Gehringer Eric J 4

What Happened Eric J. Gehringer, Executive Vice President—Operations at Union Pacific (UNP), sold 1,999 shares of UNP on 2026-03-20 at $234.93 per share, for proceeds of approximately $469,625. This was a sale (not a purchase), and the filing indicates the trade was executed pursuant to a pre-established Rule 10b5-1 trading plan.

Key Details

• Transaction date: 2026-03-20; Price: $234.93 per share; Shares sold: 1,999; Total proceeds: ~$469,625.
• Report filed: 2026-04-02 (the Form 4 was filed about 13 days after the trade date, which is later than the standard 2-business-day Form 4 reporting window).
• Transaction type: Open-market sale (reported as "S").
• Footnote F1: Trade executed under a Rule 10b5-1 plan adopted Dec 19, 2025.
• Footnote F2: Filing notes conversion of restricted stock units to fully vested stock units (1:1 distribution ratio), payable only in shares at termination or on a set date.
• Shares owned after the transaction: Not disclosed in the provided filing excerpt.

Context Sales by executives can be routine (scheduled plan sales, tax-liability events, diversification) and do not by themselves indicate a change in company outlook. The presence of a Rule 10b5-1 plan means the sale was pre-authorized under a plan adopted before the trade date, which typically limits the extent to which the trade reflects the insider’s contemporaneous view.