Union Pacific (NYSE: UNP) EVP reports indirect common stock purchase

Rhea-AI Filing Summary

Union Pacific Corporation executive Kenyatta G. Rocker, EVP Marketing & Sales, reported an indirect acquisition of Union Pacific common stock on January 10, 2026. A spouse account purchased 3.138 shares of common stock at $228.44 per share, pursuant to the company’s 2021 Employee Stock Purchase Plan, bringing spouse-held shares to 1,289.8231 shares after the transaction.

Following this filing, Rocker is reported as beneficially owning 52,157.1007 shares of Union Pacific common stock directly. Additional indirect holdings include 350 shares held by a deferral account and 2,034.9999 shares held by a managed account, as well as the spouse-held shares. Certain holdings are noted as being in Union Pacific payroll-based and tax-reduction stock ownership plans and a 401(k) plan.

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^*

Rocker Kenyatta G

(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 MARKETING & SALES

3. Date of Earliest Transaction (Month/Day/Year)
01/10/2026

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	01/10/2026		A(1)		3.138	A	$228.44	1,289.8231	I	by Spouse
Common Stock								52,157.1007	D
Common Stock								350	I	By Deferral Account
Common Stock(2)								2,034.9999	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.

2. Includes holdings in Union Pacific's Payroll-based and Tax-reduction stock ownership plans and 401(k) plan.

	By: Trevor L. Kingston, Attorney-in-Fact For: Kenyatta G. Rocker	01/12/2026
	** 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 Kenyatta G. Rocker?

Union Pacific reported that EVP Marketing & Sales Kenyatta G. Rocker had an indirect acquisition of common stock on January 10, 2026 through a spouse account.

How many Union Pacific shares were purchased and at what price in this Form 4?

A spouse account acquired 3.138 shares of Union Pacific common stock at a price of $228.44 per share.

How many Union Pacific (UNP) shares does Kenyatta G. Rocker beneficially own after the reported transaction?

After the reported transaction, Rocker beneficially owns 52,157.1007 shares of Union Pacific common stock directly, plus indirect holdings of 1,289.8231 shares by spouse, 350 shares by a deferral account, and 2,034.9999 shares by a managed account.

Was the Union Pacific insider purchase made under an employee stock purchase plan?

Yes. The Form 4 states the 3.138-share acquisition was a purchase pursuant to Union Pacific’s 2021 Employee Stock Purchase Plan.

Are Kenyatta G. Rocker’s Union Pacific shares held directly or indirectly?

Rocker holds Union Pacific common stock both directly and indirectly: directly in an individual account, and indirectly through a spouse account, a deferral account, and a managed account.

Do any of Kenyatta G. Rocker’s Union Pacific holdings relate to company benefit plans?

Yes. A footnote explains that the reported holdings include shares in Union Pacific’s payroll-based and tax-reduction stock ownership plans and its 401(k) plan.