Edgar Filing: UAL CORP /DE/

Ownership Submission

FORM 4

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP OF SECURITIES

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934, Section 17(a) of the Public Utility Holding Company Act of 1935 or Section 30(h) of the Investment Company Act of 1940

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(Print or Type Responses)

1. Name and Address of Reporting Person ^*

BRACE FREDERIC F

2. Issuer Name and Ticker or Trading Symbol
UAL CORP /DE/ [UAUA]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

_____ Director	_____ 10% Owner
__X__ Officer (give title below)	_____ Other (specify below)
Former EVP-CFO

(Last)

(First)

(Middle)

P.O. BOX 66100 - HDQLD

3. Date of Earliest Transaction (Month/Day/Year)
10/31/2008

(Street)

CHICAGO, IL 60666

4. If Amendment, Date Original Filed(Month/Day/Year)

6. Individual or Joint/Group Filing(Check Applicable Line)
_X_ Form filed by One Reporting Person
___ Form filed by More than One Reporting Person

(City)

(State)

(Zip)

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned

1.Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price

Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
	Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB control number.		SEC 1474 (9-02)

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned
(e.g., puts, calls, warrants, options, convertible securities)

1. Title of Derivative Security
(Instr. 3)

2. Conversion or Exercise Price of Derivative Security

3. Transaction Date (Month/Day/Year)

3A. Deemed Execution Date, if any (Month/Day/Year)

4. Transaction Code
(Instr. 8)

5. Number of Derivative Securities Acquired (A) or Disposed of (D)
(Instr. 3, 4, and 5)

6. Date Exercisable and Expiration Date
(Month/Day/Year)

7. Title and Amount of Underlying Securities
(Instr. 3 and 4)

8. Price of Derivative Security
(Instr. 5)

9. Number of Derivative Securities Beneficially Owned Following Reported Transaction(s)
(Instr. 4)

10. Ownership Form of Derivative Security: Direct (D) or Indirect (I)
(Instr. 4)

11. Nature of Indirect Beneficial Ownership
(Instr. 4)

Code

(A)

(D)

Date Exercisable

Expiration Date

Title

Amount or Number of Shares

Employee Stock Option (right to buy)

$ 34.18

10/31/2008

D⁽¹⁾

109,666

08/01/2006⁽²⁾

01/31/2016

Common Stock

109,666

⁽⁴⁾

Employee Stock Option (right to buy)

$ 34.18

10/31/2008

A⁽¹⁾

109,666

10/31/2008⁽³⁾

01/31/2016

Common Stock

109,666

⁽⁴⁾

109,666

Employee Stock Option (right to buy)

$ 35.91

10/31/2008

D⁽¹⁾

109,667

08/01/2006⁽²⁾

01/31/2016

Common Stock

109,667

⁽⁴⁾

Employee Stock Option (right to buy)

$ 35.91

10/31/2008

A⁽¹⁾

109,667

10/31/2008⁽³⁾

01/31/2016

Common Stock

109,667

⁽⁴⁾

109,667

Employee Stock Option (right to buy)

$ 35.65

10/31/2008

D⁽¹⁾

109,667

08/01/2006⁽²⁾

01/31/2016

Common Stock

109,667

⁽⁴⁾

Employee Stock Option (right to buy)

$ 35.65

10/31/2008

A⁽¹⁾

109,667

10/31/2008⁽³⁾

01/31/2016

Common Stock

109,667

⁽⁴⁾

109,667

Reporting Owners

Reporting Owner Name / Address	Relationships
Reporting Owner Name / Address	Director	10% Owner	Officer	Other
BRACE FREDERIC F P.O. BOX 66100 - HDQLD CHICAGO, IL 60666			Former EVP-CFO

Signatures

/s/ Lydia J. Mathas for Frederic F. Brace		11/04/2008
^**Signature of Reporting Person		Date

Explanation of Responses:

*	If the form is filed by more than one reporting person, see Instruction 4(b)(v).
**	Intentional misstatements or omissions of facts constitute Federal Criminal Violations. See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
(1)	The reported transactions involved the amendment of Reporting Person's outstanding option awards extending the post termination exercise period of the option awards from three months to the original term of the option awards (1/31/2016). For reporting purposes, the amendment is treated under the Section 16 rules like a cancellation of the original option awards and the grant of replacement option awards.
(2)	This option award was scheduled to become exercisable in equal installments on August 1, 2006, February 1, 2007, February 1, 2008, February 1, 2009 and February 1, 2010.
(3)	Upon termination of employment, the unvested portion of this option award became fully vested and immediately exercisable.
(4)	Not applicable, see column 2 for exercise price.

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