Union Pacific SEC Filings

Immunovant, Inc. (IMVT) – Form 4 filed 07/11/2025

Chief Technology Officer Jay S. Stout disclosed a routine, non-discretionary insider transaction tied to restricted stock unit (RSU) vesting.

• Shares sold: 1,519 common shares on 07/09/2025
• Weighted-average price: $17.24 (price range $17.00–$17.50)
• Reason: Automatic “sell-to-cover” to satisfy tax withholding on the vesting of 3,436 RSUs granted 04/02/2024 (first tranche vested 07/02/2025)
• Ownership after sale: 207,724 shares held directly

The filing notes that the sale was mandated by company policy and therefore does not reflect an elective liquidation by the executive. Given the modest size relative to the remaining stake and the absence of other material disclosures, the event is considered routine with limited market impact.

Form 4 filing overview: Union Pacific Corp. (UNP) reports that EVP & Chief Information Officer Rahul Jalali purchased 9.569 shares of the company’s common stock on 07/10/2025 at a price of $237 per share under the company’s 2021 Employee Stock Purchase Plan (ESPP). Following the transaction, Jalali’s direct ownership stands at 28,787.115 shares. No derivative securities were involved, and there were no dispositions.

The filing reflects a routine, low-dollar ESPP acquisition that marginally increases insider ownership but does not represent a material change in the company’s share structure or insider sentiment.

Insmed, Inc. (INSM) – Form 144 notice of proposed sale

The filing discloses that Michael A. Smith intends to sell 748 shares of Insmed common stock through Merrill Lynch on or about 11 July 2025. The shares carry an aggregate market value of $72,114, implying a reference price of roughly $96 per share. Insmed has 182,138,923 shares outstanding, so the planned sale represents only 0.0004 % of the float.

The form also lists insider transactions over the preceding three months: Smith sold 34,470 shares between 14 May 2025 and 5 June 2025 for gross proceeds of $2.4 million. Even these cumulative sales equal just 0.019 % of shares outstanding. All sales were made under Rule 144, which governs the resale of restricted or control securities.

No financing, earnings, or operational data accompany the filing; the document’s sole purpose is to give advance notice of this modest insider disposition and to certify that the seller is unaware of undisclosed material adverse information.

Union Pacific Corp. (UNP) Executive Vice President – Operations Eric J. Gehringer filed a Form 4 reporting a modest insider purchase on 10 July 2025. Through the company’s 2021 Employee Stock Purchase Plan he acquired 3.797 shares of UNP common stock at $237 each. After the transaction, Gehringer directly owns 44,538.9836 shares and indirectly holds 7,179.393 shares in a deferral account; no new derivative positions were created or exercised. The incremental buy is immaterial relative to his existing stake and Union Pacific’s market capitalization, so the filing adds limited fundamental insight, but insider purchases are generally viewed as a signal of executive confidence.

MerQube US Large-Cap Vol Advantage Index (MQUSLVA) – July 2025 performance update

The rules-based index provides 0-500% leveraged exposure to E-Mini S&P 500 futures, re-targeting 35% volatility and applying a 6.0% p.a. daily deduction. It was launched on 11 Feb 2022; data before that date are back-tested.

Performance snapshot: Over Jun 2015-Jun 2025 the index recorded a 10-year annualised return of 11.15% with 30.24% volatility, versus the S&P 500’s 11.64% return and 18.48% volatility. The most recent 1-year return is –10.71% compared with the S&P 500’s +13.63%, underscoring performance dispersion. Monthly returns range from +10.44% (Jun 2016) to –19.13% (Feb 2020).

Current leverage profile: End-of-day exposure fluctuated sharply between 62.5% and 252.2% during Apr-Jun 2025, reflecting the index’s dynamic volatility control.

Structural features & principal risks:

• 6.0% annual fee drag directly reduces index level.
• Use of significant leverage (up to 5×) amplifies gains and losses.
• Excess-return construction excludes cash reinvestment income.
• Methodology may be adjusted at MerQube’s discretion; JPMS co-designed the index and licenses it for structured notes.
• Index has <4 years of live history; back-tested data may not predict future results.

Investments linked to the index are unsecured, not FDIC-insured, and subject to equity, futures, liquidity and concentration risks. Past and hypothetical performance are not indicative of future returns.

Rhythm Pharmaceuticals (RYTM) – insider Form 4 filing

Chief Scientific Officer Alastair Garfield settled 4,445 restricted stock units on 1-Jul-2025, receiving an equal number of common shares. On 2-Jul-2025 he sold 1,319 of those shares in two trades at prices of $64.81 and $64.60 under a pre-arranged Rule 10b5-1 plan adopted 25-Jun-2024, with the stated purpose of covering withholding taxes. After the transactions he retains 3,126 directly held shares and 13,333 unvested RSUs that vest 25 % annually through 1-Jul-2028, subject to continued employment. No other equity instruments were created or disposed of. Given the modest size of the sale relative to Rhythm’s share count and its tax-related rationale, the event is viewed as routine compensation management with limited signaling value for investors.

Union Pacific Corp. (UNP) filed a Form 4 indicating that director Christopher J. Williams acquired 216 Phantom Stock Units on 07/01/2025. The units convert 1-for-1 into cash based on the market price of UNP common stock when paid at retirement. Based on the filing’s stated reference price of $235.57, the incremental value is roughly $50,000. Following this transaction, Williams now holds 5,538 phantom units, all reported as direct beneficial ownership. No non-derivative common shares were bought or sold, and there is no indication of open-market activity.

The transaction appears to be part of routine director compensation or deferred-compensation arrangements rather than a discretionary purchase. As such, it does not materially alter insider ownership nor signal a directional view on Union Pacific’s fundamentals.

Union Pacific Corp. (UNP) filed a Form 4 indicating that director Christopher J. Williams acquired 216 Phantom Stock Units on 07/01/2025. The units convert 1-for-1 into cash based on the market price of UNP common stock when paid at retirement. Based on the filing’s stated reference price of $235.57, the incremental value is roughly $50,000. Following this transaction, Williams now holds 5,538 phantom units, all reported as direct beneficial ownership. No non-derivative common shares were bought or sold, and there is no indication of open-market activity.

The transaction appears to be part of routine director compensation or deferred-compensation arrangements rather than a discretionary purchase. As such, it does not materially alter insider ownership nor signal a directional view on Union Pacific’s fundamentals.

Union Pacific Corp. (UNP) – SEC Form 4 filing, dated July 2, 2025.

Director Jane H. Lute reported one transaction on July 1, 2025 involving the company’s deferred compensation plan:

• Type of security: Phantom Stock Units (cash-settled, 1:1 value to common shares).
• Quantity acquired: 399 units, coded “A” (acquisition).
• Price basis: $0 conversion price; reference price of underlying stock quoted at $235.57.
• Post-transaction holdings: 10,871 phantom stock units held directly.

The units are payable in cash only after the director’s retirement. No common shares were purchased or sold, and no derivative securities were disposed of. The filing appears to reflect routine board compensation rather than discretionary insider buying.