Union Pacific (NYSE: UNP) EVP awarded 13.988 common shares

Rhea-AI Filing Summary

Union Pacific Corp executive vice president of operations Eric J. Gehringer received a grant of 13.988 shares of common stock on March 10, 2026 at $250.21 per share, classified as a grant or award acquisition. Following this award, he holds 47,972.3656 shares directly and 12,989.067 shares indirectly through a deferral account.

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 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 OPERATIONS

3. Date of Earliest Transaction (Month/Day/Year)
03/10/2026

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	03/10/2026		A(1)		13.988	A	$250.21	47,972.3656	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)
				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. 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	03/11/2026
	** 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.

FAQ

What insider transaction did UNP executive Eric Gehringer report on this Form 4?

Eric J. Gehringer reported receiving a grant of 13.988 Union Pacific common shares. The award was recorded at a price of $250.21 per share and classified as a grant or award acquisition, reflecting routine executive compensation rather than an open-market purchase or sale.

How many Union Pacific (UNP) shares does Eric Gehringer hold after this transaction?

After the reported award, Eric Gehringer holds 47,972.3656 Union Pacific common shares directly. He also has 12,989.067 additional shares held indirectly through a deferral account, giving a combined reported position across direct and indirect holdings in the company’s stock.

Was the UNP Form 4 transaction a buy or sell of Union Pacific shares?

The Form 4 for Union Pacific shows an acquisition classified as a grant or award, not an open-market buy or sell. Eric Gehringer received 13.988 common shares as compensation, so there were no reported open-market purchase or sale transactions in this filing.

What price per share was used for Eric Gehringer’s Union Pacific stock award?

The stock award to Eric Gehringer was recorded at $250.21 per Union Pacific common share. This price reflects the value used for the 13.988-share grant in the Form 4, providing a reference valuation for this particular compensation-related transaction.

How are Eric Gehringer’s indirect Union Pacific (UNP) holdings structured?

In addition to direct holdings, Eric Gehringer reports 12,989.067 Union Pacific shares held indirectly. These are held via a deferral account, meaning the shares are associated with deferred compensation arrangements rather than a standard brokerage or direct share ownership account.