MCCARTHY MICHAEL R 4

What Happened Michael R. McCarthy, a director of Union Pacific Corporation (UNP), was granted 917 phantom stock units on 2026-04-01. The award was recorded at $243.12 per unit, giving a total grant value of $222,941. This was an award/acquisition (derivative) rather than an open-market purchase of common stock.

Key Details

• Transaction date and terms: 2026-04-01; 917 phantom stock units @ $243.12 each; total value $222,941.
• Transaction type: Award / acquisition of derivative securities (Phantom Stock Units).
• Shares owned after transaction: Not specified in the provided filing excerpt.
• Filing timeliness: Report filed 2026-04-02 for a 2026-04-01 transaction (filed promptly).
• Notable 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 derivative awards that typically pay a cash amount tied to the company’s stock value rather than delivering actual shares. Because these units are payable in cash at retirement, they do not convey voting rights or immediate share ownership and are different from open-market purchases. Such grants are common compensation for directors and are not a direct buy/sell signal about near-term market views.