CHRISTOPHER J. WILLIAMS - 03 Jan 2023 Form 4 Insider Report for UNION PACIFIC CORP (UNP)

Role: Director
Signature: By: Trevor L. Kingston, Attorney-in-Fact For: Christopher J. Williams
Issuer symbol: UNP
Transactions as of: 03 Jan 2023
Net transactions value: $0
Form type: 4
Filing time: 04 Jan 2023, 12:22:20 UTC
Previous filing: 04 Jan 2023
Next filing: 01 Feb 2023
SEC: View on sec.gov

Derivative Securities (e.g., puts, calls, warrants, options, convertible securities)

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Underlying Class	Amount	Exercise Price	Ownership	Footnotes
transaction	UNP	Phantom Stock	Award	$0	+212	+6.8%	$0.000000	3,345	03 Jan 2023	Common Stock	212	$0.000000	Direct	F1, F2

* An asterisk sign (*) next to the price indicates that the price is likely invalid.

Explanation of Responses:

Id	Content
F1	Distribution ratio for Phantom Stock Units is 1:1.
F2	Phantom Stock Units are payable in cash only commencing at retirement.