Union Pacific (UNP) EVP Christina Conlin Reports Stock Purchase Under 2021 Plan

Rhea-AI Filing Summary

Union Pacific Corporation executive Christina B. Conlin, EVP Chief Legal Officer & Corp, reported a small purchase of company common stock through an employee program. On January 10, 2026, she acquired 0.211 shares of Union Pacific common stock at a price of $228.44 per share. The filing notes this was a purchase pursuant to the 2021 Employee Stock Purchase Plan, indicating it was made under a company-sponsored plan rather than an open-market trade. Following this transaction, Conlin beneficially owned a total of 5,233.834 shares of Union Pacific common stock in direct ownership.

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^*

Conlin Christina B

(Last) (First) (Middle)

1400 DOUGLAS STREET

(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)

	Director		10% Owner
X	Officer (give title below)		Other (specify below)
	EVP CHIEF LEGAL OFFICER & CORP

3. Date of Earliest Transaction (Month/Day/Year)
01/10/2026

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)
			Code	V	Amount	(A) or (D)	Price
Common Stock	01/10/2026		A(1)		0.211	A	$228.44	5,233.834	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)
				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: Christina B. Conlin	01/12/2026
	** 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).
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FAQ

What insider transaction did Union Pacific (UNP) report for Christina B. Conlin?

Union Pacific reported that Christina B. Conlin, EVP Chief Legal Officer & Corp, acquired 0.211 shares of Union Pacific common stock on January 10, 2026.

At what price were the Union Pacific (UNP) shares acquired by Christina B. Conlin?

The shares were acquired at a price of $228.44 per share, as disclosed in the insider transaction report.

How many Union Pacific (UNP) shares does Christina B. Conlin own after this transaction?

After the reported purchase, Christina B. Conlin beneficially owns 5,233.834 shares of Union Pacific common stock in direct ownership.

Was the Union Pacific (UNP) insider transaction part of an employee stock plan?

Yes. The filing explains that the purchase was made pursuant to the 2021 Employee Stock Purchase Plan, indicating it occurred under a company-sponsored plan.

What is Christina B. Conlin’s role at Union Pacific (UNP)?

Christina B. Conlin is identified as an Officer of Union Pacific with the title EVP Chief Legal Officer & Corp.

Is Christina B. Conlin’s ownership in Union Pacific (UNP) direct or indirect?

The Form 4 indicates that her 5,233.834 shares of Union Pacific common stock are held in direct (D) ownership.