Document:

Form of Non-Qualified Stock Option Agreement for Executives

 Exhibit 10(c) 
 EXECUTIVE NON-QUALIFIED STOCK OPTION AGREEMENT 
 Dated: 2/3/2011 

This Agreement (the “Agreement”) will confirm a grant to you of a non-qualified stock option (“NQ”) 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. 

OPTION 
 1.
GRANT OF OPTION. The Company hereby grants to you an NQ to purchase all or any part of the number of shares of Common Stock of the Company, par value $2.50 per share (“Common Stock”), as shown on Exhibit A of this Agreement,
on the terms and conditions as set forth herein and in the Plan. 
 2. OPTION PRICE. The price at which the option shares
may be purchased under the NQ (the “Option Price”) is shown on Exhibit A of this Agreement, said price having been determined in accordance with the procedures established by a committee of the Board of Directors pursuant to the provisions
of Section 6(a) of the Plan. 
 3. DURATION AND EXERCISE OF THE OPTION. The NQ shall be exercisable upon the terms and
conditions of the Plan, as supplemented by this Agreement and not otherwise. 
 Except as otherwise provided in the Plan, the NQ may be
exercised, at any time and from time to time, but only during the period beginning on 2/3/2012, for one third of the total number of shares as shown on Exhibit A of this Agreement, on 2/3/2013, for an additional one third of the total number of
shares as shown on Exhibit A of this Agreement, and on 2/3/2014, for an additional one third of the total number of shares as shown on Exhibit A of this Agreement and ending on 2/3/2021. The NQ must be exercised in portions of 100 shares, or any
integral multiple thereof, except to complete the exercise of the NQ. 
 The NQ is also subject to forfeiture or certain time limits for
exercise in the event of your termination of employment or death, as provided in Section 6(g) of the Plan and the following sentence. Section 6(g) of the Plan with respect to the forfeiture of the shares of the NQ that have not vested
prior to retirement shall not be applicable, and instead, in the event you remain continuously employed with the Company or a Subsidiary until September 30, 2011, and retire at or after attaining age 62 with 10 years of service under the
provisions of the Company’s or a Subsidiary’s pension plan, you shall be able to exercise the NQ in accordance with and at the times described in the previous paragraph of this Section 3, notwithstanding your separation from service
with the Company or a Subsidiary, for a period of five (5) years following your separation from service. 

 Notwithstanding any other provision of this Agreement, no NQ may be exercised subsequent to 2/3/2021.
If this expiration date or any other expiration date described herein falls on a weekend or any other day on which the New York Stock Exchange is not open, you may not exercise your NQ after 3:45p.m. New York time on the last New York Stock Exchange
trading day prior to the expiration date. 
 4. METHOD OF EXERCISE. The NQ may be exercised, during your lifetime, only by
you. Exercise of the NQ shall be by appropriate notice accompanied by valid payment in the form of (a) a check; (b) an attestation form confirming your current ownership of whole shares of Company Common Stock equal in value to the Option
Price; and/or (c) an authorization to sell shares equal in value to the Option Price. Notices and authorizations shall be delivered and all checks shall be payable to the Company’s third party stock plan administrator for the Company, or
as otherwise directed by the Company. Shares of Common Stock will be issued as soon as practicable. You will have the rights of a shareholder only after shares of Common Stock have been issued to you following exercise of the NQ. For administrative
or other reasons, including, but not limited to the Company’s determination that the exerciseability of the NQ would violate any federal, state or other applicable laws, the Company may from time to time suspend the ability of employees to
exercise an NQ for limited periods of time, which suspensions shall not change the period in which the NQ is exerciseable. 
 5.
APPLICABILITY OF THE PLAN. This Agreement and the NQ granted hereunder are subject to all of the terms and conditions of the Plan, as the same may be amended in accordance with Section 20 thereof, except as otherwise provided in
this Agreement, and may not be assigned or transferred, except by will or the laws of descent and distribution in the case of your death, as provided in paragraph (f) of Section 6 of the Plan. 

6. WITHHOLDING TAXES. Upon exercise of the NQ, 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 from such exercise promptly after notification of the amount thereof. You may elect to have shares withheld to pay withholding taxes, but only at the
statutory minimum rate, if a proper election is made to pay withholding taxes in this manner. 
 PROTECTION OF CONFIDENTIALITY

 7. 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 confidential or proprietary information concerning the assets, business or affairs of the Company or any

 
Subsidiary or any customers thereof (“Confidential Information”). Your electronic acceptance 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”). 

8. 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 unauthorized disclosures by you to
any third party of such Confidential Information or Trade Secrets would constitute gross misconduct within the meaning of the Plan. 
 9.
AGREEMENT TO MAINTAIN CONFIDENTIAL INFORMATION. By electronically accepting this Agreement, you agree that you will not, unless you receive prior written 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) divulge, use, furnish or disclose to any
subsequent employer or any other person, whether or not a competitor of the Company, 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. 
 10. PRIOR NOTICE OF
EMPLOYMENT, ETC. (i) 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. (ii) 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. 

11. 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 9 or 10 above, (a) the NQ, to the extent then unexercised, whether vested or unvested, will be immediately forfeited and cancelled and (b) you will be required to immediately deliver to the Company an amount
(in cash or in shares of Common Stock) equal to the market value (on the date of exercise) of any shares of Common Stock acquired on exercise of the NQ less the exercise price paid for such shares to the extent such shares were acquired by you upon
exercise of the NQ 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 that you made in Section 9 or 10, to 180 days after the date when
the Company learns that you have not complied with any such promise. You agree that you will deliver such amount (either in cash or in 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 enforce this repayment obligation by all legal means available, including, without limitation, 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 
 12. 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, directly or indirectly, engage in
any activity which is the same as or competitive with the Business (as defined below) including, without limitation, engagement as an officer, director, proprietor, employee, partner, investor

 
(other than as a holder of less than 2% of the outstanding capital stock of a publicly traded corporation), guarantor, consultant, advisor, agent, sales representative or other participant
anywhere in the United States. For purposes of this Agreement, the term “Business” means the operation of a Class I railroad in the United States. This Section 12 is not intended to prevent you from engaging in any activity that is
not the same as or competitive with the Business. 
 13. ACKNOWLEDGMENT; INJUNCTIVE RELIEF. By electronically accepting this
Agreement, you acknowledge that you have carefully read and considered all the terms and conditions of this Agreement, including the restraints imposed upon you pursuant to Sections 9, 10 and 12. You also agree that each of the restraints contained
herein is necessary for the protection of the goodwill, Confidential Information, Trade Secrets and other legitimate interests of the Company; that each and every one of these restraints is reasonable in respect to subject matter, length of time and
geographic area; and that these restraints, individually or in the aggregate, will not prevent you from obtaining other suitable employment during the period in which you are bound by such restraints. You further acknowledge that, were you to breach
any of the covenants contained in Sections 9, 10 and 12, the damage to the Company would be irreparable. You therefore agree that the Company, in addition to any other remedies available to it, including, without limitation, the remedies set forth
in Sections 11 and 14, shall be entitled to injunctive relief against your breach or threaten breach of said covenants. You and the Company further agree that, in the event that any provision of Sections 9, 10 and 12 shall be determined by any court
of competent jurisdiction to be unenforceable by reason of its being extended over too great a time, too large a geographic area or too great a range of activities, such provision shall be deemed to be modified to permit its enforcement to the
maximum extent permitted by law. 
 14. 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 12 above, (a) the NQ, to the extent then unexercised, whether vested or unvested, will be immediately forfeited and cancelled and (b) you will be required to
immediately deliver to the Company an amount (in cash or in shares of Common Stock) equal to the market value (on the date of exercise) of any shares of Common Stock acquired on exercise of the NQ less the exercise price paid for such shares to the
extent such shares were acquired by you upon exercise of the NQ 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 any such promise. You agree
that you will deliver such amount (either in cash or in 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 enforce this repayment obligation
by all legal means available, including, without limitation, 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 
 15. 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. 
 16. CHOICE OF LAW; JURISDICTION. 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. The Company and you hereby consent and submit to the personal jurisdiction and venue of any state or federal court located in the county of Salt Lake City within the State of Utah for resolution of
any and all claims, causes of action or disputes arising out of or related to this Agreement. Sections 10(ii) and 12 shall not apply to employees who are subject to California law. 

17. EMPLOYMENT AT WILL. In accordance with Section 22(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. 
 18. 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. 

19. AMENDMENTS. The Plan and this Agreement may be amended or altered by the Committee or the Company’s Board of Directors to
the extent provided in the Plan. 
  
  

To confirm acceptance of the foregoing, kindly enter your password and click the “Accept” button. 

  
  

							
	 Grant of Stock Options - Exhibit A

& Option Agreement
	  		    	 Union Pacific Corporation
 ID:
13-2626465
 Union Pacific Corporation
 1400 Douglas
Street
 Omaha, NE 68179

							
	  

		  		  		  	
	FIRST_NAME LAST_NAME	  		  	Option Number:	  	OPTION_NUMBER
	ADDRESS_LINE_1	  		  	Plan:	  	EQUITY_PLAN
	CITY-, STATE ZIPCODE	  		  	ID:	  	EMPLOYEE_ID

  

 
 Effective 2/3/2011, you have been granted a Non-Qualified
Stock Option to buy X,XXX shares of Union Pacific Corporation (the Company) stock at $XXXX per share. The option price is the closing price of Union Pacific Corporation common stock on the date of grant as recorded by The Wall Street Journal.

 Shares in each period will become fully vested on the date shown. 
  

					
	 Shares
	  	 Full Vest
	  	 Expiration

			
	X,XXX	  	2/3/2012	  	2/3/2021
	X,XXX	  	2/3/2013	  	2/3/2021
	X,XXX	  	2/3/2014	  	2/3/2021

 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.Deferred Compensation Plan

 Exhibit 10(d) 
  

 
 DEFERRED COMPENSATION PLAN 

(409A Non-Grandfathered Component) 
 of 
 UNION PACIFIC CORPORATION 

(Originally effective as January 1, 2009, with amendments approved December 30, 2010.) 

 
  

  

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 a deferral opportunity and
related benefits to Eligible Employees who participate in EIP and SIP. The Plan is intended to be an unfunded nonqualified deferred compensation plan that is maintained primarily for the purpose of providing deferred compensation for a select group
of management or highly compensated employees of the Company, pursuant to sections 201, 301 and 401 of the Employee Retirement Income Security Act of 1974, as amended (“ERISA”) and, as such, to be exempt from the provisions of Parts 2, 3
and 4 of Subtitle B of Title I 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 Deferred Compensation Plan was bifurcated into two components, effective January 1, 2009. As reflected in the terms of this
Non-Grandfathered 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 Deferred Compensation 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 Deferred Compensation Plan, the rights of the Participant and his Beneficiaries shall be governed by the component of the Deferred Compensation Plan known as the “Deferred Compensation 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 Deferred Compensation Plan that were subject to section 409A of the Code, the Deferred
Compensation 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 Non-Grandfathered Plan. The term
“Account” shall refer to: 

  

	 	(1)	The value of amounts credited to a Participant under the Deferred Compensation Plan as in effect on January 1, 2005, other than amounts (including investment gains
and losses thereon) which under the terms of the Deferred Compensation Plan were credited and fully vested or as to which the Participant had a vested right, as of December 31, 2004, valued in accordance with Article 3 and adjusted for payments
made pursuant to Article 4. 

  
 1 

	 	(2)	The value of amounts credited to a Participant’s Account pursuant to Section 2.1, valued in accordance with Article 3 and adjusted for payments made pursuant to
Article 4. 

 Under no circumstances shall a Participant’s Account under this Non-Grandfathered Plan be
deemed to include amounts (including investment gains and losses thereon) which under the terms of the Deferred Compensation Plan were credited and fully vested or as to which the Participant has a vested right as of December 31, 2004.

  

	 	(b)	“Award” shall mean an award as defined under EIP or SIP consisting of cash or stock units. Stock options or retention share awards are not eligible for deferral under
this Plan. 

  

	 	(c)	“Award Account” shall mean the entries maintained on the books of the Company which represent a Participant’s interest under the Plan with respect to each
separate Award payable to the Participant under EIP or SIP that the Participant elects to defer under the terms of this Non-Grandfathered Plan. Each Award Account shall separately reflect the Participant’s interest in each investment fund
established under Section 3.1. 

  

	 	(d)	“Beneficiary” shall mean the person designated by a Participant to receive his interest under the Deferred Compensation Plan in the event of his death hereunder
pursuant to procedures adopted by the Committee. Absent such designation, the Participant’s Beneficiary shall be his estate. 

  

	 	(e)	“Committee” shall mean the Compensation and Benefits Committee of the Board of Directors of the Company, or such other committee of the Board of Directors as may from
time to time be designated by the Board of Directors to administer the Deferred Compensation Plan. 

  

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

  

	 	(g)	“EIP” shall mean the Union Pacific Corporation Executive Incentive Plan, effective May 5, 2005, and as it may thereafter be amended from time to time, and
any successor executive incentive plan. 

  
 2 

	 	(h)	“Eligible Employee” shall mean an employee eligible to receive an Award who the Committee has designated as eligible to participate in this Plan.

  

	 	(i)	“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 4.

  

	 	(j)	“Plan” or “Non-Grandfathered Plan” shall mean the Union Pacific Corporation Deferred Compensation 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. 

  

	 	(k)	“Separation from Service” shall mean a “separation from service” with the Company and all Affiliated Companies within the meaning of Code section 409A
and the regulations promulgated thereunder. 

  

	 	(l)	“SIP” shall mean the Union Pacific Corporation 2001 Stock Incentive Plan, effective April 20, 2001, as amended; and the Union Pacific Corporation 2004 Stock
Incentive Plan, effective April 16, 2004, and as it may thereafter be amended from time to time, or any successor stock incentive plan. 

  

	 	(m)	“Thrift Plan” shall mean the Union Pacific Corporation Thrift Plan, as in effect 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”; “Board of Directors”; “Code”; “Company”; “Employee”; “ERISA”; 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. 

  
 3 

  

ARTICLE TWO 
 Deferrals
and Credits 
  

	2.1	Deferrals and Credits 

  

	 	(a)	The Committee may permit an Eligible Employee to elect to make deferrals from Awards (or, in the case of an Award under EIP, a portion of such Award) to be credited under
the Plan by filing an Award deferral agreement with the Committee on such form as may prescribed by the Committee for such purpose, subject to such terms and conditions as the Committee may from time to time impose in its sole discretion.
Notwithstanding the foregoing, such agreement must be filed within the period permitted under paragraph (b) below and shall authorize the Company or the Affiliated Company by which the Eligible Employee is employed to reduce the Eligible
Employee’s Award as elected by the Eligible Employee as of the date determined pursuant to subparagraph (c) below. The Company shall credit such amount to the Eligible Employee’s Account under the Plan. 

 

	 	(b)	Any election by an Eligible Employee to defer an Award pursuant to paragraph (a) must be made: 

 

	 	(1)	If the Award is not performance-based compensation as defined under Code section 409A and the regulations promulgated thereunder, prior to the beginning of the calendar
year in which the Eligible Employee performs the services for which the Award is payable; and 

  

	 	(2)	If the Award is performance-based compensation, as defined under Code section 409A and the regulations promulgated thereunder, at least six (6) months prior to the
end of the performance period to which the Award relates and before the date as of which such performance-based compensation becomes readily ascertainable, within the meaning of Code section 409A and the regulations promulgated thereunder, provided,
however, that the Eligible Employee is continuously employed from the earlier of the beginning of such performance period or the date the performance goals for such performance period are established through the date of the deferral election.

  

	 	(c)	 An Eligible Employee’s deferral under paragraph (a) above shall be made as of the same date that such Award would have been payable to the
Eligible Employee under EIP or SIP had such Award not been deferred under the Plan. In the event the Eligible Employee satisfies the requirements for an Award under the EIP but has a Separation from Service before the date the EIP Award would have
been paid to the Eligible Employee had such Award not been deferred under the Plan, it shall nevertheless be paid in accordance with such deferral election and the terms of this Plan (including without limitation the Specified Employee Restriction
at Section 4.2) with respect to the implementation of such deferral election.1 

  

	1.	Subsection 2.1(d) was deleted in its entirety, effective January 1, 2009. 

  
 4 

  

ARTICLE THREE 

Valuation of Accounts 
  

	3.1	Establishment of Investment Funds - The Committee shall have the authority in its sole discretion to provide a Participant with one or more investment funds for the
Participant’s Account and to add, delete, consolidate, substitute or otherwise change any such investment funds from time to time as the Committee may determine in its sole discretion. Notwithstanding any other provision of the Plan that may be
interpreted to the contrary, the investment funds are to be used for measurement purposes only, and a Participant’s election of any such investment fund, the allocation of the Participant’s Account thereto, the calculation of additional
amounts and the crediting or debiting of such amounts to a Participant’s Account shall not be considered an actual investment of a Participant’s Account in any such investment fund. 

 

	3.2	Transfers Between Investment Funds - Subject to such rules as the Committee may prescribe from time to time in its sole discretion, a Participant may elect to
transfer such portion of a Participant’s interest in any investment fund as permitted by the Committee to any other available investment fund. Such rules may require that a Participant’s Account under this Non-Grandfathered Plan is
commingled for investment purposes with any “Account” a Participant may have in the Union Pacific Corporation Deferred Compensation Plan (409A Grandfathered Component). However, separate recordkeeping shall be maintained with respect to
the portions of the Participant’s benefit in the Deferred Compensation Plan attributable to its Grandfathered and Non-Grandfathered components. 

  

	3.3	Valuation and Accounting - 

  

	 	(a)	Each investment fund shall be valued as such times and in accordance with such method(s) of valuation as determined from time to time in the sole discretion of the
Committee, and the value of each Participant’s Account shall be determined by reference to the portion of the Participant’s Account allocable to each investment fund. The value of each Participant’s interest in an investment fund may
be measured in units, shares or dollars. 

  

	 	(b)	The value of a Participant’s Account shall equal the aggregate value of the investment funds allocable to such Account. 

  
 5 

  

ARTICLE FOUR 
 Payments

  

	4.1	Payments on Separation from Service or Date Certain - 

  

	 	(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 Award
Account at the time of his Separation from Service in a single lump-sum payment. Subject to Section 4.2, such payment shall be made to the Participant (or if such Participant is not living at the time of payment, to such Participant’s
Beneficiaries) 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. Notwithstanding the foregoing, any Award Account established for an Award attributable to SIP to which an amount is credited under Section 2.1(c) by reason of a Participant’s
disability shall be paid as soon as administratively practicable following the date on which such amount is credited to the Award Account, but in no event later than the end of the calendar year or the
15th day of the third calendar month following the date on which such amount
is credited to the Award Account, regardless of any election made by the Participant. 

  

					
	(b)	 	  (1)	 	 A Participant who has any Award 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 Committee, to have any such 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.

  

	 	(2)	A Participant who makes a deferral election under Section 2.1 for an Award made after December 31, 2008 may elect in writing, according to such rules and using
such forms as may be prescribed by the Committee, to have the Award Account attributable to such Award paid to him in one of the forms specified in paragraph (c) below. Such election must be made before the end of the period in which to make a
deferral election under Section 2.1(b) with regard to such Award. 

  

	 	(c)	A Participant may elect to have his Award Account paid to him in accordance with one of the following payment options, subject to Sections 4.2 and 4.3:

  

	 	(1)	A single lump sum distribution as provided in subparagraph (a) payable at the earlier of (i) July of the year selected by the Participant or (ii) within thirty
(30) days of the Participant’s Separation from Service. 

  
 6 

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

  

	 	(3)	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, with each
installment determined by dividing the value of the Participant’s then-undistributed Award Account under the Non-Grandfathered Plan by the number of installments remaining to be made; or 

 

	 	(4)	A single lump-sum distribution payable in January of a year following the Participant’s Separation from 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 Award Account at such
specified date. Pending the lump-sum distribution as aforesaid, the Participant’s Award Account shall continue to be invested in accordance with Article Three. If the Award Account relates to amounts deferred into this Plan from the SIP, the
increase or decrease in the value of such Award Account shall be accumulated as part of the Award Account and paid out as part of such lump sum distribution. If the Award Account relates to amounts deferred into this Plan from the EIP, then at the
end of each calendar quarter following the Participant’s Separation from Service, the net increase or decrease in the value of such Award Account, measured from the first valuation of such Award Account pursuant to Article Three 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 modify the form of
payment and/or the payment commencement date for any Award Account (a “modification election”) in accordance with the following rules: 

  

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

  
 7 

 (A) is described in subparagraphs (a), (c)(2) or (c)(3) above, a Participant may elect to receive the
Participant’s Award Account in the form set forth in paragraph (c)(2), (c)(3) and (c)(4) above, provided that any election of the form described in subparagraph (c)(4) above shall not provide separate quarterly payments of investment income,

 (B) is described in subparagraph (c)(1) above, a Participant may (i) elect to receive the Participant’s Award Account in a
single lump sum distribution in July of a later year, provided such July occurs before the Participant’s Separation from Service or (ii) elect to receive the Participant’s Award Account in the form described in subparagraph (c)(2),
(c)(3) or (c)(4) above, provided that any election of the form described in subsection (c)(4) above shall not provide separate payments of investment income, and 
 (C) is described in subparagraph (c)(4) above, a Participant may elect to receive the Participant’s Account in the form described in subsection (c)(3) above or change to a later date as of which the
Participant will be paid a single lump-sum under subparagraph (c)(4) above. 
  

	 	(2)	A Participant’s modification 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 date on which his payments will
commence and/or the form in which payment is made must have the effect of postponing the payment commencement date by at least five (5) years, and shall be administered accordingly. A Participant shall be permitted to make a modification
election or elections with respect to (i) all of his Award Accounts with respect to amounts deferred from the SIP that are payable at the same time and in the same form; (ii) all of his Award Accounts with respect to amounts deferred from
the EIP that are payable at the same time and in the same form, and (iii) fifty percent (50%) of the balance as of the applicable payment date of the Award Account(s) attributable to deferrals from the SIP or EIP, as the case may be, that
are payable in accordance with subparagraph 4.1(c)(1) in the same year elected by the Participant in accordance with subparagraph 4.1(c)(1), each of which shall be considered a separately identified amount to which the Participant is entitled to
payment on a determinable date with the meaning of Treas. Reg. § 1.409A-2(b)(2)(i), in accordance within such rules as may be established by the Committee for this purpose consistent with the requirements of Section 409A of the
Code and the regulations thereunder. No such modification 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.

  
 8 

	 	(4)	In the case of a Participant who desires to (A) change the method 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)(4) 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 Committee shall cause the unpaid balance of the
Participant’s vested 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 Article Three 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. 

  

	 	(f)	Subject to Sections 4.2 and 4.3 and notwithstanding the deemed election or election of a Participant described in Section 4.1(a) or (b) respectively, any Award
Account established for an Award attributable to SIP, other than such an Award in which the Participant has vested due to such Participant’s disability, which is granted in 2011 that is not performance-based compensation, as defined under Code
section 409A, shall be paid to a Participant: 

  

	 	(1)	who has a Separation from Service before February 3, 2015, in a single sum as soon as administratively practicable following such date, but in no event later than the
end of the 2015 calendar year or, if later, ninety (90) days after such date or; 

  

	 	(2)	 who has a Separation from Service on or after February 3, 2015, in accordance with the payment option set forth in Section 4.1(c) and elected

  
 9 

	 	 
by the Participant (or in accordance with Section 4.1(a) in the event the Participant fails to make such election); provided, however, that a Participant who has elected the form of payment
set forth in Section 4.1(c)(1) shall be paid at the earlier of (i) July of the year selected by the Participant that is after 2015 or (ii) within thirty (30) days of the Participant’s Separation from Service.2 

 

	4.2	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) on account of such specified employee’s Separation from
Service until six (6) months plus one day following such specified employee’s Separation from Service; provided however, 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). 

  

	4.3	Additional Restrictions on Payment Options - Notwithstanding anything in Section 4.1 to the contrary; except, however the last sentence of subparagraph 4.1(a):

  

	 	(a)	the Participant may always elect the payment option described in subparagraph 4.1(c)(1) (providing for payment as of a specified date prior to Separation from
Service) with respect to amounts to be deferred to an Award Account, regardless of the payment options the Participant may have elected with respect to any Award Accounts previously established under this Non-Grandfathered Plan.

  

	 	(b)	with regard to the payment options described in subparagraphs 4.1(c)(2), 4.1(c)(3) or 4.1(c)(4) (each providing for payment following Separation from Service and
henceforth referred to as the “Separation Payment Options”), the Participant may elect only one such Separation Payment Option with respect to (i) all Award Accounts consisting of amounts deferred into this Plan from the SIP and
(ii) all Award Accounts consisting of amounts deferred into this Plan from the EIP (other than, in each case, Award Accounts for which the payment option described in subparagraph 4.1(c)(1) has been elected). A Participant’s initial
election of a Separation Payment Option, with respect to amounts deferred from the SIP or EIP, as the case may be, shall apply to all subsequent deferrals from the SIP or EIP, as applicable, unless the Participant elects the payment option described
in subparagraph 4.1(c)(1) for such subsequent deferral. 

  

	 	(c)	a Participant’s modification election made in accordance with Section 4.1(d) may not change the form of payment of an Award Account from a Separation Payment
Option to the form of payment described in subparagraph 4.1(c)(1). In addition, any change to a different Separation Payment Option must apply to all Award Accounts attributable to deferrals from the SIP or EIP, as the case may be, for which a
Separation Payment Option has been elected. 

  

	2.	Subsection 4.1(f) added, effective December 23, 2010. 

  
 10 

	 	(d)	 in the event an Award Account is to be paid in accordance with the payment option described in subparagraph 4.1(c)(1) prior to the Participant having a
Separation from Service, and at the time of such payment the Company reasonably anticipates that its deduction with respect to the Award Account payable to such Participant would be reduced or eliminated by Code section 162(m), such payment shall be
delayed until the Company’s first taxable year in which it reasonably anticipates that its deduction of such payment will not be reduced or eliminated by Code Section 162(m), and following such determination will then be paid in a single
lump-sum distribution as soon as administratively practicable in such taxable year.3,4 

 

	4.4	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. 

 
  

	3.	Subsection 4.3(d) amended effective January 1, 2009. 

	4.	Subsection 4.3(d) amended in its entirety, effective January 1, 2011. 

  
 11 

  

ARTICLE FIVE 

Administration 
  

	5.1	Responsibilities and Powers of the Committee - The Committee shall be solely responsible for the operation and administration of the Plan and shall have all powers
necessary and appropriate to carry out its responsibilities in operating and administering the Plan. Without limiting the generality of the foregoing, the Committee 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 Committee, made in good faith, shall be
conclusive and binding on all persons, including Participants and their Beneficiaries. The Committee may delegate part or all of its authority to operate and administer the Plan to the Senior Vice President-Human Resources of the Company and may
grant authority to such person to execute agreements or other documents relating to the administration of the Plan as such person deems necessary or appropriate. 

 

	5.2	Outside Services - The Committee may engage counsel and such clerical, medical, financial, investment, accounting and other specialized services as its may deem
necessary or desirable to the operation and administration of the Plan. The Committee 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 members of the Committee 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 the Committee member’s 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 Committee deems necessary or appropriate. 

  
 12 

  

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 or (b) 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. 

  
 13 

  

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 Committee 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. 

  

	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 Committee 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 Committee 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 Committee. 

  

	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 Committee 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. 

  
 14 

	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 Committee, the Company, all Affiliated Companies and all other
parties with respect thereto. 

  
 15

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