[Form 4] UNION PACIFIC CORP Insider Trading Activity

Rhea-AI Filing Summary

UNION PACIFIC CORP EVP & CFO Jennifer L. Hamann acquired 8.707 shares of common stock on an award basis at $267.03 per share under the 2021 Employee Stock Purchase Plan. After this ESPP purchase, she holds 114,659.3586 shares directly and 5,686.776 shares indirectly through a deferral account, indicating a routine, compensation-related increase in ownership.

Insider Trade Summary

2 transactions reported

Mixed 2 txns

Insider Hamann Jennifer L

Role EVP & CHIEF FINANCIAL OFFICER

Type	Security	Shares	Price	Value
Grant/Award	Common Stock	8.707	$267.03	$2K
holding	Common Stock	--	--	--

Holdings After Transaction: Common Stock — 114,659.359 shares (Direct, null); Common Stock — 5,686.776 shares (Indirect, By Deferral Account)

Footnotes (1)

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Key Figures

Shares acquired: 8.707 shares Purchase price: $267.03 per share Direct holdings after: 114,659.3586 shares +1 more

4 metrics

Shares acquired 8.707 shares Common Stock acquired under 2021 Employee Stock Purchase Plan on 2026-06-10

Purchase price $267.03 per share Price for ESPP acquisition on 2026-06-10

Direct holdings after 114,659.3586 shares Total direct common stock holdings following the transaction

Indirect holdings after 5,686.776 shares Indirect common stock held by deferral account after the transaction

Key Terms

Employee Stock Purchase Plan, Deferral Account, grant/award acquisition

3 terms

Employee Stock Purchase Plan financial

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

An employee stock purchase plan is a company program that lets workers buy shares through small payroll deductions, often at a discount to the market price and after a set offering period. Think of it like a workplace savings plan that turns into ownership: it encourages employees to share in the company’s success and can create predictable buying or selling of stock that investors watch because it affects supply, demand and employee incentives.

Deferral Account financial

"Indirect ownership of 5,686.776 shares is listed as By Deferral Account."

grant/award acquisition financial

"Transaction code A is described as Grant, award, or other acquisition."

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Form 4 Insider Transactions: What Each Field Means →

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^*

Hamann Jennifer L

(Last) (First) (Middle)

1400 DOUGLAS STREET

(Street)

OMAHA NEBRASKA 68179

(City) (State) (Zip)

UNITED STATES

(Country)

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 FINANCIAL OFFICER

2a. Foreign Trading Symbol

3. Date of Earliest Transaction (Month/Day/Year)
06/10/2026

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

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

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
Common Stock	06/10/2026		A(1)		8.707	A	$267.03	114,659.3586	D
Common Stock								5,686.776	I	By Deferral Account

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

Explanation of Responses:

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

	By: Trevor L. Kingston, Attorney-in-Fact For: Jennifer L. Hamann	06/11/2026
	** 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.
* Form 4: SEC 1474 (03-26)

FAQ

What did UNP executive Jennifer Hamann report in this Form 4?

Jennifer L. Hamann reported acquiring 8.707 shares of UNION PACIFIC CORP common stock. The acquisition occurred at a price of $267.03 per share under the 2021 Employee Stock Purchase Plan, increasing her direct and indirect ownership positions in the company.

Was Jennifer Hamann’s UNP stock transaction an open-market purchase?

The transaction was not an open-market trade; it was a plan-based acquisition. The Form 4 shows code A, and the footnote states the shares were purchased under the 2021 Employee Stock Purchase Plan, indicating a routine, compensation-related purchase mechanism rather than discretionary market buying.

How many UNP shares does Jennifer Hamann hold after this transaction?

After the reported transaction, Jennifer Hamann holds 114,659.3586 UNION PACIFIC CORP shares directly. She also holds 5,686.776 shares indirectly through a deferral account, according to the Form 4 totals, giving investors a clearer view of her overall equity exposure.

What price was paid for the UNP shares acquired by Jennifer Hamann?

The Form 4 reports a transaction price of $267.03 per share for the 8.707 UNION PACIFIC CORP shares. This price applies to the acquisition made under the 2021 Employee Stock Purchase Plan and reflects the per-share value used in that plan transaction.

What does code A mean in Jennifer Hamann’s UNP Form 4 filing?

Code A on the Form 4 indicates a grant, award, or other acquisition of shares, not a typical market trade. Here, it corresponds to shares acquired under the 2021 Employee Stock Purchase Plan, signaling a routine, compensation-linked increase in Hamann’s ownership stake.