-49.6K	-50%	$0.00	49.6K	Feb 28, 2025	Common Stock	49.6K		Direct	F1, F3, F8
transaction	UAL	Restricted Stock Units	Options Exercise	$0	-50.6K	-33.33%	$0.00	101K	Feb 28, 2025	Common Stock	50.6K		Direct	F1, F4, F8
transaction	UAL	Restricted Stock Units	Award	$0	+87.9K		$0.00	87.9K	Feb 28, 2025	Common Stock	87.9K		Direct	F8, F9

* An asterisk sign (*) next to the price indicates that the price is likely invalid.

Explanation of Responses:

Id	Content
F1	Represents the settlement upon vesting of restricted stock units ("RSUs") into UAL common stock.
F2	The RSUs were granted on March 7, 2022 and vest in one-third (1/3) substantially equal annual installments on February 28, 2023, February 28, 2024 and February 28, 2025.
F3	The RSUs were granted on April 4, 2023 and vest in one-third (1/3) substantially equal annual installments on February 28, 2024, February 28, 2025 and February 28, 2026.
F4	The RSUs were granted on February 29, 2024 and vest in one-third (1/3) substantially equal annual installments on February 28, 2025, February 28, 2026 and February 28, 2027.
F5	This transaction represents the withholding of shares to pay tax withholding obligations associated with the vesting of the RSU awards referenced in footnotes 2 - 4, above.
F6	Represents shares held in a trust for the benefit of Mr. Kirby's children and other relatives in which Mr. Kirby serves as the trustee. The reporting person disclaims beneficial ownership of these securities except to the extent of his pecuniary interest therein, and the inclusion of these shares in this report is not an admission that the reporting person is the beneficial owner of all the reported shares for purposes of Section 16 or for any other purpose.
F7	Represents shares held in a trust for the benefit of Mr. Kirby's children in which Mr. Kirby's brother serves as the trustee. The reporting person disclaims beneficial ownership of these securities, and the filing of this report is not an admission that the reporting person is the beneficial owner of these securities for purposes of Section 16 or for any other purpose.
F8	Each RSU represents the economic equivalent of one share of UAL common stock and shall be settled in shares of UAL common stock upon vesting.
F9	The RSUs were granted on February 28, 2025 and vest in one-third (1/3) substantially equal annual installments on February 28, 2026, February 28, 2027 and February 28, 2028.