[Form 4] UNION PACIFIC CORP Insider Trading Activity
Jane H. Lute, a director of Union Pacific Corporation (UNP), reported a transaction dated 10/01/2025 on Form 4. The filing shows acquisition of 405 Phantom Stock Units that have a 1:1 distribution ratio and are payable in cash only upon retirement. Each phantom unit corresponds to one share of common stock for payout purposes, and the filing lists an attributable price of $234.74 per share for the underlying common stock. After the reported transaction, the reporting person beneficially owned 11,276 shares directly. The Form 4 was signed by an attorney-in-fact on behalf of the reporting person and filed on 10/02/2025.
Jane H. Lute, una direttrice della Union Pacific Corporation (UNP), ha riportato una transazione datata 10/01/2025 sul modulo 4. La segnalazione mostra l'acquisizione di 405 Phantom Stock Units che hanno un rapporto di distribuzione 1:1 e sono pagabili in contanti solo al momento della pensione. Ogni unità fantasma corrisponde a una azione ordinaria per fini di pagamento, e la segnalazione annota un prezzo attribuibile di $234.74 per azione della azione ordinaria sottostante. Dopo la transazione riportata, la persona reportante possedeva in modo beneficiario 11.276 azioni direttamente. Il Form 4 è stato firmato da un procuratore-in-fatto per conto della persona reportante e presentato il 02/10/2025.
Jane H. Lute, una directora de Union Pacific Corporation (UNP), informó una operación con fecha 10/01/2025 en el Formulario 4. La presentación muestra la adquisición de 405 Phantom Stock Units que tienen una relación de distribución 1:1 y se pagan en efectivo solo al momento de la jubilación. Cada unidad fantasma corresponde a una acción ordinaria para fines de pago, y la presentación enumera un precio atribuible de $234.74 por acción de la acción ordinaria subyacente. Después de la operación reportada, la persona reportante poseía beneficiosamente 11,276 acciones directamente. El Formulario 4 fue firmado por un apoderado en nombre de la persona reportante y presentado el 02/10/2025.
Jane H. Lute는 Union Pacific Corporation(UNP)의 이사로, 4형식(Form 4)에 2025년 10월 1일자로 기재된 거래를 보고했습니다. 공시는 1:1 분배비를 가지며 은퇴 시에만 현금으로 지급되는 405 Phantom Stock Units의 취득을 보여줍니다. 각 팬텀 유닛은 지급 목적상 한 주의 보통주에 해당하며, 기재에는 기초 보통주의 주당 귀속가가 $234.74로 기재되어 있습니다. 보고된 거래 후 보고자의 이익실현 보유 주식은 직접적으로 11,276주입니다. Form 4는 보고자를 대신하여 대리인(attorney-in-fact)에 의해 서명되었고 2025년 10월 2일에 제출되었습니다.
Jane H. Lute, une administratrice de Union Pacific Corporation (UNP), a déclaré une transaction datée du 01/10/2025 sur le formulaire 4. Le dépôt montre l'acquisition de 405 Phantom Stock Units qui ont un ratio de distribution de 1:1 et qui ne sont payables en espèces qu'au moment de la retraite. Chaque unité fantôme correspond à une action ordinaire à des fins de paiement, et le dépôt indique un prix attribuable de $234,74 par action pour l'action ordinaire sous-jacente. Après la transaction déclarée, la personne déclarant détenait directement 11 276 actions de manière bénéficiaire. Le formulaire 4 a été signé par un mandataire (attorney-in-fact) au nom de la personne déclarant et déposé le 02/10/2025.
Jane H. Lute, eine Direktorin der Union Pacific Corporation (UNP), berichtete eine Transaktion datiert auf den 01.10.2025 im Formular 4. Die Einreichung zeigt den Erwerb von 405 Phantom Stock Units, die ein 1:1-Verteilungsverhältnis haben und bei der Pensionierung nur in bar ausgezahlt werden. Jede Phantom-Einheit entspricht für Zahlungszwecke einer Aktie der Stammaktie, und die Einreichung listet einen zurechenbaren Preis von $234,74 pro Aktie der zugrunde liegenden Stammaktie auf. Nach der gemeldeten Transaktion besaß die meldende Person direkt lebenslang 11.276 Aktien. Das Formular 4 wurde von einem Bevollmächtigten (attorney-in-fact) im Namen der meldenden Person unterschrieben und am 02.10.2025 eingereicht.
Jane H. Lute، مدير/ة شركة Union Pacific Corporation (UNP)، أبلغت عن معاملة مؤرخة في 10/01/2025 في النموذج 4. تُظهر الرسالة تقديم شراء 405 Phantom Stock Units لها نسب توزيع 1:1 وتكون قابلة للدفع نقداً فقط عند التقاعد. كل وحدة فانتوم تقابل سهماً واحداً من الأسهم العادية لأغراض الدفع، وتدرج الرسالة سعراً قابلاً للنسبة $234.74 للسهم من الأسهم العادية الأساسية. بعد المعاملة المُبلغ عنها، امتلك المبلغ عنه بشكل مستفيد مباشرة 11,276 سهمًا. تم توقيع النموذج 4 من قبل وكيل/محامٍ نيابة عن الشخص المبلغ عنه وتقديمه في 02/10/2025.
Jane H. Lute，Union Pacific Corporation（UNP）的董事，在 Form 4 上报告了日期为 2025/10/01 的交易。申报显示获取了具有1:1 分配比且仅在退休时以现金支付的 405 Phantom Stock Units。每单位隐形股票在支付目的上相当于一股普通股，申报列出基礎普通股的相应价格为 $234.74 每股。交易报告后，该申报人直接受益地拥有 11,276 股。Form 4 由代理人（attorney-in-fact）代表申报人签署并于 2025/10/02 提交。
- Acquisition of 405 Phantom Stock Units aligns director compensation with equity performance without issuing new shares
- Phantom units payable in cash at retirement reduce dilution risk for existing shareholders
- 1:1 distribution ratio makes the economic linkage to common stock straightforward and transparent
- None.
Insights
TL;DR: Director received non-equity phantom stock units payable in cash at retirement, aligning compensation with long-term shareholder value.
The report documents a grant of 405 Phantom Stock Units to a director with a 1:1 distribution ratio and cash-only payout at retirement. This structure preserves economic alignment with share performance without increasing share count. From a governance perspective, phantom units reduce dilution risk while providing deferred compensation tied to equity value. The transaction appears routine for director compensation and does not indicate changes to control, liquidity events, or material corporate actions.
TL;DR: Compensation grant is deferred cash-based equity substitute; impact modest and typical for director pay programs.
The filing specifies 405 units attributable to 405 common shares with an indicated per-share price of $234.74. Because units are paid in cash at retirement, they create a future liability for the company rather than issuing new shares, limiting dilution. The size of the grant relative to the reporting person's total direct beneficial ownership (11,276 shares following the transaction) appears limited. No option exercise dates, expirations, or additional vesting terms beyond retirement payment are disclosed in this Form 4.
Jane H. Lute, una direttrice della Union Pacific Corporation (UNP), ha riportato una transazione datata 10/01/2025 sul modulo 4. La segnalazione mostra l'acquisizione di 405 Phantom Stock Units che hanno un rapporto di distribuzione 1:1 e sono pagabili in contanti solo al momento della pensione. Ogni unità fantasma corrisponde a una azione ordinaria per fini di pagamento, e la segnalazione annota un prezzo attribuibile di $234.74 per azione della azione ordinaria sottostante. Dopo la transazione riportata, la persona reportante possedeva in modo beneficiario 11.276 azioni direttamente. Il Form 4 è stato firmato da un procuratore-in-fatto per conto della persona reportante e presentato il 02/10/2025.
Jane H. Lute, una directora de Union Pacific Corporation (UNP), informó una operación con fecha 10/01/2025 en el Formulario 4. La presentación muestra la adquisición de 405 Phantom Stock Units que tienen una relación de distribución 1:1 y se pagan en efectivo solo al momento de la jubilación. Cada unidad fantasma corresponde a una acción ordinaria para fines de pago, y la presentación enumera un precio atribuible de $234.74 por acción de la acción ordinaria subyacente. Después de la operación reportada, la persona reportante poseía beneficiosamente 11,276 acciones directamente. El Formulario 4 fue firmado por un apoderado en nombre de la persona reportante y presentado el 02/10/2025.
Jane H. Lute는 Union Pacific Corporation(UNP)의 이사로, 4형식(Form 4)에 2025년 10월 1일자로 기재된 거래를 보고했습니다. 공시는 1:1 분배비를 가지며 은퇴 시에만 현금으로 지급되는 405 Phantom Stock Units의 취득을 보여줍니다. 각 팬텀 유닛은 지급 목적상 한 주의 보통주에 해당하며, 기재에는 기초 보통주의 주당 귀속가가 $234.74로 기재되어 있습니다. 보고된 거래 후 보고자의 이익실현 보유 주식은 직접적으로 11,276주입니다. Form 4는 보고자를 대신하여 대리인(attorney-in-fact)에 의해 서명되었고 2025년 10월 2일에 제출되었습니다.
Jane H. Lute, une administratrice de Union Pacific Corporation (UNP), a déclaré une transaction datée du 01/10/2025 sur le formulaire 4. Le dépôt montre l'acquisition de 405 Phantom Stock Units qui ont un ratio de distribution de 1:1 et qui ne sont payables en espèces qu'au moment de la retraite. Chaque unité fantôme correspond à une action ordinaire à des fins de paiement, et le dépôt indique un prix attribuable de $234,74 par action pour l'action ordinaire sous-jacente. Après la transaction déclarée, la personne déclarant détenait directement 11 276 actions de manière bénéficiaire. Le formulaire 4 a été signé par un mandataire (attorney-in-fact) au nom de la personne déclarant et déposé le 02/10/2025.
Jane H. Lute, eine Direktorin der Union Pacific Corporation (UNP), berichtete eine Transaktion datiert auf den 01.10.2025 im Formular 4. Die Einreichung zeigt den Erwerb von 405 Phantom Stock Units, die ein 1:1-Verteilungsverhältnis haben und bei der Pensionierung nur in bar ausgezahlt werden. Jede Phantom-Einheit entspricht für Zahlungszwecke einer Aktie der Stammaktie, und die Einreichung listet einen zurechenbaren Preis von $234,74 pro Aktie der zugrunde liegenden Stammaktie auf. Nach der gemeldeten Transaktion besaß die meldende Person direkt lebenslang 11.276 Aktien. Das Formular 4 wurde von einem Bevollmächtigten (attorney-in-fact) im Namen der meldenden Person unterschrieben und am 02.10.2025 eingereicht.
FAQ
What did Jane H. Lute report on Form 4 for UNP?
How many shares does the Form 4 say the reporting person owns after the transaction?
Are the Phantom Stock Units settled in shares or cash according to the filing?
What price is listed in the Form 4 for the underlying common stock?
Who signed and filed the Form 4?
