Edison Sheri H. 4

What Happened
Sheri H. Edison, a director of Union Pacific Corporation (UNP), received a grant of 198 phantom stock units on 2026-04-01. The filing values the award at $243.12 per unit, for a total reported value of $48,138. This is a derivative award (code A) — not an open-market purchase or sale — and represents a compensation grant rather than the transfer of actual shares.

Key Details

• Transaction date: 2026-04-01; Form 4 filed 2026-04-02 (timely).
• Instrument: Phantom Stock Units (derivative award).
• Quantity and value: 198 units × $243.12 = $48,138.
• Shares owned after transaction: not specified in the filing.
• Footnotes: F1 — distribution ratio for Phantom Stock Units is 1:1. F2 — Phantom Stock Units are payable in cash only commencing at retirement.
• Transaction code: A (award/grant).

Context
Phantom stock units track the value of company shares but are typically settled in cash (here, at retirement), so they do not increase the company’s outstanding share count. Because this is a compensation award to a director, it should be viewed as part of pay rather than an immediate signal of buying or selling activity.