Union Pacific executive acquires shares via 2021 ESPP on 08/10/2025

Rhea-AI Filing Summary

Rahul Jalali, identified as EVP & CHIEF INFORMATION OFFICE of Union Pacific Corporation (UNP), reported a purchase of the issuer's common stock under the company's 2021 Employee Stock Purchase Plan. The reported transaction date is 08/10/2025 and is coded as a purchase (Transaction Code A). The table shows a price of $222.24 per share and an acquired amount listed as 28,797.321 shares.

The filing section for post-transaction beneficial ownership in the provided extract is not clearly labeled, so the number of shares owned after the purchase cannot be confirmed from this document alone. No derivative securities, dispositions, or additional corporate actions are reported in the extract.

Insights

Securities Analyst

TL;DR: An insider purchase under the ESPP was reported; transaction details are clear but post-transaction ownership is ambiguous in the extract.

The report documents an employee purchase by Rahul Jalali on 08/10/2025 under the 2021 Employee Stock Purchase Plan at $222.24 per share for 28,797.321 shares. From a securities-analyst view, the filing is routine: it discloses an internal purchase rather than a sale or option exercise, and no derivative instruments are listed. The document does not provide a clearly labeled post-transaction beneficial ownership total, which limits assessment of the insider's ownership stake relative to outstanding shares.

Corporate Governance Expert

TL;DR: Filing shows compliance with Section 16 reporting for an ESPP purchase; content is straightforward with limited material impact.

The Form 4 indicates that the reporting person, an executive officer, participated in the company ESPP. This is a standard disclosure for Section 16 filers and demonstrates adherence to insider reporting requirements. The absence of sales, grants of options, or derivative transactions in the provided content suggests no immediate governance or compensation concerns arise from this filing. The extract's unclear labeling of the post-transaction beneficial ownership prevents a complete governance assessment.

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

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OMB Number:			3235-0287
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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 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 & CHIEF INFORMATION OFFICE

3. Date of Earliest Transaction (Month/Day/Year)
08/10/2025

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	08/10/2025		A(1)		10.206	A	$222.24	28,797.321	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	08/11/2025
	** 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 transaction did Rahul Jalali report on the UNP Form 4?

The Form 4 reports a purchase of common stock under the 2021 Employee Stock Purchase Plan coded as a purchase (Transaction Code A).

How many UNP shares were acquired and at what price?

The table in the filing shows an acquisition of 28,797.321 shares at a price of $222.24 per share on 08/10/2025.

What is Rahul Jalali's role at Union Pacific listed on the Form 4?

The filing lists the reporting person as EVP & CHIEF INFORMATION OFFICE of Union Pacific Corporation.

Does the Form 4 disclose any derivative transactions for UNP?

No. The provided extract contains no derivative securities in Table II; only the non-derivative purchase in Table I is shown.

Can I confirm the number of shares owned after the transaction from this filing?

No. The extract does not clearly display a labeled post-transaction beneficial ownership total, so the post-transaction ownership cannot be confirmed from this text alone.