UAL · United Airlines Holdings, Inc. · Insider Trading

The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $102.61 to $102.81, 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.

The share units convert to shares of common stock on a 1-for-1 basis.

Represents 2026 quarterly retainer fees that the Reporting Person elected to defer into a share account pursuant to the terms of the Company's 2006 Director Equity Incentive Plan ("DEIP").

The share units will be settled in common stock following the Reporting Person's separation from service in accordance with the terms of the DEIP.

The share units convert to shares of common stock on a 1-for-1 basis.

Represents 2026 quarterly retainer fees that the Reporting Person elected to defer into a share account pursuant to the terms of the Company's 2006 Director Equity Incentive Plan ("DEIP").

The share units will be settled in common stock following the Reporting Person's separation from service in accordance with the terms of the DEIP.

The share units convert to shares of common stock on a 1-for-1 basis.

Represents 2026 quarterly retainer fees that the Reporting Person elected to defer into a share account pursuant to the terms of the Company's 2006 Director Equity Incentive Plan ("DEIP").

The share units will be settled in common stock following the Reporting Person's separation from service in accordance with the terms of the DEIP.

The share units convert to shares of common stock on a 1-for-1 basis.

Represents 2026 quarterly retainer fees that the Reporting Person elected to defer into a share account pursuant to the terms of the Company's 2006 Director Equity Incentive Plan ("DEIP").

The share units will be settled in common stock following the Reporting Person's separation from service in accordance with the terms of the DEIP.

The share units convert to shares of common stock on a 1-for-1 basis.

Represents 2026 quarterly retainer fees that the Reporting Person elected to defer into a share account pursuant to the terms of the Company's 2006 Director Equity Incentive Plan ("DEIP").

The share units will be settled in common stock following the Reporting Person's separation from service in accordance with the terms of the DEIP.

Represents a charitable donation by the reporting person.

Transaction made pursuant to a Rule 10b5-1 trading plan adopted by the reporting person on April 30, 2026.

The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $125.66 to $129.93, 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.

The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $120.55 to $120.80, 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.

Balance held in a revocable trust in the name of the reporting person.

Represents a charitable donation by the reporting person.

By spouse of the reporting person.

Balance held in a revocable trust in the name of the spouse of the reporting person.

Stock options were granted on June 14, 2017 and vested in three installments of 7,173 options on June 14, 2020, 7,174 options on June 14, 2021 and 7,174 options on June 14, 2022.

Represents a net exercise of stock options referenced in footnote 3, above. The Issuer withheld 17,245 shares of UAL common stock to cover the exercise price and related withholding taxes, resulting in 4,276 shares issued.

Stock options were granted on June 14, 2017 and vested in three installments of 7,173 options on June 14, 2020, 7,174 options on June 14, 2021 and 7,174 options on June 14, 2022.

Represents shares of UAL common stock acquired upon the settlement of performance-based restricted stock units ("PB RSUs") granted to the reporting person in 2024.

This transaction represents the withholding of shares to pay tax withholding obligations associated with the settlement of the PB RSU awards referenced in footnote 1, above.

Represents shares of UAL common stock acquired upon the settlement of performance-based restricted stock units ("PB RSUs") granted to the reporting person in 2024.

This transaction represents the withholding of shares to pay tax withholding obligations associated with the settlement of the PB RSU awards referenced in footnote 1, above.

This transaction represents the withholding of shares to pay tax withholding obligations associated with the settlement of the PB RSU awards referenced in footnote 1, above.

Represents shares of UAL common stock acquired upon the settlement of performance-based restricted stock units ("PB RSUs") granted to the reporting person in 2024.

Represents shares of UAL common stock acquired upon the settlement of performance-based restricted stock units ("PB RSUs") granted to the reporting person in 2024.

Represents shares of UAL common stock acquired upon the settlement of performance-based restricted stock units ("PB RSUs") granted to the reporting person in 2024.

This transaction represents the withholding of shares to pay tax withholding obligations associated with the settlement of the PB RSU awards referenced in footnote 1, above.

This transaction represents the withholding of shares to pay tax withholding obligations associated with the settlement of the PB RSU awards referenced in footnote 1, above.

Represents shares of UAL common stock acquired upon the settlement of performance-based restricted stock units ("PB RSUs") granted to the reporting person in 2024.

This transaction represents the withholding of shares to pay tax withholding obligations associated with the settlement of the PB RSU awards referenced in footnote 1, above.

The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $119.86 to $119.95, 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.

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.

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.

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.

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.

The share units convert to shares of common stock on a 1-for-1 basis.

Represents 2026 quarterly retainer fees that the Reporting Person elected to defer into a share account pursuant to the terms of the Company's 2006 Director Equity Incentive Plan ("DEIP").

The share units will be settled in common stock following the Reporting Person's separation from service in accordance with the terms of the DEIP.

The share units convert to shares of common stock on a 1-for-1 basis.

Represents 2026 quarterly retainer fees that the Reporting Person elected to defer into a share account pursuant to the terms of the Company's 2006 Director Equity Incentive Plan ("DEIP").

The share units will be settled in common stock following the Reporting Person's separation from service in accordance with the terms of the DEIP.

The share units convert to shares of common stock on a 1-for-1 basis.

Represents 2026 quarterly retainer fees that the Reporting Person elected to defer into a share account pursuant to the terms of the Company's 2006 Director Equity Incentive Plan ("DEIP").

The share units will be settled in common stock following the Reporting Person's separation from service in accordance with the terms of the DEIP.

The share units convert to shares of common stock on a 1-for-1 basis.

Represents 2026 quarterly retainer fees that the Reporting Person elected to defer into a share account pursuant to the terms of the Company's 2006 Director Equity Incentive Plan ("DEIP").

The share units will be settled in common stock following the Reporting Person's separation from service in accordance with the terms of the DEIP.

The share units convert to shares of common stock on a 1-for-1 basis.

Represents 2026 quarterly retainer fees that the Reporting Person elected to defer into a share account pursuant to the terms of the Company's 2006 Director Equity Incentive Plan ("DEIP").

The share units will be settled in common stock following the Reporting Person's separation from service in accordance with the terms of the DEIP.

Transaction made pursuant to a Rule 10b5-1 trading plan adopted by the reporting person on August 29, 2025.

The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $120.00 to $124.43, inclusive, on June 15, 2026, and from $120.00 to $122.69, inclusive, on June 16, 2026. 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.

Transaction made pursuant to a Rule 10b5-1 trading plan adopted by the reporting person on August 29, 2025.

The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $120.00 to $124.43, inclusive, on June 15, 2026, and from $120.00 to $122.69, inclusive, on June 16, 2026. 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.

Balance held in a revocable trust in the name of the reporting person.

By spouse of the reporting person.

Balance held in a revocable trust in the name of the spouse of the reporting person.

By spouse of the reporting person.

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 $105.905, 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.

Each share unit was the economic equivalent of one share of common stock. Upon vesting, the share units were settled (i) 50% in cash based on average of the high and low sale prices of a share of the Company's common stock on the date of settlement (or the average of the high and low sale prices of the common stock on the preceding trading day if the settlement date is not a trading day) and (ii) 50% in shares of the Company's common stock, with any odd or fractional units rounded toward the share units to be settled in cash.

Each share unit was the economic equivalent of one share of common stock. Upon vesting, the share units were settled (i) 50% in cash based on average of the high and low sale prices of a share of the Company's common stock on the date of settlement (or the average of the high and low sale prices of the common stock on the preceding trading day if the settlement date is not a trading day) and (ii) 50% in shares of the Company's common stock, with any odd or fractional units rounded toward the share units to be settled in cash.

Each share unit represents the economic equivalent of one share of common stock. Upon vesting, the share units are settled (i) 50% in cash based on average of the high and low sale prices of a share of the Company's common stock on the date of settlement (or the average of the high and low sale prices of the common stock on the preceding trading day if the settlement date is not a trading day) and (ii) 50% in shares of the Company's common stock, with any odd or fractional units rounded toward the share units to be settled in cash.

(Continued from Footnote 1) Notwithstanding the foregoing, the Reporting Person elected to defer the Reporting Person's 2026 annual director equity award into a share account pursuant to the terms of the Company's Director Equity Incentive Plan ("DEIP"). Therefore, all the share units granted to the Reporting Person for the 2026 annual director equity award will be settled following the Reporting Person's separation from service in accordance with the terms of the DEIP.

Additional share units accrue when and as dividends are paid on the Company's common stock. The number of share units accrued will be equal to the dollar amount of dividends that would be payable if the share units were actual shares of common stock, divided by the average of the high and low sale prices of a share of the Company's common stock on the date dividends are paid.

Each share unit represents the economic equivalent of one share of common stock. Upon vesting, the share units are settled (i) 50% in cash based on average of the high and low sale prices of a share of the Company's common stock on the date of settlement (or the average of the high and low sale prices of the common stock on the preceding trading day if the settlement date is not a trading day) and (ii) 50% in shares of the Company's common stock, with any odd or fractional units rounded toward the share units to be settled in cash.

(Continued from Footnote 1) Notwithstanding the foregoing, the Reporting Person elected to defer the Reporting Person's 2026 annual director equity award into a share account pursuant to the terms of the Company's Director Equity Incentive Plan ("DEIP"). Therefore, all the share units granted to the Reporting Person for the 2026 annual director equity award will be settled following the Reporting Person's separation from service in accordance with the terms of the DEIP.

Additional share units accrue when and as dividends are paid on the Company's common stock. The number of share units accrued will be equal to the dollar amount of dividends that would be payable if the share units were actual shares of common stock, divided by the average of the high and low sale prices of a share of the Company's common stock on the date dividends are paid.