Union Pacific (NYSE: UNP) CFO boosts holdings through employee stock purchase

Rhea-AI Filing Summary

Union Pacific’s EVP and CFO Jennifer L. Hamann increased her ownership through a compensation plan. On March 10, 2026, she acquired 8.524 shares of Union Pacific common stock at $250.21 per share, pursuant to the 2021 Employee Stock Purchase Plan, bringing her direct holdings to 116,632.5846 shares.

She also reports 5,654.613 shares held indirectly in a Deferral Account. This filing reflects routine share accumulation through employee programs rather than an open-market purchase or sale.

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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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^*

Hamann Jennifer L

(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 FINANCIAL OFFICER

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)		8.524	A	$250.21	116,632.5846	D
Common Stock								5,654.613	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.

	By: Trevor L. Kingston, Attorney-in-Fact For: Jennifer L. Hamann	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 Union Pacific (UNP) report for CFO Jennifer Hamann?

Union Pacific’s CFO Jennifer L. Hamann reported acquiring 8.524 shares of common stock. The shares were obtained on March 10, 2026 under the 2021 Employee Stock Purchase Plan, reflecting routine participation in a company compensation program rather than an open-market trade.

At what price did Union Pacific’s CFO acquire the new UNP shares?

The newly acquired 8.524 Union Pacific shares were reported at a price of $250.21 per share. This price is disclosed in the Form 4 as the transaction value associated with the grant or award acquisition under the 2021 Employee Stock Purchase Plan.

How many Union Pacific (UNP) shares does CFO Jennifer Hamann now hold directly?

After the reported transaction, Jennifer L. Hamann directly holds 116,632.5846 Union Pacific common shares. This total includes the 8.524 shares acquired on March 10, 2026 through the 2021 Employee Stock Purchase Plan, as reflected in the Form 4 filing.

Does Union Pacific’s CFO have any indirect UNP share holdings?

Yes. The Form 4 shows 5,654.613 Union Pacific shares held indirectly for Jennifer L. Hamann. These indirect holdings are reported as being held "By Deferral Account," indicating ownership through a company-related deferral arrangement rather than direct personal custody.

Was the Union Pacific CFO’s latest UNP share acquisition an open-market purchase?

No. The Form 4 footnote explains the acquisition was pursuant to the 2021 Employee Stock Purchase Plan. This indicates a compensation or employee benefit transaction, not a discretionary open-market buy on a stock exchange by the Union Pacific chief financial officer.

What transaction code was used for the Union Pacific CFO’s recent UNP share acquisition?

The transaction is coded "A" for a grant, award, or other acquisition of non-derivative common stock. This aligns with the footnote stating the purchase occurred under the 2021 Employee Stock Purchase Plan, highlighting its nature as an employee program-related award.