Union Pacific (UNP) EVP Operations reports new stock award and deferral holdings

Filing Impact

(Neutral)

Filing Sentiment

(Neutral)

Form Type

Rhea-AI Filing Summary

Union Pacific executive Eric J. Gehringer reported new stock awards. On May 10, 2026, he acquired 14.170 shares of Union Pacific common stock at $264.65 per share as a grant or award, bringing his direct holdings to 46,002.5046 shares.

The filing also shows 13,062.948 shares held indirectly through a deferral account. Footnotes indicate participation in a 2021 Employee Stock Purchase Plan and that certain units stem from restricted stock units convertible into common shares at a 1:1 ratio, payable in stock at termination or on a specified future date.

Insider Trade Summary

2 transactions reported

Mixed 2 txns

Insider Gehringer Eric J

Role EVP OPERATIONS

Type	Security	Shares	Price	Value
Grant/Award	Common Stock	14.17	$264.65	$4K
holding	Common Stock	--	--	--

Holdings After Transaction: Common Stock — 46,002.505 shares (Direct, null); Common Stock — 13,062.948 shares (Indirect, By Deferral Account)

Footnotes (1)

Purchase pursuant to the 2021 Employee Stock Purchase Plan. 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

Stock award shares: 14.170 shares Award price: $264.65 per share Direct holdings after award: 46,002.5046 shares +1 more

4 metrics

Stock award shares 14.170 shares Common Stock grant/award on May 10, 2026

Award price $264.65 per share Price for 14.170 awarded Common Stock shares

Direct holdings after award 46,002.5046 shares Common Stock directly owned after May 10, 2026 transaction

Indirect deferral holdings 13,062.948 shares Common Stock held indirectly by deferral account as of May 10, 2026

Key Terms

Employee Stock Purchase Plan, restricted stock units, deferral account, fully vested stock units

4 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.

restricted stock units financial

"Represents conversion of restricted stock units to fully vested stock units"

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.

deferral account financial

"total_shares_following_transaction ... indirect ... By Deferral Account"

fully vested stock units financial

"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 →

05/11/2026 - 06:09 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)
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)
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	05/10/2026		A⁽¹⁾		14.17	A	$264.65	46,002.5046	D
Common Stock⁽²⁾								13,062.948	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. 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	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)

Source: View Original Filing on SEC EDGAR

FAQ

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

Union Pacific’s EVP Operations, Eric J. Gehringer, acquired 14.170 shares of common stock as a grant or award at $264.65 per share, increasing his direct holdings to 46,002.5046 shares as of May 10, 2026.

How many Union Pacific (UNP) shares does Eric J. Gehringer own after this Form 4?

After the reported transaction, Eric J. Gehringer directly holds 46,002.5046 Union Pacific common shares and indirectly holds 13,062.948 shares through a deferral account, according to the Form 4 dated May 10, 2026.

What was the price and size of Eric Gehringer’s latest Union Pacific (UNP) stock award?

The filing shows Eric Gehringer received 14.170 Union Pacific common shares as a grant or award at a price of $264.65 per share, reflecting a relatively small, routine equity compensation transaction for the company’s EVP Operations.

What does the deferral account holding mean in Union Pacific (UNP) Form 4?

The Form 4 lists 13,062.948 Union Pacific shares held indirectly by Eric Gehringer via a deferral account, indicating deferred compensation stock units that give him an economic interest in company shares separate from his directly held 46,002.5046 shares.

How are restricted stock units treated in this Union Pacific (UNP) insider filing?

Footnotes explain some holdings represent conversion of restricted stock units into fully vested stock units at a 1:1 ratio, payable only in Union Pacific common shares upon termination of employment or a specified future date, tying long-term compensation to share performance.