Union Pacific executive adds shares via ESPP

Union Pacific Corp executive Rahul Jalali increased his direct stake through an employee stock purchase.

Rhea-AI Filing Summary

Union Pacific Corp executive Rahul Jalali increased his direct stake through an employee stock purchase. On April 10, 2026, the EVP & Chief Information Officer acquired 9.581 shares of Union Pacific common stock at a reference price of $250.5100 per share under the 2021 Employee Stock Purchase Plan.

Following this compensation-related acquisition, Jalali directly holds a total of 33,096.326 shares of Union Pacific common stock. The transaction reflects ongoing participation in the company’s employee stock purchase program rather than an open-market trade.

Insider Trade Summary

Grant/Award: 9.581 shares

Grant/Award 1 txn

Insider Jalali Rahul

Role EVP & CHIEF INFORMATION OFFICE

Type	Security	Shares	Price	Value
Grant/Award	Common Stock	9.581	$250.51	$2K

Holdings After Transaction: Common Stock — 33,096.326 shares (Direct)

Footnotes (1)

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

Key Figures

Shares acquired: 9.581 shares Reference price per share: $250.5100 per share Total direct holdings after transaction: 33,096.326 shares

3 metrics

Shares acquired 9.581 shares Common Stock acquired on April 10, 2026 under 2021 Employee Stock Purchase Plan

Reference price per share $250.5100 per share Value used for the reported acquisition of Common Stock

Total direct holdings after transaction 33,096.326 shares Union Pacific Common Stock directly owned by Rahul Jalali after the acquisition

Key Terms

Employee Stock Purchase Plan, Common Stock, Grant, award, or other 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.

Common Stock financial

"Security title for the reported transaction is Common Stock."

Common stock represents ownership shares in a company, giving investors a stake in its success and a say in important decisions through voting rights. It is the most common type of stock traded on markets and can provide income through dividends, as well as potential for value growth. For investors, holding common stock means sharing in the company’s profits and risks.

Grant, award, or other acquisition financial

"The transaction code description is Grant, award, or other acquisition."

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

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

Rahul Jalali reported acquiring 9.581 shares of Union Pacific common stock. The shares were obtained under the 2021 Employee Stock Purchase Plan, reflecting a compensation-related transaction rather than a discretionary open-market trade, and increased his direct holdings to 33,096.326 shares.

How many Union Pacific (UNP) shares did Rahul Jalali acquire and at what price?

Rahul Jalali acquired 9.581 shares of Union Pacific common stock at a reference price of $250.5100 per share. This small addition came through the company’s 2021 Employee Stock Purchase Plan, indicating routine participation in an established employee ownership program.

What are Rahul Jalali’s total Union Pacific (UNP) holdings after this transaction?

After the reported transaction, Rahul Jalali directly holds 33,096.326 Union Pacific common shares. This figure includes the newly acquired 9.581 shares obtained via the 2021 Employee Stock Purchase Plan, illustrating his continuing equity exposure as EVP & Chief Information Officer.

Was the Union Pacific (UNP) insider transaction an open-market buy or part of an employee plan?

The transaction was part of an employee stock purchase plan, not an open-market buy. A footnote explains the 9.581 shares were purchased under the 2021 Employee Stock Purchase Plan, classifying it as a compensation-related acquisition rather than a discretionary market trade.

What role does Rahul Jalali hold at Union Pacific (UNP) in this Form 4 filing?

Rahul Jalali is listed as an officer of Union Pacific, serving as Executive Vice President & Chief Information Officer. His reported acquisition of 9.581 common shares under the 2021 Employee Stock Purchase Plan reflects additional equity tied to his executive role.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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Accepted by SEC EDGAR 04/13/2026 - 05:37 PM EDT Learn about SEC filing dates

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 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 INFORMATION OFFICE

2a. Foreign Trading Symbol

3. Date of Earliest Transaction (Month/Day/Year)
04/10/2026

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	04/10/2026		A(1)		9.581	A	$250.51	33,096.326	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: Rahul Jalali	04/13/2026
	** 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)