J. Scott Kirby - 03 Dec 2025 Form 4 Insider Report for United Airlines Holdings, Inc. (UAL)

Role
Chief Executive Officer, Director
Signature
/s/ James Cotton for J. Scott Kirby
Issuer symbol
UAL
Transactions as of
03 Dec 2025
Transactions value $
-$12,943,800
Form type
4
Filing time
03 Dec 2025, 18:10:04 UTC
Previous filing
21 Nov 2025
SEC
View on sec.gov

Reporting Owners (1)

Name Relationship Address Signature Signature date CIK
KIRBY J SCOTT Chief Executive Officer, Director P. O. BOX 66100 HDQLD, CHICAGO /s/ James Cotton for J. Scott Kirby 03 Dec 2025 0001249555

Transactions Table

Type Sym Class Transaction Value $ Shares Change % * Price $ Shares After Date Ownership Footnotes
transaction UAL Common Stock Sale -$12.9M -120K -15.26% $107.87 667K 03 Dec 2025 Direct F1, F2
transaction UAL Common Stock Gift $0 -20K -3% $0.00 647K 03 Dec 2025 Direct F1, F3
holding UAL Common Stock 5K 03 Dec 2025 See Footnote F4
holding UAL Common Stock 8K 03 Dec 2025 See Footnote F5
* An asterisk sign (*) next to the price indicates that the price is likely invalid.

Buy Plan / Sale Plan: These are also open market purchases/sales of shares, but in this case the transaction is part of a trading plan. Rule 10b5-1 allows insiders to setup a trading plan to buy/sell stocks over a certain period of time. Since the purchases/sales are predetermined, this protects the insiders from violating insider trading law.

Transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c).

Explanation of Responses:

Id Content
F1 Transaction made pursuant to a Rule 10b5-1 trading plan adopted by the reporting person on August 29, 2025.
F2 The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $105.00 to $109.64, 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.
F3 Represents a charitable donation by the reporting person.
F4 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.
F5 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.