Union Pacific (UNP) director awarded 256 phantom stock units in cash-settled grant

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Union Pacific director David B. Dillon was granted 256 phantom stock units, valued at $243.12 per unit, on April 1, 2026. These units are linked 1:1 to Union Pacific common stock and are payable in cash only upon his retirement, reflecting a compensation award rather than a direct stock transaction. This grant increases Dillon’s total phantom stock holdings to 13,622 units.

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