Finley Teresa 4

What Happened
Teresa Finley, a director of Union Pacific Corporation (UNP), was granted 198 phantom stock units on 2026-04-01 at a reported per-unit value of $243.12, for a total award value of $48,138. This was an award/grant (transaction code A) of a derivative compensation vehicle, not an open-market purchase of common shares.

Key Details

• Transaction date: 2026-04-01; Filing date: 2026-04-02 (timely filing).
• Award: 198 phantom stock units valued at $243.12 each; total value $48,138.
• Nature: Derivative award (Phantom Stock Units). Per footnote, distribution ratio is 1:1 (F1).
• Payout: Phantom Stock Units are payable in cash only upon retirement (F2).
• Shares owned after transaction: Not reported in the provided excerpt.
• Transaction code: A = Grant/award.

Context
Phantom stock units are a cash-settled form of equity compensation that track the value of company shares but do not transfer actual stock immediately. They do not represent an immediate purchase or sale of shares and generally indicate compensation rather than a trading signal. Because these units pay out in cash at retirement, they will increase future cash compensation rather than current share ownership.