HOPKINS DEBORAH C 4

What Happened
Deborah C. Hopkins, a director of Union Pacific Corporation (UNP), received a grant of 221 phantom stock units on 2026-07-01. The units are reported at a per-unit value of $277.73, for a total reported value of $61,378. This is an award/derivative grant (transaction code A), not an open-market purchase or sale.

Key Details

• Transaction date and value: 2026-07-01; 221 units × $277.73 = $61,378 (reported).
• Security type: Phantom Stock Units (derivative). Distribution ratio is 1:1 (Footnote F1).
• Payment terms: Phantom Stock Units are payable in cash only commencing at retirement (Footnote F2).
• Shares owned after transaction: Not specified in the filing.
• Timeliness: Filed 2026-07-02 for a 2026-07-01 transaction — appears timely; no late-file flag.

Context
Phantom stock units track the value of company shares but do not represent actual equity until paid out; in this case they will be paid in cash when Hopkins retires. Such awards are routine compensation for directors and do not indicate an immediate purchase or sale of company stock.