Union Pacific EVP acquires shares via ESPP

Union Pacific Corp EVP & Chief Information Officer Rahul Jalali acquired 9.064 shares of common stock under the 2021 Employee Stock Purchase Plan.

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Rhea-AI Filing Summary

Union Pacific Corp EVP & Chief Information Officer Rahul Jalali acquired 9.064 shares of common stock under the 2021 Employee Stock Purchase Plan. This employee-plan purchase increased his directly held stake to 33,086.745 shares, indicating a small, routine addition to his existing ownership position.

Insider Trade Summary

Grant/Award: 9.064 shares

Grant/Award 1 txn

Insider Jalali Rahul

Role EVP & CHIEF INFORMATION OFFICE

Type	Security	Shares	Price	Value
Grant/Award	Common Stock	9.064	$250.21	$2K

Holdings After Transaction: Common Stock — 33,086.745 shares (Direct)

Footnotes (1)

F1. Purchase pursuant to the 2021 Employee Stock Purchase Plan.

FAQ

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What did Union Pacific (UNP) executive Rahul Jalali report in this Form 4?

Rahul Jalali, EVP & Chief Information Officer of Union Pacific, reported acquiring 9.064 shares of common stock. The shares were obtained through the 2021 Employee Stock Purchase Plan, a routine compensation-related program for employees.

How many Union Pacific (UNP) shares does Rahul Jalali hold after this transaction?

After this transaction, Rahul Jalali directly holds 33,086.745 shares of Union Pacific common stock. This figure reflects his total direct ownership reported following the 9.064-share acquisition through the employee stock purchase plan.

Was the Union Pacific (UNP) Form 4 transaction an open-market buy or sale?

The transaction was not an open-market trade. It was an acquisition of 9.064 shares coded as a grant or award, completed under Union Pacific’s 2021 Employee Stock Purchase Plan rather than a discretionary market purchase or sale.

What does the footnote in Rahul Jalali’s Union Pacific (UNP) Form 4 indicate?

The footnote states the shares were purchased pursuant to the 2021 Employee Stock Purchase Plan. This clarifies the transaction as a routine, plan-based acquisition rather than a stand-alone open-market investment or sale decision.

Does this Union Pacific (UNP) insider transaction involve any derivative securities?

No, this filing reports only a non-derivative transaction in common stock. The derivative holdings section is empty, and the single reported transaction is an acquisition of 9.064 common shares through the employee stock purchase program.

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Accepted by SEC EDGAR 03/11/2026 - 03:08 PM EDT

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

OMB APPROVAL

OMB Number:			3235-0287
Estimated average burden
hours per response:			0.5

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^*

Jalali Rahul

(Last)

(First)

(Middle)

1400 DOUGLAS STREET

(Street)

OMAHA

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)

	Director	10% Owner
X	Officer (give title below)	Other (specify below)
	EVP & CHIEF INFORMATION OFFICE

3. Date of Earliest Transaction (Month/Day/Year)
03/10/2026

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)
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	Code	V	Amount	(A) or (D)	Price		6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
Common Stock	03/10/2026		A⁽¹⁾		9.064	A	$250.21	33,086.745	D

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)
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)	Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares	8. Price of Derivative Security (Instr. 5)		10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)

Explanation of Responses:

1. Purchase pursuant to the 2021 Employee Stock Purchase Plan.

	By: Trevor L. Kingston, Attorney-in-Fact For: Rahul Jalali	03/11/2026
	** 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.

Source: View Original Filing on SEC EDGAR