[Form 4] UNION PACIFIC CORP Insider Trading Activity

Rhea-AI Filing Summary

Union Pacific EVP Marketing & Sales Kenyatta G. Rocker reported routine share acquisitions of Common Stock on May 10, 2026. He acquired 13.225 shares directly and 2.811 shares indirectly through his spouse at $264.65 per share, pursuant to Union Pacific’s 2021 Employee Stock Purchase Plan. Following these transactions, he directly owns 61,115.1587 shares and also holds additional indirect positions through a spouse, a managed account, and a deferral account.

Insider Trade Summary

4 transactions reported

Mixed 4 txns

Insider Rocker Kenyatta G

Role EVP MARKETING & SALES

Type	Security	Shares	Price	Value
Grant/Award	Common Stock	13.225	$264.65	$3K
Grant/Award	Common Stock	2.811	$264.65	$743.93
holding	Common Stock	--	--	--
holding	Common Stock	--	--	--

Holdings After Transaction: Common Stock — 61,115.159 shares (Direct, null); Common Stock — 1,298.673 shares (Indirect, by Spouse)

Footnotes (1)

1. Purchase pursuant to the 2021 Employee Stock Purchase Plan. Includes holdings in Union Pacific's Payroll-based and Tax-reduction stock ownership plans and 401(k) plan.

Key Figures

Direct shares acquired: 13.225 shares Indirect spouse shares acquired: 2.811 shares Direct holdings after transaction: 61,115.1587 shares +4 more

7 metrics

Direct shares acquired 13.225 shares Common Stock, acquired May 10, 2026 at $264.65 per share

Indirect spouse shares acquired 2.811 shares Common Stock, via spouse May 10, 2026 at $264.65 per share

Direct holdings after transaction 61,115.1587 shares Common Stock directly owned after May 10, 2026 transactions

Spouse indirect holdings after transaction 1,298.6733 shares Common Stock indirectly owned through spouse after May 10, 2026

Managed account indirect holdings 2,044.2869 shares Common Stock held by managed account after May 10, 2026

Deferral account holdings 350.0000 shares Common Stock held in deferral account after May 10, 2026

Plan purchase price $264.65 per share Price for May 10, 2026 stock purchase plan acquisitions

Key Terms

2021 Employee Stock Purchase Plan, managed account, deferral account, indirect ownership, +1 more

5 terms

2021 Employee Stock Purchase Plan financial

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

managed account financial

"nature_of_ownership": "by Managed Account""

deferral account financial

"nature_of_ownership": "By Deferral Account""

indirect ownership financial

"ownership_type": "indirect", "ownership_code": "I""

grant, award, or other acquisition financial

"transaction_code_description": "Grant, award, or other acquisition""

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^*

Rocker Kenyatta G

(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 MARKETING & SALES

2a. Foreign Trading Symbol

3. Date of Earliest Transaction (Month/Day/Year)
05/10/2026

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	05/10/2026		A(1)		13.225	A	$264.65	61,115.1587	D
Common Stock	05/10/2026		A(1)		2.811	A	$264.65	1,298.6733	I	by Spouse
Common Stock								350	I	By Deferral Account
Common Stock(2)								2,044.2869	I	by Managed 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.

2. Includes holdings in Union Pacific's Payroll-based and Tax-reduction stock ownership plans and 401(k) plan.

	By: Trevor L. Kingston, Attorney-in-Fact For: Kenyatta G. Rocker	05/11/2026
	** 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)