UNION PACIFIC CORP — Director's Dealing 2025

Feb 7, 2025

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: UNION PACIFIC CORP (UNP)
CIK: 0000100885
Period of Report: 2025-02-06

Reporting Person: Whited Elizabeth F (PRESIDENT)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2025-02-06	Common Stock	D	4728	$0.0	Disposed	60231.5973	Direct
2025-02-06	Common Stock	J	3868	$0.0	Disposed	56363.5973	Direct
2025-02-06	Common Stock	A	19712	$0.0	Acquired	76075.5973	Direct
2025-02-06	Common Stock	J	3868	$0.0	Acquired	18503.5147	Indirect

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2025-02-06	Non-Qualified Stock Option (right to buy)	$243.51	A	32853	Acquired	2035-02-06	Common Stock (32853)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock	9666	Indirect
Common Stock	5935	Indirect

Footnotes

F1: Represents conversion of restricted stock units to fully vested stock units with a distribution ratio of 1:1 - Payable only in shares of common stock at termination of employment or a date certain.

F2: Performance retention unit award with a distribution ratio of 1:1. This award is payable only in shares of common stock with a three year vesting period from the grant date. The amount of shares in column 4 is the maximum number of shares that the reporting person is eligible to receive. The actual number of shares paid out at vesting, if any, depends on applicable performance criteria being met.

F3: This option becomes exercisable in three equal installments starting one year from the grant date.