Employee stock plan boosts holdings at Union Pacific (NYSE: UNP)

Rhea-AI Filing Summary

Union Pacific vice president and controller Carrie J. Powers acquired 6.0950 shares of common stock at $250.2100 per share through the 2021 Employee Stock Purchase Plan. After this plan purchase, she holds a total of 8,112.2020 shares directly and 957.6520 shares indirectly through a managed account.

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^*

Powers Carrie J

(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)
	VP & CONTROLLER

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)		6.095	A	$250.21	8,112.202	D
Common Stock								957.652	I	by Managed 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: Carrie J. Powers	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 did Union Pacific (UNP) executive Carrie J. Powers report in this Form 4?

Carrie J. Powers reported acquiring 6.0950 Union Pacific common shares at $250.2100 each under the 2021 Employee Stock Purchase Plan. This routine plan transaction modestly increases her direct and indirect ownership in the company’s stock.

How many Union Pacific (UNP) shares does Carrie J. Powers own after this transaction?

After the employee stock purchase, Carrie J. Powers directly owns 8,112.2020 Union Pacific shares. She also has 957.6520 shares held indirectly through a managed account, giving a combined reported position across direct and indirect holdings.

Was Carrie J. Powers’ Union Pacific (UNP) transaction an open-market buy?

The filing shows the shares were acquired under the 2021 Employee Stock Purchase Plan, not via an open-market trade. Plan purchases are typically automatic contributions based on compensation, making them more routine than discretionary market transactions.

What transaction code appears in Carrie J. Powers’ Union Pacific (UNP) Form 4?

The Form 4 uses transaction code "A," indicating a grant, award, or other acquisition of common stock. In this case, a footnote clarifies the acquisition was a purchase through the 2021 Employee Stock Purchase Plan rather than a standard open-market purchase.

How significant is this Union Pacific (UNP) stock purchase by Carrie J. Powers?

The acquisition of 6.0950 shares is small relative to her 8,112.2020 directly held shares. It appears to be a routine employee stock purchase plan contribution rather than a large, discretionary trade that would meaningfully change her economic exposure to Union Pacific stock.

Does the Form 4 show any Union Pacific (UNP) stock sales by Carrie J. Powers?

The disclosed activity is an acquisition of Union Pacific common shares through an employee stock purchase plan. There are no reported stock sales in this Form 4, and her reported share balances increase modestly following the transaction.