[Form 4] Union Pacific Corp. Insider Trading Activity

Rhea-AI Filing Summary

Union Pacific insider purchase reported on Form 4. Christina B. Conlin, identified as EVP and Chief Legal Officer, acquired shares of Union Pacific common stock on 08/10/2025 pursuant to the 2021 Employee Stock Purchase Plan. The filing shows a purchase price of $222.24 per share for 5,202.925 shares, and the Form 4 was signed by an attorney-in-fact on 08/11/2025. This is a routine disclosure of an officer purchase under a company equity plan and reflects personal ownership activity rather than operational or financial performance changes.

Insights

Financial Analyst

TL;DR: Routine officer purchase under the ESPP; small, non-material holding that does not change company fundamentals.

The Form 4 reports that Christina B. Conlin, an executive officer, purchased 5,202.925 shares of UNP at $222.24 on 08/10/2025 via the 2021 ESPP. For a large-cap railroad like Union Pacific, this transaction is immaterial to valuation or near-term earnings; it is, however, a datapoint showing executive participation in company equity programs. No derivative transactions or dispositions were reported.

Corporate Governance Expert

TL;DR: Timely Form 4 filing for an ESPP purchase; governance and disclosure procedures appear followed.

The filing discloses an ESPP purchase by an officer and includes the explanatory note that the purchase was made pursuant to the 2021 Employee Stock Purchase Plan. The form was executed via attorney-in-fact on 08/11/2025, indicating timely submission. This is a routine insider disclosure and does not indicate governance concerns or material changes to management ownership structure.

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
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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^*

Conlin Christina B

(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 LEGAL OFFICER & CORP

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)		7.501	A	$222.24	5,202.925	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: Christina B. Conlin	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 did the UNP Form 4 filed by Christina B. Conlin report?

The Form 4 reports a purchase of 5,202.925 shares of Union Pacific common stock at $222.24 per share on 08/10/2025, purchased under the 2021 ESPP.

What is Christina Conlin's role at Union Pacific (UNP)?

She is listed as EVP and Chief Legal Officer.

When was the Form 4 signed and who signed it?

The Form 4 was signed by Trevor L. Kingston, Attorney-in-Fact, on 08/11/2025.

Was the purchase part of a company equity plan?

Yes. The transaction was made pursuant to the 2021 Employee Stock Purchase Plan.

Does the Form 4 show any derivative transactions or disposals?

No. The filing contains only a non-derivative purchase under the ESPP; Table II lists no derivative securities.