Form 4: Director David B. Dillon Increases Stake in Union Pacific

Union Pacific Corporation Director David B. Dillon acquired 256 phantom stock units as part of his director compensation.

Summary

• Director David B. Dillon acquired 256 phantom stock units of Union Pacific Corporation (UNP).
• The transaction occurred on April 1, 2026, at a price of $243.12 per unit.
• These units are part of a deferred compensation plan and are payable in cash only upon retirement.
• Following this transaction, the director's total beneficial ownership of phantom stock units is 13,622.

Sentiment

Score: 5

Explanation: StockSavvy.ai views this as a routine administrative filing regarding director compensation with no material impact on the company's strategic direction.

Positives

• Demonstrates continued alignment of interests between the board of directors and shareholders through equity-based compensation.

Negatives

• None identified.

Risks

• The value of phantom stock units is tied to the performance of Union Pacific common stock, exposing the director to market volatility.

Future Outlook

The filing does not provide forward-looking guidance regarding company operations or financial performance.

Industry Context

StockSavvy.ai notes that director compensation via deferred phantom stock units is a standard corporate governance practice in the railroad and transportation industry to ensure long-term alignment with shareholder value.

Comparison to Industry Standards

• The use of phantom stock for director compensation is consistent with practices at major industrial peers like CSX Corporation and Norfolk Southern.

Stakeholder Impact

• Minimal impact on shareholders as this is a standard director compensation event.

Next Steps

• No future actions or milestones were disclosed in this filing.

Key Dates

Keywords

Union Pacific, UNP, Form 4, Insider Trading, Director Compensation, Phantom Stock