Finley Teresa 4

What Happened
Teresa Finley, a director of Union Pacific Corporation (UNP), received an award of 174 phantom stock units on 2026-07-01. The units are recorded at $277.73 each for a total grant value of $48,325. This was an award/grant (derivative) rather than an open-market purchase or sale.

Key Details

• Transaction date and price: 2026-07-01, 174 units @ $277.73 each (total $48,325).
• Transaction type: A = Award/Grant of derivative phantom stock units.
• Post-transaction shares owned: Not reported in this filing.
• Footnotes: (F1) Distribution ratio for Phantom Stock Units is 1:1. (F2) Phantom Stock Units are payable in cash only commencing at retirement.
• Filing timeliness: Report filed 2026-07-02 for a 2026-07-01 transaction (timely).

Context
Phantom stock units are a form of cash-settled compensation; they do not convey actual shares, voting rights, or immediate stock ownership. Payout is in cash (per F2) and typically occurs at or after retirement, so this award is a compensation/retention action rather than an active market bet by the director.