[Form 4] UNION PACIFIC CORP Insider Trading Activity

Rhea-AI Filing Summary

Union Pacific Corp director Doyle R. Simons reported an insider equity transaction involving phantom stock. On January 2, 2026, he acquired 361 phantom stock units, each tied on a 1:1 basis to Union Pacific common stock. These units have a conversion or exercise price of $0.0 and reference 361 shares of common stock at an indicated price of $231.91 per share. Following this award, Simons beneficially owns 3,015 phantom stock units in total. The phantom stock units are payable in cash only, commencing at retirement.

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

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

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

1. Name and Address of Reporting Person^*

Simons Doyle

(Last) (First) (Middle)

1400 DOUGLAS ST.

(Street)

OMAHA NE 68179

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
UNION PACIFIC CORP [ UNP ]

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

X	Director		10% Owner
	Officer (give title below)		Other (specify below)

3. Date of Earliest Transaction (Month/Day/Year)
01/02/2026

4. If Amendment, Date of 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

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

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 Securities Underlying Derivative Security (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: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares
Phantom Stock(1)	$0.0	01/02/2026		A		361		(2)	(2)	Common Stock	361	$231.91	3,015	D

Explanation of Responses:

1. Distribution ratio for Phantom Stock Units is 1:1.

2. Phantom Stock Units are payable in cash only commencing at retirement.

	By: Trevor L. Kingston, Attorney-in-Fact For: Doyle R. Simons	01/05/2026
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* 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).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
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 Number.

FAQ

What insider transaction did Union Pacific (UNP) report for Doyle R. Simons?

Doyle R. Simons, a director of Union Pacific Corp, reported acquiring 361 phantom stock units on 01/02/2026, as disclosed in a Form 4.

How many Union Pacific phantom stock units does Doyle R. Simons now hold?

After the reported transaction, Doyle R. Simons beneficially owns 3,015 phantom stock units tied to Union Pacific common stock.

What are the key terms of the Union Pacific phantom stock units reported?

The filing states a distribution ratio of 1:1 between phantom stock units and Union Pacific common stock, and that the phantom stock units are payable in cash only commencing at retirement.

What was the reference price for the Union Pacific phantom stock units in this transaction?

The table lists an indicated price of $231.91 per share of Union Pacific common stock underlying the 361 phantom stock units acquired.

Does the Union Pacific phantom stock award involve an exercise price?

The derivative security is identified as Phantom Stock with a conversion or exercise price of $0.0, meaning no exercise price is listed for these units.

In what capacity is Doyle R. Simons related to Union Pacific Corp?

The report identifies Doyle R. Simons as a director of Union Pacific Corp and indicates the Form 4 is filed by one reporting person.

How are Union Pacific phantom stock units settled for Doyle R. Simons?

The explanation clarifies that the phantom stock units are payable in cash only commencing at retirement, rather than in shares.