Summary
Union Pacific Corporation (UNP) announced that its Executive Vice President and Chief Financial Officer, Robert M. Knight, Jr., has established a prearranged trading plan for the sale of up to 38,254 shares of common stock. This plan, effective February 21, 2018, was set up in accordance with Rule 10b5-1 of the Securities Exchange Act of 1934 and is designed for long-term asset diversification, tax, and financial planning. This disclosure is important for investors to note as it involves a significant insider, the CFO, selling a portion of their holdings. However, the company emphasizes that the planned sales represent only about 9% of Mr. Knight's beneficial ownership. Crucially, even after these sales, Mr. Knight will continue to hold shares well above the company's executive stock ownership guidelines, suggesting continued confidence in the company's long-term prospects.
Key Highlights
- 1CFO Robert M. Knight, Jr. has established a prearranged trading plan.
- 2The plan allows for the sale of up to 38,254 shares of Union Pacific common stock.
- 3The plan is effective as of February 21, 2018.
- 4This plan is established under the safe harbor provisions of Rule 10b5-1.
- 5The purpose of the plan is for individual long-term asset diversification, tax, and financial planning.
- 6The planned sale represents approximately 9% of the CFO's beneficial ownership.
- 7Following sales, the CFO will still own shares exceeding company stock ownership guidelines.