Form 4: Union Pacific Director Acquires Phantom Stock Units

Union Pacific Director Teresa Finley acquired 202 phantom stock units, increasing her beneficial ownership to 2,922 units.

Summary

• Teresa Finley, a Director at Union Pacific Corp (UNP), acquired 202 phantom stock units.
• The transaction occurred on October 1, 2025, and was made pursuant to a Rule 10b5-1(c) plan.
• Following this acquisition, her total beneficial ownership of phantom stock units is 2,922.
• Each phantom stock unit has a price of $234.74 and a 1:1 distribution ratio to common stock.
• These phantom stock units are payable in cash only commencing at retirement.

Sentiment

Score: 6

Explanation: The acquisition of phantom stock units by a director, especially under a 10b5-1 plan, generally indicates continued alignment with shareholder interests and confidence in the company's long-term prospects, though it is not a direct open market purchase of common stock.

Positives

• Director Teresa Finley increased her beneficial ownership of phantom stock units, which can signal continued alignment with shareholder interests and confidence in the company's long-term prospects.

Stakeholder Impact

• Shareholders: The transaction indicates increased alignment of a director's interests with shareholders through phantom stock ownership, which vests upon retirement.

Key Dates

Recommendation

This Form 4 reports a routine acquisition of phantom stock units by a director under a pre-arranged 10b5-1 plan. While it indicates continued insider alignment, it does not provide new fundamental information to warrant a change in investment recommendation. The transaction itself is not a direct open market purchase of common stock.

Keywords

UNP, Union Pacific, Teresa Finley, Form 4, insider transaction, phantom stock, director