<SEC-DOCUMENT>0001104659-23-064690.txt : 20230525
<SEC-HEADER>0001104659-23-064690.hdr.sgml : 20230525
<ACCEPTANCE-DATETIME>20230525165748
ACCESSION NUMBER:		0001104659-23-064690
CONFORMED SUBMISSION TYPE:	S-8
PUBLIC DOCUMENT COUNT:		5
FILED AS OF DATE:		20230525
DATE AS OF CHANGE:		20230525
EFFECTIVENESS DATE:		20230525

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			United Airlines Holdings, Inc.
		CENTRAL INDEX KEY:			0000100517
		STANDARD INDUSTRIAL CLASSIFICATION:	AIR TRANSPORTATION, SCHEDULED [4512]
		IRS NUMBER:				362675207
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		S-8
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-272208
		FILM NUMBER:		23961740

	BUSINESS ADDRESS:	
		STREET 1:		E. ANNA HA - WHQLD
		STREET 2:		233 SOUTH WACKER DRIVE
		CITY:			CHICAGO
		STATE:			IL
		ZIP:			60606
		BUSINESS PHONE:		872-825-4000

	MAIL ADDRESS:	
		STREET 1:		E. ANNA HA - WHQLD
		STREET 2:		233 SOUTH WACKER DRIVE
		CITY:			CHICAGO
		STATE:			IL
		ZIP:			60606

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	United Continental Holdings, Inc.
		DATE OF NAME CHANGE:	20100930

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	UAL CORP /DE/
		DATE OF NAME CHANGE:	19920703

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	ALLEGIS CORP
		DATE OF NAME CHANGE:	19880613
</SEC-HEADER>
<DOCUMENT>
<TYPE>S-8
<SEQUENCE>1
<FILENAME>tm2316647d1_s8.htm
<DESCRIPTION>FORM S-8
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<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><B>As filed with the Securities and Exchange Commission on May&nbsp;25,
2023</B></P>

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>Registration No.&nbsp;333-</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>UNITED STATES</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>SECURITIES AND EXCHANGE COMMISSION</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Washington, D.C. 20549</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>FORM&nbsp;S-8</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>REGISTRATION STATEMENT UNDER THE</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>SECURITIES ACT OF 1933</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>UNITED AIRLINES HOLDINGS,&nbsp;INC.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Exact name of registrant as specified in its charter)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="vertical-align: top; text-align: center; width: 49%"><B>Delaware</B></TD>
    <TD STYLE="vertical-align: bottom; width: 2%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center; width: 49%"><B>36-2675207</B></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: center"><FONT STYLE="font-size: 5pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-size: 5pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: center"><FONT STYLE="font-size: 5pt">&nbsp;</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: center">(State or other jurisdiction of<BR>
incorporation or organization)</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center">(I.R.S. Employer<BR>
Identification No.)</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="padding-bottom: 3pt; vertical-align: top; width: 49%; text-align: center"><B>233 South Wacker Drive, Chicago,&nbsp;Illinois</B></TD>
    <TD STYLE="padding-bottom: 3pt; vertical-align: bottom; width: 2%">&nbsp;</TD>
    <TD STYLE="padding-bottom: 3pt; vertical-align: top; width: 49%; text-align: center"><B>60606</B></TD></TR>
  <TR>
    <TD STYLE="padding-top: 3pt; vertical-align: top; text-align: center">(Address of Principal Executive Offices)</TD>
    <TD STYLE="padding-top: 3pt; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-top: 3pt; vertical-align: top; text-align: center">(Zip Code)</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>United Airlines Holdings,&nbsp;Inc. Amended
and Restated United Airlines Holdings,&nbsp;Inc. 2006 Director Equity Incentive Plan</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Full title of the plan)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Robert S. Rivkin</B>&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Senior Vice President and Chief Legal Officer</B>&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>233 South Wacker Drive</B>&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Chicago,&nbsp;Illinois 60606</B>&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Name and address of agent for service)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>(872) 825-4000</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Telephone number, including area code, of agent
for service)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Indicate by check mark whether the registrant is a large accelerated
filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of
 &ldquo;large accelerated filer,&rdquo; &ldquo;accelerated filer,&rdquo; &ldquo;smaller reporting company,&rdquo; and &ldquo;emerging growth
company&rdquo; in Rule&nbsp;12b-2 of the Exchange Act.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" STYLE="font: 10pt Times New Roman, Times, Serif; width: 70%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="padding: 0.25pt; font-size: 10pt">Large accelerated filer <FONT STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Wingdings">&#120;</FONT></FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 0.25pt; font-size: 10pt">Accelerated filer <FONT STYLE="font-family: Wingdings">&#168;</FONT></TD></TR>
  <TR>
    <TD STYLE="padding: 0.25pt; width: 25%">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt; width: 47%">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt; width: 25%">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt; width: 3%">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="padding: 0.25pt; font-size: 10pt">Non-accelerated filer <FONT STYLE="font-family: Wingdings">&#168;</FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 0.25pt; font-size: 10pt">Smaller reporting company <FONT STYLE="font-family: Wingdings">&#168;</FONT></TD></TR>
  <TR>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding: 0.25pt; font-size: 10pt">Emerging growth company <FONT STYLE="font-family: Wingdings">&#168;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">If an emerging growth company, indicate by check mark if the registrant
has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant
to Section&nbsp;7(a)(2)(B)&nbsp;of the Securities Act. <FONT STYLE="font-family: Wingdings">&#168;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>EXPLANATORY NOTE</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">This Registration Statement
on Form&nbsp;S-8 (this &ldquo;Registration Statement&rdquo;) is being filed by United Airlines Holdings,&nbsp;Inc. (the &ldquo;Registrant&rdquo;),
relating to 300,000 shares of its common stock, par value $0.01 per share (the &ldquo;Common Stock&rdquo;), issuable to directors of the
Company under the Amended and Restated United Airlines Holdings,&nbsp;Inc. 2006 Director Equity Incentive Plan (the &ldquo;Plan&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>PART&nbsp;I</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>INFORMATION REQUIRED IN THE SECTION&nbsp;10(a)&nbsp;PROSPECTUS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">All information required by
Part&nbsp;I to be contained in the prospectus is omitted from this Registration Statement in accordance with the explanatory note to Part&nbsp;I
of Form&nbsp;S-8 and Rule&nbsp;428 under the Securities Act of 1933, as amended (the &ldquo;Securities Act&rdquo;). Documents containing
the information required by Part&nbsp;I of the Registration Statement will be sent or given to Plan participants as specified by Rule&nbsp;428(b)(1)&nbsp;under
the Securities Act.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>PART&nbsp;II</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>INFORMATION REQUIRED IN THE REGISTRATION STATEMENT</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Item 3. Incorporation of Certain Documents by Reference</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin: 0pt 0; text-indent: 0.5in">The following documents heretofore filed with the
Securities and Exchange Commission (the &ldquo;Commission&rdquo;) by the Registrant are incorporated herein by reference:<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP></SUP></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD>(a)</TD>
    <TD><A HREF="https://www.sec.gov/ix?doc=/Archives/edgar/data/100517/000010051723000048/ual-20221231.htm" STYLE="-sec-extract: exhibit">The Registrant&rsquo;s Annual Report on Form&nbsp;10-K for the year ended December&nbsp;31, 2022, filed with the Commission on February&nbsp;16, 2023;</A></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD>(b)</TD>
    <TD><A HREF="https://www.sec.gov/ix?doc=/Archives/edgar/data/100517/000010051723000116/ual-20230331.htm" STYLE="-sec-extract: exhibit">The Registrant&rsquo;s Quarterly Report on Form&nbsp;10-Q for the quarter ended March&nbsp;31, 2023, filed with the Commission on April&nbsp;20, 2023;</A></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD>(c)</TD>
    <TD>The Registrant&rsquo;s Current Report on Form&nbsp;8-K, filed with the Commission on <A HREF="https://www.sec.gov/ix?doc=/Archives/edgar/data/100517/000010051723000018/ual-20230124.htm" STYLE="-sec-extract: exhibit">January&nbsp;27, 2023</A>;</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt">(d)</TD>
    <TD STYLE="font-size: 10pt">The description of the Common Stock included under the caption &ldquo;Description of UAL Capital Stock&rdquo; in the prospectus forming a part of the Registrant&rsquo;s Registration Statement on <A HREF="https://www.sec.gov/Archives/edgar/data/100517/000104746917007392/a2233944zs-3asr.htm" STYLE="-sec-extract: exhibit">Form&nbsp;S-3, filed with the Commission on December&nbsp;1, 2017</A>, including any subsequent amendments or reports filed to update such description, including <A HREF="https://www.sec.gov/Archives/edgar/data/100517/000010051721000016/ual_12312010kex411.htm" STYLE="-sec-extract: exhibit">Exhibit&nbsp;4.11 to the Registrant&rsquo;s Annual Report on Form&nbsp;10-K for the year ended December&nbsp;31, 2020 and filed with the Commission on March&nbsp;1, 2021</A>; and</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt">(e)</TD>
    <TD STYLE="font-size: 10pt">The description of the Preferred Stock Purchase Rights as set forth in the Registrant&rsquo;s Registration Statement on Form&nbsp;8-A filed with the Commission on December&nbsp;7, 2020 pursuant to Section&nbsp;12 of the Exchange Act, including any amendments or reports filed for the purpose of updating such description.</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">All documents subsequently filed by the Registrant
pursuant to Sections 13(a), 13(c), 14 and 15(d)&nbsp;of the Securities Exchange Act of 1934, as amended (the &ldquo;Exchange Act&rdquo;),
after the date of this Registration Statement and prior to the filing of a post-effective amendment to this Registration Statement which
indicates that all securities offered hereby have been sold or which deregisters all securities then remaining unsold, shall be deemed
to be incorporated by reference into this Registration Statement and to be a part hereof from the respective dates of filing of such documents
(such documents, and the documents enumerated above, being hereinafter referred to as &ldquo;Incorporated Documents&rdquo;). Any statement
contained in an Incorporated Document shall be deemed to be modified or superseded for purposes of this Registration Statement to the
extent that a statement contained herein or in any other subsequently filed Incorporated Document modifies or supersedes such statement.
Any such statement so modified or superseded shall not be deemed, except as so modified or superseded, to constitute a part of this Registration
Statement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Notwithstanding the foregoing, unless specifically
stated to the contrary, none of the information disclosed by the Registrant under Items 2.02 or 7.01 of any Current Report on Form&nbsp;8-K,
including the related exhibits under Item 9.01, that the Registrant may from time to time furnish to the Commission will be incorporated
by reference into, or otherwise included in, this Registration Statement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Item 4. Description of Securities.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Not applicable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Item 5. Interests of Named Experts and Counsel.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Not applicable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Item 6. Indemnification of Directors and Officers.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Section&nbsp;145(a)&nbsp;of the Delaware General
Corporation Law (the &ldquo;DGCL&rdquo;) provides in relevant part that a corporation may indemnify any person who was or is a party or
is threatened to be made a party to any threatened, pending or completed action, suit or proceeding, whether civil, criminal, administrative
or investigative (other than an action by or in the right of the corporation) by reason of the fact that such person is or was a director,
officer, employee or agent of the corporation, or is or was serving at the request of the corporation as a director, officer, employee
or agent of another corporation, partnership, joint venture, trust or other enterprise, against expenses (including attorneys&rsquo; fees),
judgments, fines and amounts paid in settlement actually and reasonably incurred by such person in connection with such action, suit or
proceeding if such person acted in good faith and in a manner such person reasonably believed to be in or not opposed to the best interests
of the corporation and, with respect to any criminal action or proceeding, had no reasonable cause to believe such person&rsquo;s conduct
was unlawful.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Section&nbsp;145(b)&nbsp;of the DGCL provides in
relevant part that a corporation may indemnify any person who was or is a party or is threatened to be made a party to any threatened,
pending or completed action or suit by or in the right of the corporation to procure a judgment in its favor by reason of the fact that
the person is or was a director, officer, employee or agent of the corporation, or is or was serving at the request of the corporation
as a director, officer, employee or agent of another corporation, partnership, joint venture, trust or other enterprise against expenses
(including attorneys&rsquo; fees) actually and reasonably incurred by the person in connection with the defense or settlement of such
action or suit if the person acted in good faith and in a manner the person reasonably believed to be in or not opposed to the best interests
of the corporation and except that no indemnification shall be made in respect of any claim, issue or matter as to which such person shall
have been adjudged to be liable to the corporation unless and only to the extent that the Court of Chancery or the court in which such
action or suit was brought shall determine upon application that, despite the adjudication of liability but in view of all the circumstances
of the case, such person is fairly and reasonably entitled to indemnity for such expenses which the Court of Chancery or such other court
shall deem proper.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The amended and restated certificate of incorporation
of the Registrant generally provides that the Registrant will indemnify its directors and officers to the fullest extent permitted by
law; provided that except as set forth in the following paragraph, the Registrant will indemnify any person seeking indemnification in
connection with a proceeding (or part thereof) initiated by such person only if such proceeding (or part thereof) was authorized by the
board of directors of the Registrant. Furthermore, the Registrant will not be obligated to indemnify a director or officer for costs and
expenses relating to proceedings (or any part thereof) instituted against the Registrant by such director or officer (other than proceedings
pursuant to which such director or officer is seeking to enforce such director&rsquo;s or officer&rsquo;s indemnification rights hereunder).
The right to indemnification includes the right to be paid the expenses incurred in defending any such proceeding in advance of its final
disposition; provided, however, that, if the DGCL requires, the payment of such expense incurred by a director or officer in such capacity
in advance of the final disposition of a proceeding, shall be made only upon delivery to the Registrant of an undertaking, by or on behalf
of such director or officer, to repay all amounts so advanced if it shall ultimately be determined that such director or officer is not
entitled to be indemnified.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">If the Registrant does not pay a claim for indemnification
in full within 30 days after a written claim has been received by it, the claimant may at any time thereafter bring suit to recover the
unpaid amount of the claim and, if successful in whole or in part, the claimant shall be entitled to be paid also the expense of prosecuting
such claim. It shall be a defense to any such action (other than an action brought to enforce a claim for expenses incurred in defending
any proceeding in advance of its final disposition where the required undertaking, if any is required, has been tendered to the Registrant)
that the claimant has not met the standards of conduct that make it permissible under the DGCL for the Registrant to indemnify the claimant
for the amount claimed, but the burden of proving such defense shall be on the Registrant. Neither the failure by the Registrant (including
by the board of directors, independent legal counsel or stockholders) to have made a determination prior to the commencement of such action
that indemnification of the claimant is proper in the circumstances because he or she has met the applicable standard of conduct set forth
in the DGCL, nor an actual determination by the Registrant (including by the board of directors, independent legal counsel, or stockholders)
that the claimant has not met such applicable standard of conduct, shall be a defense to the action or create a presumption that the claimant
has not met the applicable standard of conduct.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The amended and restated certificate of incorporation
of the Registrant also provides for the limitation of liability set forth in Section&nbsp;102(b)(7)&nbsp;of the DGCL, which permits a
corporation to provide in its certificate of incorporation that a director of the corporation shall not be personally liable to the corporation
or its stockholders for monetary damages for breach of fiduciary duty as a director, except for liability (i)&nbsp;for any breach of the
director&rsquo;s duty of loyalty to the corporation or its stockholders, (ii)&nbsp;for acts or omissions not in good faith or which involve
intentional misconduct or a knowing violation of law, (iii)&nbsp;under Section&nbsp;174 of the DGCL or (iv)&nbsp;for any transaction from
which the director derived an improper personal benefit.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The amended and restated certificate of incorporation
of the Registrant allows the Registrant to maintain insurance, at its expense, to protect itself and any director, officer, employee or
agent of the Registrant or another corporation, partnership, joint venture, trust or other enterprise against any expense, liability or
loss, whether or not the Registrant would have the power to indemnify such person against such expense, liability or loss under the DGCL.
Section&nbsp;145(g)&nbsp;of the DGCL provides that a corporation shall have power to purchase and maintain insurance on behalf of any
person who is or was a director, officer, employee or agent of the corporation, or is or was serving at the request of the corporation
as a director, officer, employee or agent of another corporation, partnership, joint venture, trust or other enterprise against any liability
asserted against such person and incurred by such person in any such capacity, or arising out of such person&rsquo;s status as such, whether
or not the corporation would have the power to indemnify such person against such liability under that section. The Registrant maintains
a policy that provides liability insurance for directors and officers of the Registrant and its subsidiaries.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The right to indemnification set forth in the amended
and restated certificate of incorporation of the Registrant is not exclusive of any other right that any person may have or acquire under
any statute, any provision of the amended and restated certificate of incorporation or amended and restated bylaws of the Registrant,
agreement, vote of stockholders or disinterested directors or otherwise.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Item 7. Exemption from Registration Claimed.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Not applicable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Item 8. Exhibits<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP></SUP></FONT></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="vertical-align: top; border-bottom: black 1pt solid; width: 8%"><B>Exhibit<BR>
Number</B></TD>
    <TD STYLE="vertical-align: bottom; padding-bottom: 1pt; width: 2%">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; vertical-align: middle; text-align: center; width: 90%"><B>Description of Exhibit</B>&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top"><A HREF="https://www.sec.gov/Archives/edgar/data/100517/000110465919037929/a19-12113_1ex3d1.htm" STYLE="-sec-extract: exhibit">4.1 </A></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top"><A HREF="https://www.sec.gov/Archives/edgar/data/100517/000110465919037929/a19-12113_1ex3d1.htm" STYLE="-sec-extract: exhibit">Amended and Restated Certificate of Incorporation of United Airlines Holdings,&nbsp;Inc. (incorporated by reference to Exhibit&nbsp;3.1 to the Registrant&rsquo;s Current Report on Form&nbsp;8-K filed with the Commission on June&nbsp;27, 2019). </A></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top"><A HREF="https://www.sec.gov/Archives/edgar/data/100517/000010051722000056/ual_09222022ex31.htm" STYLE="-sec-extract: exhibit">4.2 </A></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top"><A HREF="https://www.sec.gov/Archives/edgar/data/100517/000010051722000056/ual_09222022ex31.htm" STYLE="-sec-extract: exhibit">Amended and Restated Bylaws of United Airlines Holdings,&nbsp;Inc. (incorporated by reference to Exhibit&nbsp;3.1 to the Registrant&rsquo;s Current Report on Form&nbsp;8-K filed with the Commission on September&nbsp;23, 2022). </A></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top"><A HREF="https://www.sec.gov/Archives/edgar/data/100517/000110465921050803/tm212376-3_def14a.htm#tAPPDD1" STYLE="-sec-extract: exhibit">4.3 </A></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top"><A HREF="https://www.sec.gov/Archives/edgar/data/100517/000110465921050803/tm212376-3_def14a.htm#tAPPDD1" STYLE="-sec-extract: exhibit">Tax Benefits Preservation Plan, dated as of December&nbsp;4, 2020, as amended January&nbsp;21, 2021, by and between the Registrant and Computershare Trust Company, N.A., as rights agent (incorporated by reference to Appendix D to the Registrant&rsquo;s Definitive Proxy Statement, filed with the Commission on April&nbsp;15, 2021). </A></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top"><A HREF="https://www.sec.gov/Archives/edgar/data/100517/000110465923045102/tm238497d2_def14a.htm#tAPPC" STYLE="-sec-extract: exhibit">4.4</A></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top"><A HREF="https://www.sec.gov/Archives/edgar/data/100517/000110465923045102/tm238497d2_def14a.htm#tAPPC" STYLE="-sec-extract: exhibit">Amended
    and Restated United Airlines Holdings,&nbsp;Inc. 2006 Director Equity Incentive Plan (incorporated by reference to Appendix
    C  to the Registrant&rsquo;s  Definitive Proxy Statement filed with the Commission on April 13,
    2023).</A></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top"><A HREF="tm2316647d1_ex5-1.htm">*5.1 </A></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top"><A HREF="tm2316647d1_ex5-1.htm">Opinion of Sidley Austin LLP. </A></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top"><A HREF="tm2316647d1_ex5-1.htm">*23.1 </A></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top"><A HREF="tm2316647d1_ex5-1.htm">Consent of Sidley Austin LLP (included in its opinion filed as Exhibit&nbsp;5.1). </A></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top"><A HREF="tm2316647d1_ex23-2.htm" STYLE="-sec-extract: exhibit">*23.2 </A></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top"><A HREF="tm2316647d1_ex23-2.htm" STYLE="-sec-extract: exhibit">Consent of Ernst&nbsp;&amp; Young LLP. </A></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top"><A HREF="#s_001">*24.1 </A></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top"><A HREF="#s_001">Powers of Attorney (contained in the signature page&nbsp;to this Registration Statement)</A></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top"><A HREF="tm2316647d1_exfilingfees.htm">*107</A></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top"><A HREF="tm2316647d1_exfilingfees.htm">Calculation of Filing Fee Table</A></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Rule-Page --><DIV STYLE="margin-top: 0; margin-bottom: 0; width: 25%"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">* Filed herewith.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Item 9. Undertakings.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in">(a)</TD><TD>The Registrant hereby undertakes:</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">(1)&nbsp;To file, during any period in which offers or sales
are being made, a post-effective amendment to this Registration Statement:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">(i)&nbsp;To include any prospectus required by Section&nbsp;10(a)(3)&nbsp;of
the Securities Act;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">(ii)&nbsp;To reflect in the prospectus any facts or events
arising after the effective date of the Registration Statement (or the most recent post-effective amendment thereof) which, individually
or in the aggregate, represent a fundamental change in the information set forth in the Registration Statement; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">(iii)&nbsp;To include any material information with respect
to the plan of distribution not previously disclosed in the Registration Statement or any material change to such information in the Registration
Statement;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><I>provided, however,</I> that paragraphs (a)(1)(i)&nbsp;and
(a)(1)(ii)&nbsp;do not apply if the information required to be included in a post-effective amendment by those paragraphs is contained
in reports filed with or furnished to the Commission by the Registrant pursuant to Section&nbsp;13 or Section&nbsp;15(d)&nbsp;of the Exchange
Act that are incorporated by reference in the Registration Statement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">(2)&nbsp;That, for the purpose of determining any liability
under the Securities Act, each such post-effective amendment shall be deemed to be a new registration statement relating to the securities
offered therein, and the offering of such securities at that time shall be deemed to be the initial <I>bona fide</I> offering thereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">(3)&nbsp;To remove from registration by means of a post-effective
amendment any of the securities being registered which remain unsold at the termination of the offering.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(b)&nbsp;The Registrant hereby undertakes that, for purposes of determining
any liability under the Securities Act, each filing of the Registrant&rsquo;s annual report pursuant to Section&nbsp;13(a)&nbsp;or Section&nbsp;15(d)&nbsp;of
the Exchange Act (and, where applicable, each filing of an employee benefit plan&rsquo;s annual report pursuant to Section&nbsp;15(d)&nbsp;of
the Exchange Act) that is incorporated by reference in the Registration Statement shall be deemed to be a new registration statement relating
to the securities offered therein, and the offering of such securities at that time shall be deemed to be the initial <I>bona fide</I>
offering thereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(c)&nbsp;Insofar as indemnification for liabilities arising under the
Securities Act may be permitted to directors, officers and controlling persons of the Registrant pursuant to the foregoing provisions,
or otherwise, the Registrant has been advised that in the opinion of the Commission such indemnification is against public policy as expressed
in the Securities Act and is, therefore, unenforceable. In the event that a claim for indemnification against such liabilities (other
than the payment by the Registrant of expenses incurred or paid by a director, officer or controlling person of the Registrant in the
successful defense of any action, suit or proceeding) is asserted by such director, officer or controlling person in connection with the
securities being registered, the Registrant will, unless in the opinion of its counsel the matter has been settled by controlling precedent,
submit to a court of appropriate jurisdiction the question whether such indemnification by it is against public policy as expressed in
the Securities Act and will be governed by the final adjudication of such issue.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 6 -->
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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><A NAME="s_001"></A><B>SIGNATURES</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.75in">Pursuant to the requirements of the Securities
Act, the registrant certifies that it has reasonable grounds to believe that it meets all of the requirements for filing on Form&nbsp;S-8
and has duly caused this Registration Statement to be signed on its behalf by the undersigned, thereunto duly authorized, in the City
of Chicago, State of Illinois, on May&nbsp;25, 2023.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2"><B>UNITED AIRLINES HOLDINGS,&nbsp;INC.</B></TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 4%">By: </TD>
    <TD STYLE="width: 46%; border-bottom: black 1pt solid">/s/ J. Scott Kirby</TD>
    <TD STYLE="width: 50%">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>J. Scott Kirby </TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>Chief Executive Officer and Director</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 168.3pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.75in">KNOW ALL BY THESE PRESENTS, that each person whose
signature appears below constitutes and appoints J. Scott Kirby, Robert S. Rivkin and Gerald Laderman, and each of them, his or her true
and lawful attorneys-in-fact and agents, with full power of substitution and resubstitution, in any and all capacities, to sign any or
all amendments (including post-effective amendments) to this Registration Statement, including any filings under Rule&nbsp;462 promulgated
under the Securities Act, and to file the same with all exhibits thereto, and other documents in connection therewith, with the Commission,
granting unto said attorneys-in-fact and agents full power and authority to do and perform each and every act and thing requisite and
necessary to be done in and about the premises, as fully to all intents and purposes as he might or could do in person, hereby ratifying
and confirming all that said attorneys-in-fact and agents, or their substitutes, may lawfully do or cause to be done by virtue hereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.75in">Pursuant to the requirements of the Securities
Act, this Registration Statement has been signed by the following persons in the capacities and on the date indicated below.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 7 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid">&nbsp;</DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 3.25pt; padding-left: 7.45pt; text-align: center; width: 31%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Signature</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; width: 2%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 45%; padding-right: 3.25pt; padding-left: 3.25pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; width: 2%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 3.25pt; padding-left: 3.25pt; text-align: center; width: 20%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Date</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 3.25pt; padding-left: 3.25pt; text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 3.25pt; padding-left: 3.25pt; text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 3.25pt; padding-left: 3.25pt; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 3.25pt; padding-left: 3.25pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; border-bottom: black 1pt solid">/s/ J. Scott Kirby</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">J. Scott Kirby</P></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 3.25pt; padding-left: 3.25pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Chief Executive Officer, Director (Principal Executive Officer)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 3.25pt; padding-left: 3.25pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">May&nbsp;25, 2023</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 3.25pt; padding-left: 3.25pt; text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 3.25pt; padding-left: 3.25pt; text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 3.25pt; padding-left: 3.25pt; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 3.25pt; padding-left: 3.25pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; border-bottom: black 1pt solid">/s/ Gerald Laderman</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Gerald Laderman</P></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 3.25pt; padding-left: 3.25pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Executive Vice President and</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Chief Financial Officer</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Principal Financial Officer)</P></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 3.25pt; padding-left: 3.25pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">May&nbsp;25, 2023</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 3.25pt; padding-left: 3.25pt; text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 3.25pt; padding-left: 3.25pt; text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 3.25pt; padding-left: 3.25pt; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 3.25pt; padding-left: 3.25pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/ Chris Kenny</FONT></TD>
    <TD>&nbsp;</TD>
    <TD ROWSPAN="2" STYLE="padding-right: 3.25pt; padding-left: 3.25pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Vice President and Controller</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Principal Accounting Officer)</P></TD>
    <TD>&nbsp;</TD>
    <TD ROWSPAN="2" STYLE="padding-right: 3.25pt; padding-left: 3.25pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">May&nbsp;25, 2023</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 3.25pt; padding-left: 3.25pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Chris Kenny</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 3.25pt; padding-left: 3.25pt; text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 3.25pt; padding-left: 3.25pt; text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 3.25pt; padding-left: 3.25pt; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 3.25pt; padding-left: 3.25pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/ Carolyn Corvi</FONT></TD>
    <TD>&nbsp;</TD>
    <TD ROWSPAN="2" STYLE="padding-right: 3.25pt; padding-left: 3.25pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Director</FONT></TD>
    <TD>&nbsp;</TD>
    <TD ROWSPAN="2" STYLE="padding-right: 3.25pt; padding-left: 3.25pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">May&nbsp;25, 2023</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 3.25pt; padding-left: 3.25pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Carolyn Corvi</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 3.25pt; padding-left: 3.25pt; text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 3.25pt; padding-left: 3.25pt; text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 3.25pt; padding-left: 3.25pt; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 3.25pt; padding-left: 3.25pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; border-bottom: black 1pt solid">/s/ Matthew Friend</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Matthew Friend</P></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 3.25pt; padding-left: 3.25pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Director</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 3.25pt; padding-left: 3.25pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">May&nbsp;25, 2023</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 3.25pt; padding-left: 3.25pt; text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 3.25pt; padding-left: 3.25pt; text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 3.25pt; padding-left: 3.25pt; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 3.25pt; padding-left: 3.25pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/ Barney Harford</FONT></TD>
    <TD>&nbsp;</TD>
    <TD ROWSPAN="2" STYLE="padding-right: 3.25pt; padding-left: 3.25pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Director</FONT></TD>
    <TD>&nbsp;</TD>
    <TD ROWSPAN="2" STYLE="padding-right: 3.25pt; padding-left: 3.25pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">May&nbsp;25, 2023</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 3.25pt; padding-left: 3.25pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Barney Harford</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 3.25pt; padding-left: 3.25pt; text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 3.25pt; padding-left: 3.25pt; text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 3.25pt; padding-left: 3.25pt; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 3.25pt; padding-left: 3.25pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; border-bottom: black 1pt solid">/s/ Michele J.
    Hooper</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Michele J. Hooper</P></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 3.25pt; padding-left: 3.25pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Director</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 3.25pt; padding-left: 3.25pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">May&nbsp;25, 2023</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 3.25pt; padding-left: 7.45pt; text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 3.25pt; padding-left: 3.25pt; text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 3.25pt; padding-left: 3.25pt; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 3.25pt; padding-left: 3.25pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; border-bottom: black 1pt solid">/s/ Walter Isaacson</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Walter Isaacson</P></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 3.25pt; padding-left: 3.25pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Director</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 3.25pt; padding-left: 3.25pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">May&nbsp;25, 2023</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 3.25pt; padding-left: 3.25pt; text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 3.25pt; padding-left: 3.25pt; text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 3.25pt; padding-left: 3.25pt; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 3.25pt; padding-left: 3.25pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/ Richard Johnsen</FONT></TD>
    <TD>&nbsp;</TD>
    <TD ROWSPAN="2" STYLE="padding-right: 3.25pt; padding-left: 3.25pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Director</FONT></TD>
    <TD>&nbsp;</TD>
    <TD ROWSPAN="2" STYLE="padding-right: 3.25pt; padding-left: 3.25pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">May&nbsp;25, 2023</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 3.25pt; padding-left: 3.25pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Richard Johnsen</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 3.25pt; padding-left: 3.25pt; text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 3.25pt; padding-left: 3.25pt; text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 3.25pt; padding-left: 3.25pt; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 3.25pt; padding-left: 3.25pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; border-bottom: black 1pt solid">/s/ James A.C.
    Kennedy</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">James A.C. Kennedy</P></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 3.25pt; padding-left: 3.25pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Director</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 3.25pt; padding-left: 3.25pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">May&nbsp;25, 2023</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 3.25pt; padding-left: 7.45pt; text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 3.25pt; padding-left: 3.25pt; text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 3.25pt; padding-left: 3.25pt; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 3.25pt; padding-left: 3.25pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; border-bottom: black 1pt solid">/s/ Edward M. Philip</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Edward M. Philip</P></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 3.25pt; padding-left: 3.25pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Director</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 3.25pt; padding-left: 3.25pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">May&nbsp;25, 2023</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 3.25pt; padding-left: 3.25pt; text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 3.25pt; padding-left: 3.25pt; text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 3.25pt; padding-left: 3.25pt; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 3.25pt; padding-left: 3.25pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; border-bottom: black 1pt solid">/s/ Edward L. Shapiro</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Edward L. Shapiro</P></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 3.25pt; padding-left: 3.25pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Director</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 3.25pt; padding-left: 3.25pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">May&nbsp;25, 2023</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 3.25pt; padding-left: 3.25pt">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 3.25pt; padding-left: 3.25pt; text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 3.25pt; padding-left: 3.25pt; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 3.25pt; padding-left: 3.25pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/ Laysha Ward</FONT></TD>
    <TD>&nbsp;</TD>
    <TD ROWSPAN="2" STYLE="padding-right: 3.25pt; padding-left: 3.25pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Director</FONT></TD>
    <TD>&nbsp;</TD>
    <TD ROWSPAN="2" STYLE="padding-right: 3.25pt; padding-left: 3.25pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">May&nbsp;25, 2023</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 3.25pt; padding-left: 3.25pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Laysha Ward</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 3.25pt; padding-left: 3.25pt; text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 3.25pt; padding-left: 3.25pt; text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 3.25pt; padding-left: 3.25pt; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 3.25pt; padding-left: 3.25pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/ James M. Whitehurst</FONT></TD>
    <TD>&nbsp;</TD>
    <TD ROWSPAN="2" STYLE="padding-right: 3.25pt; padding-left: 3.25pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Director</FONT></TD>
    <TD>&nbsp;</TD>
    <TD ROWSPAN="2" STYLE="padding-right: 3.25pt; padding-left: 3.25pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">May&nbsp;25, 2023</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 3.25pt; padding-left: 3.25pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">James M. Whitehurst</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
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<DOCUMENT>
<TYPE>EX-5.1
<SEQUENCE>2
<FILENAME>tm2316647d1_ex5-1.htm
<DESCRIPTION>EXHIBIT 5.1
<TEXT>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>Exhibit 5.1</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; width: 29%; font-size: 10pt; vertical-align: middle"><IMG SRC="tm2316647d1_ex5-1img001.jpg" ALT="" STYLE="height: 32px; width: 122px"></TD>
    <TD STYLE="width: 39%">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="text-transform: uppercase; &nbsp;">Sidley
    Austin LLP</FONT></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="text-transform: uppercase; &nbsp;">One
    South Dearborn Street</FONT></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="text-transform: uppercase; &nbsp;">Chicago,&nbsp;IL
    60603</FONT></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="text-transform: uppercase; &nbsp;">+1
    312 853 7000</FONT></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="text-transform: uppercase; &nbsp;">+1
    312 853 7036 Fax</FONT></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="text-transform: uppercase">&nbsp;</FONT></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="text-transform: uppercase">&nbsp;</FONT></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; text-transform: uppercase; &nbsp;">AMERICA
    </FONT><FONT STYLE="text-transform: uppercase; &nbsp;">&bull; <FONT STYLE="font-family: Times New Roman, Times, Serif">ASIA
    PACIFIC </FONT>&bull; <FONT STYLE="font-family: Times New Roman, Times, Serif">EUROPE</FONT></FONT></P></TD>
    <TD STYLE="width: 32%">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="text-transform: uppercase">&nbsp;</FONT></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="text-transform: uppercase">&nbsp;</FONT></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="text-transform: uppercase">&nbsp;</FONT></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="text-transform: uppercase">&nbsp;</FONT></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="text-transform: uppercase">&nbsp;</FONT></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="text-transform: uppercase">&nbsp;</FONT></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="text-transform: uppercase">&nbsp;</FONT></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="text-transform: uppercase">&nbsp;</FONT></P></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">May&nbsp;25, 2023</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">United Airlines Holdings,&nbsp;Inc.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">233 South Wacker Drive</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Chicago,&nbsp;IL 60606</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<TD STYLE="width: 0.5in">Re:</TD><TD><U>300,000 Shares of Common Stock, $0.01 par value per share, and the Associated Series&nbsp;A Junior Participating Serial Preferred
Stock Purchase Rights</U></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Ladies and Gentlemen:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">We refer to the Registration Statement on Form&nbsp;S-8
(the &ldquo;<U>Registration Statement</U>&rdquo;) being filed by United Airlines Holdings,&nbsp;Inc., a Delaware corporation (the &ldquo;<U>Company</U>&rdquo;),
with the Securities and Exchange Commission under the Securities Act of 1933, as amended (the &ldquo;<U>Securities Act</U>&rdquo;), relating
to the registration of 300,000 shares of Common Stock, $0.01 par value per share (the &ldquo;<U>Registered Shares</U>&rdquo;), of the
Company, together with the Series&nbsp;A Junior Participating Serial Preferred Stock Purchase Rights (the &ldquo;<U>Rights</U>&rdquo;)
associated therewith, which may be issued under the Amended and Restated United Airlines Holdings,&nbsp;Inc. 2006 Director Equity Incentive
Plan (the &ldquo;<U>Plan</U>&rdquo;). The terms of the Rights are set forth in the Tax Benefits Preservation Plan, dated as of December&nbsp;4,
2020, as amended January&nbsp;21, 2021 (the &ldquo;<U>Rights Agreement</U>&rdquo;), by and between the Company and Computershare Trust
Company, N.A., as Rights Agent.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">This opinion letter is being delivered in accordance
with the requirements of Item 601(b)(5)&nbsp;of Regulation S-K under the Securities Act.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">We have examined the Registration Statement, the
Company&rsquo;s Amended and Restated Certificate of Incorporation, the Company&rsquo;s Amended and Restated Bylaws, the Rights Agreement,
the Plan, the resolutions adopted by the board of directors of the Company (the &ldquo;<U>Board</U>&rdquo;) relating to the Registration
Statement and the Plan and the proposal adopted by the stockholders of the Company relating to the Plan at the Company&rsquo;s 2023 Annual
Meeting of Stockholders. We have also examined originals, or copies of originals certified to our satisfaction, of such agreements, documents,
certificates and statements of the Company and other corporate documents and instruments, and have examined such questions of law, as
we have considered relevant and necessary as a basis for this opinion letter. We have assumed the authenticity of all documents submitted
to us as originals, the genuineness of all signatures, the legal capacity of all persons and the conformity with the original documents
of any copies thereof submitted to us for examination. As to facts relevant to the opinions expressed herein, we have relied without independent
investigation or verification upon, and assumed the accuracy and completeness of, certificates, letters and oral and written statements
and representations of public officials and officers and other representatives of the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR>
    <TD STYLE="width: 100%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-size: 10pt">Sidley Austin LLP is a limited liability partnership practicing in affiliation with other Sidley Austin partnerships.</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><IMG SRC="tm2316647d1_ex5-1img001.jpg" ALT="">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">United Airlines Holdings,&nbsp;Inc.&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">May&nbsp;25, 2023&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="&nbsp;">Page&nbsp;2</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Based on the foregoing, we are of the opinion that:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">1. Each Registered Share that is newly issued pursuant
to the Plan will be validly issued, fully paid and non-assessable when: (i)&nbsp;the Registration Statement, as finally amended, shall
have become effective under the Securities Act; (ii)&nbsp;such Registered Share shall have been duly issued and delivered in accordance
with the Plan; and (iii)&nbsp;certificates representing such Registered Share shall have been duly executed, countersigned and registered
and duly delivered to the person entitled thereto against payment of the agreed consideration therefor (in an amount not less than the
par value thereof) or, if any Registered Share is to be issued in uncertificated form, the Company&rsquo;s books shall reflect the issuance
of such Registered Share to the person entitled thereto against payment of the agreed consideration therefor (in an amount not less than
the par value thereof), all in accordance with the Plan.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">2. The Right associated with each Registered Share
will be validly issued, fully paid and non-assessable when (i)&nbsp;the Registration Statement, as finally amended, shall have been declared
effective under the Securities Act; (ii)&nbsp;such associated Registered Share shall have been duly issued as set forth in paragraph 1
above; and (iii)&nbsp;such Right shall have been duly issued in accordance with the terms of the Rights Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">In rendering the opinion in paragraph 2 above,
we have also assumed that the Rights Agreement has been duly authorized, executed and delivered by the Rights Agent and that the members
of the Board have acted in a manner consistent with their fiduciary duties as required under applicable law in adopting the Rights Agreement.
Such opinion does not address the determination a court of competent jurisdiction may make regarding whether the Board may be required
to redeem or terminate, or take other action with respect to, the Rights in the future based on the facts and circumstances then existing.
Such opinion addresses corporate procedures in connection with the issuance of the Rights associated with the Registered Shares, and not
any particular provision of the Rights or the Rights Agreement. We note that it is not settled whether the invalidity of any particular
provision of a rights agreement or purchase rights issued thereunder would invalidate such rights in their entirety.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">This opinion letter is limited to the General Corporation
Law of the State of Delaware. We express no opinion as to the laws, rules&nbsp;or regulations of any other jurisdiction, including, without
limitation, the federal laws of the United States of America or any state securities or blue sky laws.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><IMG SRC="tm2316647d1_ex5-1img001.jpg" ALT="">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">United Airlines Holdings,&nbsp;Inc.&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">May&nbsp;25, 2023&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT>Page&nbsp;3</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">We hereby consent to the filing of this opinion
letter as an Exhibit&nbsp;to the Registration Statement and to all references to our Firm included in or made a part of the Registration
Statement. In giving such consent, we do not thereby admit that we are in the category of persons whose consent is required under Section&nbsp;7
of the Securities Act.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="width: 50%; font: 10pt Times New Roman, Times, Serif">Very truly yours,</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">/s/ Sidley Austin LLP</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">Sidley Austin LLP</TD></TR>
  </TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<DOCUMENT>
<TYPE>EX-23.2
<SEQUENCE>3
<FILENAME>tm2316647d1_ex23-2.htm
<DESCRIPTION>EXHIBIT 23.2
<TEXT>
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</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="font-family: Times New Roman, Times, Serif; margin: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font-family: Times New Roman, Times, Serif; margin: 0pt"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">Exhibit
23.2</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Consent
of Independent Registered Public Accounting Firm</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">We consent
to the incorporation by reference in the Registration Statement (Form S-8) pertaining to the Amended and Restated 2006 Director Equity
Incentive Plan of United Airlines Holdings, Inc., of our reports dated February 16, 2023, with respect to the consolidated financial
statements of United Airlines Holdings, Inc., and the effectiveness of internal control over financial reporting of United Airlines Holdings,
Inc. included in its Annual Report (Form 10- K) for the year ended December 31, 2022, filed with Securities Exchange Commission.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">/s/ Ernst
&amp; Young LLP</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">Chicago, Illinois</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">May 25, 2023</FONT></P>



<P STYLE="font-family: Times New Roman, Times, Serif; margin: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font-family: Times New Roman, Times, Serif; margin: 0pt"></P>

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<DOCUMENT>
<TYPE>EX-FILING FEES
<SEQUENCE>4
<FILENAME>tm2316647d1_exfilingfees.htm
<DESCRIPTION>EX-FILING FEES
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
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<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>EXHIBIT&nbsp;107</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Calculation of Filing Fee Table</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt"><B>FORM&nbsp;S-8<BR>
</B></FONT><B>(Form&nbsp;Type)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>UNITED AIRLINES HOLDINGS,&nbsp;INC.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Exact Name of Registrant as Specified in its Charter)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Newly Registered Securities</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 4pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; border-top: black 1pt solid; border-left: black 1pt solid; padding: 2pt 5.4pt; font-size: 10pt; text-align: center; width: 12%"><FONT STYLE="font-size: 10pt"><B>Security Type</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: black 1pt solid; border-left: black 1pt solid; padding: 2pt 5.4pt; font-size: 10pt; text-align: center; width: 18%"><FONT STYLE="font-size: 10pt"><B>Security<BR>
Class<BR>
Title</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: black 1pt solid; border-left: black 1pt solid; padding: 2pt 5.4pt; font-size: 10pt; text-align: center; width: 15%"><FONT STYLE="font-size: 10pt"><B>Fee<BR>
Calculation<BR>
Rule</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: black 1pt solid; border-left: black 1pt solid; padding: 2pt 5.4pt; font-size: 10pt; text-align: center; width: 11%"><FONT STYLE="font-size: 10pt"><B>Amount<BR>
Registered (1)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: black 1pt solid; border-left: black 1pt solid; padding: 2pt 5.4pt; font-size: 10pt; text-align: center; width: 11%"><FONT STYLE="font-size: 10pt"><B>Proposed<BR>
Maximum<BR>
Offering<BR>
 Price<BR>
Per Unit</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: black 1pt solid; border-left: black 1pt solid; padding: 2pt 5.4pt; font-size: 10pt; text-align: center; width: 11%"><FONT STYLE="font-size: 10pt"><B>Maximum<BR>
Aggregate<BR>
Offering Price</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: black 1pt solid; border-left: black 1pt solid; padding: 2pt 5.4pt; font-size: 10pt; text-align: center; width: 11%"><FONT STYLE="font-size: 10pt"><B>Fee Rate</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: black 1pt solid; border-right: black 1pt solid; border-left: black 1pt solid; padding: 2pt 5.4pt; font-size: 10pt; text-align: center; width: 11%"><FONT STYLE="font-size: 10pt"><B>Amount of<BR>
Registration Fee</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: black 1pt solid; border-left: black 1pt solid; padding: 2pt 5.4pt; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">Equity</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; border-left: black 1pt solid; padding: 2pt 5.4pt; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">Common stock, $0.01 par value</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; border-left: black 1pt solid; padding: 2pt 5.4pt; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">Rule&nbsp;457(c)&nbsp;and Rule&nbsp;457(h)</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; border-left: black 1pt solid; padding: 2pt 5.4pt; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">300,000 </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; border-left: black 1pt solid; padding: 2pt 5.4pt; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">$47.36 (2)</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; border-left: black 1pt solid; padding: 2pt 5.4pt; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">$14,208,000</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; border-left: black 1pt solid; padding: 2pt 5.4pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">.00011020</P></TD>
    <TD STYLE="border-top: black 1pt solid; border-right: black 1pt solid; border-left: black 1pt solid; padding: 2pt 5.4pt; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">$1,565.72</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: black 1pt solid; border-left: black 1pt solid; padding: 2pt 5.4pt; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">Equity</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; border-left: black 1pt solid; padding: 2pt 5.4pt; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">Preferred Stock Purchase Rights</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; border-left: black 1pt solid; padding: 2pt 5.4pt; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">(3)</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; border-left: black 1pt solid; padding: 2pt 5.4pt; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">(3)</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; border-left: black 1pt solid; padding: 2pt 5.4pt; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">(3)</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; border-left: black 1pt solid; padding: 2pt 5.4pt; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">(3)</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; border-left: black 1pt solid; padding: 2pt 5.4pt; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">(3)</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; border-right: black 1pt solid; border-left: black 1pt solid; padding: 2pt 5.4pt; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">(3)</FONT></TD></TR>
  <TR>
    <TD STYLE="padding: 2pt 5.4pt; border-top: black 1pt solid; border-left: black 1pt solid">&nbsp;</TD>
    <TD STYLE="padding: 2pt 5.4pt; border-top: black 1pt solid; border-left: black 1pt solid">&nbsp;</TD>
    <TD STYLE="padding: 2pt 5.4pt; border-top: black 1pt solid; border-left: black 1pt solid">&nbsp;</TD>
    <TD STYLE="padding: 2pt 5.4pt; border-top: black 1pt solid; border-left: black 1pt solid">&nbsp;</TD>
    <TD STYLE="padding: 2pt 5.4pt; border-top: black 1pt solid; border-left: black 1pt solid">&nbsp;</TD>
    <TD STYLE="padding: 2pt 5.4pt; border-top: black 1pt solid; border-left: black 1pt solid">&nbsp;</TD>
    <TD STYLE="padding: 2pt 5.4pt; border-top: black 1pt solid; border-left: black 1pt solid">&nbsp;</TD>
    <TD STYLE="padding: 2pt 5.4pt; border-top: black 1pt solid; border-right: black 1pt solid; border-left: black 1pt solid">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="padding: 2pt 5.4pt; border-top: Black 1pt solid; border-bottom: Black 1pt solid; border-left: black 1pt solid">&nbsp;</TD>
    <TD STYLE="padding: 2pt 5.4pt; border-top: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid">&nbsp;</TD>
    <TD STYLE="padding: 2pt 5.4pt; border-top: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid">&nbsp;</TD>
    <TD STYLE="padding: 2pt 5.4pt; border-top: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid">&nbsp;</TD>
    <TD STYLE="padding: 2pt 5.4pt; border-top: black 1pt solid; border-left: black 1pt solid">&nbsp;</TD>
    <TD STYLE="padding: 2pt 5.4pt; border-top: black 1pt solid; border-left: black 1pt solid">&nbsp;</TD>
    <TD STYLE="padding: 2pt 5.4pt; border-top: black 1pt solid; border-left: black 1pt solid">&nbsp;</TD>
    <TD STYLE="padding: 2pt 5.4pt; border-top: black 1pt solid; border-right: black 1pt solid; border-left: black 1pt solid">&nbsp;</TD></TR>
  <TR>
    <TD COLSPAN="4" STYLE="border-bottom: Black 1pt solid; border-left: black 1pt solid; padding: 2pt 5.4pt; vertical-align: bottom; font-size: 10pt; text-align: center"><B>Total Offering Amounts</B></TD>
    <TD STYLE="padding: 2pt 5.4pt; border-top: black 1pt solid; border-left: black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-top: black 1pt solid; border-left: black 1pt solid; padding: 2pt 5.4pt; vertical-align: bottom; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">$14,208,000</FONT></TD>
    <TD STYLE="padding: 2pt 5.4pt; border-top: black 1pt solid; border-left: black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-top: black 1pt solid; border-right: black 1pt solid; border-left: black 1pt solid; padding: 2pt 5.4pt; vertical-align: bottom; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">$1,565.72</FONT></TD></TR>
  <TR>
    <TD COLSPAN="4" STYLE="border-bottom: black 1pt solid; border-left: black 1pt solid; padding: 2pt 5.4pt; vertical-align: bottom; font-size: 10pt; text-align: center"><B>Total Fee Offsets</B></TD>
    <TD STYLE="padding: 2pt 5.4pt; border-top: black 1pt solid; border-left: black 1pt solid">&nbsp;</TD>
    <TD STYLE="padding: 2pt 5.4pt; border-top: black 1pt solid; border-left: black 1pt solid">&nbsp;</TD>
    <TD STYLE="padding: 2pt 5.4pt; border-top: black 1pt solid; border-left: black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-top: black 1pt solid; border-right: black 1pt solid; border-left: black 1pt solid; padding: 2pt 5.4pt; vertical-align: bottom; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">-</FONT></TD></TR>
  <TR>
    <TD COLSPAN="4" STYLE="border-bottom: black 1pt solid; border-left: black 1pt solid; padding: 2pt 5.4pt; vertical-align: top; font-size: 10pt; text-align: center"><B>Net Fee Due</B></TD>
    <TD STYLE="padding: 2pt 5.4pt; border-top: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid">&nbsp;</TD>
    <TD STYLE="padding: 2pt 5.4pt; border-top: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid">&nbsp;</TD>
    <TD STYLE="padding: 2pt 5.4pt; border-top: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid">&nbsp;</TD>
    <TD STYLE="border: black 1pt solid; padding: 2pt 5.4pt; vertical-align: bottom; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">$1,565.72</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; border-left-width: 0in; border-left-color: Black"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in">(1)</TD><TD>This Registration Statement covers 300,000 shares of common stock, par value $0.01 per share (the &ldquo;Common Stock&rdquo;), of
United Airlines Holdings,&nbsp;Inc. (the &ldquo;Registrant&rdquo;) available for issuance pursuant to awards under the Amended and Restated
United Airlines Holdings,&nbsp;Inc. 2006 Director Equity Incentive Plan (the &ldquo;Plan&rdquo;). Pursuant to Rule&nbsp;416(a)&nbsp;under
the Securities Act of 1933, as amended (the &ldquo;Securities Act&rdquo;), this Registration Statement also covers such additional and
indeterminate number of shares of Common Stock, which may become issuable pursuant to the provisions of the Plan relating to adjustments
for changes resulting from a stock dividend, stock split, recapitalization or other similar transaction effected without the receipt of
consideration which results in an increase in the number of outstanding shares of Common Stock.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; border-left-width: 0in; border-left-color: Black"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in">(2)</TD><TD>Estimated solely for the purpose of calculating the registration fee pursuant to Rules&nbsp;457(c)&nbsp;and (h)&nbsp;of the Securities
Act and based on the average of the high and low sale prices of the Common Stock, as quoted on The Nasdaq Stock Market LLC, on May&nbsp;22,
2023.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; border-left-width: 0in; border-left-color: Black"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in">(3)</TD><TD>The Preferred Share Purchase Rights (the &ldquo;Purchase Rights&rdquo;) are initially carried with the shares of Common Stock. The
value attributable to such Purchase Rights, if any, is reflected in the market price of the shares of Common Stock.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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