UNION PACIFIC CORP — Director's Dealing 2022

May 17, 2022

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: UNION PACIFIC CORP (UNP)
CIK: 0000100885
Period of Report: 2022-05-16

Reporting Person: Richardson Craig V (EVP CHIEF LEGAL OFFICER & CORP)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2022-05-16	Common Stock	M	2151	$124.86	Acquired	18820.1728	Direct
2022-05-16	Common Stock	F	1164	$230.76	Disposed	17656.1728	Direct
2022-05-16	Common Stock	F	285	$230.76	Disposed	17371.1728	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2022-05-16	Non-Qualified Stock Option (right to buy)	$124.86	M	2151	Disposed	2028-02-08	Common Stock (2151)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock	1891.748	Indirect

Footnotes

F1: Represents conversion of restricted stock units to fully vested stock units with a distribution ratio of 1:1 - Payable only in shares of common stock at termination of employment or a date certain.

F2: This option became exercisable in three equal installments starting one year from the grant date.