Union Pacific (UNP) tech chief adds shares through employee stock plan

Rhea-AI Filing Summary

Union Pacific EVP and Chief Information Officer Rahul Jalali reported an acquisition of company stock under an employee plan. On May 10, 2026, he acquired 9.068 shares of Common Stock at $264.65 per share, pursuant to the 2021 Employee Stock Purchase Plan. After this transaction, he holds 33,105.394 shares directly. This filing reflects a small, routine increase in his ownership through a company-sponsored stock purchase program rather than an open-market trade.

Insights

Equity compensation analyst

Routine ESPP acquisition modestly increases insider holdings.

EVP and Chief Information Officer Rahul Jalali acquired 9.068 shares of Union Pacific Common Stock at $264.65 per share. The footnote clarifies this was a purchase under the 2021 Employee Stock Purchase Plan, a standard employee benefit program.

The transaction raises his direct holdings to 33,105.394 shares, indicating only a very small incremental change in ownership. With no derivative positions reported and no open-market buying or selling, the filing looks like routine participation in a company plan rather than a discretionary bet on the share price.

For investors, this kind of Form 4 typically carries limited signaling value. Future company filings may provide additional context on broader insider activity or changes in equity compensation patterns, but this individual event on its own appears administrative and modest in scale.

Insider Trade Summary

1 transaction reported

Mixed 1 txn

Insider Jalali Rahul

Role EVP & CHIEF INFORMATION OFFICE

Type	Security	Shares	Price	Value
Grant/Award	Common Stock	9.068	$264.65	$2K

Holdings After Transaction: Common Stock — 33,105.394 shares (Direct, null)

Footnotes (1)

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Key Figures

Shares acquired: 9.068 shares Purchase price: $264.65 per share Post-transaction holdings: 33,105.394 shares

3 metrics

Shares acquired 9.068 shares Common Stock acquired on May 10, 2026

Purchase price $264.65 per share Price for shares acquired under 2021 ESPP

Post-transaction holdings 33,105.394 shares Direct Common Stock holdings after acquisition

Key Terms

Employee Stock Purchase Plan, Common Stock, Form 4

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

"Common Stock transaction increased direct holdings to 33,105.394 shares."

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.

Form 4 regulatory

"This Form 4 reflects an acquisition under an employee stock program."

Form 4 is a official document that company insiders, such as executives or major shareholders, file with regulators whenever they buy or sell company shares. It provides transparency about how those with inside knowledge are trading, helping investors see if insiders are confident in the company's prospects or may be selling for personal reasons. This information can influence investor decisions by revealing insiders' perspectives on the company's value.

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^*

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)
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)		9.068	A	$264.65	33,105.394	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	05/10/2026
	** 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 Union Pacific (UNP) executive Rahul Jalali report in this Form 4?

Rahul Jalali reported acquiring 9.068 shares of Union Pacific Common Stock at $264.65 per share. The transaction occurred under the 2021 Employee Stock Purchase Plan and increased his direct holdings to 33,105.394 shares, indicating a small, routine ownership increase.

Was Rahul Jalali’s Union Pacific (UNP) transaction an open-market trade?

No, the transaction was not an open-market trade. A footnote states it was a purchase pursuant to the 2021 Employee Stock Purchase Plan, meaning it reflects participation in an employee stock program rather than a discretionary market buy or sell order.

How many Union Pacific (UNP) shares does Rahul Jalali hold after this transaction?

After the reported transaction, Rahul Jalali directly holds 33,105.394 shares of Union Pacific Common Stock. This total includes the 9.068 shares acquired on May 10, 2026, through the company’s 2021 Employee Stock Purchase Plan, as disclosed in the Form 4 filing.

What is the size of Rahul Jalali’s latest Union Pacific (UNP) stock acquisition?

The latest acquisition was 9.068 shares of Union Pacific Common Stock at a price of $264.65 per share. This is a relatively small addition to his existing position, completed through the 2021 Employee Stock Purchase Plan rather than through open-market activity.

Does this Union Pacific (UNP) Form 4 indicate insider buying or selling sentiment?

The Form 4 shows an acquisition of 9.068 shares under an employee stock purchase plan, which is generally routine compensation-related activity. It does not reflect a discretionary open-market buy or sell decision, so its signaling value for insider sentiment is limited.