Form 4: Director Dillon Boosts Union Pacific Phantom Stock

Union Pacific Director David B. Dillon acquired 267 phantom stock units, increasing his beneficial ownership to 13,366 units.

Summary

• David B. Dillon, a Director at Union Pacific Corp (UNP), acquired 267 phantom stock units on January 2, 2026.
• Following this transaction, Dillon's beneficial ownership of phantom stock units increased to a total of 13,366 units.
• Each phantom stock unit has a distribution ratio of 1:1 to common stock.
• These phantom stock units are payable in cash only, commencing at retirement.
• The underlying common stock price associated with the transaction was $231.91.

Sentiment

Score: 6

Explanation: The acquisition of phantom stock units by a director is a moderately positive signal, indicating continued alignment of interests with shareholders and confidence in the company, although it is a compensation-related transaction rather than an open market purchase.

Positives

• A director increasing their holdings, even through phantom stock units, can be interpreted as a signal of confidence in the company's future prospects.

Future Outlook

Phantom Stock Units are payable in cash only commencing at retirement.

Industry Context

This filing is a routine disclosure of an insider's equity transaction, common across all publicly traded companies, and does not provide specific insights into broader industry trends or competitive landscape for the railroad sector.

Related Party Transactions

• The acquisition of 267 phantom stock units by Director David B. Dillon represents a compensation-related transaction between an insider and the company.

Stakeholder Impact

• Shareholders may view the director's increased holdings as a positive sign of management's commitment and belief in the company's long-term value.

Key Dates

Keywords

Union Pacific, UNP, David B. Dillon, Insider Transaction, Form 4, Phantom Stock, Director, Beneficial Ownership, Equity Acquisition