secwatch.observer — SEC 8-K summary
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Issuer:     UNION PACIFIC CORP (UNP)
CIK:        0000100885
Form:       8-K
Filed at:   2023-08-11T23:59:59+00:00
Accession:  0001437749-23-023361
Event type: leadership
Sentiment:  neutral
Materiality: 0.80
Item codes: 5.02, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

Union Pacific CEO Lance Fritz to step down, remain as advisor through early 2025
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- Lance Fritz resigns as Chairman, President and CEO effective August 14, 2023, and will serve as Special Advisor until February 1, 2025.
- Fritz receives $300,000 annual base salary during advisory period and remains eligible for 2023 annual bonus.
- Outstanding performance stock units vest on a prorated basis: 100% for 2021-2023, 66 2/3% for 2022-2024, 33 1/3% for 2023-2025.
- Equity awards continue to vest according to existing terms, subject to compliance with restrictive covenants and release of claims.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/100885/000143774923023361/0001437749-23-023361-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/100885/000143774923023361/unp20230810_8k.htm
  HTML page:      https://secwatch.observer/filing/0001437749-23-023361

License: Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer