Document:

Amended Stock Unit Grant & Deferred Compensation Plan for the Board of Directors

 Exhibit 10(b) 
 UNION PACIFIC CORPORATION 
 STOCK UNIT GRANT AND DEFERRED COMPENSATION PLAN 
 FOR THE 
 BOARD OF DIRECTORS 
 (Effective December 1, 1978 - as Amended April 30, 1987, 
 January 1, 1995, January 25, 1996, February 26, 1998, 
 January 28,
1999, May 27, 1999, May 31, 2001, January 1, 2003 
 and September 26, 2007) 

 Union Pacific Corporation 
 Stock Unit Grant and Deferred Compensation Plan 
 for the Board of Directors 
 As Amended Effective as of January 1, 2008 
  

	1.	Purpose 

 The purpose of this Plan is to permit
grants of Stock Units to Directors to align their interests with those of stockholders, and to provide a means for deferring payment of all or a portion of any cash compensation, excluding expenses, payable to Directors for their service on the
Board of Directors (the “Board”) of Union Pacific Corporation (the “Company”) in accordance with Article II, Section 4 of the By-Laws of Union Pacific Corporation. Such compensation eligible to be deferred, not
including any grants under paragraph 3, is referred to herein as “Compensation”. 
  

	2.	Eligibility 

 Any individual (a
“Director”) serving as a member of the Board as of the effective date of this Plan or who subsequently becomes a member is eligible under this Plan, other than members who are employees of the Company or any of its subsidiaries.

  

	3.	Stock Unit Grants 

  

	 	(a)	Commencing with the first quarter of 2008, each full quarterly installment of a Director’s Compensation shall be accompanied by the grant of an amount of whole Stock Units
equal to $25,000 (as such amount may be changed from time to time by the Board) divided by the Fair Market Value of one share of the Company’s Common Stock on the first business day of the month following the quarter in which such Compensation
was earned, plus cash in lieu of any fractional Stock Unit resulting from such calculation. A pro-rata grant of Stock Units will accompany any partial quarterly Compensation installment. “Fair Market Value” on a date means the average of
the high and low trading prices per share on that date, as reported in The Wall Street Journal listing of consolidated trading for New York Stock Exchange issues. Stock Units and cash so granted shall be credited to such Director’s Stock
Unit Account referred to in paragraph 6. 

  

	 	(b)	 Each person serving as a member of the Board on January 25, 1996 who has elected (the “Election”) to forfeit $6,000 of the annual retirement pension
under the Directors’ Pension Plan pursuant to Section 12 thereof shall receive a grant of an amount of Stock Units equal to the dollar 

	 	 
amount set forth in the election form pursuant to which such person made the Election, divided by the Fair Market Value of one share of the Company’s
Common Stock on the date that the grant is credited to such Directors’ Stock Unit Account, plus cash in lieu of any fractional Stock Unit resulting from such calculation. For all persons making the Election who are eligible on January 25, 1996
for benefits under the Directors’ Pension Plan, such grant will be credited to such person’s Stock Unit Account on February 15, 1996. For all other persons making the Election, such grant will be credited on the date they become eligible
for such benefits (or if such date is not a business day, on the next business day). 

  

	4.	Deferral Election 

 An election to defer
Compensation is to be made on or before December 31 of any year for Compensation for services as a member of the Board for the following and later calendar years. In addition to deferrals of 1995 Compensation elected in the previous year, at any
time prior to March 31, 1995, a Director may elect to defer additional Compensation to be paid for services in the last three quarters of 1995. 
 An election to defer is a continuing election until changed by the Director on or before December 31 of any year for the then following and later calendar years. However, once an election is made (and effective), subsequent elections will
have no effect on the amounts, timing and manner of payment covered by the previous election, except as provided under “Manner of Payment”. 
 Any newly elected Director who was not a Director on the preceding December 31 may elect, before his term begins, to defer Compensation for services as a member of the Board for the balance of the calendar year
following such election. 
 Forms shall be made available to Directors each year for the purpose of making or changing their election.

  

	5.	Amount 

 All or any portion, in multiples of 1%, of
a Director’s Compensation may be deferred. 
  

	6.	Deferred Accounts 

 Each Director shall have a Stock
Unit Account and may have one or more Other Accounts (together, the “Accounts”). Amounts deferred pursuant to paragraph 4 may be credited to any Account, at the election of the Director made at the time of the deferral election, in
multiples of 1% of such Director’s Compensation. A Director may change the Account to which any quarterly installment of such 

  

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Director’s Compensation so deferred is to be credited at any time on or before the fifth business day prior to the date such quarterly installment is to
be credited. Amounts deferred and credited to the Stock Unit Account shall be converted into whole Stock Units on the basis of the Fair Market Value of the Company’s Common Stock on the first business day of the month following the quarter in
which the Compensation was earned, and cash shall be credited to the Stock Unit Account in lieu of any fractional Stock Unit. In addition, (i) on or prior to March 31, 1995, each Director shall have a one-time election to transfer all or any part of
the balance of his or her Other Account to the Stock Unit Account based on the Fair Market Value of the Company’s Common Stock on April 3, 1995, (ii) at any time, a Director may transfer all or any part of the balance of any of his or her Other
Accounts to another of his or her Other Accounts subject to any regulations regarding such transfer adopted by the Board and (iii) at any time on or after the 30th day after the date of a Director’s termination from the Board, such Director may
transfer all or any part of the balance of any of his or her Accounts to another of his or her Accounts, pursuant to any regulations regarding such transfers adopted by the Board. 
 On the payment date for each cash dividend or other cash distribution with respect to the Company’s Common Stock, each Director’s Stock Unit
Account shall be credited with an amount equal to the amount of the per share dividend or distribution, multiplied by the number of Stock Units in such Account, and, if such Director is then serving as a member of the Board, shall be converted into
whole Stock Units on the basis of the Fair Market Value of the Company’s Common Stock on the payment date for such dividend or distribution, and cash shall be credited to the Stock Unit Account in lieu of any fractional Stock Units. If a
Director is no longer serving as a member of the Board on the payment date for such dividend or distribution, the amount representing such dividend or distribution shall be paid out of the Stock Unit Account to such Director as soon as practicable
after the payment date for such dividend or distribution. 
 Except as provided in the preceding sentence, any cash credited to a
Director’s Stock Unit Account shall be added to other cash credited to such Account and converted into a whole Stock Unit on the date sufficient cash exists to purchase a whole Stock Unit, based on the Fair Market Value of the Company’s
Common Stock on such date. In the event of a subdivision or combination of shares of Company Stock, the number of Stock Units credited to the Stock Unit Accounts on the effective date of such subdivision or combination shall be proportionately
subdivided or combined as the case may be. No adjustment shall be made in Stock Units in connection with the issuance by the Company of any rights or options to acquire additional shares of Company Common Stock or securities convertible into Company
Common Stock. In the event of any stock dividend or reclassification of Company Common Stock, any merger or consolidation to which the Company is a party, or any spinoff of shares or distribution of property other than cash with respect to the
Company Common Stock, the Committee shall cause appropriate adjustments, if any, to be made in the Stock Units to reflect 

  

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such stock dividend, reclassification, merger or consolidation, spinoff or distribution of property. 
 Other Accounts shall have such name, and be charged or credited pursuant to such method, as the Board shall determine upon establishment of such Other
Account, and the Board may change such name or method for any such Other Account, but no such change shall reduce any amount previously accrued in a Director’s Other Account. 
  

	7.	Distribution 

 All distributions from Accounts shall
be made in cash. For purposes of distributions from the Stock Unit Account, each Stock Unit shall be converted into an amount of cash equal to the Fair Market Value of one share of the Company’s Common Stock on the first business day of the
month in which such distribution is made. The Director must elect the timing and manner of payment: (a) in the case of deferred Compensation, at the same time and on the same form he elects a deferral of Compensation, (b) in the case of a Stock Unit
grant under 3.a., on or prior to the time an election to defer the accompanying Compensation would have been required to be made, (c) in the case of a Stock Unit grant under 3.b., at the same time as the Election referred to therein, and (d) in the
case of a Stock Unit grant under 3.c., prior to the time the Director receives such grant. 
  

	 	•	 	 Timing of Payment: Directors may elect to begin distributions from the Accounts (a) following termination from the Board, (b) in a year specified by the
Director which, in the case of distributions from the Stock Unit Account, must be after termination from the Board, or (c) in the case of distributions from any Other Account, following retirement from the Director’s principal occupation.

  

	 	•	 	 Manner of Payment: The Director may elect to receive payment from the Accounts in a lump sum or in a number of equal annual installments, not to exceed
fifteen. A Director may change the foregoing election, provided that any such change must be made: (i) in the case of payments commencing on termination from the Board, one year prior to termination, (ii) in the case of payments commencing in a
specified year, one year prior to the earlier to occur of termination from the Board and the commencement of such specified year, and (iii) in the case of payments commencing upon retirement from a principal occupation, one year prior to the earlier
to occur of termination from the Board and the such retirement. 

 The lump sum or first installment is to be paid in
January of the year following the year of termination or retirement or in January of the year selected by the Director, as applicable, and any remaining installments in January of each succeeding year until the total balance is paid. Distributions
from the Stock Unit Account in installments shall be based on equal numbers of Stock Units in each installment. 
  

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 In the event of the death of a Director then serving as a member of the Board or a terminated or retired
Director entitled to a distribution under this Plan, the balance of the Accounts shall be payable to the estate or designated beneficiary in full during the January of the year following the year of such Director’s, terminated Director’s
or retired Director’s death. 
 The Director may designate his beneficiary at the same time he elects deferral of Compensation. However,
the latest designated beneficiary will be the beneficiary or beneficiaries for the total of all distributions from the Accounts. The designated beneficiary may be changed at any time on a form provided by the Corporate Secretary, provided that no
designation will be effective unless it is filed with the Corporate Secretary prior to the Director’s death. 
  

	8.	Early Withdrawal with Penalty 

 A Director may
request a withdrawal from an Other Account (not to include the Director’s Stock Unit Account) prior to the date specified in the Director’s deferral election by filing a request in writing with the Corporate Secretary. Payment will be made
to the Director within thirty (30) days of such request. Any withdrawal under this Section will be charged with a 10% early withdrawal penalty that will be withheld from the amount withdrawn and such amount withheld shall be irrevocably forfeited.

  

	9.	Unfunded Plan 

 The liability of the Union Pacific
Corporation to any Director, terminated Director, retired Director or his estate or designated beneficiary under the Plan shall be that of a debtor only pursuant to such contractual obligations as are created by the Plan, and no such obligation of
Union Pacific Corporation shall be deemed to be secured by any assets, pledges, or other encumbrances on any property of Union Pacific Corporation. 
  

	10.	Inalienability of Deferred Compensation 

 Except to
the extent of the rights of a designated beneficiary, no distribution pursuant to, or interest in, the Plan may be transferred, assigned, pledged or otherwise alienated and no such distribution or interest shall be subject to legal process or
attachment for the payment of any claims against any individual entitled to receive the same. 
  

	11.	Controlling State Law 

 All questions pertaining to
the construction, regulation, validity and effect of the Plan shall be determined in accordance with the laws of the State of Utah. 
  

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	12.	Amendment 

 The Board of Directors of the Union
Pacific Corporation at its sole discretion may amend, suspend or terminate the Plan at any time. However, any such amendment, suspension or termination of the Plan may not adversely affect any Director’s or his beneficiary’s rights with
respect to Compensation previously deferred. 
  

	13.	Administration 

 Administration of the Plan will be
coordinated by the Corporate Finance Department. Administration will include, but not be limited to, crediting of deferred compensation, dividends and accrued interest to individual Director accounts and ultimate disbursement of deferred amounts.

  

	14.	Effective Date 

 This Plan shall become effective
December 1, 1978, applicable only to compensation for services after December 31, 1978, provided that the provisions hereof related to Stock Units shall be effective January 1, 1995. 
  

 6Employment offer letter between the company and Daryl S. Hunt dated 10/22/2007

 

 
 Exhibit 10.12             
 October 22, 2007 
 Mr. Daryl Hunt 
 12005 Old Lexington Pike 
 Walton, KY 41094 
 Dear Daryl, 
 In follow-up to our conversations, we are pleased to offer you
the position of Executive Vice President, Financial Services & Support, effective November 13, 2007, reporting to Peter deSilva, President and Chief Operating Officer, UMBFC. You will serve as a member of the Management Committee. We
are delighted that you will be joining us. 
 This letter is to confirm the following details of our offer: 
  

	 	•	 	 A base salary of $240,000 annually. 

  

	 	•	 	 Eligibility for participation in the 2008 Short Term Incentive Program (STIP) subject to all terms of the 2008 program as established by the Board Compensation
Committee with a target of 30% of base salary, contingent upon achieving Balanced Scorecard objectives for UMBFC. 

  

	 	•	 	 A one time grant of 700 shares of UMB Financial Corporation Long Term Incentive Compensation Plan (LTIP) Service-Based Restricted Stock on date of hire, with 50%
vesting on your third anniversary, 25% vesting on your fourth anniversary, and the remaining 25% vesting on your fifth anniversary. 

  

	 	•	 	 Eligibility for participation in the Long Term Incentive Program (LTIP) as established by the Board Compensation Committee, beginning with the 2008 plan year, with
a grant target of 50% of base salary. 

  

	 	•	 	 Paid-Time-Off (PTO): Upon hire, you will begin accruing PTO at the rate of 20 days annually. Your accrual for 2007 will be prorated, based upon your hire date. We
recognize you already have holiday and vacation plans in place and understand you may need additional PTO days until the end of the year. 

  

	 	•	 	 Eligibility for company sponsored benefit plans on the following effective dates: 

 Date of hire; 
 Group Life Insurance 
 Employee Assistance Plan (EAP) 
 First of the month following one month of employment; 
 Medical, Dental, Vision, Tax Savings Plan and 401(k) Plan 
 First of the month following three months of employment; 
 Supplemental Life and AD&D Insurance 
 First of the month following six months of employment; 
 Short Term and Long Term
Disability Plans 
 First January or July following 12 months of employment; 
 Profit Sharing 
 Employee Stock Ownership Plan (ESOP) 
  

 Daryl Hunt offer letter; Page 1 of 4     

 

 
 Exhibit 10.12             
  

	 	•	 	 Eligibility for many bank products and services free or on a reduced fee basis 

  

	 	•	 	 In addition to these company sponsored benefits, a variety of additional insurance products are available after three months of employment, though UMB Scout
Insurance, Inc. 

 If any “Change in Control” (as defined on the final page) were to occur during the first eighteen
months of your UMB employment, and your employment with UMB (or its successor in interest) were to terminate within such eighteen month period (other than as a result of your resignation or an involuntary termination based on your acts of
dishonesty, violations of law, regulations, or any material UMB (or its successor in interest) policy, or your failure to devote substantially all of your time and efforts to carrying out your assigned duties or to perform in a reasonable manner all
significant duties for which you are given responsibilities, then you would be entitled to receive as a severance payment, (in lieu of any other severance payment which you might otherwise be extended), upon your execution of UMB’s standard
form of release and separation agreement then in use, a cash payment equal to your annual base salary at the time such Change in Control occurred (subject to all required withholding). If the Change in Control were to occur during the second
eighteen month period of your UMB employment, then you would be entitled to receive, under the conditions described above, as a severance payment, a cash payment equal to 50% of your annual base salary at the time such Change in Control occurred
(subject to all required withholding). Should the entity that takes control of UMB retain your employment yet at a reduced base salary, then you would be entitled to receive as a severance payment the amount equal to the difference between the two
salaries payable for remainder of the severance period. 
 In accepting employment with UMB, you have agreed that during your employment, you will not
improperly use or disclose any confidential information or trade secrets or violate any non-competition or other agreement with, any former employer or any other persons to whom you have an obligation of confidentiality or noncompetition. You
will not bring onto the premises of UMB any unpublished documents or any property belonging to any former employer or any person to whom you have an obligation of confidentiality, unless consented to in writing by that former employer or
person. You will use in the performance of your duties only information that is generally known and used by persons with training and experience comparable to your own, which is common knowledge in the industry or otherwise legally in the
public domain, or which is otherwise provided or developed by UMB. You represent that you are not subject to any contractual provision restricting your ability to accept or perform your duties as an employee of UMB. 
 Erica Comerio (816-860-7979), will be contacting you to coordinate the post-offer details for drug screen and background checks. Upon review of this document, please fax
the signed agreement to my attention at 816-860-1511 and we will put the next steps into action. 
 We look forward to having you attend UMB New Associate
Orientation on November 19, 2007 at 928 Grand in the Truman Room from 7:45 am – 4:00 pm. 
 Welcome to UMB. 
 Sincerely, 
 Pat Cassady 
 Senior Vice President, Talent Acquisition 
  

 Daryl Hunt offer letter; Page 2 of 4     

 

 
 Exhibit 10.12             
  
 This offer is contingent upon successful completion of a pre-employment drug screen, consumer
report conducted by Validity Screening Solutions, and a post-employment FBI background check. 
 As an employer, we are required to request information from
all new associates to comply with the Immigration Reform and Control Act of 1986. Therefore, on your first day you will need to provide documentation to verify your identity and work authorization. 
 No provision of this letter represents an employment contract in whole or in part, for any duration, between you and UMB or any of its subsidiaries, for any duration.
You will at all times be an “at will” employee whose employment is not for any definite period of time and can be terminated by UMB or by you at any time and for any reason. No statement, representation, promise or remark, whether in
writing or oral, shall be deemed to modify the “at will” relationship unless such modification is reduced to writing and signed by UMB’s Chief Executive Officer. 
 You, like all other UMB officers, will be subject to the various policies and terms and conditions applicable to UMB officers, or to all UMB employees generally, including UMB’s Code of Ethics and Code of
Conduct. Among other things, the Code of Conduct restricts the use of customer data and confidential and proprietary information, the solicitation of UMB customers and prospects after employment with UMB ends, and conflicts of interest. At the
commencement of your employment, you will be given a copy of the Code of Ethics and Code of Conduct, and required to acknowledge your agreement to comply with its requirements and provisions. 
  
 I have read and accept the terms and conditions of this job offer. 
 ___________________________ Date_______________ 
  

 Daryl Hunt offer letter; Page 3 of 4     

 

 
 Exhibit 10.12             
  
 “Change in Control” means, with respect to UMB Financial Corporation
(“UMBF”): (i) the acquisition, directly or indirectly, by merger, consolidation, purchase or otherwise, in any transaction or a series of related transactions, by any “person” (as such term is used in Sections 13(d) and
14(d) of the Securities Exchange Act of 1934, as amended), within any 12-month period, acquires “beneficial ownership” (as those terms are defined for purposes of Section 13(d) of the Securities Exchange Act of 1934 and the Rules and
Regulation of the Securities and Exchange Commission promulgated thereunder) of securities representing an aggregate of 50% or more of the combined voting power of UMBF’s then outstanding voting securities (other than such transfers from an
individual to one or more lineal descendants of that individual or transfers from an individual to a living trust the beneficiaries of which are lineal descendants of the grantor of that trust, or transfers from such living trust to such
beneficiaries, as the case may be); or (ii) consummation by UMBF of (a) a merger, consolidation or other business combination with any other “person” (as defined above) or Affiliate thereof, where the stockholders of UMBF (as
applicable) immediately prior to the merger, consolidation or other business combination own, immediately after the merger, consolidation or other business combination, less than a majority of the outstanding voting shares of the surviving or
resulting entity, or (b) an agreement for the sale or disposition by UMBF (in one transaction or a series of related transactions) of all or substantially all of its assets to a person that is not controlled by or under common control with UMB
or UMBF. Notwithstanding the foregoing provisions of this definition, a “Change in Control” shall in no event be deemed to have occurred with respect to UMBF when any transaction contemplated by this definition is consummated by UMBF with
a Person that, immediately prior to the consummation of such transaction and at all times thereafter, directly or indirectly, through one or more intermediaries, is an Affiliate of UMBF. For purposes of this definition,
“Affiliate” of UMBF shall mean any other Person directly, or indirectly through one or more intermediaries, controlling, controlled by or under common control with UMBF (as applicable) , and
“Person” shall mean a natural person or any legal, commercial or governmental entity, such as, but not limited to, a corporation, general partnership, joint venture, limited partnership, limited liability company, trust,
business association, group acting in concert, or any person acting in a representative capacity. 
  

 Daryl Hunt offer letter; Page 4 of 4

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