UNION PACIFIC CORP — Director's Dealing 2016

Jan 26, 2016

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: UNION PACIFIC CORP (UNP)
CIK: 0000100885
Period of Report: 2016-01-25

Reporting Person: ROGEL STEVEN R (Director)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2016-01-25	Common Stock	M	8400.0	$21.52	Acquired	12400	Direct
2016-01-25	Common Stock	S	8400.0	$69.4401	Disposed	4000	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2016-01-25	Non-Qualified Stock Option (right to buy)	$21.52	M	8400.0	Disposed	2016-01-26	Common Stock (8400)	Direct

Footnotes

F1: The reporting person exercised stock options that were due to expire on January 26, 2016.

F2: On May 28, 2008 and June 6, 2014, Union Pacific Corporation effected 2-for-1 stock splits in the form of a stock dividend. Amounts of securities and the grant price or prices with respect to options, if any, and restricted stock or restricted stock units, if any, reported on this form have been adjusted to reflect the stock splits.