=== SEC Form 4 — Statement of Changes in Beneficial Ownership ===
Document Type: 4
Period of Report: 2026-07-21
10b5-1 Pre-arranged Plan: No
--- Issuer ---
Name: United Airlines Holdings, Inc. (UAL)
CIK: 0000100517
--- Reporting Owner ---
Name: KIRBY J SCOTT
CIK: 0001249555
Role: Director, Officer (Chief Executive Officer)
--- Non-Derivative Transactions ---
[Transaction #1]
Security: Common Stock
Date: 2026-07-21 | Code: M (Exercise of derivative)
Shares: +159,321 | Price: $58.69
Total Value: $9,350,549.49
Shares Owned After: 957,172 | Ownership: D (Direct)
Footnotes:
[F1] Stock options were granted on August 29, 2016 in connection with Mr. Kirby joining the Issuer and vested in three installments of 53,107 options on each of August 29, 2020, August 29, 2021 and August 29, 2022 with an expiration date of August 29, 2026.
[Transaction #2]
Security: Common Stock
Date: 2026-07-21 | Code: S (Open market sale)
Shares: -159,321 | Price: $118.05
Total Value: $18,807,047.45
Shares Owned After: 797,851 | Ownership: D (Direct)
Footnotes:
[F2] Proceeds from the sale were used to pay the exercise price of such portion of the stock option, pursuant to a broker-assisted cashless exercise, as well as applicable broker fees and commissions and withholding taxes.
[F3] The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $117.37 to $119.48, inclusive. The reporting person undertakes to provide to United Airlines Holdings, Inc., any security holder of United Airlines Holdings, Inc. or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within the ranges set forth in this Form 4.
--- Derivative Transactions ---
[Transaction #1]
Security: Stock Option (Right to Buy)
Date: 2026-07-21 | Code: M (Exercise of derivative)
Shares: -159,321 | Price: $0.00
Exercisable: N/A | Expires: 2026-08-29
Shares Owned After: 0 | Ownership: D (Direct)
Footnotes:
[F1] Stock options were granted on August 29, 2016 in connection with Mr. Kirby joining the Issuer and vested in three installments of 53,107 options on each of August 29, 2020, August 29, 2021 and August 29, 2022 with an expiration date of August 29, 2026.
--- Holdings ---
[Holding #1]
Security: Common Stock
Ownership: I (Indirect)
Footnotes:
[F4] 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.
[Holding #2]
Security: Common Stock
Ownership: I (Indirect)
Footnotes:
[F5] 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.
--- Footnotes (Complete Index) ---
F1: Stock options were granted on August 29, 2016 in connection with Mr. Kirby joining the Issuer and vested in three installments of 53,107 options on each of August 29, 2020, August 29, 2021 and August 29, 2022 with an expiration date of August 29, 2026.
F2: Proceeds from the sale were used to pay the exercise price of such portion of the stock option, pursuant to a broker-assisted cashless exercise, as well as applicable broker fees and commissions and withholding taxes.
F3: The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $117.37 to $119.48, inclusive. The reporting person undertakes to provide to United Airlines Holdings, Inc., any security holder of United Airlines Holdings, Inc. or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within the ranges set forth in this Form 4.
F4: 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.
F5: 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.
--- Signature ---
/s/ /s/ James Cotton for J. Scott Kirby (2026-07-21)
