(The Associated Press circulated the following on July 20.)
NEW YORK — A senior vice president at railroad operator Union Pacific Corp. exercised options for 10,000 shares of common stock under a prearranged trading plan, according to a Securities and Exchange Commission filing.
In a Form 4 filed with the SEC Thursday, J. Michael Hemmer reported he exercised the shares Wednesday for $59.12 apiece and then sold all of them the same day for $126.85 apiece.
The stock sale was conducted under a prearranged 10b5-1 trading plan which allows a company insider to set up a program in advance for such transactions and proceed with them even if he or she comes into possession of material nonpublic information.
Insiders file Form 4s with the SEC to report transactions in their companies’ shares. Open market purchases and sales must be reported within two business days of the transaction.
Union Pacific is based in Omaha, Neb.