Union Pacific (UNP) EVP sells 1,999 shares under 10b5-1 plan

Filing Impact

(Moderate)

Filing Sentiment

(Negative)

Form Type

Rhea-AI Filing Summary

Union Pacific Corporation executive Eric J. Gehringer, EVP Operations, reported an open-market sale of company stock. On March 20, 2026, he sold 1,999 shares of Common Stock at $234.93 per share, leaving him with 45,973.3656 directly held shares.

The sale was made pursuant to a Rule 10b5-1 trading plan adopted on December 19, 2025. In addition to his direct holdings, he has 12,989.067 indirectly held shares in a deferral account, representing converted restricted stock units payable only in common stock at employment termination or a specified date.

Insider Trade Summary

Net Seller: 1,999 shares ($469,625)

Net Sell 2 txns

Insider Gehringer Eric J

Role EVP OPERATIONS

Sold 1,999 shs ($470K)

Type	Security	Shares	Price	Value
Sale	Common Stock	1,999	$234.93	$470K
holding	Common Stock	--	--	--

Holdings After Transaction: Common Stock — 45,973.366 shares (Direct); Common Stock — 12,989.067 shares (Indirect, By Deferral Account)

Footnotes (1)

This transaction was made pursuant to a Rule 10b5-1 trading plan adopted by the reporting person on December 19, 2025. Represents conversion of restricted stock units to fully vested stock units with a distribution ratio of 1:1 - Payable only in shares of common stock at termination of employment or a date certain.

Key Figures

Shares sold: 1,999 shares Sale price per share: $234.93 per share Direct holdings after transaction: 45,973.3656 shares +2 more

5 metrics

Shares sold 1,999 shares Common Stock sold on March 20, 2026

Sale price per share $234.93 per share Open-market sale on March 20, 2026

Direct holdings after transaction 45,973.3656 shares Direct Common Stock held following sale

Indirect holdings in deferral account 12,989.067 shares Converted RSUs payable in stock via deferral account

Net share direction -1,999 shares Net-sell direction from transaction summary

Key Terms

Rule 10b5-1 trading plan, Deferral Account, restricted stock units, fully vested stock units

4 terms

Rule 10b5-1 trading plan regulatory

"This transaction was made pursuant to a Rule 10b5-1 trading plan adopted by the reporting person on December 19, 2025."

A Rule 10b5-1 trading plan is a pre-arranged schedule that allows company insiders to buy or sell stock at specific times, even if they have inside information. It helps prevent accusations of unfair trading by making these transactions look planned and transparent, rather than sneaky or illegal.

Deferral Account financial

"nature_of_ownership: By Deferral Account"

restricted stock units financial

"Represents conversion of restricted stock units to fully vested stock units with a distribution ratio of 1:1"

Restricted stock units are a type of company reward where employees are promised shares of stock, but they only fully own these shares after meeting certain conditions, like staying with the company for a set time. They matter because they can become valuable assets and are often used to motivate employees to help the company succeed.

fully vested stock units financial

"Represents conversion of restricted stock units to fully vested stock units with a distribution ratio of 1:1"

Form 4 Insider Transactions: What Each Field Means →

04/02/2026 - 02:19 PM

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^*

Gehringer Eric J

(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 OPERATIONS

2a. Foreign Trading Symbol

3. Date of Earliest Transaction (Month/Day/Year)
03/20/2026

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)
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	03/20/2026		S⁽¹⁾		1,999	D	$234.93	45,973.3656	D
Common Stock⁽²⁾								12,989.067	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)
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. This transaction was made pursuant to a Rule 10b5-1 trading plan adopted by the reporting person on December 19, 2025.

2. Represents conversion of restricted stock units to fully vested stock units with a distribution ratio of 1:1 - Payable only in shares of common stock at termination of employment or a date certain.

	By: Trevor L. Kingston, Attorney-in-Fact For: Eric J. Gehringer	04/02/2026
	** 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)

Source: View Original Filing on SEC EDGAR

FAQ

What insider transaction did Union Pacific (UNP) report for Eric J. Gehringer?

Union Pacific reported that EVP Operations Eric J. Gehringer sold 1,999 shares of Common Stock. The open-market sale occurred on March 20, 2026, and was executed at a price of $234.93 per share, according to the Form 4 filing.

At what price did Eric J. Gehringer sell Union Pacific (UNP) shares?

Eric J. Gehringer sold Union Pacific Common Stock at $234.93 per share. The transaction involved 1,999 shares in an open-market sale on March 20, 2026, as disclosed in the Form 4 insider trading report.

How many Union Pacific (UNP) shares does Eric J. Gehringer hold after the sale?

After the reported sale, Eric J. Gehringer directly holds 45,973.3656 Union Pacific shares. He also has 12,989.067 shares held indirectly through a deferral account representing converted restricted stock units payable in stock at termination or a specified date.

Was Eric J. Gehringer’s Union Pacific (UNP) stock sale under a Rule 10b5-1 plan?

Yes. The filing states the transaction was made pursuant to a Rule 10b5-1 trading plan. That plan was adopted by Eric J. Gehringer on December 19, 2025, and governed the open-market sale reported on March 20, 2026.

What is the deferral account mentioned in Eric J. Gehringer’s Union Pacific (UNP) holdings?

The filing notes 12,989.067 Union Pacific shares held indirectly by a deferral account. It explains these represent converted restricted stock units, payable only in shares of common stock at employment termination or on a specified future date.