[Form 4] UNION PACIFIC CORP Insider Trading Activity

Rhea-AI Filing Summary

Union Pacific EVP & Chief Information Office Rahul Jalali reported several common stock transactions in early February 2026. On February 9, 2026, he disposed of 4,048 shares at $0.0 per share and had 34,306.002 shares directly beneficially owned afterward. That same day, a separate transaction coded F involved 1,237 shares at $254.34, leaving him with 33,069.002 shares directly owned.

On February 10, 2026, Jalali acquired 8.679 shares of common stock at $261.32 per share in a transaction noted as a purchase under the 2021 Employee Stock Purchase Plan, resulting in 33,077.681 Union Pacific shares directly beneficially owned.

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^*

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)
02/09/2026

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	02/09/2026		D		4,048	D	$0.0	34,306.002	D
Common Stock	02/09/2026		F		1,237	D	$254.34	33,069.002	D
Common Stock	02/10/2026		A(1)		8.679	A	$261.32	33,077.681	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	02/11/2026
	** 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 transactions did UNP EVP Rahul Jalali report in this Form 4?

Rahul Jalali reported three Union Pacific common stock transactions. On February 9, 2026, he disposed of 4,048 shares and a separate 1,237-share transaction. On February 10, 2026, he acquired 8.679 shares under the 2021 Employee Stock Purchase Plan.

How many Union Pacific (UNP) shares does Rahul Jalali own after these transactions?

After the reported transactions, Rahul Jalali directly beneficially owns 33,077.681 Union Pacific common shares. This balance reflects the February 9, 2026 disposals and the February 10, 2026 acquisition recorded in the Form 4 filing.

On what dates did the reported UNP insider transactions by Rahul Jalali occur?

The transactions occurred on two dates in February 2026. Jalali reported two Union Pacific common stock transactions on February 9, 2026, followed by one additional acquisition transaction on February 10, 2026, as detailed in the Form 4 tables.

What were the share prices for Rahul Jalali’s reported UNP transactions?

The Form 4 lists three prices. One disposal on February 9, 2026 shows $0.0 per share, another February 9, 2026 transaction is priced at $254.34 per share, and the February 10, 2026 acquisition is priced at $261.32 per Union Pacific share.

What does the footnote about the 2021 Employee Stock Purchase Plan indicate for UNP?

The footnote states that one transaction was a purchase under the 2021 Employee Stock Purchase Plan. This applies to the February 10, 2026 acquisition of 8.679 Union Pacific common shares, identifying it as part of that employee stock purchase program.

What is Rahul Jalali’s role at Union Pacific (UNP) as shown in this filing?

The Form 4 identifies Rahul Jalali as an officer of Union Pacific, serving as Executive Vice President & Chief Information Office. He is not listed as a director or 10% owner in the relationship section of the filing.