Form 4: UNP CFO Jennifer Hamann purchase under 2021 ESPP

Rhea-AI Filing Summary

Union Pacific (UNP) reported an insider transaction: EVP & Chief Financial Officer Jennifer L. Hamann acquired 4.71 shares of common stock on 10/10/2025 at $225.45 per share, coded “A” pursuant to the 2021 Employee Stock Purchase Plan.

Following the transaction, she beneficially owns 109,141.8976 shares directly and 5,621.328 shares indirectly via a deferral account.

Insights

Corporate governance & insider activity analyst

Routine ESPP purchase; minimal size and neutral signal.

The transaction records a purchase of 4.71 UNP shares at $225.45 on 10/10/2025 under the 2021 Employee Stock Purchase Plan. Such plan buys are administrative and typically automated, conveying limited informational value about insider sentiment.

Post-transaction holdings are listed as 109,141.8976 shares directly and 5,621.328 shares indirectly via a Deferral Account. The disclosed amounts do not indicate a material change in ownership. Overall impact is neutral given the very small purchase size relative to total holdings.

Insider Trade Summary

Net Buyer: 4.71 shares

Net Buy 2 txns

Insider Hamann Jennifer L

Role EVP & CHIEF FINANCIAL OFFICER

Type	Security	Shares	Price	Value
Grant/Award	Common Stock	4.71	$225.45	$1K
holding	Common Stock	--	--	--

Holdings After Transaction: Common Stock — 109,141.8976 shares (Direct); Common Stock — 5,621.328 shares (Indirect, By Deferral Account)

Footnotes (1)

1. F1. Purchase pursuant to the 2021 Employee Stock Purchase Plan.

FAQ

What insider transaction did UNP disclose?

EVP & CFO Jennifer L. Hamann acquired 4.71 shares of Union Pacific common stock.

At what price were the UNP shares acquired?

The shares were acquired at $225.45 per share.

When did the UNP insider transaction occur?

The transaction date was 10/10/2025.

What is the code and reason for the acquisition?

Transaction code A, noted as a purchase under the 2021 Employee Stock Purchase Plan.

How many UNP shares does the insider now beneficially own?

She holds 109,141.8976 shares directly and 5,621.328 shares indirectly via a deferral account.

What form reported the UNP transaction?

It was reported on Form 4.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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Form 4 Insider Transactions: What Each Field Means →

Accepted by SEC EDGAR 10/14/2025 - 10:09 AM Learn about SEC filing dates

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).

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)
10/10/2025

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	10/10/2025		A(1)		4.71	A	$225.45	109,141.8976	D
Common Stock								5,621.328	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	10/14/2025
	** 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.