HOPKINS DEBORAH C 4

What Happened

• Deborah C. Hopkins, a director of Union Pacific Corporation (UNP), was granted 251 Phantom Stock Units on April 1, 2026. The grant is reported as an acquisition (code A) at a reported per-unit value of $243.12, for a total reported value of $61,023. This is a derivative award (Phantom Stock Units), not an open-market share purchase.

Key Details

• Transaction date: 2026-04-01; Filing date: 2026-04-02 (timely).
• Grant: 251 Phantom Stock Units valued at $243.12 each; total reported value $61,023.
• Transaction code: A (award/acquisition); reported as a derivative instrument.
• Shares/ownership after transaction: The filing reports the 251 Phantom Stock Units granted; it does not report a change in outstanding common stock holdings for immediate ownership.
• Footnotes: F1 — distribution ratio for Phantom Stock Units is 1:1. F2 — Phantom Stock Units are payable in cash only commencing at retirement.

Context

• Phantom Stock Units are not actual shares. They typically track the value of company stock but are settled in cash (per F2) at a future date (here, payable at retirement). Such awards compensate directors without issuing immediate voting stock; they do not represent an open-market purchase or sale.