Union Pacific (UNP) 4: WILLIAMS CHRISTOPHER J bought 223 shares of Phantom Stock a… (Jan 5, 2026)

=== SEC Form 4 — Statement of Changes in Beneficial Ownership === Document Type: 4 Period of Report: 2026-01-02 10b5-1 Pre-arranged Plan: No --- Issuer --- Name: UNION PACIFIC CORP (UNP) CIK: 0000100885 --- Reporting Owner --- Name: WILLIAMS CHRISTOPHER J CIK: 0001269949 Role: Director --- Derivative Transactions --- [Transaction #1] Security: Phantom Stock Date: 2026-01-02 | Code: A (Grant or award) Shares: +223 | Price: $231.91 Shares Owned After: 5,980 | Ownership: D (Direct) Footnotes: [F1] Distribution ratio for Phantom Stock Units is 1:1. [F2] Phantom Stock Units are payable in cash only commencing at retirement. [F2] Phantom Stock Units are payable in cash only commencing at retirement. --- Footnotes (Complete Index) --- F1: Distribution ratio for Phantom Stock Units is 1:1. F2: Phantom Stock Units are payable in cash only commencing at retirement. --- Signature --- /s/ By: Trevor L. Kingston, Attorney-in-Fact For: Christopher J. Williams (2026-01-05)