Document:

Form of Stock Unit Agreement for Executives dated 2/5/09

 Exhibit 10(b) 
 STOCK UNIT AGREEMENT 
 Dated: February 5, 2009 
 This Agreement (the “Agreement”) will confirm an award to you of stock units (“Stock Units”), as of the date hereof, by Union Pacific
Corporation (the “Company”), under the 2004 Stock Incentive Plan of the Company, as amended from time to time (the “Plan”), a copy of which is included in this grant package on this website and made a part hereof. 
 STOCK UNITS 
 1. GRANT OF
UNITS. The Company hereby awards to you the number of Stock Units shown on Exhibit A of this Agreement, each unit evidencing the right to receive, upon the terms and subject to the conditions set forth in this Agreement and the Plan,
(i) one share of Common Stock of the Company, $2.50 par value per share (“Common Stock”) and (ii) a payment in cash equal to the amount of dividends that would have been payable on one share of Common Stock (“Dividend
Equivalent Payments”). 
 2. RESTRICTION PERIOD. The restriction period shall be 48 months, commencing on the date hereof
and terminating on February 5, 2013, unless sooner terminated under provisions of the Plan (the “Restriction Period”). 
 3.
DIVIDEND EQUIVALENT RIGHTS. During the Restriction Period, unless otherwise determined by Compensation and Benefits Committee of the Company’s Board of Directors (the “Committee”), you shall be entitled to receive
Dividend Equivalent Payments. Such Dividend Equivalent Payments shall be made on the payment date established by the Board of Directors for the underlying dividend payments; provided, however, that if you have elected to defer receipt of the Stock
Units in accordance with the terms of the Deferred Compensation Plan of Union Pacific Corporation (the “Deferred Compensation Plan”), payment of such Dividend Equivalent Payments shall be made in accordance with the provisions of
Section 11 of the Plan. 
 4. RESTRICTIONS. (i) Except as provided in Section 9 of the Plan, you shall not be
entitled to delivery of the stock until the expiration of the Restriction Period; (ii) none of the Stock Units may be sold, transferred, assigned, pledged, or otherwise encumbered or disposed of; (iii) your right to receive Dividend
Equivalent Payments shall terminate without further obligation on the part of the Company at the earlier of your separation from service with the Company or a Subsidiary (as defined in the Plan), or at the end of the Restriction Period; and
(iv) all of the Stock Units shall be forfeited and all of your rights to such Stock Units and the right to receive Common Stock shall terminate without further obligation on the part of the Company 

 
unless you remain in the continuous employment of the Company or a Subsidiary, as defined in the Plan, for the entire Restriction Period, except as provided
by Section 9 of the Plan. 
 5. PAYMENT OF STOCK UNITS. At the end of the Restriction Period or at such earlier time as
provided for in Sections 9(c), 9(d) or 9(f) of the Plan, and subject to Section 6 hereof, shares of Common Stock equal to the number of Stock Units shall be delivered to you (through your account at the Company’s third party stock plan
administrator, if applicable) or your beneficiary or estate, as the case may be, free of all restrictions in accordance with Section 9(f) of the Plan. 
 6. DEFERRAL. You may elect to defer receipt of payment of shares underlying the Stock Units pursuant to the terms of, and in accordance with the provisions of, the Deferred Compensation Plan. If you do
so elect to defer payment of shares underlying the Stock Units, such payments will be made in accordance with the Deferred Compensation Plan. 
 7. WITHHOLDING. Upon payment of the Stock Units, you must arrange for the payment to the Company (through the Company’s third party stock plan administrator, if applicable) of all applicable withholding taxes resulting
therefrom promptly after notification of the amount thereof. You may elect to have shares withheld to pay withholding taxes if a proper election to pay withholding taxes in this manner is made. 
 8. SUBJECT TO PLAN. The award confirmed by this Agreement is subject to the terms and conditions of the Plan, as the same may be amended
from time to time in accordance with Section 19 thereof. 
 PROTECTION OF CONFIDENTIALITY 
 9. CONFIDENTIAL INFORMATION; TRADE SECRETS. By electronically accepting this Agreement, you acknowledge that the Company regards certain
information relating to its business and operations as confidential. This includes all information that the Company could reasonably be expected to keep confidential and whose disclosure to third parties would likely be disparaging or detrimental to
the Company (“Confidential Information”). Your electronic signature also acknowledges that the Company has certain information that derives economic value from not being known to the general public or to others who could obtain economic
value from its disclosure or use, which the Company takes reasonable efforts to protect the secrecy of (“Trade Secrets”). 
 10.
TYPES OF CONFIDENTIAL INFORMATION OR TRADE SECRETS. By electronically accepting this Agreement, you acknowledge that you developed or have had or will have access to one or more of the following types of Confidential Information or
Trade Secrets: information about rates or costs; customer or supplier agreements and negotiations; business opportunities; scheduling and delivery methods; business and marketing plans; financial information or plans; communications within the
attorney-client privilege or other privileges; 

  

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operating procedures and methods; construction methods and plans; proprietary computer systems design, programming or software; strategic plans; succession
plans; proprietary company training programs; employee performance, compensation or benefits; negotiations or strategies relating to collective bargaining agreements and/or labor disputes; and internal or external claims or complaints regarding
personal injuries, employment laws or policies, environmental protection, or hazardous materials. By electronically accepting this Agreement, you agree that any disclosures by you to any third party of such Confidential Information or Trade Secrets
would constitute gross misconduct within the meaning of the Plan. 
 11. PRIOR CONSENT REQUIRED. By electronically accepting
this Agreement, you agree that you will not, unless you receive prior consent from the Company’s Senior Vice President, Human Resources & Secretary or such other person designated by the Company (hereinafter collectively referred to as
the “Sr. VP-HR & S”), or unless ordered by a court or government agency, (i) disclose to any subsequent employer or unauthorized person any Confidential Information or Trade Secrets, or (ii) retain or take with you when
you leave the Company any property of the Company or any documents (including any electronic or computer records) relating to any Confidential Information or Trade Secrets. 
 12. PRIOR NOTICE OF EMPLOYMENT, ETC. By electronically accepting this Agreement, you acknowledge that if you become an employee,
contractor, or consultant for any other railroad, this would create a substantial risk that you would, intentionally or unintentionally, disclose or rely upon the Company’s Confidential Information or Trade Secrets for the benefit of the other
railroad to the detriment of the Company. You further acknowledge that such disclosures would be particularly damaging if made shortly after you leave the Company. Therefore, by electronically accepting this Agreement, you agree that for a period of
one-year after you leave the Company, before accepting any employment or affiliation with another railroad you will give written notice to the Sr. VP-HR & S of your intention to accept such employment or affiliation. You also agree to
confer in good faith with the Sr. VP-HR & S concerning whether your proposed employment or affiliation could reasonably be expected to be performed without improper disclosure of Confidential Information or Trade Secrets. If the Sr.
VP-HR & S and you are unable to reach agreement on this issue, you agree to submit this issue to arbitration, to be conducted under the rules of the American Arbitration Association, for final resolution. You also agree that you will not
begin to work for another railroad until the Sr. VP-HR & S or an arbitrator has determined that such employment could reasonably be expected to be performed without improper disclosure of the Company’s Confidential Information or Trade
Secrets. 
 13. FAILURE TO COMPLY. By electronically accepting this Agreement, you agree that, if you fail to comply with any
of the promises that you made in Section 11 or 12 

  

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above, you will return to the Company any shares of Common Stock (or the market value of any shares of Common Stock received) which you received at any time
from 180 days prior to the earlier of (i) the date when you leave the Company or (ii) the date you fail to comply with any such promise you made in Section 11 or 12 to 180 days after the date when the Company learns that you have not
complied with any such promise. You agree that you will return such shares of Common Stock to the Company on such terms and conditions as may be required by the Company. You further agree that the Company will be entitled to set off the market value
of any such shares of Common Stock against any amount that might be owed to you by the Company. 
 NO DIRECT COMPETITION

 14. SOLICITATION OF CUSTOMERS; NO EMPLOYMENT WITH WESTERN ROADS. By electronically accepting this Agreement, you
agree that for a period of one year following your departure from the Company, you will not (directly or in association with others) call on or solicit the business of any of the Company’s customers with whom you actually did business or
otherwise had personal contact while you were employed by the Company, for the purpose of providing the customers with goods and/or services similar in nature to those provided by the Company in the states in which the Company now operates. You
further agree that for the same time period, you will not become an employee, contractor or consultant for any of the following companies, which compete directly with the Company: Burlington Northern Santa Fe Corporation; Kansas City Southern
Industries, Inc.; Dakota, Minnesota & Eastern Railway Company; Illinois Central Corporation; and Texas Mexican Railway Company (including their respective affiliates and subsidiaries or any company which acquires or is acquired by any such
company) (the “Western Roads”). This Section 14 is not intended to prevent you from working for any employer other than a Western Road. This Section does not apply to employees who work in California at the time when this Agreement is
electronically signed or when their employment with the Company ends. 
 15. ACKNOWLEDGMENT; INJUNCTIVE RELIEF. By
electronically accepting this Agreement, you acknowledge that Section 14 will not prevent you from being gainfully employed after you leave the Company, because you will remain free to work in any occupation, profession, trade, or business so
long as you comply with your promises in Section 14. You also agree that because money damages would not be adequate to compensate the Company if you violate any of your promises in Section 14, the Company would be entitled to an
injunction from a Court to enforce those promises. 
 16. VIOLATION OF PROMISES. By electronically accepting this Agreement,
you agree that if you violate any of your promises in Section 14, then you will return to the Company any shares of Common Stock (or the fair market value thereof) granted to you by this Agreement which you received at any time from 180 days
prior to the date when you leave the 

  

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Company to 180 days after the date when the Company learns that you have not complied with the promises you made in Section 14. You agree that you will
return such shares of Common Stock (or the fair market value thereof) to the Company on such terms and conditions as may be required by the Company. You further agree that the Company will be entitled to set off the market value of any such shares
of Common Stock against any amount that might be owed to you by the Company. 
 GENERAL 
 17. SEVERABILITY. If any provision of this Agreement is, becomes, or is deemed to be invalid, illegal, or unenforceable in any
jurisdiction, such provision shall be construed or deemed amended or limited in scope to conform to applicable laws or, in the discretion of the Company, it shall be stricken and the remainder of the Agreement shall remain in force and effect.

 18. CHOICE OF LAW. All questions pertaining to the construction, regulation, validity, and effect of this Agreement shall be
determined in accordance with the laws of the State of Utah, without regard to the conflict of laws doctrine. 
 19. EMPLOYMENT AT
WILL. In accordance with Section 21(a) of the Plan, this Agreement shall not be construed to confer upon any person any right to be continued in the employ of the Company or a Subsidiary. 
  
  
 To confirm acceptance of the foregoing, kindly enter your password and click the “Accept” button. 
  

 5Supplement Thrift Plan (409A Non-Grandfathered Component)

 Exhibit 10(c) 
 

 
 SUPPLEMENTAL THRIFT PLAN 
 (409A Non-Grandfathered Component) 
 of 
 UNION PACIFIC CORPORATION 
 (Effective
as January 1, 2009) 

 ARTICLE ONE 
 Scope of Plan and Definitions 
  

	1.1	Purpose and Scope of Plan - The purpose of the Plan (this and other capitalized terms having the meanings set forth below) is to provide benefits to Eligible Employees
who participate in the Thrift Plan in excess of those permitted under the Thrift Plan because of the limitations set forth in Sections 401(a)(17) and 415 of the Code. To the extent that benefits are provided under the Plan, solely because of
the limitations set forth in Section 415 of the Code, the Company intends to maintain the Plan as an “excess benefit plan” as that term is defined in Section 3(36) of ERISA. The rights of each Participant and his Beneficiaries to
benefits under the Plan shall be governed by the Plan as set forth herein and as it may hereafter be amended from time to time. This Plan is effective January 1, 2009, unless expressly provided otherwise herein. 

  

	1.2	Applicability - The Supplemental Thrift Plan was bifurcated into two components, effective January 1, 2009. As reflected in the terms of this Plan, one such
component is applicable solely to those amounts that were not, as of December 31, 2004, both credited to a Participant’s Account and fully vested or as to which the Participant had a vested right in accordance with the terms of the
Supplemental Thrift Plan as in effect on December 31, 2004 (including related investment gains and losses occurring thereafter). With respect to any other amounts credited to a Participant’s account under the Supplemental Thrift Plan, the
rights of the Participant and his Beneficiaries shall be governed by the component of the Supplemental Thrift Plan known as the “Supplemental Thrift Plan (409A Grandfathered Component) of Union Pacific Corporation, as amended and restated
effective January 1, 2009.” Prior to January 1, 2009, with respect to all amounts credited under the Supplemental Thrift Plan that were subject to section 409A of the Code, the Supplemental Thrift Plan was administered in good faith
compliance with section 409A of the Code. 

  

	1.3	Definitions - As used in the Plan, the following terms shall have the meanings set forth below, unless a different meaning is plainly required by the context:

  

	 	(a)	“Account” shall mean the entries maintained on the books of the Company which represent a Participant’s interest under the Plan. The term “Account”
shall refer, as the context indicates, to either or both of the following: 

  

	 	(1)	“A Account” shall mean the Account which shows amounts credited to a Participant pursuant to Section 2.1, valued in accordance with Section 2.4 and
adjusted for payments made pursuant to Article Four. 

  

	 	(2)	“B Account” shall mean the Account which shows amounts credited to a participant pursuant to Section 2.2, valued in accordance with Section 2.4 and
adjusted for payments made pursuant to Article Four. 

  

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 Under no circumstances shall a Participant’s Account be deemed to include amounts (including
investment gains and losses thereon) which under the terms of the Supplemental Thrift Plan were credited or as to which the Participant had a vested right as of December 31, 2004 and were fully vested as of that date. 
  

	 	(b)	“Beneficiary” shall mean the person designated by a Participant to receive his interest under the Thrift Plan in the event of his death, unless the Participant
designates a different person to be his Beneficiary hereunder pursuant to procedures adopted by the Named Fiduciary-Plan Administration. If a Participant has made no such designation under the Thrift Plan, the Participant shall designate the person
to be his Beneficiary hereunder pursuant to procedures adopted by the Named Fiduciary-Plan Administration. Absent such designation, the Participant’s Beneficiary shall be his estate. 

  

	 	(c)	“Compensation” shall mean the fixed and basic salary or wage paid by the Company or any Affiliated Company to an Employee during a Plan Year, exclusive of
(1) overtime, (2) bonuses, (3) fees, (4) retainers, (5) incentive payments, lump-sum merit awards or any other form of extra remuneration, (6) cash payments received under the Long-Term Disability Plan of Union Pacific,
and (7) any amounts that the Employee receives with respect to periods when he is not an Eligible Employee. Notwithstanding the above, Compensation shall be determined prior to giving effect to any salary reduction election made pursuant to the
Thrift Plan or pursuant to the Union Pacific Flexible Benefits Program and prior to giving effect to any Compensation reduction agreement hereunder. Compensation shall be determined prior to giving effect to any salary reduction election made
pursuant to the Union Pacific Transportation Spending Account Program. 

  

	 	(d)	“Eligible Employee” shall mean an Eligible Employee as defined in the Thrift Plan (1) for whom the Named Fiduciary-Plan Administration determines that the
contributions that would be made and allocated under the Thrift Plan for a month if the limitations set forth in Sections 401(a)(17) and 415 of the Code did not apply might exceed his After-Tax Employee Contribution, Before-Tax Contribution and
Matching Contribution made and allocated for the month, and (2) whom the Named Fiduciary-Plan Administration has designated as eligible to participate in this Plan. 

  

	 	(e)	“Participant” shall mean (1) any Eligible Employee for whom credits have been or are being made hereunder, or (2) any former Eligible Employee for whom
credits have been made hereunder and who either (A) continues to be employed by the Company or an Affiliated Company, or (B) has an interest in all or a portion of his Account which has not been distributed pursuant to Article Four.

  

	 	(f)	“Plan” shall mean the Union Pacific Corporation Supplemental Thrift Plan (409A Non-Grandfathered Component), effective as of January 1, 2009 as set forth
herein, and as it may hereafter be amended from time to time. 

  

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	 	(g)	“Separation from Service” shall mean a separation from service as defined in the regulations promulgated under Section 409A of the Code. 

  

	 	(h)	“Supplemental Thrift Plan” shall mean the Union Pacific Corporation Supplemental Thrift Plan, effective January 1, 1989, and as it may thereafter be amended
from time to time. The Supplemental Thrift Plan is comprised of the following components, each of which is set forth in a separate document: (1) The Union Pacific Corporation Supplemental Thrift Plan (409A Grandfathered Component), and
(2) The Union Pacific Corporation Supplemental Thrift Plan (409A Non-Grandfathered Component). 

  

	 	(i)	“Thrift Plan” shall mean the Union Pacific Corporation Thrift Plan, as in effect as of January 1, 1989, and as it may thereafter be amended from time to time.

  

	1.4	Terms Defined in the Thrift Plan - For all purposes of the Plan, the following terms shall have the meanings specified in the Thrift Plan, unless a different meaning
is plainly required by the context: “Affiliated Company”; “After-Tax Employee Contribution”; “Before-Tax Contribution”; “Board of Directors”; “Code”; “Company”; “Employee”;
“ERISA”; “Matching Contribution”; “Named Fiduciary-Plan Administration”; and “Plan Year.” 

  

	1.5	Other Definitional Provisions - The terms defined in Sections 1.3 and 1.4 of the Plan shall be equally applicable to both the singular and plural forms of the
terms defined. The masculine pronoun, whenever used, shall include the feminine and vice versa. The words “hereof,” “herein” and “hereunder” and words of similar import when used in the Plan shall
refer to the Plan as a whole and not to any particular provision of the Plan, unless otherwise specified. 

 ARTICLE TWO 

 Deferrals and Credits 
  

	2.1	Deferrals and Credits 

  

	 	(a)	 An Eligible Employee may, with respect to any Plan Year, elect to make deferrals to be credited under the Plan by filing a Compensation reduction agreement
with the Named Fiduciary-Plan Administration on such form and at such time in advance as may be prescribed by the Named Fiduciary-Plan Administration for such purpose. Such agreement shall authorize the Company or the Affiliated Company by which the
Eligible Employee is employed to reduce the Eligible Employee’s Compensation by the percentage elected by the Eligible Employee, with such percentage being not less than the minimum deferral percentage permitted under the Thrift Plan and not
more than the maximum deferral 

  

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percentage permitted under the Thrift Plan, commencing as of the date determined pursuant to subparagraph (c)(1) below. The Company shall credit such amount
to the Eligible Employee’s A Account under the Plan. 

  

	 	(b)	Any election made by an Eligible Employee to defer Compensation made pursuant to paragraph (a) above must be made prior to the beginning of the calendar year in which
the Eligible Employee performs the services for which the Compensation is payable. An Eligible Employee’s election shall remain in effect until the earlier of: 1) when his status as an Eligible Employee ends; or 2) December 31 of the
Plan Year to which the election pertains. 

  

	 	(c)	At an Eligible Employee’s election, his deferrals under paragraph (a) above shall: 

  

	 	(1)	commence at the earlier of when (A) the Eligible Employee’s Compensation for the Plan Year to which such election applies equals the limitation set forth in
Section 401(a)(17) of the Code or (B) the percentage of Compensation the Eligible Employee elected to defer under the Thrift Plan has resulted in annual additions on behalf of the Eligible Employee (including such additions attributable to
Matching Contributions under the Thrift Plan as in effect on the first day of such Plan Year) equal to the limit set forth in Section 415 of the Code; and 

  

	 	(2)	equal the percentage of the Eligible Employee’s Compensation for the period following the commencement date of such deferral determined pursuant to subparagraph (c)(1)
above as elected by the Eligible Employee pursuant to paragraph (a) above. 

  

	2.2	Matching Credits - The Company shall credit an Eligible Employee’s B Account with an amount equal to the Matching Contribution that would have been allocated to
the Eligible Employee under the Thrift Plan with respect to the deferral being credited to the Eligible Employee’s A Account pursuant to Section 2.1. 

  

	2.3	Timing of Credits - Credits for a month under Sections 2.1 and 2.2 shall be made as of the same date that such amounts would have been allocated to the
Participant’s accounts under the Thrift Plan had such amounts been included in the Participant’s After-Tax Employee Contributions, Before-Tax Contributions and Matching Contributions for the month. 

  

	2.4	Valuation of Accounts - Pending distribution pursuant to Article Four, the value of amounts credited to a Participant’s A and B Accounts as of any subsequent date
shall be determined by the Named Fiduciary-Plan Administration as follows: 

  

	 	(a)	 except as provided in (b) and (c) below, as if such amounts had instead been actually contributed to the Thrift Plan and been invested in
accordance with the investment provisions set forth in Article VI (effective August 8, 2007, without regard to Section 6.05A) thereof, provided that investment elections for purposes 

  

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of the Plan may differ from those made by such Participant under the Thrift Plan; or 

  

	 	(b)	except as provided in (c) below, after a Participant’s accounts under the Thrift Plan are transferred to another defined contribution plan maintained within the
controlled group of corporations of which the Company is the common parent, as if such Accounts had been actual investments transferred to such transferee plan and been invested in accordance with the investment provisions set forth in such
transferee plan (effective August 8, 2007, without regard to a provision, if any, in such transferee plan permitting participants in such transferee plan to participate in the Vanguard Advisers Managed Account Program), provided that investment
elections for purposes of the Plan may differ from those made by such Participant under such transferee plan; or 

  

	 	(c)	effective May 1, 1991 for a Participant who is subject to the restrictions under Section 16 of the Securities Exchange Act of 1934, as if such amounts had instead
been actually contributed to the Thrift Plan and been invested in accordance with the investment provisions set forth in Article VI (effective August 8, 2007, without regard to Section 6.05A) thereof except that the Participant must
make separate investment elections for purposes of this Plan so that no amount will be treated as if it were actually invested in the Company common stock fund and may make other investment elections for purposes of the Plan that differ from those
made under the Thrift Plan. 

 ARTICLE THREE 
 Vesting 
  

	3.1	A Accounts - Each Participant shall be 100% vested, at all times, in the value of his A Account. 

  

	3.2	B Accounts - Each Participant shall be 100% vested, at all times, in the value of his B Account. 

 ARTICLE FOUR 
 Payments 

  

	4.1	Payments on Separation from Service - 

  

	 	(a)	 A Participant who fails to make a timely election described in subparagraph (b) shall be deemed to have elected to receive the value of his Account at
the time of 

  

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his Separation from Service in a single lump-sum payment in cash. Such payment shall be made as soon as administratively practicable following the completion
of the first valuation of a Participant’s Account pursuant to Section 2.4 which coincides with or next follows the Participant’s Separation from Service, but in no event later than the end of the calendar year in which the
Participant’s Separation from Services occurs or, if later, ninety (90) days after such Separation from Service. 

  

	 	(b)	(1) A Participant who has an Account in the Plan as of any time during the 2008 calendar year may elect in writing, according to such rules and using such forms as may be
prescribed by the Named Fiduciary-Plan Administration, to have his Account paid to him in one of the forms specified in paragraph (c) below, provided such Participant’s Separation from Service occurs after December 31, 2008. Such
election must be made no later than December 31, 2008 and shall apply to the Participant’s entire Account payable at the Participant’s Separation from Service after December 31, 2008, subject to paragraph (d) below.

 (2) A Participant who is not eligible to make an election under subparagraph (b)(1) above, may elect in writing,
according to such rules and using such forms as may be prescribed by the Named Fiduciary-Plan Administration to have his Account paid to him in one of the forms specified in paragraph (c) below. Such election must be made no later than the
December 31 immediately preceding the calendar year in which his initial deferral election under Section 2.1 becomes effective and shall apply to the Participant’s entire Account payable at the Participant’s Separation from
Service, subject to paragraph (d) below. 
  

	 	(c)	A Participant may elect to have his Account paid to him in accordance with one of the following forms: 

  

	 	(1)	A single lump-sum distribution as provided in subparagraph (a) payable in the year of the Participant’s Separation from Service or, if elected by the Participant,
January of the next year following such Separation from Service; 

  

	 	(2)	Annual installments over a period not to exceed fifteen (15) years (such installment period to be elected by the Participant), beginning (i) as soon as
administratively practicable following the Participant’s Separation from Service, but in no event later than the end of the calendar year in which the Participant’s Separation from Service occurs or, if later, ninety (90) days after
such Separation from Service, or (ii) if elected by the Participant, January of the next year following such Separation from Service, with (under either option) subsequent installments paid in January of each subsequent year, provided that all
subsequent installments will be paid in the next succeeding January, with each installment determined by dividing the value of the Participant’s Account by the number of installments remaining to be made; or 

  

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	 	(3)	A single lump-sum distribution payable in January of a year following the Participant’s Separation of Service that is not earlier than two (2) years, and not later
than fifteen (15) years following the Participant’s Separation from Service, such year to be elected by the Participant. The amount of such distribution shall equal the balance in the Participant’s Account at such specified date.
Pending the lump-sum distribution as aforesaid, the Participant’s Account shall continue to be invested in accordance with Section 2.4. At the end of each calendar quarter following the Participant’s Separation from Service, the net
increase or decrease in the value of the Participant’s Account, measured from the first valuation of the Participant’s Account pursuant to Section 2.4 which coincides with or next follows the Participant’s Separation from
Service, shall be determined. Subject to subparagraph (d)(1)(A), the amount of any such net increase for any calendar quarter shall be distributed to the Participant within thirty (30) days following the end of such calendar quarter.

  

	 	(d)	A Participant who has made the election or the deemed election described in subparagraphs (b) or (a) respectively may elect in writing to change the form of payment
and/or the payment commencement date in accordance with the following rules: 

  

	 	(1)	When a Participant’s existing form of payment 

 (A) is described in subparagraphs (a), (c)(1) or (c)(2) above, a Participant may elect to receive the Participant’s Account in any form set forth in paragraph (c) above, provided that any election of the form described in
subparagraph (c)(3) above shall not provide separate quarterly payments of investment income; and 
 (B) is described in subparagraph (c)(3)
above, a Participant may elect to receive the Participant’s Account in the form described in subsection (c)(2) above or change the date as of which the Participant will be paid a single lump-sum under subparagraph (c)(3) above. 
  

	 	(2)	A Participant’s election to modify a prior election shall be made both prior to his Separation from Service and at least twelve (12) months prior to the date on
which payments would have commenced in accordance with his prior election. 

  

	 	(3)	Notwithstanding the payment date indicated by the form of payment elected thereby, a Participant’s modification election to alter the form of payment and/or the date on
which his payments will commence must have the effect of postponing the payment commencement date by at least five (5) years, and shall be administered accordingly. No such election shall be permitted if the payment commencement date that was
previously elected was more than ten (10) years after the Participant’s Separation from Service. 

  

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	 	(4)	In the case of a Participant who desires to (A) change the form of payment from a single lump-sum distribution to annual installments, or (B) postpone the payment
commencement date of annual installments that he previously elected, the maximum number of annual installments shall be fifteen (15), minus the number of years (with a fractional year rounded up to a full year) between the Participant’s
Separation from Service and the postponed payment commencement date. 

  

	 	(5)	For purposes of this paragraph (d), 

 (A) the date
as of which payments to a Participant would have commenced, absent the election provided by this paragraph, shall be deemed to be the first possible date as of which such payments could have been made to the Participant; 
 (B) the quarterly payment of investment income provided under paragraph (c)(3) above shall be treated as a separate form of payment from the single
lump-sum distribution provided by such paragraph; and 
 (C) the entitlement to a series of installment payments shall be treated as the
entitlement to a single form of payment. 
  

	 	(e)	On the death of a Participant who has not received payment of his full Account under subparagraphs (a) or (c), the Named Fiduciary-Plan Administration shall cause the
unpaid balance of the Participant’s Account to be paid in a single lump-sum payment to such Participant’s Beneficiaries. Such payment shall be made as soon as administratively practicable following completion of the first valuation of the
Participant’s Account pursuant to Section 2.4 which coincides with or next follows the Participant’s date of death, but in no event later than the end of the calendar year in which the Participant’s date of death occurs or, if
later, ninety (90) days after such date of death. 

  

	4.2	No Payments Prior to Separation From Service - Under no circumstances shall a Participant receive any payment from the Plan prior to his Separation from Service.

  

	4.3	Specified Employee Restriction - Notwithstanding anything in the Plan to the contrary, no payment shall be made to a “specified employee” (as determined in
accordance with a uniform policy adopted by the Company with respect to all arrangements subject to Section 409A of the Code maintained by the Company and its Affiliated Companies) until six (6) months plus one day following such specified
employee’s Separation from Service; provided however, that in the event of the specified employee’s death before his payment commencement date, this provision shall not prevent payment of death benefits at the time prescribed by
Section 4.1(e). 

  

	4.4	 Deferrals from STD Payments Subsequent to Separation from Service - To the extent that a Participant’s deferral election under Section 2.1
applies to Compensation 

  

 8 

	 	 
paid to him following a Separation from Service that consists of short-term disability benefits under a short-term disability plan of the Company or an
Affiliated Company, the amount credited to his Account from such deferral for a calendar year, valued in accordance with Section 2.4, shall be paid to such Participant in a single lump-sum payment in cash in January of the next year following
such deferral. 

  

	4.5	Responsibility for Payments - All payments attributable to credits made hereunder on behalf of a Participant shall be made by the Company on its own behalf or on
behalf of the Affiliated Company by who such Participant was employed when such credits were made. Such Affiliated Company shall reimburse the Company for all amounts paid on its behalf. 

 ARTICLE FIVE 
 Administration

  

	5.1	Responsibilities and Powers of the Named Fiduciary-Plan Administration - The Named Fiduciary-Plan Administration shall be solely responsible for the operation and
administration of the Plan and shall have all powers necessary and appropriate to carry out her responsibilities in operating and administering the Plan. Without limiting the generality of the foregoing, the Named Fiduciary-Plan Administration shall
have the responsibility and power to interpret the Plan, to make factual determinations and to determine whether a credit should be made on behalf of a Participant, the amount of the credit and the value of the amount so credited on any subsequent
date. The determination of the Named Fiduciary-Plan Administration, made in good faith, shall be conclusive and binding on all persons, including Participants and their Beneficiaries. 

  

	5.2	Outside Services - The Named Fiduciary-Plan Administration may engage counsel and such clerical, medical, financial, investment, accounting and other specialized
services as she may deem necessary or desirable to the operation and administration of the Plan. The Named Fiduciary-Plan Administration shall be entitled to rely, and shall be fully protected in any action or determination or omission taken or made
or omitted in good faith in so relying, upon any opinions, reports or other advice which is furnished by counsel or other specialist engaged for that purpose. 

  

	5.3	Indemnification - The Company shall indemnify the Named Fiduciary-Plan Administration against any and all claims, loss, damages, expense (including reasonable counsel
fees) and liability arising from any action or failure to act or other conduct in her official capacity, except when the same is due to her own gross negligence or willful misconduct. 

  

	5.4	Claims Procedures - The claims procedures set forth in Article XIII of the Thrift Plan shall apply to any claim for benefits hereunder, subject to such changes as
the Named Fiduciary-Plan Administration deems necessary or appropriate. 

  

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 ARTICLE SIX 
 Amendment and Termination 
  

	6.1	Amendment–The Board of Directors reserves the right at any time and from time to time, and retroactively if deemed necessary or appropriate to conform with
governmental regulations or other policies, to modify or amend in whole or in part any or all of the provisions of the Plan. In addition, the Senior Vice President-Human Resources of the Company may make (a) all technical, administrative,
regulatory and compliance amendments to the Plan, (b) any amendment to the Plan necessary or appropriate to conform the Plan to changes in the Thrift Plan, and (c) any other amendment to the Plan that will not significantly increase the
cost of the Plan to the Company as she deems necessary or appropriate. Notwithstanding anything to the contrary above, no amendment shall operate to reduce the accrued benefit of any individual who is a Participant at the time the amendment is
adopted. 

  

	6.2	Termination–The Plan is purely voluntary and the Board of Directors reserves the right to terminate the Plan at any time, provided, however, that the termination
shall not operate to reduce the accrued benefit of any individual who is a Participant at the time the Plan is terminated. 

 ARTICLE SEVEN 
 General Provisions 
  

	7.1	Source of Payments–The Plan shall not be funded and all payments hereunder to Participants and their Beneficiaries shall be paid from the general assets of the
Company. The Company shall not, by virtue of any provisions of the Plan or by any action of any person hereunder, be deemed to be a trustee or other fiduciary of any property for any Participant or his Beneficiaries and the liabilities of the
Company to any Participant or his Beneficiaries pursuant to the Plan shall be those of a debtor only pursuant to such contractual obligations as are created by the Plan and no such obligation of the Company shall be deemed to be secured by any
pledge or other encumbrance on any property of the Company. To the extent that any Participant or his Beneficiaries acquire a right to receive a payment from the Company under the Plan, such right shall be no greater than the right of any unsecured
general creditor of the Company. 

  

	7.2	No Warranties–Neither the Named Fiduciary-Plan Administration nor the Company warrants or represents in any way that the value of each Participant’s Account
will increase or not decrease. Such Participant assumes all risk in connection with any change in such value. 

  

 10 

	7.3	Inalienability of Benefits–No benefit payable under, or interest in, the Plan shall be subject in any manner to anticipation, alienation, sale, transfer,
assignment, pledge, encumbrance or charge and any attempt to do so shall be void; nor shall any such benefit or interest be in any manner liable for or subject to garnishment, attachment, execution or levy or liable for or subject to the debts,
contracts, liabilities, engagements or torts of any Participant or his Beneficiaries. In the event that the Named Fiduciary-Plan Administration shall find that any Participant or his Beneficiaries has become bankrupt or that any attempt has been
made to anticipate, alienate, sell, transfer, assign, pledge, encumber or charge any benefit payable under, or interest in, the Plan, the Named Fiduciary-Plan Administration shall hold or apply such benefit or interest or any part thereof to or for
the benefit of such Participant or his Beneficiaries, his spouse, children, parents or other relatives or any of them. 

  

	7.4	Expenses–The Company shall pay all costs and expenses incurred in operating and administering the Plan, including the expense of any counsel or other specialist
engaged by the Named Fiduciary-Plan Administration. 

  

	7.5	No Right of Employment–Nothing herein contained nor any action taken under the provisions hereof shall be construed as giving any Participant the right to be
retained in the employ of the Company or any Affiliated Company. 

  

	7.6	Limitations on Obligations–Neither the Company, nor any Affiliated Company, nor any officer or employee of either, nor any member of the Board of Directors nor
the Named Fiduciary-Plan Administration shall be responsible or liable in any manner to any Participant, Beneficiary or any person claiming through them for any action taken or omitted in connection with the granting of benefits or the
interpretation and administration of the Plan. 

  

	7.7	Withholding–The Company shall, on its own behalf or on behalf of the Affiliated Companies, withhold from any payment hereunder the required amounts of income and
other taxes. 

  

	7.8	Headings–The headings of the Sections in the Plan are placed herein for convenience of reference and, in the case of any conflict, the text of the Plan, rather
than such heading, shall control. 

  

	7.9	Construction–The Plan shall be construed, regulated and administered in accordance with the laws of the State of Utah, without regard to the choice of law
principles thereof. 

  

	7.10	Payments to Minors, Etc.–Any benefit payable to or for the benefit of a minor, an incompetent person or other person incapable of receipting therefor shall be
deemed paid when paid to such person’s guardian or to the party providing or reasonably appearing to provide for the care of such person and such payment shall fully discharge the Named Fiduciary-Plan Administration, the Company, all Affiliated
Companies and all other parties with respect thereto. 

  

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