Document:

Executive Financial Consulting and Tax Preparation Services Plan

 Exhibit 10(xxxiii) 
 NORTHERN TRUST CORPORATION 
 EXECUTIVE FINANCIAL CONSULTING AND 
 TAX PREPARATION SERVICES PLAN 
 (As
Amended and Restated Effective January 1, 2008) 
 INTRODUCTION 
 The Northern Trust Corporation Executive Financial Consulting and Tax Preparation Services Plan (the “Plan”) was established by Northern Trust Corporation, a Delaware corporation (the
“Corporation”) to provide a select group of management or highly compensated employees of the Corporation (and its subsidiaries and affiliates) with the opportunity to receive services or reimbursement of expenses for services for personal
financial consulting and tax planning and preparation. The Corporation hereby amends and restates the Plan generally effective January 1, 2008 (with such other effective dates as are noted herein) to comply with various changes in applicable
law, including the American Jobs Creation Act of 2004. 
 ARTICLE I 
 DEFINITIONS 
 Wherever used herein the following terms shall have the meanings hereinafter set
forth: 
  

	1.1	“Benefits” means any or all of the benefits described in Sections 3.1 and 3.2 of the Plan. 

  

	1.2	“Board” means the Board of Director of the Corporation. 

  

	1.3	“Code” means the Internal Revenue Code of 1986, as amended from time to time. 

  

	1.4	“Company” means The Northern Trust Company, an Illinois banking corporation; the Corporation; and such subsidiaries and affiliates of the Corporation as shall with the
consent of the Board, adopt the Plan. 

  

	1.5	“Corporation” means Northern Trust Corporation, a Delaware corporation. 

  

	1.6	“Effective Date” means January 1, 2008 for the amended and restated Plan. 

  

	1.7	“Key Employee” means a Participant who is a “specified employee” within the meaning of Code Section 409A(a)(2)(B)(i). The Company’s Key Employees shall
be identified annually pursuant to Section 3.5(b). 

  

	1.8	“Participant” means an employee of the Company (i) who is eligible to participate in the Plan in accordance with Article II and (ii) who utilizes any of the
benefits provided under the Plan. To the extent provided in Section 3.2, a Participant who has retired from the service of the Company after reaching a Normal, Early or Postponed Retirement date as provided under the Pension Plan remains a
Participant during the Plan Year following such retirement. 

	1.9	“Pension Plan” means The Northern Trust Company Pension Plan, as amended from time to time. 

  

	1.10	“Plan” means the Northern Trust Corporation Executive Financial Consulting and Tax Preparation Services Plan. 

  

	1.11	“Plan Year” means the calendar year. 

  

	1.12	“Spouse” means the person to whom a Participant is legally married at the time Benefits are provided under the Plan. 

 ARTICLE II 
 ELIGIBILITY

  

	2.1	Eligibility to Participate. An employee of the Company becomes eligible to participate in the Plan: 

  

	 	(a)	when he or she becomes an executive vice president or above either by hire or by promotion; or 

  

	 	(b)	if below the level of executive vice president, when he or she is selected for participation by the Executive Vice President-Human Resources of the Company; and

  

	 	(c)	under either (a) or (b) above, when he or she is notified by the Company of his or her eligibility to receive Benefits under the Plan. 

  

	2.2	Annual Enrollment Requirement. In order to be eligible to receive Plan Benefits in any Plan Year, a Participant must complete and return to the Company an annual enrollment
form provided by the Company, by which the Participant elects to utilize Benefits under the Plan. Except as otherwise provided in Section 2.3, the Participant must complete and return such enrollment form to the Company on or before
December 31 of the Plan Year immediately preceding the Plan Year in which such Benefits will be provided (or such earlier date as the Company may prescribe). 

  

	2.3	 Initial Year of Eligibility. Anything in the Plan to the contrary notwithstanding, an employee of the Company who would otherwise first become eligible to
participate in the Plan pursuant to Section 2.1 on or after January 1 of any Plan Year shall not become eligible to participate in the Plan in such Plan Year unless selected for participation in such Plan Year by the Executive Vice
President-Human Resources of the Company. If so selected, then in order to be eligible to receive Plan Benefits in that Plan Year, such Participant must complete and return to the Company an annual enrollment form 

  

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provided by the Company, by which the Participant elects to utilize Benefits under the Plan. Such Participant must complete and return such enrollment form
to the Company on or before the 30th calendar day following the date the Participant becomes eligible to participate in the Plan.

 ARTICLE III 
 BENEFITS AND BENEFIT LIMITATIONS 
  

	3.1	Active Participant Benefits. A Participant who is actively at work (or on a Company-approved absence of up to six (6) consecutive months due to vacation, paid holidays,
sick leave, short term disability, Family and Medical Leave or unpaid leave) for at least one day during a Plan Year shall be entitled to receive the following Benefits in the form of services to be rendered during such Plan Year:

  

	 	(a)	One or more financial consulting service programs, as determined by the Company in the Company’s sole discretion, which may include cash and debt management review, education
and major goal funding review, asset allocation and investments review, stock option planning, retirement planning, income tax planning, estate and charitable giving planning, insurance and risk management review, compensation and benefits review
and net worth review (“Active Participant Financial Consulting Services Benefit”); and 

  

	 	(b)	Tax preparation services, as determined by the Company in the Company’s sole discretion, which include the preparation of annual income tax returns to be filed during such Plan
Year (“Active Participant Tax Preparation Services Benefit”). 

  

	3.2	Retired Participant Benefits. A Participant who retires from the service of the Company after reaching a Normal, Early or Postponed Retirement date as provided under the
Pension Plan shall be entitled to receive the following Benefit in the Plan Year immediately following the Plan Year in which he or she retires: tax preparation services, which include the preparation of annual income tax returns to be filed during
the Plan Year following the Plan Year in which the Participant retires (“Retired Participant Tax Preparation Services Benefit”). 

  

	3.3	 Limitations on Benefits. Benefits under the Plan may be provided by internal Company resources, including the Company’s Personal Financial
Services’ Financial Consulting Division and Personal Tax Services Division, or may be provided by an unrelated third party organization but only if the Participant obtains the Company’s advance written approval to use the services of such
third party organization. The Company may impose an annual dollar limitation or limitations on the Company’s payment or reimbursement of expenses for the provision of the Active Participant Financial Consulting Services Benefit, the Active
Participant Tax Preparation Services Benefit and the Retired Participant Tax Preparation Services Benefit. Benefits are provided only for Participants 

  

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and their Spouses, and the Plan does not provide nor will the Company pay or reimburse expenses for services for any other individual including but not
limited to Participants’ children, other family members or domestic employees. Anything in the Plan to the contrary notwithstanding, (a) the amount of payments or reimbursements made by the Company to or on behalf of a Participant for a
Retired Participant Tax Preparation Services Benefit during any taxable year of the Participant shall not affect the amount of payments or reimbursements made by the Company to or on behalf such Participant for any Benefits in any other taxable year
of the Participant, and (b) any Benefit provided to or on behalf of the Participant in any other taxable year of the Participant shall not affect the amount of payments or reimbursements made by the Company to or on behalf of the Participant
for a Retired Participant Tax Preparation Services Benefit. 

  

	3.4	Limitation on Payments and Reimbursements of Active Participant Benefits. Anything in the Plan to the contrary notwithstanding, any payments or reimbursements made by the
Company to or on behalf of a Participant for an Active Participant Financial Consulting Services Benefit or an Active Participant Tax Preparation Services Benefit (an “Active Participant Benefit”) provided in a Plan Year under the Plan
shall be made by the later of: 

  

	 	 (a)
	 the 15th day of the third
month following the Participant’s first taxable year in which such Active Participant Benefit is no longer subject to a substantial risk of forfeiture; or 

  

	 	 (b)
	 the 15th day of the third
month following the end of the Company’s first taxable year in which such Active Participant Benefit is no longer subject to a substantial risk forfeiture. 

  

	 	(c)	It is intended that the application of the foregoing provisions of this Section 3.4 cause all payments and reimbursements made by the Company for Active Participant Benefits
provided under the Plan to be short-term deferrals for purposes of the regulations issued under Section 409A of the Internal Revenue Code of 1986, as amended (the “Code”), and such provisions shall be interpreted in all events in a
manner consistent with such intent, so that Section 409A shall have no application to the Active Participant Benefits provided under the Plan. 

  

	3.5	Limitations on Payments and Reimbursements of Retired Participant Benefits. 

  

	 	(a)	 Anything in the Plan to the contrary notwithstanding, any payments or reimbursements made by the Company to or on behalf of a Participant for a Retired Participant
Tax Preparation Services Benefit provided in the Plan Year immediately following the Plan Year in which such Participant retires shall be made on or before the last day of the Participant’s taxable year following the taxable year in which the
expense for such Retired Participant Tax Preparation Services Benefit was incurred; provided, however, that if such Participant is a Key Employee, any payments or reimbursements to or on behalf of the Participant for a Retired Participant Tax
Preparation Services Benefit shall in no event be 

  

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made earlier than the date which is six months and one day following the date the Participant separates from service with the Company (within the meaning of
Code Section 409A(a)(2)(A)(i) and regulations promulgated thereunder). The Participant’s right to payments or reimbursements by the Company of Retired Participant Tax Preparation Services Benefits is not subject to liquidation or exchange
for any other benefit under the Plan or otherwise. 

  

	 	(b)	The Company shall identify Key Employees annually as described in this Section 3.5(b). The Specified Employee Identification Date, as defined in Treas. Reg
§1.409A-1(i)(3), to be used in determining Key Employees of the Company shall be September 30 of any Plan Year. The January 1 of the Plan Year next following that Plan Year shall be the Specified Employee Effective Date, as defined in
Treas. Reg §1.409A-1(i)(4), for Participants identified as Key Employees on the immediately preceding Specified Employee Identification Date. Participants identified as Key Employees on a Specified Employee Identification Date (September 30)
shall be treated as Key Employees under the Plan for the 12-month period beginning on the Specified Employee Effective Date (January 1) next following such Specified Employee Identification Date. 

  

	3.6	Employment Termination for Reasons other than Retirement. Anything in the Plan to the contrary notwithstanding, if a Participant terminates employment with the Company prior
to the end of any Plan Year for any reason other than retirement pursuant to Section 3.2, payment or reimbursement by the Company of the Participant’s Active Participant Benefit for such Plan Year (to the extent not already paid or
reimbursed by the Company) shall be prorated based on a fraction, the numerator of which is the number of months in which the Participant participated in the Plan as an employee of the Company for at least one day in each such month during such Plan
Year and the denominator of which is twelve (12). 

 ARTICLE IV 
 ADMINISTRATION OF THE PLAN 
  

	 	4.1	Terms Include Authorized Delegates. Where appropriate, the terms “Company” or “Corporation” as used in the Plan shall also include any applicable
subcommittee or any duly authorized delegate of the Company or the Corporation, as the case may be. Such duly authorized delegate may be an individual or an organization within the Company or the Corporation or may be an unrelated third party
individual or organization. 

  

	 	4.2	Authority of the Company. The Company shall administer the Plan and shall have full power and discretion to select employees for participation in the Plan and to determine
the terms and conditions of each employee’s participation; to construe and interpret the Plan and any agreement or instrument entered into hereunder; to determine eligibility for Benefits; and to establish, amend, or waive rules and regulations
for the Plan’s administration. Further, the Company shall have full power and discretion to make any other determination which may be necessary or advisable for the Plan’s administration. 

  

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	4.3	Decisions Binding. All determinations and decisions made by the Company pursuant to the provisions of the Plan, and all related orders, resolutions or actions of the Board,
the Compensation and Benefits Committee of the Board, the Chief Executive Officer of the Corporation or the Executive Vice President and Human Resources Department Head of the Corporation (or the duly authorized designee of either of the latter two
individuals) shall be final, conclusive, and binding on all persons, including the Company, its stockholders, employees, Participants, Spouses and their estates and beneficiaries. 

 ARTICLE V 
 AMENDMENT OR TERMINATION

  

	5.1	Amendment or Termination. The Corporation has set no termination date for the Plan, but reserves the right to amend or terminate the Plan when, in the sole discretion of the
Corporation, such amendment or termination is advisable. 

  

	 	(a)	Any such termination shall be made by action of the Compensation and Benefits Committee of the Board (or by action of the Board if the Compensation and Benefits Committee is
unavailable or unable to act for any reason) and shall be effective as of the date set forth in such resolution. 

  

	 	(b)	Any such amendment shall be made in accordance with the following: 

  

	 	(i)	material amendments to the Plan shall be made by action of the Compensation and Benefits Committee of the Board (or by action of the Board, if the Compensation and Benefits
Committee is unavailable or unable to act for any reason); and 

  

	 	(ii)	(A) non-material or administrative amendments to the Plan or (B) any amendment to the Plan deemed required, authorized or desirable under applicable statutes, regulations or
rulings, shall be made by action of either the Chief Executive Officer of the Corporation or the Executive Vice President and Human Resources Department Head of the Corporation (or either of their duly authorized designees).

  

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 ARTICLE VI 
 GENERAL PROVISIONS 
  

	6.1	Taxation and Tax Withholding. Payments and/or reimbursement of expenses made by the Company for Benefits provided to or on behalf of a Participant under the Plan shall be
taxable to such Participant in accordance with applicable law. The Company shall have the right to withhold from the Participant’s compensation amounts sufficient to satisfy all Federal, State and local tax withholding requirements applicable
to payments and reimbursements for Benefits provided under the Plan. 

  

	6.2	No Guaranty of Benefits. Nothing contained in the Plan shall constitute a guaranty by the Company or any other person or entity that the assets of the Company will be
sufficient to pay any Benefit hereunder. 

  

	6.3	No Enlargement of Employee Rights. No Participant shall have any right to receive Benefits under the Plan except in accordance with the terms of the Plan. Establishment of
the Plan shall not be construed to give any Participant the right to be retained in the service of the Company. 

  

	6.4	Applicable Law. To the extent not preempted by Federal law, the Plan shall be construed and administered under the laws of the State of Illinois. 

  

	6.5	Electronic or Telephonic Notices. Any election, notice, direction or other such action required or permitted to be made in writing under the Plan may also be made
electronically, telephonically or otherwise, to the extent then permitted by applicable law and the administrative rules prescribed by the Company. 

  

	6.6	Limitations on Liability. Notwithstanding any of the preceding provisions of the Plan, neither the Corporation, the Company, nor any individual acting as an employee or agent
of the Corporation or the Company, shall be liable to any Participant, former Participant, Spouse or any other person for any claim, loss, liability or expense incurred in connection with the Plan. 

  

	6.7	Gender; Headings. Words in the masculine gender shall include the feminine and the singular shall include the plural, and vice versa, unless qualified by the context. Any
headings used herein are included for ease of reference only, and are not to be construed so as to alter the terms hereof. 

  

	6.8	Exemption from or Compliance with Code Section 409A. The Active Participant Benefits provided under the Plan are intended to be exempt from, and the Retired Participant
Tax Preparation Services Benefit is intended to comply in all applicable respects with, the requirements of Code Section 409A, and the Plan shall be construed and administered so as to cause such Benefits to be exempt from or comply with that
Code section, respectively, as applicable. 

  

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 IN WITNESS WHEREOF, Northern Trust Corporation has caused this amendment and restatement of the
Plan to be executed on its behalf by its duly authorized officer this 12th day of December, 2007, effective January 1, 2008 (or as of such other dates as are noted herein). 
  

			
	NORTHERN TRUST CORPORATION
		
	By:	 	 /s/ Timothy P. Moen

	Name:	 	Timothy P. Moen
	Title:	 	Executive Vice President and
		 	Human Resources Department Head

  

 - 8 -Form of 2008 Long Term Plan Stock Unit Agreement

 Exhibit 10(a) 
 2008 LONG TERM PLAN 
 STOCK UNIT AGREEMENT 
 Dated: January 31, 2008 
 This Letter
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 (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, as shown on Exhibit A of this Agreement, each
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 Union Pacific Corporation Common Stock, $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”), provided the applicable Performance Criteria described below have been satisfied.

 2. RESTRICTION PERIOD. The period during which the restrictions set forth herein and in the Plan shall apply to your right
to receive the Stock Units granted to you shall commence on the date hereof and expire January 31, 2011 if the Performance Criteria described below for such Stock Units have been satisfied (the “Restriction Period”), subject to the
provisions of Section 6 hereof. During the Restriction Period, you may be entitled to receive Dividend Equivalent Payments, subject to the provisions of Section 4 hereof. 
 3. PERFORMANCE CRITERIA. The Performance Criteria is annual Return on Invested Capital (“ROIC”). However, such Performance
Criteria are of no force and effect unless and until the Company has operating income (“Operating Income”) in one or more of fiscal years 2008, 2009 or 2010. The definition and calculation of annual ROIC and Operating Income shall be
determined in accordance with the Long Term Plan document approved and adopted by the Compensation and Benefits Committee of the Company’s Board of Directors (the “Committee”). 
 For the fiscal year ending December 31, 2008, you may earn up to one-third of your Stock Unit Target Award as shown on Exhibit A for those Stock
Units which have met the applicable ROIC Performance Criteria. For the fiscal year ending December 31, 

 
2009, you may earn up to a total of two-thirds of your Stock Unit Target Award as shown on Exhibit A based on the average of the first two fiscal years of
ROIC performance achieved less any Stock Units earned in the first fiscal year. For the fiscal year ending December 31, 2010, you may earn up to two hundred percent of your Stock Unit Target Award as shown on Exhibit A based on the average of
all three fiscal years (2008, 2009, and 2010) of ROIC performance achieved less any Stock Units earned in the first two fiscal years. 
 4.
DIVIDEND EQUIVALENT RIGHTS. During the Restriction Period, for those Stock Units which have met the applicable Performance Criteria, unless otherwise determined by the Committee, you shall be entitled to receive Dividend Equivalent
Payments. 
 5. RESTRICTIONS. (i) You shall be entitled to delivery of the shares of Common Stock only as specified in
Section 6 hereof; (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 termination of employment with the Company or a Subsidiary (as defined in the Plan), or your right to receive Common Stock under Section 6 hereof; (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 in the event of your termination of employment with the Company or a Subsidiary without
having a right to delivery of shares of Common Stock under Section 6 hereof and (v) any Stock Units not earned as of the end of the Restriction Period shall be forfeited and all of your rights to such Stock Units shall terminate without
further obligation on the part of the Company. 
 6. PAYMENT OF STOCK UNITS. (i) At the end of the Restriction Period and
provided you have remained continuously employed by the Company or a Subsidiary, unless otherwise determined by the Committee, shares of Common Stock equal to the number of Stock Units which have met the applicable Performance Criteria shall be
delivered to you (through your account at the Company’s third party stock plan administrator, if applicable) free of all restrictions, provided the Company has Operating Income in one or more of the fiscal years 2008, 2009 or 2010. 

(ii) If your employment with the Company or a Subsidiary ends prior to the end of the Restriction Period and prior to a Change in Control, because you
die or become Disabled, unless otherwise determined by the Committee, you, your estate or your beneficiary, as the case may be, shall be entitled to receive shares of Common Stock equal to the number of Stock Units which have met the applicable
Performance Criteria 

 
through the end of the fiscal year ending prior to the date of your death or Disability, as the case may be, provided the Company has Operating Income in one
or more of the fiscal years 2008, 2009 or 2010 and further provided that such fiscal year precedes the date of your death or Disability. 
 (iii) If a Change In Control occurs prior to the end of the Restriction Period and prior to your death, Disability or retirement (as defined in section 8(c) of the Plan), shares of Common Stock equal to the number of Stock Units that would
have been deliverable if the Performance Criteria shall have been satisfied at the greater of one hundred percent of your Stock Unit Target Award as shown on Exhibit A or the number of Stock Units that would have been delivered based on the
Performance Criteria satisfied through the end of each fiscal year prior to the occurrence of such Change in Control and through the end of the most recent fiscal quarter ending prior to the date of the Change in Control shall be delivered to you
(through your account at the Company’s third party administrator, if applicable) free of all restrictions, provided the Company has Operating Income in one or more of the calendar years 2008, 2009 or 2010 and further provided that such calendar
year precedes the date of the Change in Control. In either event following the Change in Control no greater Performance Criteria may be earned under this Agreement. 
 (iv) If your employment with the Company or a Subsidiary ends for any other reason, with or without cause, prior to the earlier of the end of the Restriction Period or a Change in Control, you will forfeit all Stock
Units and all of your rights to such Stock Units shall terminate without further obligation on the part of the Company. 
 (v) Any payment of Common Stock pursuant to this Section 6 shall occur on or before the 15
th day of the third month of the calendar year following the calendar year in which you become entitled to such payment, except as provided in
Section 18. 
 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; 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 signing Exhibit A, 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 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 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 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. RESTATEMENTS OF FINANCIAL RESULTS. By electronically accepting this Agreement, you agree that you will return such shares of Common
Stock (or the fair market value thereof) to the Company as determined by the Committee in its exclusive discretion, which shall be final, conclusive and binding upon the Company and you. The Committee will exercise its discretion only in the event
that the Committee’s certification of a level of ROIC was based on financial results subsequently revised by a restatement of such financial 

 
results and only to the extent that such restated financial results would have entitled you to a lesser award of Common Stock under the Performance Criteria.

 18. DEFERRAL. You may be provided with an opportunity to elect to defer receipt under a deferred compensation program
established by the Committee that complies with Section 409A of the Internal Revenue Code of 1986, as amended (“Code”) of any payment of Common Stock under Section 6 hereof. Regardless of whether you elect to defer receipt of
payment of any such Common Stock, if the Company reasonably anticipates that its deduction with respect to such payment would be limited or eliminated by Section 162(m) of the Code, receipt of any payment of such Common Stock shall be deferred
until after you have separated from service as determined in accordance with Section 409A of the Code. 
 19.
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. 
 20.
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.

 21. 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. 
 22. DEFINED TERMS. For
purposes of this Agreement, capitalized terms shall have the meanings specified in the Plan, unless a different meaning is provided in this Agreement or a different meaning is plainly required by the context. 
  
  
 To confirm acceptance of the foregoing, kindly enter your password and click the “Accept” button. 

			
	 Notice of Performance Retention
 Unit Award
-Exhibit A & Award
 Agreement
	 	 Union Pacific Corporation
 ID:
13-2626465
 Union Pacific Corporation
 1400 Douglas
Street
 Omaha, NE 68179

		
	 FIRST_NAME LAST_NAME
  
 ADDRESS_LINE_1
  
 CITY, STATE ZIPCODE
	 	 Award Number:
  
 Plan:
  
 ID:

 Effective 1/31/08, you have been granted a performance retention unit award of Union Pacific
Corporation (the Company) common stock. Please take time to review the “2008 Long Term Plan Summary”, which is attached herewith. The units are restricted until the vest date(s) shown below. 
  

			
	 Type of Grant:
	  	LTP Retention Units
	 MAXIMUM Number of retention units granted:
 The “target” amount of retention units granted at 100% is half of the amount shown. The amount of units shown is the “maximum” number of shares that you are eligible to receive in accordance with
the program design shown in the Long Term Plan Summary. This number is for 200% of target performance. The actual number of shares paid out at vesting, if any, depends on applicable performance criteria being met.
	  	
	Restriction Period:	  	3 years
	Restriction Commencement Date:	  	January 31, 2008
	Restriction Termination Date:	  	January 31, 2011

 For general tax purposes, Retention Units are valued at the time of vesting. The closing price of
Union Pacific Corporation common stock on the vesting date as recorded by The Wall Street Journal is used when preparing tax calculations. 
 We would like to call your attention to confidentiality and non-compete provisions in the Agreement and recommend that you review the terms and conditions of these provisions as fully set forth in the Agreement. Please note that failure to
comply with these provisions will result in the forfeiture of the award or will require that any value received from the vesting of this award be returned to the Company. In addition, once you accept the terms of the Agreement, these provisions will
be binding on you whether or not the award vests. 
 By accepting this award, you acknowledge that you are bound by all of the terms of the Union Pacific
Corporation 2004 Stock Incentive Plan and the Agreement delivered herewith, each of which is incorporated by reference in this Exhibit A.

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