<SEC-DOCUMENT>0001140361-21-036601.txt : 20211105
<SEC-HEADER>0001140361-21-036601.hdr.sgml : 20211105
<ACCEPTANCE-DATETIME>20211104181824
ACCESSION NUMBER:		0001140361-21-036601
CONFORMED SUBMISSION TYPE:	S-8
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20211105
DATE AS OF CHANGE:		20211104
EFFECTIVENESS DATE:		20211105

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			UNION PACIFIC CORP
		CENTRAL INDEX KEY:			0000100885
		STANDARD INDUSTRIAL CLASSIFICATION:	RAILROADS, LINE-HAUL OPERATING [4011]
		IRS NUMBER:				132626465
		STATE OF INCORPORATION:			UT
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		S-8
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-260789
		FILM NUMBER:		211381531

	BUSINESS ADDRESS:	
		STREET 1:		1400 DOUGLAS STREET
		STREET 2:		STOP 0310
		CITY:			OMAHA
		STATE:			NE
		ZIP:			68179
		BUSINESS PHONE:		402 544 6763

	MAIL ADDRESS:	
		STREET 1:		1400 DOUGLAS STREET
		STREET 2:		STOP 0310
		CITY:			OMAHA
		STATE:			NE
		ZIP:			68179
</SEC-HEADER>
<DOCUMENT>
<TYPE>S-8
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<FILENAME>brhc10030306_s8.htm
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    <div style="text-align: center; font-family: 'Times New Roman', Times, serif; font-weight: bold;">As filed with the Securities and Exchange Commission on November 4, 2021</div>
    <div><br>
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    <div style="margin: 0px 36pt 0px 0px; font-family: 'Times New Roman', Times, serif; font-weight: bold; text-align: right;">Registration No. 333-</div>
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      <div style="text-align: center; font-family: 'Times New Roman',Times,serif; font-size: 14pt; font-weight: bold;">UNITED STATES</div>
      <div style="text-align: center; font-family: 'Times New Roman',Times,serif; font-size: 14pt; font-weight: bold;">SECURITIES AND EXCHANGE COMMISSION</div>
      <div style="text-align: center; font-family: 'Times New Roman',Times,serif; font-size: 12pt; font-weight: bold;">WASHINGTON, D.C. 20549</div>
      <div style="text-align: center; font-family: 'Times New Roman', Times, serif; font-weight: bold;"> <br>
      </div>
      <div style="text-align: center; font-family: 'Times New Roman', Times, serif; font-weight: bold;">
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      <div style="text-align: center; font-family: 'Times New Roman',Times,serif; font-size: 18pt; font-weight: bold;">FORM S-8</div>
      <div style="text-align: center; font-family: 'Times New Roman',Times,serif; font-size: 18pt; font-weight: bold;">REGISTRATION STATEMENT</div>
      <div style="text-align: center; font-family: 'Times New Roman', Times, serif; font-style: italic; font-weight: bold;">UNDER</div>
      <div style="text-align: center; font-family: 'Times New Roman', Times, serif; font-style: italic; font-weight: bold;">THE SECURITIES ACT OF 1933</div>
      <div style="text-align: center; font-family: 'Times New Roman', Times, serif; font-style: italic; font-weight: bold;"> <br>
      </div>
      <div style="text-align: center; font-family: 'Times New Roman', Times, serif; font-style: italic; font-weight: bold;">
        <hr noshade="noshade" align="center" style="height: 2px; color: #000000; background-color: #000000; margin-left: auto; margin-right: auto; border: none;"></div>
      <div style="text-align: center; font-family: 'Times New Roman', Times, serif; font-weight: bold;"> <br>
      </div>
      <div style="text-align: center; font-family: 'Times New Roman',Times,serif; font-size: 24pt; font-weight: bold;">UNION PACIFIC CORPORATION</div>
      <div style="text-align: center; font-family: 'Times New Roman', Times, serif; font-weight: bold;">(Exact Name of Registrant as Specified in its Charter)</div>
      <div style="text-align: center; font-family: 'Times New Roman', Times, serif; font-weight: bold;"> <br>
      </div>
      <div style="text-align: center; font-family: 'Times New Roman', Times, serif; font-weight: bold;">
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            <td style="width: 49%; vertical-align: top;">
              <div style="text-align: center; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Utah</div>
            </td>
            <td style="width: 2%; vertical-align: bottom;">&#160;</td>
            <td style="width: 49%; vertical-align: top;">
              <div style="text-align: center; font-family: 'Times New Roman', Times, serif; font-weight: bold;">13-2626465</div>
            </td>
          </tr>
          <tr>
            <td style="width: 49%; vertical-align: top;">
              <div style="text-align: center; font-family: 'Times New Roman', Times, serif; font-weight: bold;">(State or Other Jurisdiction of Incorporation or Organization)</div>
            </td>
            <td style="width: 2%; vertical-align: bottom;">&#160;</td>
            <td style="width: 49%; vertical-align: top;">
              <div style="text-align: center; font-family: 'Times New Roman', Times, serif; font-weight: bold;">(I.R.S. Employer Identification No.)</div>
            </td>
          </tr>

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      <div>&#160;</div>
      <div style="text-align: center; font-family: 'Times New Roman', Times, serif; font-weight: bold;">1400 Douglas Street</div>
      <div style="text-align: center; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Omaha, NE 68179</div>
      <div style="text-align: center; font-family: 'Times New Roman', Times, serif; font-weight: bold;">(Address of Principal Executive Offices)</div>
      <div>&#160;</div>
      <div style="text-align: center; font-family: 'Times New Roman', Times, serif; font-weight: bold;">UNION PACIFIC AGREEMENT EMPLOYEE 401(K) RETIREMENT THRIFT PLAN</div>
      <div>&#160;</div>
      <div style="text-align: center; font-family: 'Times New Roman', Times, serif; font-weight: bold;">&#160;(Full Title of the Plans)</div>
      <div><br>
      </div>
      <div style="text-align: center; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Craig V. Richardson</div>
      <div style="text-align: center; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Executive Vice President, Chief Legal Officer and Corporate Secretary</div>
      <div style="text-align: center; font-family: 'Times New Roman', Times, serif; font-weight: bold;">1400 Douglas Street</div>
      <div style="text-align: center; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Omaha, NE 68179</div>
      <div style="text-align: center; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Telephone: (402) 544-5000</div>
      <div style="text-align: center; font-family: 'Times New Roman', Times, serif; font-weight: bold;">(Name, address, and telephone number, including area code, of agent for service)</div>
      <div style="text-align: center; font-family: 'Times New Roman', Times, serif; font-weight: bold;"> <br>
      </div>
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        <hr noshade="noshade" align="center" style="height: 2px; color: #000000; background-color: #000000; text-align: center; margin-left: auto; margin-right: auto; border: none;"></div>
      <br>
      <div style="font-family: 'Times New Roman', Times, serif;">Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the
        definitions of &#8220;large accelerated filer,&#8221; &#8220;accelerated filer&#8221;, &#8220;smaller reporting company&#8221; and &#8220;emerging growth company&#8221; in Rule 12b-2 of the Exchange Act.</div>
      <div>&#160;</div>
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            <td style="width: 45.53%; vertical-align: bottom;">
              <div style="font-family: 'Times New Roman', Times, serif;">Large accelerated filer</div>
            </td>
            <td style="width: 4.54%; vertical-align: bottom;">&#9746;</td>
            <td style="width: 45%; vertical-align: bottom;">
              <div style="font-family: 'Times New Roman', Times, serif;">Accelerated filer</div>
            </td>
            <td style="width: 3.96%; vertical-align: bottom;">
              <div style="font-family: 'Times New Roman', Times, serif;">&#9744;</div>
            </td>
          </tr>
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            <td style="width: 45.53%; vertical-align: middle;">&#160;</td>
            <td style="width: 4.54%; vertical-align: middle;">&#160;</td>
            <td style="width: 45%; vertical-align: middle;">&#160;</td>
            <td style="width: 3.96%; vertical-align: middle;">&#160;</td>
          </tr>
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            <td style="width: 45.53%; vertical-align: bottom;">
              <div style="font-family: 'Times New Roman', Times, serif;">Non-accelerated filer</div>
            </td>
            <td style="width: 4.54%; vertical-align: bottom;">&#9744;</td>
            <td style="width: 45%; vertical-align: bottom;">
              <div style="font-family: 'Times New Roman', Times, serif;">Smaller reporting company</div>
            </td>
            <td style="width: 3.96%; vertical-align: bottom;">&#9744;</td>
          </tr>
          <tr>
            <td style="width: 45.53%; vertical-align: middle;">&#160;</td>
            <td style="width: 4.54%; vertical-align: middle;">&#160;</td>
            <td style="width: 45%; vertical-align: middle;">&#160;</td>
            <td style="width: 3.96%; vertical-align: middle;">&#160;</td>
          </tr>
          <tr>
            <td style="width: 45.53%; vertical-align: bottom;">
              <div style="font-family: 'Times New Roman', Times, serif;">Emerging growth company</div>
            </td>
            <td style="width: 4.54%; vertical-align: bottom;">&#9744;</td>
            <td style="width: 45%; vertical-align: bottom;">&#160;</td>
            <td style="width: 3.96%; vertical-align: bottom;">&#160;</td>
          </tr>

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      <div><br>
      </div>
      <div style="font-family: 'Times New Roman', Times, serif;">If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting
        standards provided pursuant to Section 7(a)(2)(B) of the Securities Act. &#9744;</div>
      <div style="font-family: 'Times New Roman', Times, serif;"> <br>
      </div>
      <div style="font-family: 'Times New Roman', Times, serif;">
        <hr align="center" style="border: none; border-bottom: 4px solid black; border-top: 1px solid black; height: 10px; color: #ffffff; background-color: #ffffff; text-align: center; margin-left: auto; margin-right: auto;"> </div>
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      <div style="text-align: center; font-family: 'Times New Roman', Times, serif; font-weight: bold;"><br>
        CALCULATION OF REGISTRATION FEE</div>
      <div><br>
      </div>
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              <div style="text-align: center; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Title of Securities</div>
              <div style="text-align: center; font-family: 'Times New Roman', Times, serif; font-weight: bold;">to be Registered</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="2" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0);">
              <div style="text-align: center; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Amount</div>
              <div style="text-align: center; font-family: 'Times New Roman', Times, serif; font-weight: bold;">to be</div>
              <div style="text-align: center; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Registered</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0);">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom; border-left: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0);">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="2" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0);">
              <div style="text-align: center; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Proposed</div>
              <div style="text-align: center; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Maximum</div>
              <div style="text-align: center; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Aggregate</div>
              <div style="text-align: center; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Offering Price</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0);">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom; border-left: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0);">&#160;</td>
            <td valign="bottom" nowrap="nowrap" colspan="2" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0);">
              <div style="text-align: center; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Amount of</div>
              <div style="text-align: center; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Registration Fee (1)</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0);">&#160;</td>
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            <td valign="bottom" style="vertical-align: top; width: 64%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="text-indent: -12pt; margin-left: 12pt; font-family: 'Times New Roman', Times, serif;">Common Stock, $2.50 par value per share</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="font-family: 'Times New Roman', Times, serif;">$</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="font-family: 'Times New Roman', Times, serif;">100,000,000</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-left: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="font-family: 'Times New Roman', Times, serif;">$</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="font-family: 'Times New Roman', Times, serif;">100,000,000</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-left: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="font-family: 'Times New Roman', Times, serif;">$</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="font-family: 'Times New Roman', Times, serif;">9,270</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: top; width: 64%; border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="text-indent: -12pt; margin-left: 12pt; font-family: 'Times New Roman', Times, serif;">Plan Interests</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="2" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" rowspan="1">
              <div style="font-family: 'Times New Roman',Times,serif; text-align: center;">(2)</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="font-family: 'Times New Roman', Times, serif;">&#160;<br>
              </div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; border-left: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="2" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" rowspan="1">
              <div style="font-family: 'Times New Roman',Times,serif; text-align: center;">(2)</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="font-family: 'Times New Roman', Times, serif;">&#160;<br>
              </div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; border-left: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
            <td valign="bottom" nowrap="nowrap" class="cftcurrcell" colspan="2" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); text-align: center;" rowspan="1">
              <div style="font-family: 'Times New Roman',Times,serif;">(2)</div>
            </td>
            <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="font-family: 'Times New Roman', Times, serif;">&#160;<br>
              </div>
            </td>
          </tr>

      </table>
      <div> <br>
      </div>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zdb19bbaaa8514c6dac7eb19bb9919582">

          <tr>
            <td style="width: 18pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(1)</td>
            <td style="width: auto; vertical-align: top;">
              <div style="font-family: 'Times New Roman', Times, serif;">Calculated in accordance with Rule 457(o) of the Securities Act of 1933.</div>
            </td>
          </tr>

      </table>
      <div> <br>
      </div>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="ze2f7f48b86c84cafa07e610f553d80b7">

          <tr>
            <td style="width: 18pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">(2)</td>
            <td style="width: auto; vertical-align: top;">
              <div style="font-family: 'Times New Roman', Times, serif;">In addition, pursuant to Rule 416(c) of the Securities Act of 1933, this registration statement also covers an indeterminate amount of interests to be offered or sold pursuant to the
                Union Pacific Corporation Thrift Plan.</div>
            </td>
          </tr>

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      <div> <br>
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          <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
      </div>
      <div style="text-align: center; font-family: 'Times New Roman', Times, serif; font-weight: bold;">INTRODUCTION</div>
      <div>&#160;</div>
      <div style="text-indent: 36pt; font-family: 'Times New Roman', Times, serif;">This Registration Statement on Form S-8 is filed by Union Pacific Corporation, a Utah corporation (the &#8220;Company&#8221; or the &#8220;Registrant&#8221;), and the Union Pacific Agreement
        Employee 401(k) Retirement Thrift Plan (the &#8220;Plan&#8221;), to register an additional $100,000,000 worth of the Company&#8217;s Common Stock, par value $2.50 per share (the &#8220;Common Stock&#8221;), to be offered and sold to accounts of eligible employees of the Company
        under the Plan.</div>
      <div>&#160;</div>
      <div style="text-align: center; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Part I</div>
      <div>&#160;</div>
      <div style="text-align: center; font-family: 'Times New Roman', Times, serif; font-weight: bold;">INFORMATION REQUIRED IN THE SECTION 10(a) PROSPECTUS</div>
      <div>&#160;</div>
      <div style="text-indent: 24.5pt; font-family: 'Times New Roman', Times, serif;">Information required by Part I to be contained in the Section 10(a) prospectus is omitted from this Registration Statement in accordance with Rule 428 under the
        Securities Act of 1933, as amended, and the Explanatory Note to Part I of Form S-8.</div>
      <div>&#160;</div>
      <div style="text-align: center; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Part II</div>
      <div>&#160;</div>
      <div style="text-align: center; font-family: 'Times New Roman', Times, serif; font-weight: bold;">INFORMATION REQUIRED IN THE REGISTRATION STATEMENT</div>
      <div>&#160;</div>
      <div style="margin-left: 24.45pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Item 3. Incorporation of Documents by Reference.</div>
      <div>&#160;</div>
      <div style="text-indent: 24.5pt; font-family: 'Times New Roman', Times, serif;">The SEC allows us to &#8220;incorporate by reference&#8221; the information we file with them, which means that we can disclose important information to you by referring you to those
        documents. The information incorporated by reference is considered to be part of this registration statement, and later information filed with the SEC will update and supersede this information. We hereby incorporate by reference into this
        registration statement the following documents previously filed with the SEC:</div>
      <div><br>
      </div>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zbe28703cd2d0470e9336028523516510">

          <tr>
            <td style="width: 18pt;"><br>
            </td>
            <td style="width: 18pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">&#8226;</td>
            <td style="width: auto; vertical-align: top;">
              <div style="font-family: 'Times New Roman', Times, serif;">The Company&#8217;s annual report on Form <a href="https://www.sec.gov/ix?doc=/Archives/edgar/data/100885/000010088521000068/unp-20201231x10k.htm">10-K</a> for the fiscal year ended
                December 31, 2020, filed on February 5, 2021 and the Plan&#8217;s latest Annual Report on Form <a href="https://www.sec.gov/Archives/edgar/data/100885/000010088521000206/unp-20201231x11k.htm">11-K</a> for the fiscal year ended December 31, 2020,
                filed on June 25, 2021;</div>
            </td>
          </tr>

      </table>
      <div><br>
      </div>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z1bc0278e9dda4be698e25314f75a6de0">

          <tr>
            <td style="width: 18pt;"><br>
            </td>
            <td style="width: 18pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">&#8226;</td>
            <td style="width: auto; vertical-align: top;">
              <div style="font-family: 'Times New Roman', Times, serif;">All other reports filed by the Company pursuant to Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended (the &#8220;Exchange Act&#8221;) since the end of the fiscal year
                covered by the Company&#8217;s Annual Report referred to in the preceding bullet; and</div>
            </td>
          </tr>

      </table>
      <div><br>
      </div>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zb4f5a591ca3f4875909978239fe0d58a">

          <tr>
            <td style="width: 18pt;"><br>
            </td>
            <td style="width: 18pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">&#8226;</td>
            <td style="width: auto; vertical-align: top;">
              <div style="font-family: 'Times New Roman', Times, serif;">The description of the Company&#8217;s Common Stock contained in its registration statement filed under the Exchange Act under File No. 1-6075, including all amendments or reports filed for
                the purpose of updating such description.</div>
            </td>
          </tr>

      </table>
      <div>&#160;</div>
      <div style="text-indent: 24.5pt; font-family: 'Times New Roman', Times, serif;">All documents that the registrant subsequently files pursuant to Sections 13(a), 13(c), 14 and 15(d) of the Securities Exchange Act of 1934, as amended, prior to the
        filing of a post-effective amendment to the registration statement which indicates that all of the shares of common stock offered have been sold or which deregisters all of such shares then remaining unsold, shall be deemed to be incorporated by
        reference in this registration statement and to be a part hereof from the date of the filing of such documents; except as to any portion of any future annual or quarterly report to stockholders or document or current report furnished under current
        Items 2.02 or 7.01 of Form 8-K that is not deemed filed under such provisions. For the purposes of this registration statement, any statement contained in a document incorporated or deemed to be incorporated by reference herein shall be deemed to
        be modified or superseded to the extent that a statement contained herein or in any other subsequently filed document which also is or is deemed to be incorporated by reference herein modifies or supersedes such statement. Any such statement so
        modified or superseded shall not be deemed, except as so modified or superseded, to constitute a part of this registration statement.</div>
      <div><br>
      </div>
      <div style="text-indent: 24.5pt; font-family: 'Times New Roman', Times, serif;">Under no circumstances will any information filed under items 2.02 or 7.01 of Form 8-K be deemed incorporated herein by reference unless such Form 8-K expressly provides
        to the contrary.</div>
      <div style="text-indent: 24.5pt; font-family: 'Times New Roman', Times, serif;"> <br>
      </div>
      <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
        <div style="page-break-after:always;" id="DSPFPageBreak">
          <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
      </div>
      <div style="text-indent: 24.5pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Item 4. Description of Securities.</div>
      <div>&#160;</div>
      <div style="text-indent: 24.5pt; font-family: 'Times New Roman', Times, serif;">Not applicable.</div>
      <div>&#160;</div>
      <div style="margin-left: 24.45pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Item 5. Interests of Named Experts and Counsel.</div>
      <div>&#160;</div>
      <div style="margin-left: 24.45pt; font-family: 'Times New Roman', Times, serif;">Not applicable.</div>
      <div>&#160;</div>
      <div style="margin-left: 24.45pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Item 6. Indemnification of Directors and Officers.</div>
      <div>&#160;</div>
      <div style="text-indent: 24.5pt; font-family: 'Times New Roman', Times, serif;">Section 16-10a-901 et seq. of the Utah Revised Business Corporation Act grants to a corporation the power to indemnify a person made a party to a lawsuit or other
        proceeding because such person is or was a director or officer. A corporation is further empowered to purchase insurance on behalf of any person who is or was a director or officer against any liability asserted against him or her and incurred by
        him or her in such capacity or arising out of his or her status as such capacity. The Company&#8217;s by-laws provide for mandatory indemnification of its directors, officers and employees in certain circumstances. The Company maintains insurance on
        behalf of directors and officers against liability asserted against them arising out of their status as such.</div>
      <div>&#160;</div>
      <div style="text-indent: 24.5pt; font-family: 'Times New Roman', Times, serif;">The Company&#8217;s restated articles of incorporation eliminate in certain circumstances the personal liability of directors of the Company for monetary damages for a breach
        of their fiduciary duty as directors. This provision does not eliminate the liability of a director for (i) the amount of a financial benefit received by a director to which he is not entitled, (ii) an intentional infliction of harm on the
        corporation or the shareholders, (iii) a violation of Section 16-10a-842 of the Utah Revised Business Corporation Act (relating to the liability of directors for unlawful distributions) or (iv) an intentional violation of criminal law.</div>
      <div>&#160;</div>
      <div style="margin-left: 24.45pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Item 7. Exemption from Registration Claimed.</div>
      <div>&#160;</div>
      <div style="text-indent: 24.5pt; font-family: 'Times New Roman', Times, serif;">Not applicable.</div>
      <div>&#160;</div>
      <div style="margin-left: 24.45pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Item 8. Exhibits</div>
      <div><br>
      </div>
      <table cellspacing="0" cellpadding="0" border="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="zb5c18d259f89483f81088246bd26c834">

          <tr>
            <td nowrap="nowrap" style="width: 7%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="font-weight: bold;">
                <div style="text-align: center;">&#160;</div>
                <div style="text-align: center;">Exhibit</div>
                <div style="text-align: center;">No.</div>
              </div>
            </td>
            <td style="width: 3%; vertical-align: bottom; font-weight: bold; text-align: center; padding-bottom: 2px;">&#160;</td>
            <td nowrap="nowrap" style="width: 90%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="font-weight: bold;">
                <div style="text-align: center;">&#160;</div>
                <div style="text-align: center;">Description</div>
              </div>
            </td>
          </tr>
          <tr>
            <td style="width: 7%; vertical-align: middle;">&#160;</td>
            <td style="width: 3%; vertical-align: middle;">&#160;</td>
            <td style="width: 90%; vertical-align: middle;">&#160;</td>
          </tr>
          <tr>
            <td nowrap="nowrap" style="width: 7%; vertical-align: top;">
              <div style="text-align: center; font-family: 'Times New Roman', Times, serif;"><a href="https://www.sec.gov/Archives/edgar/data/100885/000119312514280047/d761509dex3a.htm">4.1</a></div>
            </td>
            <td style="width: 3%; vertical-align: bottom;">&#160;</td>
            <td style="width: 90%; vertical-align: top;">
              <div style="font-family: 'Times New Roman', Times, serif;">Restated Articles of Incorporation of Union Pacific Corporation, as amended and restated through June 27, 2011, and as further amended May 15, 2014, incorporated by reference to
                Exhibit 3(a) to the Company&#8217;s Quarterly Report on Form 10-Q for the quarter ended June 30, 2014.</div>
            </td>
          </tr>
          <tr>
            <td nowrap="nowrap" style="width: 7%; vertical-align: top;">
              <div style="text-align: center; font-family: 'Times New Roman', Times, serif;"><a href="https://www.sec.gov/Archives/edgar/data/100885/000010088515000208/unp-20151119ex32a605ee0.htm">4.2</a></div>
            </td>
            <td style="width: 3%; vertical-align: bottom;">&#160;</td>
            <td style="width: 90%; vertical-align: top;">
              <div style="font-family: 'Times New Roman', Times, serif;">By-laws of Union Pacific Corporation, as amended effective as of November 19, 2015, incorporated by reference to Exhibit 3.2 to the Company&#8217;s Current Report on Form 8-K, dated
                November 19, 2015.</div>
            </td>
          </tr>
          <tr>
            <td nowrap="nowrap" style="width: 7%; vertical-align: top;">
              <div style="text-align: center; font-family: 'Times New Roman', Times, serif;"><a href="brhc10030306_ex23-1.htm">23.1</a></div>
            </td>
            <td style="width: 3%; vertical-align: bottom;">&#160;</td>
            <td style="width: 90%; vertical-align: top;">
              <div style="font-family: 'Times New Roman', Times, serif;">Consent of Deloitte &amp; Touche LLP.*</div>
            </td>
          </tr>
          <tr>
            <td nowrap="nowrap" style="width: 7%; vertical-align: top;">
              <div style="text-align: center; font-family: 'Times New Roman', Times, serif;"><a href="#POWEROFATTORNEY">24.1</a></div>
            </td>
            <td style="width: 3%; vertical-align: bottom;">&#160;</td>
            <td style="width: 90%; vertical-align: top;">
              <div style="font-family: 'Times New Roman', Times, serif;">Power of attorney (set forth on signature page).</div>
              <div>&#160;</div>
              <div style="font-family: 'Times New Roman', Times, serif;">The Registrant submitted the Plan to the Internal Revenue Service and received a determination letter dated June 12, 2017 that the Plan is qualified under Section 401(a) of the
                Internal Revenue Code of 1986, as amended.</div>
            </td>
          </tr>

      </table>
      <div> <br>
      </div>
      <div>
        <hr noshade="noshade" align="center" style="height: 2px; color: #000000; background-color: #000000; text-align: center; margin-left: auto; margin-right: auto; border: none;"> </div>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="ze5b78116993f4970a2876642b9854a39">

          <tr>
            <td style="width: 24pt; vertical-align: top; align: right; font-family: 'Times New Roman', Times, serif;">*</td>
            <td style="width: auto; vertical-align: top;">
              <div style="font-family: 'Times New Roman', Times, serif;">Filed herewith.</div>
            </td>
          </tr>

      </table>
      <div>&#160;</div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div id="DSPFPageBreak" style="page-break-after: always;">
          <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
      </div>
      <div style="margin-left: 24.45pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Item 9. Undertakings.</div>
      <div>&#160;</div>
      <div style="font-family: 'Times New Roman', Times, serif;">(a) The undersigned registrant hereby undertakes:</div>
      <div>&#160;</div>
      <div style="text-indent: 24.5pt; font-family: 'Times New Roman', Times, serif;">(1) To file, during any period in which offers or sales are being made, a post-effective amendment to this registration statement:</div>
      <div>&#160;</div>
      <div style="text-indent: 48.95pt; font-family: 'Times New Roman', Times, serif;">(i) To include any prospectus required by Section 10(a)(3) of the Securities Act of 1933;</div>
      <div>&#160;</div>
      <div style="text-indent: 48.95pt; font-family: 'Times New Roman', Times, serif;">(ii) To reflect in the prospectus any facts or events arising after the effective date of the registration statement (or the most recent post-effective amendment
        thereof) which, individually or in the aggregate, represent a fundamental change in the information in the registration statement. Notwithstanding the foregoing, any increase or decrease in volume of securities offered (if the total dollar value of
        securities offered would not exceed that which was registered) and any deviation from the low or high end of the estimated maximum offering range may be reflected in the form of prospectus filed with the Commission pursuant to Rule 424(b) if, in
        the aggregate, the changes in volume and price represent no more than 20 percent change in the maximum aggregate offering price set forth in the &#8220;Calculation of Registration Fee&#8221; table in the effective registration statement;</div>
      <div><br>
      </div>
      <div style="text-indent: 48.95pt; font-family: 'Times New Roman', Times, serif;">(iii) To include any material information with respect to the plan of distribution not previously disclosed in the registration statement or any material change to such
        information in the registration statement;</div>
      <div>&#160;</div>
      <div style="text-indent: 24.5pt; font-family: 'Times New Roman', Times, serif;"><font style="font-style: italic;">Provided, however</font>, that paragraphs (a)(1)(i) and (a)(1)(ii) of this section shall not apply if the information required to be
        included in a post-effective amendment by those paragraphs is contained in reports filed with or furnished to the Commission by the registrant pursuant to Section 13 or Section 15(d) of the Securities Exchange Act of 1934 (15 U.S.C. 78m or 78o(d))
        that are incorporated by reference in the registration statement.</div>
      <div>&#160;</div>
      <div style="text-indent: 24.5pt; font-family: 'Times New Roman', Times, serif;">(2) That, for the purpose of determining any liability under the Securities Act of 1933, each such post-effective amendment shall be deemed to be a new registration
        statement relating to the securities offered therein, and the offering of such securities at that time shall be deemed to be the initial bona fide offering thereof.</div>
      <div>&#160;</div>
      <div style="text-indent: 24.5pt; font-family: 'Times New Roman', Times, serif;">(3) To remove from registration by means of a post-effective amendment any of the securities being registered which remain unsold at the termination of the offering.</div>
      <div>&#160;</div>
      <div style="font-family: 'Times New Roman', Times, serif;">(b) The undersigned registrant hereby undertakes that, for purposes of determining any liability under the Securities Act of 1933, each filing of the registrant&#8217;s annual report pursuant to
        Section 13(a) or Section 15(d) of the Securities Exchange Act of 1934 (and, where applicable, each filing of an employee benefit plan&#8217;s annual report pursuant to Section 15(d) of the Securities Exchange Act of 1934) that is incorporated by
        reference in the registration statement shall be deemed to be a new registration statement relating to the securities offered therein, and the offering of such securities at that time shall be deemed to be the initial bona fide offering thereof.</div>
      <div>&#160;</div>
      <div style="font-family: 'Times New Roman', Times, serif;">(c) Insofar as indemnification for liabilities arising under the Securities Act of 1933 may be permitted to directors, officers and controlling persons of the registrant pursuant to the
        foregoing provisions, or otherwise, the registrant has been advised that in the opinion of the Securities and Exchange Commission such indemnification is against public policy as expressed in the Act and is, therefore, unenforceable. In the event
        that a claim for indemnification against such liabilities (other than the payment by the registrant of expenses incurred or paid by a director, officer or controlling person of the registrant in the successful defense of any action, suit or
        proceeding) is asserted by such director, officer or controlling person in connection with the securities being registered, the registrant will, unless in the opinion of its counsel the matter has been settled by controlling precedent, submit to a
        court of appropriate jurisdiction the question whether such indemnification by it is against public policy as expressed in the Act and will be governed by the final adjudication of such issue.</div>
      <div><br>
      </div>
      <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
        <div style="page-break-after:always;" id="DSPFPageBreak">
          <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
      </div>
      <div style="text-align: center; font-family: 'Times New Roman', Times, serif; font-weight: bold;">SIGNATURES</div>
      <div>&#160;</div>
      <div style="text-indent: 24.5pt; font-family: 'Times New Roman', Times, serif;">Pursuant to the requirements of the Securities Act of 1933, the registrant certifies that it has reasonable grounds to believe that it meets all of the requirements for
        filing on Form S-8 and has duly caused this registration statement to be signed on its behalf by the undersigned, thereunto duly authorized, in the City of Omaha, State of Nebraska, on November 4, 2021.</div>
      <div><br>
      </div>
      <table cellspacing="0" cellpadding="0" border="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="za89d523d1c59459eb0013beef861bad2">

          <tr>
            <td style="width: 50%; vertical-align: top;">&#160;</td>
            <td colspan="2" style="vertical-align: top;">
              <div style="font-family: 'Times New Roman', Times, serif; font-weight: bold;">UNION PACIFIC CORPORATION</div>
            </td>
          </tr>
          <tr>
            <td style="width: 50%; vertical-align: top;">&#160;</td>
            <td style="width: 3%; vertical-align: middle;">&#160;</td>
            <td style="width: 47%; vertical-align: middle;">&#160;</td>
          </tr>
          <tr>
            <td style="width: 50%; vertical-align: top;">&#160;</td>
            <td style="width: 3%; vertical-align: bottom;">
              <div style="font-family: 'Times New Roman', Times, serif;">By:</div>
            </td>
            <td style="width: 47%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
              <div>
                <div style="margin-left: 9pt;">/s/ Craig V. Richardson</div>
              </div>
            </td>
          </tr>
          <tr>
            <td style="width: 50%; vertical-align: top;">&#160;</td>
            <td style="width: 3%; vertical-align: bottom;">&#160;</td>
            <td style="width: 47%; vertical-align: bottom;">
              <div style="font-family: 'Times New Roman', Times, serif;">Craig V. Richardson</div>
            </td>
          </tr>
          <tr>
            <td style="width: 50%; vertical-align: top;">&#160;</td>
            <td style="width: 3%; vertical-align: bottom;">&#160;</td>
            <td style="width: 47%; vertical-align: bottom;">
              <div style="font-family: 'Times New Roman', Times, serif;">Executive Vice President, Chief Legal Officer and Corporate Secretary</div>
            </td>
          </tr>

      </table>
      <div>&#160;</div>
      <div style="text-align: center; font-family: 'Times New Roman', Times, serif; font-weight: bold;"><a name="POWEROFATTORNEY"><!--Anchor--></a>POWER OF ATTORNEY</div>
      <div>&#160;</div>
      <div style="text-indent: 24.5pt; font-family: 'Times New Roman', Times, serif;">Each of the undersigned hereby constitutes and appoints each of Lance M. Fritz and Craig V. Richardson, his or her attorney-in-fact, with power of substitution, in his or
        her name and in the capacity indicated below, to sign any and all further amendments (including post-effective amendments) to this registration statement on Form S-8 and to file the same, with exhibits thereto and other documents in connection
        therewith, with the Securities and Exchange Commission, hereby ratifying and confirming all that said attorney-in-fact, or his substitute or substitutes, may do or cause to be done by virtue hereof.</div>
      <div>&#160;</div>
      <div style="text-indent: 24.5pt; font-family: 'Times New Roman', Times, serif;">Pursuant to the requirements of the Securities Act of 1933, this registration statement has been signed by the following persons in the capacities and on the date
        indicated.</div>
      <div><br>
      </div>
      <table cellspacing="0" cellpadding="0" border="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="zdd9af4655c734d2ab44a68143f5bc427">

          <tr>
            <td nowrap="nowrap" style="width: 32.04%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
              <div>
                <div style="text-align: center;">Signature</div>
              </div>
            </td>
            <td style="width: 1%; vertical-align: bottom; text-align: center; padding-bottom: 2px;">&#160;</td>
            <td nowrap="nowrap" style="width: 48%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
              <div>
                <div style="text-align: center;">&#160;Title <br>
                </div>
              </div>
            </td>
            <td nowrap="nowrap" colspan="1" style="width: 1%; vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
            <td nowrap="nowrap" style="width: 17.84%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
              <div>
                <div style="text-align: center;">&#160;Date <br>
                </div>
              </div>
            </td>
          </tr>
          <tr>
            <td style="width: 32.04%; vertical-align: middle;">&#160;</td>
            <td style="vertical-align: middle;">&#160;</td>
            <td style="vertical-align: middle;">&#160;</td>
            <td colspan="1" style="width: 1%; vertical-align: top;">&#160;</td>
            <td style="width: 17.84%; vertical-align: top;">&#160;</td>
          </tr>
          <tr>
            <td style="width: 32.04%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
              <div>
                <div>/s/ Lance M. Fritz</div>
              </div>
            </td>
            <td rowspan="2" style="width: 1%; vertical-align: bottom;">&#160;</td>
            <td rowspan="2" style="width: 48%; vertical-align: top;">
              <div style="text-indent: -12pt; margin-left: 12pt; font-family: 'Times New Roman', Times, serif;">Chairman, President and Chief Executive Officer</div>
              <div style="text-indent: -12pt; margin-left: 12pt; font-family: 'Times New Roman', Times, serif;">(Principal Executive Officer)</div>
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            <td rowspan="1" style="width: 1%; vertical-align: top;">&#160;</td>
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            <td colspan="1" rowspan="1" style="width: 1%; vertical-align: top;">&#160;</td>
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            <td colspan="1" rowspan="2" style="width: 1%; vertical-align: top;">&#160;</td>
            <td rowspan="2" style="width: 17.84%; vertical-align: top;">
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            <td rowspan="1" style="width: 32.04%; vertical-align: bottom;">&#160;</td>
            <td rowspan="1" style="width: 1%; vertical-align: top;">&#160;</td>
            <td rowspan="1" style="width: 48%; vertical-align: top;">&#160;</td>
            <td colspan="1" rowspan="1" style="width: 1%; vertical-align: top;">&#160;</td>
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            <td colspan="1" rowspan="2" style="width: 1%; vertical-align: top;">&#160;</td>
            <td rowspan="2" style="width: 17.84%; vertical-align: top;">
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                <div>/s/ Christopher J. Williams</div>
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            <td colspan="1" rowspan="2" style="width: 1%; vertical-align: top;">&#160;</td>
            <td rowspan="2" style="width: 17.84%; vertical-align: top;">
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            <td style="width: 32.04%; vertical-align: bottom;">
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      <div style="text-indent: 36pt; font-family: 'Times New Roman', Times, serif;">Pursuant to the requirements of the Securities Act of 1933, the trustees (or other persons who administer the employee benefit plan) have duly caused this registration
        statement to be signed on its behalf by the undersigned, thereunto duly authorized, in the City of Omaha, State of Nebraska, on November 4, 2021.</div>
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              <div style="font-family: 'Times New Roman', Times, serif; font-weight: bold;">UNION PACIFIC AGREEMENT EMPLOYEE 401(K) RETIREMENT THRIFT PLAN</div>
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          <tr>
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            <td style="width: 40%; vertical-align: middle;">&#160;</td>
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            <td colspan="1" style="width: 60%; vertical-align: bottom;">&#160;</td>
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              <div style="font-family: 'Times New Roman', Times, serif;">Named Fiduciary-Plan Administration of the Union Pacific Agreement Employee 401(k) Retirement Thrift Plan</div>
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<DOCUMENT>
<TYPE>EX-23.1
<SEQUENCE>2
<FILENAME>brhc10030306_ex23-1.htm
<DESCRIPTION>EXHIBIT 23.1
<TEXT>
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      <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-weight: bold;">Exhibit 23. 1</div>
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      <div style="font-family: 'Times New Roman',Times,serif; font-weight: bold;">CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM</div>
      <div>&#160;</div>
      <div style="font-family: 'Times New Roman',Times,serif;">We consent to the incorporation by reference in this Registration Statement on Form S-8 of our reports dated February 5, 2021, relating to the
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      <div style="font-family: 'Times New Roman',Times,serif;">/s/ Deloitte &amp; Touche LLP</div>
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      <div style="font-family: 'Times New Roman',Times,serif;">Omaha, Nebraska</div>
      <div>&#160;</div>
      <div style="font-family: 'Times New Roman',Times,serif;">November 4, 2021</div>
      <div>&#160;</div>
      <div>&#160;</div>
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