<SEC-DOCUMENT>0001193125-21-235143.txt : 20210928
<SEC-HEADER>0001193125-21-235143.hdr.sgml : 20210928
<ACCEPTANCE-DATETIME>20210803172043
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0001193125-21-235143
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20210803

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:		CORRESP

	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>CORRESP
<SEQUENCE>1
<FILENAME>filename1.htm
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<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">August&nbsp;3, 2021 </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>V<SMALL>IA</SMALL> E<SMALL>DGAR</SMALL> </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">United&nbsp;States Securities and Exchange Commission </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">100
F&nbsp;Street,&nbsp;N.E. </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Washington, D.C. 20549-7010 </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD VALIGN="top" ALIGN="center">Re:</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Union Pacific Corporation</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Registration Statement on <FONT STYLE="white-space:nowrap">Form&nbsp;S-4</FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
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</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Ladies and Gentlemen: </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">In connection with the above-referenced Registration Statement on <FONT STYLE="white-space:nowrap">Form&nbsp;S-4</FONT>
(the&nbsp;<I>&#147;S</I><I><FONT STYLE="white-space:nowrap">-4&#148;</FONT></I>) of Union Pacific Corporation (the&nbsp;<I>&#147;Company&#148;</I>) relating to $700,977,000 aggregate principal amount of the Company&#146;s 2.891% Notes due 2036 (the
<I>&#147;New&nbsp;2036 Notes&#148;</I>) issuable in exchange for the Company&#146;s existing 2.891% Notes due 2036, which were offered and sold in a transaction exempt from registration under the Securities Act of 1933, as amended (the
<I>&#147;Securities&nbsp;Act&#148;</I>), and $1,012,411,000 aggregate principal amount of the Company&#146;s 3.799%&nbsp;Notes due 2071 (the <I>&#147;New 2071 Notes&#148; </I>and, together with the New 2036 Notes, the
<I>&#147;New&nbsp;Notes&#148;</I>) issuable in exchange for the Company&#146;s existing 3.799% Notes due 2071, which were offered and sold in a transaction exempt from registration under the Securities Act, on behalf of the Company, I hereby
represent that: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(a)&nbsp;&nbsp;&nbsp;&nbsp;The Company is registering the New Notes of each series in reliance on the
positions enunciated by the staff of the Securities and Exchange Commission (the&nbsp;<I>&#147;Staff&#148;</I>) in Exxon Capital Holdings Corp. (available April&nbsp;13, 1988), Morgan Stanley&nbsp;&amp; Co. Inc. (available June&nbsp;5, 1991) and
Shearman&nbsp;&amp; Sterling (available July&nbsp;2, 1993). </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(b)&nbsp;&nbsp;&nbsp;&nbsp;None of the Company nor any
affiliate of the Company has entered into any agreement or understanding with any person to distribute the New Notes of either series. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(c)&nbsp;&nbsp;&nbsp;&nbsp;To the best of the Company&#146;s information and belief, each person participating in an exchange
offer is acquiring the New Notes of a series in its ordinary course of business and has no arrangement or understanding with any person to participate in the distribution of the New Notes of such series to be received in the exchange offer. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">United&nbsp;States Securities and Exchange Commission </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">August&nbsp;3, 2021 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"> Page
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(d)&nbsp;&nbsp;&nbsp;&nbsp;The Company will make each person participating in
each exchange offer aware (through the prospectus included in the <FONT STYLE="white-space:nowrap">S-4</FONT> (the&nbsp;<I>&#147;Prospectus&#148;</I>)) that if such person is participating in an exchange offer for the purpose of distributing the New
Notes of the applicable series to be acquired in such exchange offer, such person (i)&nbsp;could not rely on the Staff position enunciated in Exxon Capital Holdings Corp. or interpretive letters to similar effect and (ii)&nbsp;must comply with the
registration and prospectus delivery requirements of the Securities Act in connection with a secondary resale transaction. The Company acknowledges that such a secondary resale transaction should be covered by an effective registration statement
containing the selling securityholder information required by Item&nbsp;507 of <FONT STYLE="white-space:nowrap">Regulation&nbsp;S-K.</FONT> </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(e)&nbsp;&nbsp;&nbsp;&nbsp;The Company (i)&nbsp;has not entered into any arrangement or understanding with any <FONT
STYLE="white-space:nowrap">broker-dealer</FONT> participating in an exchange offer to distribute New Notes of the applicable series to be acquired in such exchange offer, (ii)&nbsp;will make each person participating in each exchange offer aware
(through the Prospectus) that any <FONT STYLE="white-space:nowrap">broker-dealer</FONT> who holds original notes of a series acquired for its own account as a result of market-making activities or other trading activities, and who receives New Notes
of such series in exchange for such original notes pursuant to an exchange offer, may be a statutory underwriter and must deliver a prospectus meeting the requirements of the Securities Act, which may be the Prospectus so long as it contains a plan
of distribution with respect to such resale transactions (such plan of distribution need not name the broker-dealer or disclose the amount of New Notes of the applicable series held by the <FONT STYLE="white-space:nowrap">broker-dealer),</FONT> in
connection with any resale of such New Notes and (iii)&nbsp;will include in the transmittal letter or similar documentation to be executed by an exchange offeree in order to participate in an exchange offer the following additional provision: if the
exchange offeree is a broker-dealer holding original notes of a series acquired for its own account as a result of market-making activities or other trading activities, an acknowledgement that it will deliver a prospectus meeting the requirements of
the Securities Act in connection with any resale of New Notes of such series received in respect of such original notes pursuant to an exchange offer. The transmittal letter or similar documentation may also include a statement to the effect that by
so acknowledging and by delivering a prospectus, a <FONT STYLE="white-space:nowrap">broker-dealer</FONT> will not be deemed to admit that it is an &#147;underwriter&#148; within the meaning of the Securities Act. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">United&nbsp;States Securities and Exchange Commission </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">August&nbsp;3, 2021 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"> Page
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<TD VALIGN="top" COLSPAN="3">Sincerely,</TD></TR>
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<TD HEIGHT="16" COLSPAN="3"></TD></TR>
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<TD VALIGN="top" COLSPAN="3" ALIGN="center" STYLE="BORDER-BOTTOM:1px solid #000000">/s/&nbsp;&nbsp;Craig&nbsp;V. Richardson</TD></TR>
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<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Name:</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Craig&nbsp;V. Richardson</P></TD></TR>
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<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Title:</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Executive Vice President, Chief Legal Officer and Corporate Secretary</P></TD></TR>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left">cc:</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Jonathan&nbsp;A. Koff </P></TD></TR></TABLE>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Walter&nbsp;L. Draney </P></TD></TR></TABLE>
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<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">John&nbsp;A. Menicucci, Jr. </P></TD></TR></TABLE>
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