MICHAEL R. MCCARTHY - 02 Jan 2026 Form 4 Insider Report for UNION PACIFIC CORP (UNP)

Role: Director
Signature: By: Trevor L. Kingston, Attorney-in-Fact For: Michael R. McCarthy
Issuer symbol: UNP
Transactions as of: 02 Jan 2026
Net transactions value: +$221,938
Form type: 4
Filing time: 05 Jan 2026, 19:27:31 UTC
Previous filing: 02 Oct 2025
SEC: View on sec.gov

Reporting Owners (1)

Name	Relationship	Address	Signature	Signature date	CIK
MCCARTHY MICHAEL R	Director	1400 DOUGLAS STREET, OMAHA	By: Trevor L. Kingston, Attorney-in-Fact For: Michael R. McCarthy	05 Jan 2026	0001008544

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	$221,938	+957	+1.4%	$231.91	71,097	02 Jan 2026	Common Stock	957	$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.