Document:

Supplemental Indenture dated as of January 2, 2014

 Exhibit 4.1 

This instrument was prepared by, 
 and when recorded should be

 returned to: 
 Richard W. Astle 

Sidley Austin LLP 
 One South Dearborn Street 

Chicago, Illinois 60603 
  

 
  

SUPPLEMENTAL INDENTURE 

Dated as of January 2, 2014 

COMMONWEALTH EDISON COMPANY 

to 
 BNY MELLON
TRUST COMPANY OF ILLINOIS 
 and 

D.G. DONOVAN 

Trustees Under Mortgage Dated July 1, 1923, 

and Certain 
 Indentures
Supplemental Thereto 
 Providing for Issuance of 

FIRST MORTGAGE 2.150% BONDS, SERIES 115 

Due January 15, 2019 

and 
 FIRST MORTGAGE 4.700% BONDS,
SERIES 116 
 Due January 15, 2044 
  

 
  

 THIS SUPPLEMENTAL INDENTURE, dated as of
January 2, 2014, between COMMONWEALTH EDISON COMPANY, a corporation organized and existing under the laws of the State of Illinois (hereinafter called the “Company”) having an
address at 440 South LaSalle Street, Suite 3300, Chicago, Illinois 60605, party of the first part, BNY MELLON TRUST COMPANY OF ILLINOIS (formerly known as BNY Midwest Trust
Company), a trust company organized and existing under the laws of the State of Illinois having an address at 2 North LaSalle Street, Suite 1020, Chicago, Illinois 60602, and D.G. DONOVAN, an individual having an address at 2
North LaSalle Street, Suite 1020, Chicago, Illinois 60602, as Trustee and Co-Trustee, respectively, under the Mortgage of the Company dated July 1, 1923, as amended and supplemented by Supplemental Indenture dated August 1, 1944 and the
subsequent supplemental indentures hereinafter mentioned, parties of the second part (said Trustee being hereinafter called the “Trustee”, the Trustee and said Co-Trustee being hereinafter together called the
“Trustees”, and said Mortgage dated July 1, 1923, as amended and supplemented by said Supplemental Indenture dated August 1, 1944 and subsequent supplemental indentures, being hereinafter called the
“Mortgage”), 
 W I T N E S S E T H: 

WHEREAS, the Company duly executed and delivered the Mortgage to provide for the issue of, and to secure, its bonds, issuable in series and
without limit as to principal amount except as provided in the Mortgage; and 
 WHEREAS, the Company from time to time has executed and
delivered supplemental indentures to the Mortgage to provide for (i) the creation of additional series of bonds secured by the Mortgage, (ii) the amendment of certain of the terms and provisions of the Mortgage and (iii) the
confirmation of the lien of the Mortgage upon property of the Company, such supplemental indentures that are currently effective and the respective dates, parties thereto and purposes thereof, being as follows: 

 

					
	 Supplemental
 Indenture
Date
	  	Parties	  	Providing For
			
	August 1, 1944	  	Company to Continental Illinois National Bank and Trust Company of Chicago and Edmond B. Stofft, as Trustee and Co-Trustee	  	Amendment and restatement of Mortgage dated July 1, 1923
			
	August 1, 1946	  	Company to Continental Illinois National Bank and Trust Company of Chicago and Edmond B. Stofft, as Trustee and Co-Trustee	  	Confirmation of mortgage lien
			
	April 1, 1953	  	Company to Continental Illinois National Bank and Trust Company of Chicago and Edmond B. Stofft, as Trustee and Co-Trustee	  	Confirmation of mortgage lien
			
	March 31, 1967	  	Company to Continental Illinois National Bank and Trust Company of Chicago and Edward J. Friedrich, as Trustee and Co-Trustee	  	Confirmation of mortgage lien
			
	April 1, 1967	  	Company to Continental Illinois National Bank and Trust Company of Chicago and Edward J. Friedrich, as Trustee and Co-Trustee	  	Amendment of Sections 3.01, 3.02, 3.05 and 3.14 of the Mortgage and issuance of First Mortgage 5-3/8% Bonds, Series Y
			
	February 28, 1969	  	Company to Continental Illinois National Bank and Trust Company of Chicago and Donald W. Alfvin, as Trustee and Co-Trustee	  	Confirmation of mortgage lien

  
 1 

					
	 Supplemental
 Indenture
Date
	  	Parties	  	Providing For
			
	May 29, 1970	  	Company to Continental Illinois National Bank and Trust Company of Chicago and Donald W. Alfvin, as Trustee and Co-Trustee	  	Confirmation of mortgage lien
			
	June 1, 1971	  	Company to Continental Illinois National Bank and Trust Company of Chicago and Donald W. Alfvin, as Trustee and Co-Trustee	  	Confirmation of mortgage lien
			
	April 1, 1972	  	Company to Continental Illinois National Bank and Trust Company of Chicago and Donald W. Alfvin, as Trustee and Co-Trustee	  	Confirmation of mortgage lien
			
	May 31, 1972	  	Company to Continental Illinois National Bank and Trust Company of Chicago and Donald W. Alfvin, as Trustee and Co-Trustee	  	Confirmation of mortgage lien
			
	June 15, 1973	  	Company to Continental Illinois National Bank and Trust Company of Chicago and Donald W. Alfvin, as Trustee and Co-Trustee	  	Confirmation of mortgage lien
			
	May 31, 1974	  	Company to Continental Illinois National Bank and Trust Company of Chicago and Donald W. Alfvin, as Trustee and Co-Trustee	  	Confirmation of mortgage lien
			
	June 13, 1975	  	Company to Continental Illinois National Bank and Trust Company of Chicago and Donald W. Alfvin, as Trustee and Co-Trustee	  	Confirmation of mortgage lien
			
	May 28, 1976	  	Company to Continental Illinois National Bank and Trust Company of Chicago and Donald W. Alfvin, as Trustee and Co-Trustee	  	Confirmation of mortgage lien
			
	June 3, 1977	  	Company to Continental Illinois National Bank and Trust Company of Chicago and Donald W. Alfvin, as Trustee and Co-Trustee	  	Confirmation of mortgage lien
			
	May 17, 1978	  	Company to Continental Illinois National Bank and Trust Company of Chicago and Donald W. Alfvin, as Trustee and Co-Trustee	  	Confirmation of mortgage lien
			
	August 31, 1978	  	Company to Continental Illinois National Bank and Trust Company of Chicago and Donald W. Alfvin, as Trustee and Co-Trustee	  	Confirmation of mortgage lien
			
	June 18, 1979	  	Company to Continental Illinois National Bank and Trust Company of Chicago and Donald W. Alfvin, as Trustee and Co-Trustee	  	Confirmation of mortgage lien
			
	June 20, 1980	  	Company to Continental Illinois National Bank and Trust Company of Chicago and Donald W. Alfvin, as Trustee and Co-Trustee	  	Confirmation of mortgage lien
			
	April 16, 1981	  	Company to Continental Illinois National Bank and Trust Company of Chicago and Donald W. Alfvin, as Trustee and Co-Trustee	  	Confirmation of mortgage lien
			
	April 30, 1982	  	Company to Continental Illinois National Bank and Trust Company of Chicago and Donald W. Alfvin, as Trustee and Co-Trustee	  	Confirmation of mortgage lien

  
 2 

					
	 Supplemental
 Indenture
Date
	  	Parties	  	Providing For
			
	April 15, 1983	  	Company to Continental Illinois National Bank and Trust Company of Chicago and Donald W. Alfvin, as Trustee and Co-Trustee	  	Confirmation of mortgage lien
			
	April 13, 1984	  	Company to Continental Illinois National Bank and Trust Company of Chicago and Donald W. Alfvin, as Trustee and Co-Trustee	  	Confirmation of mortgage lien
			
	April 15, 1985	  	Company to Continental Illinois National Bank and Trust Company of Chicago and Donald W. Alfvin, as Trustee and Co-Trustee	  	Confirmation of mortgage lien
			
	April 15, 1986	  	Company to Continental Illinois National Bank and Trust Company of Chicago and M.J. Kruger, as Trustee and Co-Trustee	  	Confirmation of mortgage lien
			
	January 15, 1994	  	Company to Continental Bank, National Association and M.J. Kruger, as Trustee and Co-Trustee	  	Issuance of First Mortgage Bonds, Pollution Control Series 1994A, 1994B and 1994C
			
	January 13, 2003	  	Company to BNY Midwest Trust Company and D.G. Donovan, as Trustee and Co-Trustee	  	Issuance of First Mortgage 3.700% Bonds, Series 99 and First Mortgage 5.875% Bonds, Series 100
			
	March 14, 2003	  	Company to BNY Midwest Trust Company and D.G. Donovan, as Trustee and Co-Trustee	  	Issuance of First Mortgage 4.70% Bonds, Series 101
			
	February 22, 2006	  	Company to BNY Midwest Trust Company and D.G. Donovan, as Trustee and Co-Trustee	  	Issuance of First Mortgage 5.90% Bonds, Series 103
			
	August 1, 2006	  	Company to BNY Midwest Trust Company and D.G. Donovan, as Trustee and Co-Trustee	  	Issuance of First Mortgage 5.95% Bonds, Series 104
			
	September 15, 2006	  	Company to BNY Midwest Trust Company and D.G. Donovan, as Trustee and Co-Trustee	  	Issuance of additional First Mortgage 5.95% Bonds, Series 104
			
	March 1, 2007	  	Company to BNY Midwest Trust Company and D.G. Donovan, as Trustee and Co-Trustee	  	Issuance of additional First Mortgage 5.90% Bonds, Series 103
			
	August 30, 2007	  	Company to BNY Midwest Trust Company and D.G. Donovan, as Trustee and Co-Trustee	  	Issuance of First Mortgage 6.15% Bonds, Series 106
			
	December 20, 2007	  	Company to BNY Midwest Trust Company and D.G. Donovan, as Trustee and Co-Trustee	  	Issuance of First Mortgage 6.45% Bonds, Series 107
			
	March 10, 2008	  	Company to BNY Midwest Trust Company and D.G. Donovan, as Trustee and Co-Trustee	  	Amendment of Section 15.06 of the Mortgage and issuance of First Mortgage 5.80% Bonds, Series 108
			
	July 12, 2010	  	Company to BNY Mellon Trust Company of Illinois and D.G. Donovan, as Trustee and Co-Trustee	  	Amendment of Section 15.06 of the Mortgage and issuance of First Mortgage 4.00% Bonds, Series 109

  
 3 

					
	 Supplemental
 Indenture
Date
	  	Parties	  	Providing For
			
	January 4, 2011	  	Company to BNY Mellon Trust Company of Illinois and D.G. Donovan, as Trustee and Co-Trustee	  	Amendment of Section 15.06 of the Mortgage and issuance of First Mortgage 1.625% Bonds, Series 110
			
	August 22, 2011	  	Company to BNY Mellon Trust Company of Illinois and D.G. Donovan, as Trustee and Co-Trustee	  	Amendment of Section 15.06 of the Mortgage and issuance of First Mortgage 1.95% Bonds, Series 111 and First Mortgage 3.40% Bonds, Series 112
			
	September 17, 2012	  	Company to BNY Mellon Trust Company of Illinois and D.G. Donovan, as Trustee and Co-Trustee	  	Amendment of Section 15.06 of the Mortgage and issuance of First Mortgage 3.80% Bonds, Series 113
			
	August 1, 2013	  	Company to BNY Mellon Trust Company of Illinois and D.G. Donovan, as Trustee and Co-Trustee	  	Amendment of Section 15.06 of the Mortgage and issuance of First Mortgage 4.60% Bonds, Series 114

 WHEREAS, the respective designations, maturity dates and stated principal amounts of the bonds of each series
presently outstanding under, and secured by, the Mortgage and the several supplemental indentures above referred to, are as follows: 
  

							
	Designation	  	Maturity Date	  	Principal Amount	 
	First Mortgage 5.85% Bonds, Pollution Control Series 1994C	  	January 15, 2014	  	$	17,000,000	  
	First Mortgage 5.875% Bonds, Series 100	  	February 1, 2033	  	 	253,600,000	  
	First Mortgage 4.70% Bonds, Series 101	  	April 15, 2015	  	 	260,000,000	  
	First Mortgage 5.90% Bonds, Series 103	  	March 15, 2036	  	 	625,000,000	  
	First Mortgage 5.95% Bonds, Series 104	  	August 15, 2016	  	 	415,000,000	  
	First Mortgage 6.15% Bonds, Series 106	  	September 15, 2017	  	 	425,000,000	  
	First Mortgage 6.45% Bonds, Series 107	  	January 15, 2038	  	 	450,000,000	  
	First Mortgage 5.80% Bonds, Series 108	  	March 15, 2018	  	 	700,000,000	  
	First Mortgage 4.00% Bonds, Series 109	  	August 1, 2020	  	 	500,000,000	  
	First Mortgage 1.625% Bonds, Series 110	  	January 15, 2014	  	 	600,000,000	  
	First Mortgage 1.95% Bonds, Series 111	  	September 1, 2016	  	 	250,000,000	  
	First Mortgage 3.40% Bonds, Series 112	  	September 1, 2021	  	 	350,000,000	  
	First Mortgage 3.80% Bonds, Series 113	  	October 1, 2042	  	 	350,000,000	  
	First Mortgage 4.60% Bonds, Series 114	  	August 15, 2043	  	 	350,000,000	  
		  		  	  
	  
	 
		  	Total	  	$	5,545,600,000	  
		  		  	  
	  
	 

  
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 WHEREAS, the Mortgage provides for the issuance from time to time thereunder, in series, of bonds
of the Company for the purposes and subject to the limitations therein specified; and 
 WHEREAS, the Company desires, by this Supplemental
Indenture, to create two additional series of bonds to be issuable under the Mortgage, such bonds to be designated “First Mortgage 2.150% Bonds, Series 115 (hereinafter called the “bonds of Series 115”) and “First Mortgage
4.700% Bonds, Series 116 (hereinafter called the “bonds of Series 116”), and the terms and provisions to be contained in the bonds of Series 115 and the bonds of Series 116, respectively, or to be otherwise applicable thereto to be
as set forth in this Supplemental Indenture; and 
 WHEREAS, the bonds of Series 115 and the Trustee’s certificate to be endorsed
thereon and the bonds of Series 116 and the Trustee’s certificate to be endorsed thereon each shall be substantially in the form of the General Form of Registered Bond Without Coupons and the form of the General Form of Trustee’s
Certificate set forth in Section 3.05 of the Supplemental Indenture dated August 1, 1944 to the Mortgage with such appropriate insertions, omissions and variations in order to express the designation, date, maturity date, annual interest
rate, record dates for, and dates of, payment of interest, denominations, terms of redemption and redemption prices, and other terms and characteristics authorized or permitted by the Mortgage or not inconsistent therewith; and 

WHEREAS, the Company is legally empowered and has been duly authorized by the necessary corporate action and by an order or orders of the
Illinois Commerce Commission to make, execute and deliver this Supplemental Indenture, and to create, as an additional series of bonds of the Company, the bonds of Series 115 and the bonds of Series 116, and all acts and things whatsoever necessary
to make this Supplemental Indenture, when executed and delivered by the Company and the Trustees, a valid, binding and legal instrument, and to make the bonds of Series 115 and the bonds of Series 116, when authenticated by the Trustee and issued as
in the Mortgage and in this Supplemental Indenture provided, the valid, binding and legal obligations of the Company, entitled in all respects to the security of the Mortgage, as amended and supplemented, have been done and performed; 

NOW, THEREFORE, in consideration of the premises and of the sum of one dollar duly paid by the Trustees to the Company, and for other good and
valuable consideration, the receipt of which is hereby acknowledged, the parties hereto do hereby agree as follows: 
 SECTION 1.
Designation and Issuance of Bonds of Series 115 and the Bonds of Series 116. The bonds of Series 115 shall, as hereinbefore recited, be designated as the Company’s “First Mortgage 2.150% Bonds, Series 115,”
and shall be issued in the original aggregate principal amount of $300,000,000. The bonds of Series 116 shall, as hereinbefore recited, be designated as the Company’s “First Mortgage 4.700% Bonds, Series 116,” and shall be issued in
the original aggregate principal amount of $350,000,000. Subject to the provisions of the Mortgage, additional bonds of Series 115 and bonds of Series 116 may be issued without limitation as to the aggregate principal amount thereof. 

SECTION 2. Form, Date, Maturity Dates, Interest Rates and Interest Payment Dates of Bonds of Series 115 and Bonds of Series
116. (a) The definitive bonds of Series 115 and bonds of Series 116 shall be in engraved, lithographed, printed or typewritten form and shall be registered bonds without coupons; and such bonds and the Trustee’s certificate
to be endorsed thereon shall be substantially in the forms hereinbefore recited, respectively. The bonds of Series 115 and bonds of Series 116 shall be dated as provided in Section 3.01 of the Mortgage, as amended by Supplemental Indenture
dated April 1, 1967. 
 (b) The bonds of Series 115 shall mature on January 15, 2019. The bonds of Series 116 shall mature on
January 15, 2044. 

  
 5 

 (c) The bonds of Series 115 shall bear interest at the rate of 2.150% per annum until the
principal thereof shall be paid. The bonds of Series 116 shall bear interest at the rate of 4.700% per annum until the principal thereof shall be paid. 

(d) Interest on the bonds of Series 115 and the bonds of Series 116 shall be payable semi-annually on the fifteenth day of January and the
fifteenth day of July in each year, commencing July 15, 2014. January 1 and July 1 in each year are hereby established as record dates for the payment of interest payable on the next succeeding interest payment dates, respectively.
The interest on each bond of Series 115 and each bond of Series 116 so payable on any interest payment date shall, subject to the exceptions provided in Section 3.01 of the Mortgage, as amended by said Supplemental Indenture dated April 1,
1967, be paid to the person in whose name such bond is registered at the close of business on January 1 or July 1, as the case may be, next preceding such interest payment date. 

SECTION 3. Execution of Bonds of Series 115 and Bonds of Series 116. The bonds of Series 115 and bonds of Series
116 shall be executed on behalf of the Company by its President or one of its Vice Presidents, manually or by facsimile signature, and shall have its corporate seal affixed thereto or a facsimile of such seal imprinted thereon, attested by its
Secretary or one of its Assistant Secretaries, manually or by facsimile signature, all as may be provided by resolution of the Board of Directors of the Company. In case any officer or officers whose signature or signatures, manual or facsimile,
shall appear upon any bond of Series 115 or any bond of Series 116 shall cease to be such officer or officers before such bond shall have been actually authenticated and delivered, such bond nevertheless may be issued, authenticated and delivered
with the same force and effect as though the person or persons whose signature or signatures, manual or facsimile, appear thereon had not ceased to be such officer or officers of the Company. 

SECTION 4. Medium and Places of Payment of Principal of and Interest on Bonds of Series 115 and Bonds of Series 116;
Transferability and Exchangeability. Both the principal of and interest on the bonds of Series 115 and bonds of Series 116 shall be payable in any coin or currency of the United States of America which at the time of payment is legal
tender for the payment of public and private debts, and both such principal and interest shall be payable at the office or agency of the Company in the City of Chicago, State of Illinois, or, at the option of the registered owner, at the office or
agency of the Company in the Borough of Manhattan, The City of New York, State of New York, and such bonds shall be transferable and exchangeable, in the manner provided in Sections 3.09 and 3.10 of the Mortgage, at said office or agency. No charge
shall be made by the Company to the registered owner of any bond of Series 115 or any bond of Series 116 for the transfer of such bond or for the exchange thereof for bonds of other authorized denominations, except, in the case of transfer, a charge
sufficient to reimburse the Company for any stamp or other tax or governmental charge required to be paid by the Company or the Trustee. 

SECTION 5. Denominations and Numbering of Bonds of Series 115 and Bonds of Series 116. The bonds of Series 115 and
bonds of Series 116 shall be issued in the denomination of $2,000 and in such multiples of $1,000 as shall from time to time hereafter be determined and authorized by the Board of Directors of the Company or by any officer or officers of the Company
authorized to make such determination, the authorization of the denomination of any bond of Series 115 or any bond of Series 116 to be conclusively evidenced by the execution thereof on behalf of the Company. Bonds of Series 115 shall be numbered
R-1 and consecutively upwards; and bonds of Series 116 shall be numbered R-1 and consecutively upwards. 
 SECTION 6. Temporary
Bonds of Series 115 and Bonds of Series 116. Until definitive bonds of Series 115 or definitive bonds of Series 116 are ready for delivery, there may be authenticated and issued in lieu of any thereof and subject to all of the
provisions, limitations and conditions set forth in Section 3.11 of the Mortgage, temporary registered bonds without coupons of Series 115 or temporary registered bonds without coupons of Series 116, as the case may be. 

  
 6 

 SECTION 7. Redemption of Bonds of Series 115 and Bonds of Series 116.
(a) The bonds of Series 115 shall be redeemable, at the option of the Company, as a whole or in part, at any time prior to December 15, 2018 (one month prior to the maturity date of the bonds of Series 115) upon notice sent by the Company
through the mail, postage prepaid, at least thirty (30) days and not more than forty-five (45) days prior to the date fixed for redemption, to the registered holder of each bond to be redeemed in whole or in part, addressed to such holder
at his address appearing upon the registration books, at a redemption price equal to the greater of 
 (1) 100% of the
principal amount of the bonds of Series 115 to be redeemed, plus accrued and unpaid interest up to but excluding the redemption date, or 

(2) as determined by the Quotation Agent (as hereinafter defined), the sum of the present values of the remaining scheduled
payments of principal and interest on the bonds of Series 115 to be redeemed (not including any portion of payments of interest accrued as of the redemption date) discounted to the redemption date on a semi-annual basis (assuming a 360-day year
consisting of twelve 30-day months) at the Adjusted Treasury Rate (as hereinafter defined) plus ten (10) basis points, plus accrued and unpaid interest up to but excluding the redemption date. 

The bonds of Series 115 shall be redeemable, at the option of the Company, as a whole or in part, at any time on or after December 15, 2018 upon notice
sent by the Company through the mail, postage prepaid, at least thirty (30) days and not more than forty-five (45) days prior to the date fixed for redemption, to the registered holder of each bond to be redeemed in whole or in part,
addressed to such holder at his address appearing upon the registration books, at a redemption price equal to 100% of the principal amount of the bonds of Series 115 to be redeemed, plus accrued and unpaid interest on those bonds of Series 115 up to
but excluding the redemption date. 
 Unless the Company defaults in payment of the redemption price, on and after the redemption date,
interest will cease to accrue on the bonds of Series 115 or portions of the bonds of Series 115 called for redemption. 
 (b) The bonds of
Series 116 shall be redeemable, at the option of the Company, as a whole or in part, at any time prior to July 15, 2043 (six months prior to the maturity date of the bonds of Series 116) upon notice sent by the Company through the mail, postage
prepaid, at least thirty (30) days and not more than forty-five (45) days prior to the date fixed for redemption, to the registered holder of each bond to be redeemed in whole or in part, addressed to such holder at his address appearing
upon the registration books, at a redemption price equal to the greater of 
 (1) 100% of the principal amount of the bonds
of Series 116 to be redeemed, plus accrued and unpaid interest up to but excluding the redemption date, or 
 (2) as
determined by the Quotation Agent (as hereinafter defined), the sum of the present values of the remaining scheduled payments of principal and interest on the bonds of Series 116 to be redeemed (not including any portion of payments of interest
accrued as of the redemption date) discounted to the redemption date on a semi-annual basis (assuming a 360-day year consisting of twelve 30-day months) at the Adjusted Treasury Rate (as hereinafter defined) plus fifteen (15) basis points, plus
accrued and unpaid interest up to but excluding the redemption date. 

  
 7 

 The bonds of Series 116 shall be redeemable, at the option of the Company, as a whole or in part, at any time on
or after July 15, 2043 upon notice sent by the Company through the mail, postage prepaid, at least thirty (30) days and not more than forty-five (45) days prior to the date fixed for redemption, to the registered holder of each bond
to be redeemed in whole or in part, addressed to such holder at his address appearing upon the registration books, at a redemption price equal to 100% of the principal amount of the bonds of Series 116 to be redeemed, plus accrued and unpaid
interest on those bonds of Series 116 up to but excluding the redemption date. 
 Unless the Company defaults in payment of the redemption
price, on and after the redemption date, interest will cease to accrue on the bonds of Series 116 or portions of the bonds of Series 116 called for redemption. 

(c) For purposes of the foregoing Sections 7(a) and 7(b), the following terms shall have the respective meanings set forth below: 

“Adjusted Treasury Rate” means, with respect to any redemption date, the rate per year equal to the
semi-annual equivalent yield to maturity of the Comparable Treasury Issue, assuming a price for the Comparable Treasury Issue (expressed as a percentage of its principal amount) equal to the Comparable Treasury Price for the redemption date. 

“Business Day” means any day that is not a day on which banking institutions in New York City are authorized
or required by law or regulation to close. 
 “Comparable Treasury Issue” means the United States Treasury
security selected by the Quotation Agent as having a maturity comparable to the remaining term of the bonds of Series 115 or the bonds of Series 116 to be redeemed that would be used, at the time of selection and in accordance with customary
financial practice, in pricing new issues of corporate debt securities of comparable maturity to the remaining term of the bonds of Series 115 or the bonds of Series 116, as applicable. 

“Comparable Treasury Price” means, with respect to any redemption date: 

(i) the average of the Reference Treasury Dealer Quotations for that redemption date, after excluding the highest and lowest of
the Reference Treasury Dealer Quotations; or 
 (ii) if the Quotation Agent obtains fewer than three Reference Treasury
Dealer Quotations, the average of all Reference Treasury Dealer Quotations so received. 
 “Quotation Agent”
means the Reference Treasury Dealer appointed by the Company. 
 “Reference Treasury Dealer” means
(1) each of BNP Paribas Securities Corp., J.P. Morgan Securities LLC and Scotia Capital (USA) Inc. and their respective successors and affiliates, unless any of them ceases to be a primary U.S. Government securities dealer in the United States
of America (“Primary Treasury Dealer”), in which case the Company shall substitute another Primary Treasury Dealer; and (2) any other Primary Treasury Dealer selected by the Company. 

“Reference Treasury Dealer Quotations” means, with respect to each Reference Treasury Dealer and any
redemption date, the average, as determined by the Quotation Agent, of the bid and asked prices for the Comparable Treasury Issue (expressed in each case as a percentage of its principal amount) quoted in writing to the Quotation Agent by that
Reference Treasury Dealer at 3:30 p.m., New York City time, on the third Business Day preceding that redemption date. 

  
 8 

 (d) In case the Company shall desire to exercise such right to redeem and pay off all or any part
of such bonds of Series 115 or bonds of Series 116 as hereinbefore provided, it shall comply with all the terms and provisions of Article V of the Mortgage applicable thereto, and such redemption shall be made under and subject to the terms and
provisions of Article V and in the manner and with the effect therein provided, but at the time or times and upon mailing of notice, all as hereinbefore set forth in this Section 7. No publication of notice of any redemption of any bonds of
Series 115 or any bonds of Series 116 shall be required under Section 5.03(a) of the Mortgage. 
 SECTION 8. Book-Entry
Only System. It is intended that the bonds of Series 115 and the bonds of Series 116 be registered so as to participate in the securities depository system (the “DTC System”) with The Depository Trust Company
(“DTC”), as set forth herein. The bonds of Series 115 and the bonds of Series 116 shall be initially issued in the form of a fully registered bond or bonds in the name of Cede & Co., or any successor thereto, as nominee for
DTC. The Company and the Trustees are authorized to execute and deliver such letters to or agreements with DTC as shall be necessary to effectuate the DTC System, including the Letter of Representations from the Company and the Trustees to DTC
relating to the bonds of Series 115 and the bonds of Series 116 (the “Representation Letter”). In the event of any conflict between the terms of the Representation Letter and the Mortgage, the terms of the Mortgage shall control.
DTC may exercise the rights of a bondholder only in accordance with the terms hereof applicable to the exercise of such rights. 
 With
respect to bonds of Series 115 and the bonds of Series 116 registered in the name of DTC or its nominee, the Company and the Trustees shall have no responsibility or obligation to any broker-dealer, bank or other financial institution for which DTC
holds such bonds from time to time as securities depository (each such broker-dealer, bank or other financial institution being referred to herein as a “Depository Participant”) or to any person on behalf of whom such a Depository
Participant holds an interest in such bonds (each such person being herein referred to as an “Indirect Participant”). Without limiting the immediately preceding sentence, the Company and the Trustees shall have no responsibility or
obligation with respect to: 
 (i) the accuracy of the records of DTC, its nominee or any Depository Participant with respect
to any ownership interest in the bonds of Series 115 or the bonds of Series 116, 
 (ii) the delivery to any Depository
Participant or any Indirect Participant or any other person, other than a registered owner of a bond of Series 115 or a bond of Series 116, of any notice with respect to the bonds of Series 115 or the bonds of Series 116, including any notice of
redemption, 
 (iii) the payment to any Depository Participant or Indirect Participant or any other person, other than a
registered owner of a bond of Series 115 or a bond of Series 116, of any amount with respect to principal of, redemption premium, if any, on, or interest on, the bonds of Series 115 or the bonds of Series 116, or 

(iv) any consent given by DTC as registered owner. 

So long as certificates for the bonds of Series 115 or the bonds of Series 116 are not issued as hereinafter provided, the Company and the Trustees may treat
DTC or any successor securities depository as, and deem DTC or any successor securities depository to be, the absolute owner of such bonds for all purposes whatsoever, including, without limitation, (1) the payment of principal and interest on
such bonds, (2) giving notice of matters (including redemption) with respect to such bonds and (3) registering transfers with respect to such bonds. While a bond of Series 115 or a bond of Series 116 is in the DTC System, no person other
than DTC or its nominee shall receive a certificate with respect to such bond. 

  
 9 

 In the event that: 

(a) DTC notifies the Company that it is unwilling or unable to continue as depositary or if DTC ceases to be a clearing agency
registered under applicable law and a successor depositary is not appointed by the Company within 90 days, 
 (b) the Company
determines that the beneficial owners of the bonds of Series 115 should be able to obtain certificated bonds and so notifies the Trustees in writing or 

(c) there shall have occurred and be continuing a completed default or any event which after notice or lapse of time or both
would be a completed default with respect to the bonds of Series 115, 
 the bonds of Series 115 shall no longer be restricted to being registered in the
name of DTC or its nominee. In the case of clause (a) of the preceding sentence, the Company may determine that the bonds of Series 115 shall be registered in the name of and deposited with a successor depository operating a securities
depository system, as may be acceptable to the Company and the Trustees, or such depository’s agent or designee, and if the Company does not appoint a successor securities depository system within 90 days, then the bonds may be registered in
whatever name or names registered owners of bonds transferring or exchanging such bonds shall designate, in accordance with the provisions hereof. 

Notwithstanding any other provision of the Mortgage to the contrary, so long as any bond of Series 115 is registered in the name of DTC or its
nominee, all payments with respect to principal of and interest on such bond and all notices with respect to such bond shall be made and given, respectively, in the manner provided in the Representation Letter. 

In the event that: 

(a) DTC notifies the Company that it is unwilling or unable to continue as depositary or if DTC ceases to be a clearing agency
registered under applicable law and a successor depositary is not appointed by the Company within 90 days, 
 (b) the Company
determines that the beneficial owners of the bonds of Series 116 should be able to obtain certificated bonds and so notifies the Trustees in writing or 

(c) there shall have occurred and be continuing a completed default or any event which after notice or lapse of time or both
would be a completed default with respect to the bonds of Series 116, 
 the bonds of Series 116 shall no longer be restricted to being registered in the
name of DTC or its nominee. In the case of clause (a) of the preceding sentence, the Company may determine that the bonds of Series 116 shall be registered in the name of and deposited with a successor depository operating a securities
depository system, as may be acceptable to the Company and the Trustees, or such depository’s agent or designee, and if the Company does not appoint a successor securities depository system within 90 days, then the bonds may be registered in
whatever name or names registered owners of bonds transferring or exchanging such bonds shall designate, in accordance with the provisions hereof. 

  
 10 

 Notwithstanding any other provision of the Mortgage to the contrary, so long as any bond of
Series 116 is registered in the name of DTC or its nominee, all payments with respect to principal of and interest on such bond and all notices with respect to such bond shall be made and given, respectively, in the manner provided in the
Representation Letter. 
 SECTION 9. Legends. So long as the bonds of Series 115 are held by DTC, such bonds of Series
115 shall, and so long as the bonds of Series 116 are held by DTC, such bonds of Series 116 shall, in each case, bear the following legend: 

Unless this bond is presented by an authorized representative of the Depository Trust Company, a New York corporation
(“DTC”), to the Company or its agent for registration of transfer, exchange or payment, and any bond issued is registered in the name of Cede & Co. or in such other name as is requested by an authorized representative of DTC (and
any payment is made to Cede & Co. or to such other entity as is requested by an authorized representative of DTC), any transfer, pledge or other use hereof for value or otherwise by a person is wrongful inasmuch as the registered owner
hereof, Cede & Co., has an interest herein. 
 SECTION 10. Confirmation of Lien. The Company, for the equal
and proportionate benefit and security of the holders of all bonds at any time issued under the Mortgage, hereby confirms the lien of the Mortgage upon, and hereby grants, bargains, sells, transfers, assigns, pledges, mortgages, warrants and conveys
unto the Trustees, all property of the Company and all property hereafter acquired by the Company, other than (in each case) property which, by virtue of any of the provisions of the Mortgage, is excluded from such lien, and hereby confirms the
title of the Trustees (as set forth in the Mortgage) in and to all such property. Without in any way limiting or restricting the generality of the foregoing, there is specifically included within the confirmation of lien and title hereinabove
expressed the property of the Company legally described on Exhibit A attached hereto and made a part hereof. 
 SECTION 11.
Amendment of Provision of Mortgage. (a) Section 15.06 of the Mortgage shall be amended and restated to read in its entirety as follows: 

SECTION 15.06. The Trustee and any successor to the Trustee may resign and be discharged from the trusts created by this
Mortgage by giving notice thereof in writing to the Company, specifying the date when such resignation shall take effect, and by giving notice thereof to the bondholders in the manner and to the extent provided under Section 15.10(c), and by
publishing such notice at least once a week for three successive calendar weeks (the first such publication to be not less than thirty days nor more than sixty days prior to the effective date of such resignation) in one authorized newspaper in the
City of Chicago, State of Illinois, and in one authorized newspaper in the Borough of Manhattan, The City of New York, State of New York. Subject to the provisions of Sections 15.04 and 15.05, such resignation shall take effect on the date specified
in such notice unless previously a successor Trustee shall have been appointed as hereinafter provided, in which event such resignation shall take effect upon the appointment of such successor Trustee. The Co-Trustee and any successor to the
Co-Trustee may resign at any time and be discharged from the trusts hereby created by giving the Trustee and the Company notice in writing of such resignation, specifying a date when such resignation shall take effect, which shall be at least thirty
days after the giving of such notice. Such resignation shall, subject to the provisions of Sections 15.04 and 15.05, take effect on the date specified in such notice unless previously a successor trustee shall have been appointed as hereinafter
provided, in which event such resignation shall take effect immediately upon the appointment of such a successor trustee. 

  
 11 

 Either of the Trustees or any successor trustee may be removed at any time by the
holders of a majority in principal amount of the bonds issued hereunder and at the time outstanding, upon payment to the trustee so removed of all moneys then due to it or him hereunder, by an instrument or concurrent instruments in writing, signed
in duplicate by such holders. One copy shall be filed with the Company and the other with the trustee so removed. 
 The
Co-Trustee and any successor to the Co-Trustee may be removed at any time by an instrument in writing signed in duplicate by the Trustee, one copy of which shall be filed with the Company and the other delivered to the Co-Trustee so removed. 

In case at any time either of the Trustees or any successor trustee shall resign, die, be dissolved or be removed or otherwise
shall become disqualified to act or incapable of acting, or in case control of the Trustee or of any successor trustee, or of its officers shall be taken over by any public officer or officers, a successor trustee may be appointed by the holders of
a majority in principal amount of the bonds issued hereunder and at the time outstanding by an instrument or concurrent instruments in writing signed in duplicate by such holders, and filed, one copy with the retiring trustee and the other with the
successor trustee, notification thereof being given to the Company by such successor trustee; but until a successor trustee shall be so appointed by the bondholders as herein authorized, the Company, by an instrument in writing, executed by order of
the Board of Directors, shall in any such case appoint a successor to the Trustee and the Trustee shall, by an instrument in writing in any such case, appoint a successor to the Co-Trustee. Every such successor to the Trustee so appointed by the
bondholders, by a court of competent jurisdiction or by the Company shall be a bank or trust company in good standing organized and doing business under the laws of the United States or of any State, having an office in the United States of America,
and (a) which shall be a corporation having a combined capital and surplus of not less than $5,000,000, (b) which shall be authorized under the laws of the jurisdiction of incorporation to exercise corporate trust powers, and
(c) which shall be subject to supervision or examination by a Federal or State authority. If such successor Trustee publishes reports of condition at least annually, pursuant to law or to the requirements of such supervising or examining
authority, the combined capital and surplus of such successor Trustee shall be deemed to be its combined capital and surplus as set forth in its most recent report of condition so published. Every such successor trustee appointed by the bondholders
or by the Trustee in succession to the Co-Trustee shall always be an individual, a citizen of the United States of America, unless otherwise required by law. 

Anything hereinabove to the contrary notwithstanding, in case at any time the Co-Trustee, or any successor thereto, shall die,
become incapable of acting, resign or be removed, all the estates, properties, rights, powers, trusts, duties and obligations of the Trustees hereunder shall, to the extent permitted by law, vest in and be exercised by the Trustee, without the
appointment of a successor Co-Trustee. 
 If in a proper case no appointment of a successor to the Trustee or of a successor
to the Co-Trustee shall be made pursuant to the foregoing provisions of this Article XV within six months after a vacancy shall have occurred in the office of trustee, the holder of any bond or the retiring Trustee or Co-Trustee may apply to any
court, State or Federal having jurisdiction to appoint a successor trustee, and such court may thereupon, after such notice, if any, as such court may deem proper and prescribe, appoint a successor to the Trustee or to the Co-Trustee, as the case
may be. 

  
 12 

 (b) The holders of the bonds of Series 115 and the bonds of Series 116 shall be deemed to have
approved the foregoing amendment; however, the foregoing amendment shall not become effective until such time as it shall have received the requisite approvals under the provisions of the Mortgage. 

SECTION 12. Miscellaneous. The terms and conditions of this Supplemental Indenture shall be deemed to be a part of
the terms and conditions of the Mortgage for any and all purposes. The Mortgage, as supplemented by said indentures supplemental thereto dated subsequent to August 1, 1944 and referred to in the recitals of this Supplemental Indenture, and as
further supplemented by this Supplemental Indenture, is in all respects hereby ratified and confirmed. 
 This Supplemental Indenture shall
bind and, subject to the provisions of Article XIV of the Mortgage, inure to the benefit of the respective successors and assigns of the parties hereto. 

Although this Supplemental Indenture is dated as of January 2, 2014, it shall be effective only from and after the actual time of its
execution and delivery by the Company and the Trustees on the date indicated by their respective acknowledgments hereto annexed. 

Notwithstanding anything to the contrary contained in the Mortgage, the maximum amount of indebtedness secured by the Mortgage shall not
exceed 200% of the aggregate stated principal amount of the bonds of each series presently outstanding under, and secured by, the Mortgage, as set forth in the Recitals to this Supplemental Indenture, except to the extent such maximum amount may be
adjusted by a subsequent recorded supplemental indenture (which adjustment, and the corresponding supplemental indenture, shall not require the consent or approval of the holders of any bonds then outstanding under the Mortgage, including the
holders of the bonds of Series 115 and the bonds of Series 116). 
 This Supplemental Indenture may be simultaneously executed in any number
of counterparts, and all such counterparts executed and delivered, each as an original, shall constitute but one and the same instrument. 

  
 13 

 IN WITNESS WHEREOF, Commonwealth Edison Company has caused this Supplemental Indenture to be
executed in its name by its Senior Vice President, Chief Financial Officer and Treasurer, and attested by its Assistant Secretary, and BNY Mellon Trust Company of Illinois, as Trustee under the Mortgage, has caused this Supplemental Indenture to be
executed in its name by one of its Vice Presidents, and attested by one of its Vice Presidents, and D.G. Donovan, as Co-Trustee under the Mortgage, has hereunto affixed his signature, all as of the day and year first above written. 

 

			
	COMMONWEALTH EDISON COMPANY
		
	By:	 	/s/ Joseph R. Trpik, Jr.
		 	Joseph R. Trpik, Jr.
		 	Senior Vice President,
		 	Chief Financial Officer and Treasurer

  

	
	ATTEST:
	
	/s/ Scott N. Peters
	Scott N. Peters
	Assistant Secretary

  

			
	BNY MELLON TRUST COMPANY OF ILLINOIS
		
	By:	 	/s/ R. Tarnas
		 	R. Tarnas
		 	Vice President

  

	
	ATTEST:
	
	/s/ M. Callahan
	M. Callahan
	Vice President

  

	
	/s/ D.G. Donovan
	D.G. Donovan

  
 S-1 

			
	STATE OF ILLINOIS	  	)
		  	)
	COUNTY OF COOK	  	)

 I, MARY E. NOLAN, a Notary Public in and for said County, in the State aforesaid, DO HEREBY CERTIFY that
Joseph R. Trpik, Jr., Senior Vice President, Chief Financial Officer and Treasurer of Commonwealth Edison Company, an Illinois corporation, one of the parties described in and which executed the foregoing instrument, and Scott N. Peters, Assistant
Secretary of said corporation, who are both personally known to me to be the same persons whose names are subscribed to the foregoing instrument as such Senior Vice President, Chief Financial Officer and Treasurer and Assistant Secretary,
respectively, and who are both personally known to me to be Senior Vice President, Chief Financial Officer and Treasurer and Assistant Secretary, respectively, of said corporation, appeared before me this day in person and severally acknowledged
that they signed, executed and delivered said instrument as their free and voluntary act as such Senior Vice President, Chief Financial Officer and Treasurer and Assistant Secretary, respectively, of said corporation, and as the free and voluntary
act of said corporation, for the uses and purposes therein set forth. 
 GIVEN under my hand and notarial seal this 3rd day of January, A.D. 2014. 
  

	
	/s/ Mary E. Nolan
	Mary E. Nolan
	Notary Public

 (NOTARIAL SEAL) 
 My
Commission expires April 23, 2017. 

  
 S-2 

			
	STATE OF ILLINOIS	  	)
		  	)
	COUNTY OF COOK	  	)

 I, JULIE MEADORS, a Notary Public in and for said County, in the State aforesaid, DO HEREBY CERTIFY that R.
TARNAS, Vice President of BNY Mellon Trust Company of Illinois, an Illinois trust company, one of the parties described in and which executed the foregoing instrument, and M. CALLAHAN, Vice President of said trust company, who are both personally
known to me to be the same persons whose names are subscribed to the foregoing instrument as such Vice Presidents, and who are both personally known to me to be Vice Presidents of said trust company, appeared before me this day in person and
severally acknowledged that they signed, executed and delivered said instrument as their free and voluntary act as such Vice Presidents of said trust company, and as the free and voluntary act of said trust company, for the uses and purposes therein
set forth. 
 GIVEN under my hand and notarial seal this 2nd day of January, A.D. 2014.

  

	
	/s/ Julie Meadors
	Julie Meadors
	Notary Public

 (NOTARIAL SEAL) 
 My
Commission expires February 6, 2016. 

  
 S-3 

			
	STATE OF ILLINOIS	  	)
		  	)
	COUNTY OF COOK	  	)

 I, JULIE MEADORS, a Notary Public in and for said County, in the State aforesaid, DO HEREBY CERTIFY that D.G.
DONOVAN, one of the parties described in and which executed the foregoing instrument, who is personally known to me to be the same person whose name is subscribed to the foregoing instrument, appeared before me this day in person and acknowledged
that he signed, executed and delivered said instrument as his free and voluntary act for the uses and purposes therein set forth. 
 GIVEN
under my hand and notarial seal this 2nd day of January, A.D. 2014. 
  

	
	/s/ Julie Meadors
	Julie Meadors
	Notary Public

 (NOTARIAL SEAL) 
 My
Commission expires February 6, 2016. 

  
 S-4 

 EXHIBIT A 

LEGAL DESCRIPTIONS 

[omitted]EX-4.1

 Exhibit 4.1 

Unless this certificate is presented by an authorized representative of The Depository Trust Company, a New York corporation
(“DTC”), to the issuer or its agent for registration of transfer, exchange or payment, and any certificate issued is registered in the name of Cede & Co. or such other name as is requested by an authorized representative of
DTC (and any payment is made to Cede & Co. or to such other entity as is requested by an authorized representative of DTC), ANY TRANSFER, PLEDGE OR OTHER
USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS
WRONGFUL since the registered owner hereof, Cede & Co., has an interest herein. 
 THIS
SECURITY IS A GLOBAL SECURITY AS REFERRED TO IN THE INDENTURE
HEREINAFTER REFERENCED. UNLESS AND UNTIL IT IS EXCHANGED IN WHOLE OR
IN PART FOR THE INDIVIDUAL SECURITIES REPRESENTED HEREBY, THIS GLOBAL SECURITY
MAY NOT BE TRANSFERRED EXCEPT AS A WHOLE BY THE DEPOSITARY TO
A NOMINEE OF THE DEPOSITARY OR BY A NOMINEE OF THE DEPOSITARY
TO THE DEPOSITARY OR ANOTHER NOMINEE OF THE DEPOSITARY OR BY THE
DEPOSITARY OR ANY SUCH NOMINEE TO A SUCCESSOR DEPOSITARY OR A NOMINEE
OF SUCH SUCCESSOR DEPOSITARY. 
 UNION PACIFIC
CORPORATION 
 2.250% NOTE DUE 2019 

 

			
	REGISTERED	 	$300,000,000
		
	NO. R-1	 	CUSIP No. 907818DW5

 UNION PACIFIC CORPORATION, a corporation duly organized and
existing under the laws of the State of Utah (herein called the “Company”, which term includes any successor under the Indenture hereinafter referred to), for value received, hereby promises to pay to 

CEDE & CO. 

or registered assigns, the principal sum of $300,000,000 at the office or agency of the Company in the Borough of Manhattan, The City of New York, on
February 15, 2019 in such coin or currency of the United States of America as at the time of payment shall be legal tender for the payment of public and private debts, and to pay interest on said principal sum at the rate per annum specified
above semiannually on February 15 and August 15 of each year (each, an “Interest Payment Date”), commencing August 15, 2014. Interest shall be paid from the Interest Payment Date, as the case may be, next preceding
the date of this Note to which interest on the Notes has been paid or duly provided for (unless the date hereof is the date to which interest on the Notes has been paid or duly provided for, in which case from the date of this Note), or, if no
interest has been paid on the Notes or duly provided for, from January 10, 2014 until payment of said principal sum has been made or duly provided for. Notwithstanding the foregoing, if the date hereof is after February 1 or August 1
(each, a “Regular Record Date”) and before the next succeeding Interest Payment Date, this Note shall bear interest from such Interest Payment Date, as the case may be; provided, however, that if the
Company shall default in the payment of interest due on such Interest Payment Date, then this Note shall bear interest from the next 

 
preceding Interest Payment Date to which interest on the Notes has been paid or duly provided for, or if no interest has been paid on the Notes or duly provided for, from January 10, 2014.
The interest so payable, and punctually paid or duly provided for, on any Interest Payment Date will, except as provided in the Indenture, dated as of April 1, 1999 (herein called the “Indenture”), between the Company and The
Bank of New York Mellon Trust Company, N.A., as successor to The Bank of New York Mellon (formerly known as The Bank of New York), as successor to JPMorgan Chase Bank, N.A. (formerly The Chase Manhattan Bank), as Trustee (herein called the
“Trustee”), be paid to the Person in whose name this Note (or one or more Predecessor Securities) is registered at the close of business on the next preceding Regular Record Date, whether or not a Business Day, and may, at the
option of the Company, be paid by check mailed to the registered address of such Person. Any such interest which is payable, but is not so punctually paid or duly provided for, shall forthwith cease to be payable to the registered Holder on such
Regular Record Date and may be paid either to the Person in whose name this Note (or one or more Predecessor Securities) is registered at the close of business on a Special Record Date for the payment of such Defaulted Interest to be fixed by the
Trustee, notice whereof shall be given to Holders of Notes not less than 10 days prior to such Special Record Date, or may be paid at any time in any other lawful manner not inconsistent with the requirements of any securities exchange on which
the Notes may be listed and upon such notice as may be required by such exchange, if such manner of payment shall be deemed practical by the Trustee, all as more fully provided in the Indenture. Notwithstanding the foregoing, in the case of interest
payable at Maturity, such interest shall be paid to the same Person to whom the principal hereof is payable. In the event that any date on which the principal of or interest on this Note is payable is not a Business Day, then payment of the
principal or interest payable on such date will be made on the next succeeding day that is a Business Day (and without any interest or other payment in respect of any such delay), with the same force and effect as if made on the date the payment was
originally payable. 
 The Bank of New York Mellon Trust Company, N.A. is the Paying Agent and the Security Registrar with respect to the
Notes. The Company reserves the right at any time to vary or terminate the appointment of any Paying Agent or Security Registrar, to appoint additional or other Paying Agents and other Security Registrars, which may include the Company, and to
approve any change in the office through which any Paying Agent or Security Registrar acts; provided that there will at all times be a Paying Agent in The City of New York and there will be no more than one Security Registrar for the Notes.

 This Note is one of the duly authorized issue of notes, debentures, bonds or other evidences of indebtedness (hereinafter called the
“Securities”) of the Company, of the series hereinafter specified, all issued or to be issued under and pursuant to the Indenture, to which Indenture and any other indentures supplemental thereto reference is hereby made for a
statement of the respective rights, limitations of rights, obligations, duties and immunities thereunder of the Trustee and any agent of the Trustee, any Paying Agent, the Security Registrar, the Company and the Holders of the Securities and the
terms upon which the Securities are issued and are to be authenticated and delivered. 

  
 - 2 - 

 The Securities may be issued in one or more series, which different series may be issued in
various aggregate principal amounts, may mature at different times, may bear interest (if any) at different rates, may be subject to different redemption provisions (if any), may be subject to different sinking, purchase or analogous funds (if any),
may be subject to different covenants and Events of Default and may otherwise vary as provided or permitted in the Indenture. This Note is one of the series of Securities of the Company issued pursuant to the Indenture and designated as the 2.250%
Notes due 2019 (herein called the “Notes”). 
 At any time before February 15, 2019, the Notes will be redeemable in
whole or in part at any time and from time to time, at the option of the Company, at a Redemption Price equal to the greater of (i) 100% of the principal amount of the Notes to be redeemed and (ii) the sum of the present values of the
remaining scheduled payments of principal and interest thereon (exclusive of interest accrued to the Redemption Date) discounted to the Redemption Date on a semiannual basis (assuming a 360-day year consisting
of twelve 30-day months) at the Treasury Rate (as defined below) plus 10 basis points, plus, in either case, accrued and unpaid interest on the principal amount being redeemed to the Redemption Date. 

“Treasury Rate” means, with respect to any Redemption Date, (i) the yield, under the heading which represents the
average for the immediately preceding week, appearing in the most recently published statistical release designated “H.15(519)” or any successor publication which is published weekly by the Board of Governors of the Federal Reserve System
and which establishes yields on actively traded United States Treasury securities adjusted to constant maturity under the caption “Treasury Constant Maturities,” for the maturity corresponding to the Comparable Treasury Issue (if no
maturity is within three months before or after the Remaining Life, yields for the two published maturities most closely corresponding to the Comparable Treasury Issue shall be determined and the Treasury Rate shall be interpolated or extrapolated
from such yields on a straight line basis, rounding to the nearest month) or (ii) if such release (or any successor release) is not published during the week preceding the calculation date or does not contain such yields, the rate per annum
equal to the semiannual equivalent yield to maturity of the Comparable Treasury Issue, calculated using a price for the Comparable Treasury Issue (expressed as a percentage of its principal amount) equal to the Comparable Treasury Price for such
Redemption Date. The Treasury Rate shall be calculated on the third Business Day preceding the Redemption Date. 
 “Business
Day” means any calendar day that is not a Saturday, Sunday or legal holiday in New York, New York and on which banking institutions and trust companies are open for business in New York, New York. 

“Comparable Treasury Issue” means the United States Treasury security selected by an Independent Investment Banker as having
a maturity comparable to the remaining term (“Remaining Life”) of the Notes to be redeemed that would be utilized, at the time of selection and in accordance with customary financial practice, in pricing new issues of corporate debt
securities of comparable maturity to the remaining term of such Notes. 
 “Comparable Treasury Price” means, with respect
to any Redemption Date, the average of the Reference Treasury Dealer Quotations for such Redemption Date. 

  
 - 3 - 

 “Independent Investment Banker” means each of Barclays Capital Inc., Citigroup
Global Markets Inc. and Credit Suisse Securities (USA) LLC or their respective successors as appointed by the Company, or, if such firms are unwilling or unable to select the Comparable Treasury Issue, an independent investment banking institution
of national standing appointed by the Company. 
 “Reference Treasury Dealer” means (i) each of Barclays Capital Inc.,
Citigroup Global Markets Inc. and Credit Suisse Securities (USA) LLC, and their respective successors, provided, however, that if any of the foregoing is not at the time a primary U.S. Government securities dealer in New York City (a
“Primary Treasury Dealer”), the Company shall substitute therefor another Primary Treasury Dealer and (ii) any other Primary Treasury Dealer selected by the Independent Investment Banker after consultation with the Company.

 “Reference Treasury Dealer Quotations” means, with respect to each Reference Treasury Dealer and any Redemption Date,
the average, as determined by the Independent Investment Banker, of the bid and asked prices for the Comparable Treasury Issue (expressed in each case as a percentage of its principal amount) quoted in writing to the Independent Investment Banker by
such Reference Treasury Dealer at 5:00 p.m., New York City time, on the third Business Day preceding such Redemption Date. 
 Notice of the
redemption will be mailed to Holders of Notes by first-class mail at least 30 and not more than 60 days prior to the Redemption Date. If fewer than all of the Notes are to be redeemed, the Trustee will select,
not more than 60 days prior to the Redemption Date, the particular Notes or portions thereof for redemption from the Outstanding Notes not previously called for redemption by such method as the Trustee deems fair and appropriate. Notwithstanding
Section 1104 of the Indenture, the notice of any such redemption occurring before February 15, 2019 need not set forth the Redemption Price but only the manner of calculation thereof. The Company shall give the Trustee notice of the
Redemption Price for any such redemption promptly after the calculation thereof and the Trustee shall have no responsibility for such calculation. 

If a Change of Control Repurchase Event occurs with respect to the Notes, unless the Company has exercised its right to redeem the Notes as
described above, and notice of such redemption has been given to the Holders of the Notes in accordance with the Indenture, the Company will be required to make an offer to each Holder of the Notes to repurchase all or any part (in integral
multiples of $1,000) of that Holder’s Notes at a repurchase price in cash equal to 101% of the aggregate principal amount of such Notes repurchased plus any accrued and unpaid interest on the Notes repurchased to, but not including, the date of
repurchase. Within 30 days following a Change of Control Repurchase Event or, at the Company’s option, prior to a Change of Control, but after the public announcement of the Change of Control, the Company will mail a notice to each Holder of
the Notes, with a copy to the Trustee, describing the transaction or transactions that constitute or may constitute the Change of Control Repurchase Event and offering to repurchase the Notes on the payment date specified in the notice, which date
will be no earlier than 30 days and no later than 60 days from the date such notice is mailed. The notice shall, if mailed prior to the date of consummation of the Change of Control, state that the offer to purchase is conditioned on a Change of
Control Repurchase Event occurring on or prior to the 

  
 - 4 - 

 
payment date specified in the notice. The Company will comply with the requirements of Rule 14e-1 under the Securities Exchange Act of 1934, as amended (the “Exchange Act”),
and any other securities laws and regulations thereunder to the extent those laws and regulations are applicable in connection with the repurchase of the Notes as a result of a Change of Control Repurchase Event. To the extent that the provisions of
any securities laws or regulations conflict with the Change of Control Repurchase Event provisions of the Notes, the Company will comply with the applicable securities laws and regulations and will not be deemed to have breached its obligations
under the Change of Control Repurchase Event provisions of the Notes by virtue of such conflict. 
 On the repurchase date following a
Change of Control Repurchase Event, the Company will, to the extent lawful: 
 (1) accept for payment all Notes or portions
of Notes properly tendered pursuant to the Company’s offer; 
 (2) deposit with the Paying Agent an amount equal to the
aggregate purchase price in respect of all Notes or portions of Notes properly tendered; and 
 (3) deliver or cause to be
delivered to the Paying Agent the Notes properly accepted, together with an Officers’ Certificate stating the aggregate principal amount of Notes being purchased by the Company and that all conditions precedent provided for in the Indenture to
the repurchase offer and to the repurchase by the Company of the Notes pursuant to the repurchase offer have been complied with. 
 The
Paying Agent will promptly mail to each Holder of Notes properly tendered the purchase price for the Notes, and the Trustee will promptly authenticate and mail (or cause to be transferred by book-entry) to each Holder a new Note equal in principal
amount to any unpurchased portion of any Notes surrendered; provided that each new Note will be in a principal amount of an integral multiple of $1,000. 

The Company will not be required to make an offer to repurchase the Notes upon a Change of Control Repurchase Event if a third party makes
such an offer in the manner, at the times and otherwise in compliance with the requirements for an offer made by the Company and such third party purchases all Notes properly tendered and not withdrawn under its offer. 

“Below Investment Grade Ratings Event” means, with respect to the Notes on any day within the 60-day period (which period
shall be extended so long as the rating of the Notes is under publicly announced consideration for a possible downgrade by any of the Rating Agencies) after the earlier of (1) the occurrence of a Change of Control; or (2) public notice of
the occurrence of a Change of Control or the intention by the Company to effect a Change of Control, the Notes are rated below Investment Grade by each of the Rating Agencies. Notwithstanding the foregoing, a Below Investment Grade Ratings Event
otherwise arising by virtue of a particular reduction in rating shall not be deemed to have occurred in respect of a particular Change of Control (and thus shall not be deemed a Below Investment Grade Ratings Event for purposes of the definition of
Change of Control Repurchase Event hereunder) if the 

  
 - 5 - 

 
Rating Agencies making the reduction in rating to which this definition would otherwise apply do not announce or publicly confirm or inform the Trustee in writing at the Company’s request
that the reduction was the result, in whole or in part, of any event or circumstance comprised of or arising as a result of, or in respect of, the applicable Change of Control (whether or not the applicable Change of Control shall have occurred at
the time of the Below Investment Grade Ratings Event). 
 “Change of Control” means the consummation of any transaction
(including, without limitation, any merger or consolidation) the result of which is that any “person” or “group” (as those terms are used in Section 13(d)(3) of the Exchange Act), other than the Company or its
subsidiaries, becomes the beneficial owner (as defined in Rules 13d-3 and 13d-5 under the Exchange Act), directly or indirectly, of more than 50% of the combined voting power of the Company’s Voting Stock or other Voting Stock into which the
Company’s Voting Stock is reclassified, consolidated, exchanged or changed measured by voting power rather than number of shares. 

“Change of Control Repurchase Event” means the occurrence of both a Change of Control and a Below Investment Grade Ratings
Event with respect to the Notes. 
 “Investment Grade” means a rating of Baa3 or better by Moody’s (or its equivalent
under any successor rating categories of Moody’s); a rating of BBB- or better by S&P (or its equivalent under any successor rating categories of S&P); and the equivalent investment grade credit rating from any additional Rating Agency
or Rating Agencies selected by the Company. 
 “Moody’s” means Moody’s Investors Service, Inc. 

“Rating Agency” means (1) each of Moody’s and S&P; and (2) if either of Moody’s or S&P ceases to
rate the Notes or fails to make a rating of the Notes publicly available for reasons outside of the Company’s control, a “nationally recognized statistical rating organization” within the meaning of Rule 15c3-1(c)(2)(vi)(F) under
the Exchange Act, selected by the Company (as certified by a Board Resolution) as a replacement agency for Moody’s or S&P, or both of them, as the case may be. 

“S&P” means Standard & Poor’s Ratings Services, a division of McGraw-Hill, Inc. 

“Voting Stock” of any specified “person” (as that term is used in Section 13(d)(3) of the Exchange Act) as of
any date means the capital stock of such person that is at the time entitled to vote generally in the election of the board of directors of such person. 

If an Event of Default with respect to the Notes shall occur and be continuing, the principal of all of the Notes may be declared due and
payable in the manner, with the effect and subject to the conditions provided in the Indenture. 
 The Indenture permits, with certain
exceptions as therein provided, the Company and the Trustee to enter into supplemental indentures to the Indenture for the purpose of adding any provisions to or changing in any manner or eliminating any of the provisions of the Indenture or

  
 - 6 - 

 
of modifying in any manner the rights of the Holders of the Securities of each series under the Indenture with the consent of the Holders of not less than a majority in principal amount of the
Securities at the time Outstanding of each series to be affected thereby on behalf of the Holders of all Securities of such series. The Indenture also permits the Holders of a majority in principal amount of the Securities at the time Outstanding of
each series, on behalf of the Holders of all Securities of such series, to waive compliance by the Company with certain provisions of the Indenture and certain past defaults and their consequences with respect to such series under the Indenture. Any
such consent or waiver by the Holder of this Note shall be conclusive and binding upon such Holder and upon all future Holders of this Note and of any Note issued upon the registration of transfer hereof or in exchange hereof or in lieu hereof,
whether or not notation of such consent or waiver is made upon this Note or such other Notes. 
 No reference herein to the Indenture and no
provision of this Note or of the Indenture shall alter or impair the obligation of the Company, which is absolute and unconditional, to pay the principal of and interest on this Note at the place, rate and respective times and in the coin or
currency herein and in the Indenture prescribed. 
 As provided in the Indenture and subject to the satisfaction of certain conditions
therein set forth, including the deposit of certain trust funds in trust, the Company shall be deemed to have paid and discharged the entire indebtedness represented by, and the obligations under, the Securities of any series and to have satisfied
all the obligations (with certain exceptions) under the Indenture relating to the Securities of such series. 
 The Notes are issuable in
registered form without coupons in denominations of $1,000 and any integral multiple of $1,000. Notes may be exchanged for a like aggregate principal amount of Notes of other authorized denominations at the office or agency of the Company in the
Borough of Manhattan, The City of New York, designated for such purpose, and in the manner and subject to the limitations provided in the Indenture. 

Upon due presentment for registration of transfer of this Note at the office or agency of the Company in the Borough of Manhattan, The City of
New York designated for such purpose, a new Note or Notes of authorized denominations for a like aggregate principal amount will be issued to the transferee in exchange therefor, subject to the limitations provided in the Indenture. 

No charge shall be made for any such transfer or exchange, but the Company may require payment of a sum sufficient to cover any tax or other
governmental charge imposed in connection therewith. 
 Except as otherwise provided in the Indenture, the Company, the Trustee and any
agent of the Company or the Trustee may treat the Person in whose name this Note is registered as the owner hereof for all purposes, whether or not this Note is overdue, and neither the Company, the Trustee nor any such agent shall be affected by
notice to the contrary. 
 Unless otherwise defined herein, all terms used in this Note which are defined in the Indenture shall have the
meanings assigned to them in the Indenture. 

  
 - 7 - 

 This Note shall be construed in accordance with and governed by the laws of the State of New
York. 
 Unless the certificate of authentication hereon has been manually executed by or on behalf of the Trustee under the Indenture, this
Note shall not be entitled to any benefits under the Indenture, or be valid or obligatory for any purpose. 

  
 - 8 - 

 IN WITNESS WHEREOF, UNION
PACIFIC CORPORATION has caused this Note to be duly executed. 
  

							
	Dated: January 10, 2014	 		 		 	UNION PACIFIC CORPORATION
				
		 		 		 	 
		 		 		 	Mary S. Jones
		 		 		 	Vice President and Treasurer

  

			
	[SEAL]	 	
		
	Attest:	 	 
		 	Timothy S. Dunning
		 	Assistant Secretary

 TRUSTEE’S CERTIFICATE OF
AUTHENTICATION 
 This is one of the Securities of the series designated therein referred to in the within mentioned
Indenture. 
  

							
		 		 	THE BANK OF NEW YORK MELLON TRUST COMPANY, N.A., as Trustee
				
		 		 	By	 	 
	Dated: January 10, 2014	 		 		 	Authorized Signatory

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