<SEC-DOCUMENT>0001140361-21-036600.txt : 20211105
<SEC-HEADER>0001140361-21-036600.hdr.sgml : 20211105
<ACCEPTANCE-DATETIME>20211104181715
ACCESSION NUMBER:		0001140361-21-036600
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:	333-260788
		FILM NUMBER:		211381527

	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
<SEQUENCE>1
<FILENAME>brhc10030305_s8.htm
<DESCRIPTION>S-8
<TEXT>
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    <div style="text-align: center; font-weight: bold;">As filed with the Securities and Exchange Commission on November 4, 2021</div>
    <div><br>
    </div>
    <div style="text-align: right; font-weight: bold;">Registration No. 333-</div>
    <div><br>
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    <div style="text-align: center; font-weight: bold; font-size: 14pt;">UNITED STATES</div>
    <font style="font-size: 14pt;"> </font>
    <div style="text-align: center; font-weight: bold; font-size: 14pt;">SECURITIES AND EXCHANGE COMMISSION</div>
    <div style="text-align: center; font-weight: bold; font-size: 12pt;">WASHINGTON, D.C. 20549</div>
    <div><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>
    <div>&#160;</div>
    <div style="text-align: center; font-weight: bold; font-size: 18pt;">FORM S-8</div>
    <div style="text-align: center; font-weight: bold;">REGISTRATION STATEMENT</div>
    <div style="text-align: center; font-style: italic; font-weight: bold;">UNDER</div>
    <div style="text-align: center; font-style: italic; font-weight: bold;">THE SECURITIES ACT OF 1933</div>
    <div><br>
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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>
    <div>&#160;</div>
    <div style="text-align: center; font-weight: bold; font-size: 24pt;">UNION PACIFIC CORPORATION</div>
    <div style="text-align: center; font-weight: bold;">(Exact Name of Registrant as Specified in its Charter)</div>
    <div><br>
    </div>
    <div>
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          <td style="width: 49%; vertical-align: top;">
            <div style="text-align: center; font-weight: bold;">Utah</div>
          </td>
          <td style="width: 2%; vertical-align: bottom; text-align: center;">&#160;</td>
          <td style="width: 49%; vertical-align: top;">
            <div style="text-align: center; font-weight: bold;">13-2626465</div>
          </td>
        </tr>
        <tr>
          <td rowspan="1" style="width: 49%; vertical-align: top;">
            <div style="text-align: center; font-weight: bold;">(State or Other Jurisdiction of Incorporation or Organization)</div>
          </td>
          <td rowspan="1" style="width: 2%; vertical-align: bottom;"><br>
          </td>
          <td rowspan="1" style="width: 49%; vertical-align: top;">
            <div style="text-align: center;"><font style="font-weight: bold;">(I.R.S. Employer Identification No.)</font><br>
            </div>
          </td>
        </tr>

    </table>
    <div>&#160;</div>
    <div style="text-align: center; font-weight: bold;">1400 Douglas Street</div>
    <div style="text-align: center; font-weight: bold;">Omaha, NE 68179</div>
    <div style="text-align: center; font-weight: bold;">(Address of Principal Executive Offices)</div>
    <div>&#160;</div>
    <div style="text-align: center; font-weight: bold;">UNION PACIFIC CORPORATION THIFT PLAN</div>
    <div>&#160;</div>
    <div style="text-align: center; font-weight: bold;">&#160;(Full Title of the Plans)</div>
    <div><br>
    </div>
    <div style="text-align: center; font-weight: bold;">Craig V. Richardson</div>
    <div style="text-align: center; font-weight: bold;">Executive Vice President, Chief Legal Officer and Corporate Secretary</div>
    <div style="text-align: center; font-weight: bold;">1400 Douglas Street</div>
    <div style="text-align: center; font-weight: bold;">Omaha, NE 68179</div>
    <div style="text-align: center; font-weight: bold;">Telephone: (402) 544-5000</div>
    <div style="text-align: center; font-weight: bold;">(Name, address, and telephone number, including area code, of agent for service)</div>
    <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>
    <div><br>
    </div>
    <div>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>
    <div><br>
    </div>
    <table cellspacing="0" cellpadding="0" border="0" id="zc2e3433a8a7f41c0ac6bff4a3862af5d" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;">

        <tr>
          <td style="width: 45.37%; vertical-align: bottom;">
            <div>Large accelerated filer</div>
          </td>
          <td style="width: 4.59%; vertical-align: bottom;">
            <div>&#9746;</div>
          </td>
          <td style="width: 45%; vertical-align: bottom;">
            <div>Accelerated filer</div>
          </td>
          <td style="width: 5%; vertical-align: bottom;">
            <div>&#9744;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 45.37%; vertical-align: middle;">&#160;</td>
          <td style="width: 4.59%; vertical-align: middle;">&#160;</td>
          <td style="width: 45%; vertical-align: middle;">&#160;</td>
          <td style="width: 5%; vertical-align: middle;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 45.37%; vertical-align: bottom;">
            <div>Non-accelerated filer</div>
          </td>
          <td style="width: 4.59%; vertical-align: bottom;">
            <div>&#9744;</div>
          </td>
          <td style="width: 45%; vertical-align: bottom;">
            <div>Smaller reporting company</div>
          </td>
          <td style="width: 5%; vertical-align: bottom;">
            <div>&#9744;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 45.37%; vertical-align: middle;">&#160;</td>
          <td style="width: 4.59%; vertical-align: middle;">&#160;</td>
          <td style="width: 45%; vertical-align: middle;">&#160;</td>
          <td style="width: 5%; vertical-align: middle;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 45.37%; vertical-align: bottom;">
            <div>Emerging growth company</div>
          </td>
          <td style="width: 4.59%; vertical-align: bottom;">
            <div>&#9744;</div>
          </td>
          <td style="width: 45%; vertical-align: bottom;">&#160;</td>
          <td style="width: 5%; vertical-align: bottom;">&#160;</td>
        </tr>

    </table>
    <div><br>
    </div>
    <div>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> <br>
    </div>
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      <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-weight: bold;">CALCULATION OF REGISTRATION FEE</div>
    <div><br>
    </div>
    <div>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="z8737d61eda48454b85c2515d988d5e23">

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            <td style="width: 25.46%; vertical-align: bottom; border-color: rgb(0, 0, 0); border-style: solid; border-width: 2px;">
              <div style="text-align: center; font-weight: bold;">Title of Securities</div>
              <div style="text-align: center; font-weight: bold;">to be Registered</div>
            </td>
            <td nowrap="nowrap" style="width: 20.39%; vertical-align: bottom; border-color: rgb(0, 0, 0); border-style: solid; border-width: 2px;">
              <div style="text-align: center; font-weight: bold;">Amount</div>
              <div style="text-align: center; font-weight: bold;">to be</div>
              <div style="text-align: center; font-weight: bold;">Registered</div>
            </td>
            <td nowrap="nowrap" style="width: 22.83%; vertical-align: bottom; border-color: rgb(0, 0, 0); border-style: solid; border-width: 2px;">
              <div style="text-align: center; font-weight: bold;">Proposed</div>
              <div style="text-align: center; font-weight: bold;">Maximum</div>
              <div style="text-align: center; font-weight: bold;">Aggregate</div>
              <div style="text-align: center; font-weight: bold;">Offering Price</div>
            </td>
            <td nowrap="nowrap" style="width: 31.22%; vertical-align: bottom; border-color: rgb(0, 0, 0); border-style: solid; border-width: 2px;">
              <div style="text-align: center; font-weight: bold;">Amount of</div>
              <div style="text-align: center; font-weight: bold;">Registration Fee (1)</div>
            </td>
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            <td style="width: 25.46%; vertical-align: top; background-color: rgb(204, 238, 255); border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
              <div>Common Stock, $2.50 par value per share</div>
            </td>
            <td nowrap="nowrap" style="width: 20.39%; vertical-align: bottom; background-color: rgb(204, 238, 255); border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="text-align: center;">$150,000,000</div>
            </td>
            <td nowrap="nowrap" style="width: 22.83%; vertical-align: bottom; background-color: rgb(204, 238, 255); border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="text-align: center;">$150,000,000</div>
            </td>
            <td nowrap="nowrap" style="width: 31.22%; vertical-align: bottom; background-color: rgb(204, 238, 255); border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="text-align: center;">$13,905</div>
            </td>
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              <div>Plan Interests</div>
            </td>
            <td nowrap="nowrap" style="width: 20.39%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);">
              <div style="text-align: center;">(2)</div>
            </td>
            <td nowrap="nowrap" style="width: 22.83%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);">
              <div style="text-align: center;">(2)</div>
            </td>
            <td nowrap="nowrap" style="width: 31.22%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);">
              <div style="text-align: center;">(2)</div>
            </td>
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    </div>
    <div> <br>
    </div>
    <table cellspacing="0" cellpadding="0" id="z25382a4ae2614ff3b1acc2d0f600b01c" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

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          <td style="width: 27pt; vertical-align: top;">(1)</td>
          <td style="width: auto; vertical-align: top;">
            <div>Calculated in accordance with Rule 457(o) of the Securities Act of 1933.</div>
          </td>
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    <table cellspacing="0" cellpadding="0" id="zc4129c2b28924fe1b5e040cd35242815" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

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          <td style="width: 27pt; vertical-align: top;">(2)</td>
          <td style="width: auto; vertical-align: top;">
            <div>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>
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    <div><br>
    </div>
    <div></div>
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    </div>
    <div style="text-align: center; font-weight: bold;">INTRODUCTION</div>
    <div>&#160;</div>
    <div style="text-indent: 27pt;">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 Corporation Thrift Plan (the &#8220;Plan&#8221;), to register an additional
      $150,000,000 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-weight: bold;">Part I</div>
    <div>&#160;</div>
    <div style="text-align: center; font-weight: bold;">INFORMATION REQUIRED IN THE SECTION 10(a) PROSPECTUS</div>
    <div>&#160;</div>
    <div style="text-indent: 27pt;">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-weight: bold;">Part II</div>
    <div>&#160;</div>
    <div style="text-align: center; font-weight: bold;">INFORMATION REQUIRED IN THE REGISTRATION STATEMENT</div>
    <div>&#160;</div>
    <table cellspacing="0" cellpadding="0" id="z0db03b06e20f47d4a0c275c95f1d0d77" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

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          <td style="width: 27pt;">&#160;</td>
          <td style="width: 38.55pt; vertical-align: top; font-weight: bold;">Item 3.</td>
          <td style="width: auto; vertical-align: top;">
            <div style="font-weight: bold;">Incorporation of Documents by Reference.</div>
          </td>
        </tr>

    </table>
    <div>&#160;</div>
    <div style="text-indent: 27pt;">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>
    <div>
      <div>
        <table cellspacing="0" cellpadding="0" class="DSPFListTable" id="z8b3d19c0ef5146859d65151758e3cf55" style="width: 100%; font-family: 'Times New Roman'; font-size: 10pt;">

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              <td style="width: 27pt;">&#160;</td>
              <td style="vertical-align: top; width: 27pt;">
                <div>&#8226;</div>
              </td>
              <td style="align: left; vertical-align: top; width: auto;">
                <div>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/100885/000010088521000208/unp-20201231x11k.htm">11-K</a> for the fiscal year ended December 31, 2020, filed on June 25, 2021;</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div><br>
    </div>
    <table cellspacing="0" cellpadding="0" id="z7c43e2be10f4475e9f05b4ffd3315f65" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

        <tr>
          <td style="width: 27pt;"><br>
          </td>
          <td style="width: 27pt; vertical-align: top;">&#8226;</td>
          <td style="width: auto; vertical-align: top;">
            <div>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" id="za7e4dbf75b7d408b85f22a0940c2f8df" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

        <tr>
          <td style="width: 27pt;"><br>
          </td>
          <td style="width: 27pt; vertical-align: top;">&#8226;</td>
          <td style="width: auto; vertical-align: top;">
            <div>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: 27pt;">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: 27pt;">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;"> <br>
    </div>
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          <td style="width: 27pt;"><br>
          </td>
          <td style="width: 38.55pt; vertical-align: top; font-weight: bold;">Item 4.</td>
          <td style="width: auto; vertical-align: top;">
            <div style="font-weight: bold;">Description of Securities.</div>
          </td>
        </tr>

    </table>
    <div>&#160;</div>
    <div style="text-indent: 27pt;">Not applicable.</div>
    <div>&#160;</div>
    <table cellspacing="0" cellpadding="0" id="z843ce85ade444a569e88ab28c5eb7346" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

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          </td>
          <td style="width: 38.55pt; vertical-align: top; font-weight: bold;">Item 5.</td>
          <td style="width: auto; vertical-align: top;">
            <div style="font-weight: bold;">Interests of Named Experts and Counsel.</div>
          </td>
        </tr>

    </table>
    <div>&#160;</div>
    <div style="text-indent: 27pt;">Not applicable.</div>
    <div>&#160;</div>
    <table cellspacing="0" cellpadding="0" id="z4f7d960e8e6a4993bbf20837d09d6fac" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

        <tr>
          <td style="width: 27pt;"><br>
          </td>
          <td style="width: 38.55pt; vertical-align: top; font-weight: bold;">Item 6.</td>
          <td style="width: auto; vertical-align: top;">
            <div style="font-weight: bold;">Indemnification of Directors and Officers.</div>
          </td>
        </tr>

    </table>
    <div>&#160;</div>
    <div style="text-indent: 27pt;">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: 27pt;">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>
    <table cellspacing="0" cellpadding="0" id="zc269518e00d5497391edced9eb46f4b7" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

        <tr>
          <td style="width: 27pt;"><br>
          </td>
          <td style="width: 38.55pt; vertical-align: top; font-weight: bold;">Item 7.</td>
          <td style="width: auto; vertical-align: top;">
            <div style="font-weight: bold;">Exemption from Registration Claimed.</div>
          </td>
        </tr>

    </table>
    <div>&#160;</div>
    <div style="text-indent: 27pt;">Not applicable.</div>
    <div>&#160;</div>
    <table cellspacing="0" cellpadding="0" id="zd1d4a9c656494670919d0a757896e485" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

        <tr>
          <td style="width: 27pt;"><br>
          </td>
          <td style="width: 38.55pt; vertical-align: top; font-weight: bold;">Item 8.</td>
          <td style="width: auto; vertical-align: top;">
            <div style="font-weight: bold;">Exhibits</div>
          </td>
        </tr>

    </table>
    <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;">

        <tr>
          <td nowrap="nowrap" rowspan="1" style="width: 8%; vertical-align: bottom; text-align: center; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="font-weight: bold;">Exhibit</div>
            <div style="font-weight: bold;">No.</div>
          </td>
          <td rowspan="1" style="width: 2%; vertical-align: bottom; text-align: center; padding-bottom: 2px;"><br>
          </td>
          <td rowspan="1" style="width: 90%; vertical-align: bottom; font-weight: bold; text-align: center; border-bottom: 2px solid rgb(0, 0, 0);">Description</td>
        </tr>
        <tr>
          <td nowrap="nowrap" rowspan="1" style="width: 8%; vertical-align: top;">&#160;</td>
          <td rowspan="1" style="width: 2%; vertical-align: bottom;">&#160;</td>
          <td rowspan="1" style="width: 90%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td nowrap="nowrap" style="width: 8%; vertical-align: top; background-color: rgb(204, 238, 255);">
            <div style="text-align: center;"><a href="https://www.sec.gov/Archives/edgar/data/100885/000119312514280047/d761509dex3a.htm">4.1</a></div>
          </td>
          <td style="width: 2%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 90%; vertical-align: top; background-color: rgb(204, 238, 255);">
            <div>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: 8%; vertical-align: top;">
            <div style="text-align: center;"><a href="https://www.sec.gov/Archives/edgar/data/100885/000010088515000208/unp-20151119ex32a605ee0.htm">4.2</a></div>
          </td>
          <td style="width: 2%; vertical-align: bottom;">&#160;</td>
          <td style="width: 90%; vertical-align: top;">
            <div>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: 8%; vertical-align: top; background-color: rgb(204, 238, 255);">
            <div style="text-align: center;"><a href="brhc10030305_ex23-1.htm">23.1</a></div>
          </td>
          <td style="width: 2%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 90%; vertical-align: top; background-color: rgb(204, 238, 255);">
            <div>Consent of Deloitte &amp; Touche LLP.*</div>
          </td>
        </tr>
        <tr>
          <td nowrap="nowrap" style="width: 8%; vertical-align: top;">
            <div style="text-align: center;"><a href="#ATTORNEY">24.1</a></div>
          </td>
          <td style="width: 2%; vertical-align: bottom;">&#160;</td>
          <td style="width: 90%; vertical-align: top;">
            <div>Power of attorney (set forth on signature page).</div>
            <div>&#160;</div>
            <div>The Registrant submitted the Plan to the Internal Revenue Service and received a determination letter dated September 20, 2016 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>
    <div>
      <table cellspacing="0" cellpadding="0" class="DSPFListTable" id="zd31f63f924764339b2a147a67e716ee3" style="width: 100%; font-family: 'Times New Roman'; font-size: 10pt;">

          <tr style="vertical-align: top;">
            <td style="vertical-align: top; width: 27pt;">
              <div>*</div>
            </td>
            <td style="align: left; vertical-align: top; width: auto;">
              <div>Filed herewith.</div>
            </td>
          </tr>

      </table>
    </div>
    <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>
    <table cellspacing="0" cellpadding="0" id="z1c69136a22904942bb9c93942fe97ded" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

        <tr>
          <td style="width: 27pt;"><br>
          </td>
          <td style="width: 38.55pt; vertical-align: top; font-weight: bold;">Item 9.</td>
          <td style="width: auto; vertical-align: top;">
            <div style="font-weight: bold;">Undertakings.</div>
          </td>
        </tr>

    </table>
    <div>&#160;</div>
    <div>(a) The undersigned registrant hereby undertakes:</div>
    <div>&#160;</div>
    <div style="text-indent: 27pt;">(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;">(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;">(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;">(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: 27pt;"><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 style="text-indent: 27pt;">&#160;</div>
    <div style="text-indent: 27pt;">(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 style="text-indent: 27pt;">&#160;</div>
    <div style="text-indent: 27pt;">(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>(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>(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 id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div id="DSPFPageBreak" style="page-break-after:always;">
        <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-weight: bold;">SIGNATURES</div>
    <div>&#160;</div>
    <div style="text-indent: 27pt;">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" id="z784943f5326e402dba02e6fe7c8d14bf" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;">

        <tr>
          <td style="width: 50%; vertical-align: top;">&#160;</td>
          <td style="vertical-align: top;" colspan="2">
            <div style="font-weight: bold;"><a name="z_Hlk76559138"></a>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 rowspan="1" style="width: 50%; vertical-align: top; padding-bottom: 2px;">&#160;</td>
          <td rowspan="1" style="width: 3%; vertical-align: middle; padding-bottom: 2px;">
            <div>By:</div>
          </td>
          <td rowspan="1" style="width: 47%; vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="margin-left: 9pt">/s/ 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>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>Executive Vice President, Chief Legal Officer and Corporate Secretary</div>
          </td>
        </tr>

    </table>
    <div>&#160;</div>
    <div style="text-align: center; font-weight: bold;">POWER OF <a name="ATTORNEY"><!--Anchor--></a>ATTORNEY</div>
    <div>&#160;</div>
    <div style="text-indent: 27pt;">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 style="text-indent: 27pt;">&#160;</div>
    <div style="text-indent: 27pt;">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" id="z4bfa716376f8494cae7096fe40a25c3e" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: rgb(0, 0, 0);">

        <tr>
          <td nowrap="nowrap" style="width: 32%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div>
              <div style="text-align: center;">&#160;</div>
              <div style="text-align: center;">Signature</div>
            </div>
          </td>
          <td style="width: 2%; vertical-align: bottom; text-align: center; padding-bottom: 2px;">&#160;</td>
          <td nowrap="nowrap" style="width: 46%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div>
              <div style="text-align: center;">&#160;</div>
              <div style="text-align: center;">Title</div>
            </div>
          </td>
          <td nowrap="nowrap" style="width: 20%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div>
              <div style="text-align: center;">&#160;</div>
              <div style="text-align: center;">Date</div>
            </div>
          </td>
        </tr>
        <tr>
          <td style="width: 32%; vertical-align: middle;">&#160;</td>
          <td style="width: 2%; vertical-align: middle;">&#160;</td>
          <td style="width: 46%; vertical-align: middle;">&#160;</td>
          <td style="width: 20%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 32%; 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: 2%; vertical-align: bottom;">&#160;</td>
          <td rowspan="2" style="width: 46%; vertical-align: top;">
            <div style="text-indent: -12pt; margin-left: 12pt;">Chairman, President and Chief Executive Officer</div>
            <div style="text-indent: -12pt; margin-left: 12pt;">(Principal Executive Officer)</div>
          </td>
          <td rowspan="2" style="width: 20%; vertical-align: top;">
            <div>November 4, 2021</div>
          </td>
        </tr>
        <tr>
          <td style="width: 32%; vertical-align: bottom;">
            <div>Lance M. Fritz</div>
          </td>
        </tr>
        <tr>
          <td style="width: 32%; vertical-align: middle;">&#160;</td>
          <td style="width: 2%; vertical-align: middle;">&#160;</td>
          <td style="width: 46%; vertical-align: middle;">&#160;</td>
          <td style="width: 20%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 32%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div>
              <div>/s/ Jennifer L. Hamann</div>
            </div>
          </td>
          <td rowspan="2" style="width: 2%; vertical-align: bottom;">&#160;</td>
          <td rowspan="2" style="width: 46%; vertical-align: top;">
            <div style="text-indent: -12pt; margin-left: 12pt;">Executive Vice President and Chief Financial Officer</div>
            <div style="text-indent: -12pt; margin-left: 12pt;">(Principal Financial Officer)</div>
          </td>
          <td rowspan="2" style="width: 20%; vertical-align: top;">
            <div>November 4, 2021</div>
          </td>
        </tr>
        <tr>
          <td style="width: 32%; vertical-align: bottom;">
            <div>Jennifer L. Hamann</div>
          </td>
        </tr>
        <tr>
          <td style="width: 32%; vertical-align: middle;">&#160;</td>
          <td style="width: 2%; vertical-align: middle;">&#160;</td>
          <td style="width: 46%; vertical-align: middle;">&#160;</td>
          <td style="width: 20%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 32%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div>
              <div>/s/ Todd M. Rynaski</div>
            </div>
          </td>
          <td rowspan="2" style="width: 2%; vertical-align: bottom;">&#160;</td>
          <td rowspan="2" style="width: 46%; vertical-align: top;">
            <div style="text-indent: -12pt; margin-left: 12pt;">Vice President and Controller (Principal Accounting Officer)</div>
          </td>
          <td rowspan="2" style="width: 20%; vertical-align: top;">
            <div>November 4, 2021</div>
          </td>
        </tr>
        <tr>
          <td style="width: 32%; vertical-align: bottom;">
            <div>Todd M. Rynaski</div>
          </td>
        </tr>
        <tr>
          <td style="width: 32%; vertical-align: middle;">&#160;</td>
          <td style="width: 2%; vertical-align: middle;">&#160;</td>
          <td style="width: 46%; vertical-align: middle;">&#160;</td>
          <td style="width: 20%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 32%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div>
              <div>/s/ Andrew H. Card, Jr.</div>
            </div>
          </td>
          <td rowspan="2" style="width: 2%; vertical-align: bottom;">&#160;</td>
          <td rowspan="2" style="width: 46%; vertical-align: top;">
            <div style="text-indent: -12pt; margin-left: 12pt;">Director</div>
          </td>
          <td rowspan="2" style="width: 20%; vertical-align: top;">
            <div>November 4, 2021</div>
          </td>
        </tr>
        <tr>
          <td style="width: 32%; vertical-align: bottom;">
            <div>Andrew H. Card, Jr.</div>
          </td>
        </tr>
        <tr>
          <td style="width: 32%; vertical-align: middle;">&#160;</td>
          <td style="width: 2%; vertical-align: middle;">&#160;</td>
          <td style="width: 46%; vertical-align: middle;"><br>
          </td>
          <td style="width: 20%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 32%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div>
              <div>/s/ William J. Delaney</div>
            </div>
          </td>
          <td rowspan="2" style="width: 2%; vertical-align: top;">
            <div>&#160; <br>
            </div>
          </td>
          <td rowspan="2" style="width: 46%; vertical-align: top;">Director</td>
          <td rowspan="2" style="width: 20%; vertical-align: top;">
            <div>November 4, 2021</div>
          </td>
        </tr>
        <tr>
          <td style="width: 32%; vertical-align: bottom;">
            <div>William J. DeLaney</div>
          </td>
        </tr>
        <tr>
          <td style="width: 32%; vertical-align: middle;">&#160;</td>
          <td style="width: 2%; vertical-align: middle;">&#160;</td>
          <td style="width: 46%; vertical-align: middle;">&#160;</td>
          <td style="width: 20%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 32%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div>
              <div>/s/ David B. Dillon</div>
            </div>
          </td>
          <td rowspan="2" style="width: 2%; vertical-align: bottom;">&#160;</td>
          <td rowspan="2" style="width: 46%; vertical-align: top;">
            <div style="text-indent: -12pt; margin-left: 12pt;">Director</div>
          </td>
          <td rowspan="2" style="width: 20%; vertical-align: top;">
            <div>November 4, 2021</div>
          </td>
        </tr>
        <tr>
          <td style="width: 32%; vertical-align: bottom;">
            <div>David B. Dillon</div>
          </td>
        </tr>
        <tr>
          <td style="width: 32%; vertical-align: middle;">&#160;</td>
          <td style="width: 2%; vertical-align: top;">&#160;</td>
          <td style="width: 46%; vertical-align: top;"><br>
          </td>
          <td style="width: 20%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 32%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div>
              <div>/s/ Deborah C. Hopkins</div>
            </div>
          </td>
          <td rowspan="2" style="width: 2%; vertical-align: top;">
            <div>&#160; <br>
            </div>
          </td>
          <td rowspan="2" style="width: 46%; vertical-align: top;">Director</td>
          <td rowspan="2" style="width: 20%; vertical-align: top;">
            <div>November 4, 2021</div>
          </td>
        </tr>
        <tr>
          <td style="width: 32%; vertical-align: bottom;">
            <div>Deborah C. Hopkins</div>
          </td>
        </tr>
        <tr>
          <td rowspan="1" style="width: 32%; vertical-align: bottom;">&#160;</td>
          <td rowspan="1" style="width: 2%; vertical-align: top;">&#160;</td>
          <td rowspan="1" style="width: 46%; vertical-align: top;">&#160;</td>
          <td rowspan="1" style="width: 20%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
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              <div>/s/ Jane H. Lute</div>
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          <td rowspan="2" style="width: 20%; vertical-align: top;">
            <div>November 4, 2021</div>
            <div>&#160;</div>
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        <tr>
          <td style="width: 32%; vertical-align: bottom;">
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          <td rowspan="1" style="width: 32%; vertical-align: bottom;">&#160;</td>
          <td rowspan="1" style="width: 2%; vertical-align: top;">&#160;</td>
          <td rowspan="1" style="width: 46%; vertical-align: top;">&#160;</td>
          <td rowspan="1" style="width: 20%; vertical-align: top;">&#160;</td>
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          <td rowspan="2" style="width: 46%; vertical-align: top;">Director</td>
          <td rowspan="2" style="width: 20%; vertical-align: top;">
            <div>November 4, 2021</div>
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        </tr>
        <tr>
          <td style="width: 32%; vertical-align: bottom;">
            <div>Michael R. McCarthy</div>
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        <tr>
          <td rowspan="1" style="width: 32%; vertical-align: bottom;">&#160;</td>
          <td rowspan="1" style="width: 2%; vertical-align: top;">&#160;</td>
          <td rowspan="1" style="width: 46%; vertical-align: top;">&#160;</td>
          <td rowspan="1" style="width: 20%; vertical-align: top;">&#160;</td>
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          <td rowspan="2" style="width: 46%; vertical-align: top;">Director</td>
          <td rowspan="2" style="width: 20%; vertical-align: top;">
            <div>November 4, 2021</div>
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        <tr>
          <td style="width: 32%; vertical-align: bottom;">
            <div>Thomas F. McLarty III</div>
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          <td rowspan="1" style="width: 32%; vertical-align: bottom;">&#160;</td>
          <td rowspan="1" style="width: 2%; vertical-align: top;">&#160;</td>
          <td rowspan="1" style="width: 46%; vertical-align: top;">&#160;</td>
          <td rowspan="1" style="width: 20%; vertical-align: top;">&#160;</td>
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          <td rowspan="2" style="width: 2%; vertical-align: top;"><br>
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          <td rowspan="2" style="width: 46%; vertical-align: top;">Director</td>
          <td rowspan="2" style="width: 20%; vertical-align: top;">
            <div>November 4, 2021</div>
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        <tr>
          <td style="width: 32%; vertical-align: bottom;">
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        <tr>
          <td rowspan="1" style="width: 32%; vertical-align: bottom;">&#160;</td>
          <td rowspan="1" style="width: 2%; vertical-align: top;">&#160;</td>
          <td rowspan="1" style="width: 46%; vertical-align: top;">&#160;</td>
          <td rowspan="1" style="width: 20%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 32%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
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              <div>/s/ Christopher J. Williams</div>
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          </td>
          <td rowspan="2" style="width: 2%; vertical-align: top;"><br>
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          <td rowspan="2" style="width: 46%; vertical-align: top;">Director</td>
          <td rowspan="2" style="width: 20%; vertical-align: top;">
            <div>November 4, 2021</div>
          </td>
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        <tr>
          <td style="width: 32%; vertical-align: bottom;">
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    <div style="text-indent: 36pt;">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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        <tr>
          <td style="width: 50%; vertical-align: top;">&#160;</td>
          <td style="width: 50%; vertical-align: top;">
            <div style="font-weight: bold;">UNION PACIFIC CORPORATION THRIFT PLAN</div>
          </td>
        </tr>
        <tr>
          <td style="width: 50%; vertical-align: top;">&#160;</td>
          <td style="width: 50%; vertical-align: middle;">&#160;</td>
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            <div style="margin-left: 9pt">/s/ Elizabeth F. Whited</div>
          </td>
        </tr>
        <tr>
          <td style="width: 50%; vertical-align: top;">&#160;</td>
          <td style="width: 50%; vertical-align: bottom;">
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          </td>
        </tr>
        <tr>
          <td style="width: 50%; vertical-align: top;">&#160;</td>
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            <div>Named Fiduciary-Plan Administration of the Union Pacific Corporation Thrift Plan</div>
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<DOCUMENT>
<TYPE>EX-23.1
<SEQUENCE>2
<FILENAME>brhc10030305_ex23-1.htm
<DESCRIPTION>EXHIBIT 23.1
<TEXT>
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    <div style="text-align: right; font-weight: bold;">Exhibit 23.1</div>
    <div>&#160;</div>
    <div style="font-weight: bold;">CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM</div>
    <div>&#160;</div>
    <div>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 consolidated financial statements of Union Pacific Corporation and Subsidiary Companies (the
      &#8220;Corporation&#8221;) and the effectiveness of the Corporation&#8217;s internal control over financial reporting, appearing in the Annual Report on Form 10-K of Union Pacific Corporation for the year ended December 31, 2020.</div>
    <div>&#160;</div>
    <div>/s/ Deloitte &amp; Touche LLP</div>
    <div>&#160;</div>
    <div>Omaha, Nebraska</div>
    <div>&#160;</div>
    <div>November 4, 2021</div>
    <div> <br>
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