Form 4: Union Pacific Director Michael McCarthy Acquires Additional Phantom Stock

Union Pacific Corp. Director Michael R. McCarthy reported the acquisition of 919 phantom stock units, increasing his beneficial ownership to 69,201 units.

Summary

• Michael R. McCarthy, a Director of Union Pacific Corp. (UNP), acquired 919 units of Phantom Stock.
• The transaction occurred on July 1, 2025.
• The underlying common stock price associated with the phantom stock was $235.57 per share.
• Following this acquisition, Michael R. McCarthy beneficially owns a total of 69,201 Phantom Stock units.
• Phantom Stock Units are structured to be payable in cash only upon retirement, with a 1:1 distribution ratio to Common Stock.

Sentiment

Score: 6

Explanation: The acquisition of phantom stock by a director is a neutral to slightly positive event, indicating continued alignment with shareholder interests, but it is a routine compensation-related filing and not indicative of significant operational or financial news.

Positives

• Increased alignment between Director Michael R. McCarthy and Union Pacific Corp. shareholders through the acquisition of additional phantom stock units.
• The acquisition of phantom stock units, which are tied to the company's common stock performance, indicates a continued commitment from a key director.

Future Outlook

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

Industry Context

This is a routine insider transaction filing, common across all publicly traded companies, reflecting a director's compensation or investment activity rather than broader industry trends.

Stakeholder Impact

• Shareholders: The acquisition of phantom stock by a director can be viewed positively as it aligns the director's financial interests with the long-term performance of the company's stock.

Next Steps

• Phantom Stock Units will be payable in cash only commencing at retirement.

Key Dates

Keywords

Union Pacific, UNP, SEC Form 4, insider transaction, beneficial ownership, phantom stock, director compensation, Michael R. McCarthy, corporate governance