Conlin Christina B 4

What Happened
Christina B. Conlin, Executive Vice President and Chief Legal Officer of Union Pacific Corporation, acquired 7.198 shares on 2026-05-10 at a price of $264.65 per share, for a total value of approximately $1,905. The transaction is reported as an acquisition (code A) and reflects a purchase under the company’s employee stock purchase plan.

Key Details

• Transaction date: 2026-05-10; filing date: 2026-05-11 (filed the next business day).
• Price per share: $264.65; shares acquired: 7.198; total value ≈ $1,905.
• Shares owned after the transaction: not specified in the provided filing.
• Footnote: Purchase pursuant to the 2021 Employee Stock Purchase Plan (ESPP).
• Timeliness: Filing appears timely (reported the day after the transaction).

Context
This was an ESPP purchase — a routine payroll-deduction employee benefit that allows participants to buy company stock, often at a discount. The small dollar amount suggests routine participation rather than a large directional bet by the insider. Purchases can be a more informative signal than sales, but single small ESPP transactions should be interpreted cautiously and not as definitive indicators of insider sentiment.