Union Pacific Corporation (the “Company”), has granted to the Participant named in the Grant Notice provided to said Participant herewith (the “Grant Notice”) a nonqualified stock option (the “Option”) to purchase up to the number of shares of the Company’s common stock (the “Common Stock”), set forth in the Grant Notice. The exercise price per share and the other terms and conditions of the Option are set forth in the Grant Notice, these Standard Terms and Conditions (as amended from time to time), and the Plan. For purposes of these Standard Terms and Conditions and the Grant Notice, any reference to the Company shall include a reference to any Subsidiary.

Union Pacific Corporation (the “Company”“Company”), has granted to the Participant named in the Grant Notice provided to said Participant herewith (the “Grant Notice”“Grant Notice”) a nonqualified stock option (the “Option”“Option”) to purchase up to the number of shares of the Company’Company’s common stock (the “Common Stock”“Common Stock”), set forth in the Grant Notice. The exercise price per share and the other terms and conditions of the Option are set forth in the Grant Notice, these Standard Terms and Conditions (as amended from time to time), and the Plan. For purposes of these Standard Terms and Conditions and the Grant Notice, any reference to the Company shall include a reference to any Subsidiary.

Union Pacific Corporation (the “Company”), has granted to the Participant named in the Grant Notice provided to said Participant herewith (the “Grant Notice”)you a nonqualified stock option (the “Option”) to purchase up to the number of shares of the Company’s common stock (the “Common Stock”), set forth in the Grant Notice. The exercise price per share and the other terms and conditions of the Option are set forth in the Grant Notice, these Standard Terms and Conditions (asConditions, the Plan and, if applicable, the Key Employee Continuity Plan, the Severance Policy and/or the Policy for Recoupment of Certain Compensation, each as amended from time to time), and the Plan. For purposes of these Standard Terms and Conditions and the Grant Notice, any reference to the Company shall include a reference to any Subsidiary.time.

Union Pacific Corporation (the “Company”), has granted to the Participant named in the Grant Notice provided to said Participant herewith (the “Grant Notice”)you a nonqualified stock option (the “Option”) to purchase up to the number of shares of the Company’s common stock (the “Common Stock”), set forth in the Grant Notice. The exercise price per share and the other terms and conditions of the Option are set forth in the Grant Notice, these Standard Terms and Conditions (asConditions, the Plan and, if applicable, the Key Employee Continuity Plan, the Severance Policy and/or the Policy for Recoupment of Incentive Compensation, each as amended from time to time), and the Plan. For purposes of these Standard Terms and Conditions and the Grant Notice, any reference to the Company shall include a reference to any Subsidiary.time.

FOR GOOD AND VALUABLE CONSIDERATION, Union Pacific Corporation (the “Company”), has grantedhereby grants to the Participant named inbelow the Grant Notice provided to said Participant herewith (the “Grant Notice”) a nonqualified stock option (the “Option”) to purchase up toany part or all of the number of shares of the Company’sits common stockstock, par value ​ (the “Common Stock”), that are covered by this Option, as specified below, at the Exercise Price per share specified below and upon the terms and subject to the conditions set forth in this Grant Notice, the Grant Notice. The exercise price per shareUnion Pacific Corporation 2013 Stock Incentive Plan (the “Plan”) and the other terms and conditions of the Option are set forth in the Grant Notice, these Standard Terms and Conditions (as(the “Standard Terms and Conditions”) adopted under such Plan, and provided to the Participant, each as amended from time to time),time. This Option is granted pursuant to the Plan and is subject to and qualified in its entirety by the Plan. For purposes of these Standard Terms and Conditions and the Grant Notice, any reference to the Company shall include a reference to any Subsidiary.Conditions.

FOR GOOD AND VALUABLE CONSIDERATION, Union Pacific Corporation (the “Company”“Company”), has grantedhereby grants to the Participant named inbelow the Grant Notice provided to said Participant herewith (the “Grant Notice”) a nonqualified stock option (the “Option”“Option”) to purchase up toany part or all of the number of shares of its common stock, par value ​ (the “Common Stock”), that are covered by this Option, as specified below, at the Company’s common stock (the “Common Stock”),Exercise Price per share specified below and upon the terms and subject to the conditions set forth in this Grant Notice, the Grant Notice. The exercise price per shareUnion Pacific Corporation 2013 Stock Incentive Plan (the “Plan”) and the other terms and conditions of the Option are set forth in the Grant Notice, these Standard Terms and Conditions (as(the “Standard Terms and Conditions”) adopted under such Plan, and provided to the Participant, each as amended from time to time),time. This Option is granted pursuant to the Plan and is subject to and qualified in its entirety by the Plan. For purposes of these Standard Terms and Conditions and the Grant Notice, any reference to the Company shall include a reference to any Subsidiary.Conditions.

FOR GOOD AND VALUABLE CONSIDERATION, Union Pacific Corporation (the “Company”), has grantedhereby grants to the Participant named inbelow (for purposes hereof, references herein to “you” or “your” shall refer to such Participant) the Grant Notice provided to said Participant herewith (the “Grant Notice”) a nonqualified stock option (the “Option”) to purchase up toany part or all of the number of shares of the Company’sits common stockstock, par value ​ (the “Common Stock”), that are covered by this Option, as specified below, at the Exercise Price per share specified below and upon the terms and subject to the conditions set forth in the Grant Notice. The exercise price per share and the other terms and conditions of the Option are set forth in thethis Grant Notice, thesethe Union Pacific Corporation 2021 Stock Incentive Plan (the “Plan”) the Standard Terms and Conditions (as(the “Standard Terms and Conditions”) adopted under such Plan and provided to you, and, if applicable, the Union Pacific Corporation Key Employee Continuity Plan (the “Key Employee Continuity Plan”) and the Policy for Recoupment of Certain Compensation, each as amended from time to time),time. In addition, if you become eligible for and entitled to severance benefits under a broad-based severance pay policy of the Plan. For purposesCompany that include waiver of these Standard Terms and Conditions and the Grant Notice, any referencevesting period and/or extension of the exercise period with respect to the CompanyOption (the “Severance Policy”), the Option also shall include a referencebe subject to any Subsidiary.the terms of such Severance Policy.

FOR GOOD AND VALUABLE CONSIDERATION, Union Pacific Corporation (the “Company”), has grantedhereby grants to the Participant named inbelow (for purposes hereof, references herein to “you” or “your” shall refer to such Participant) the Grant Notice provided to said Participant herewith (the “Grant Notice”) a nonqualified stock option (the “Option”) to purchase up toany part or all of the number of shares of the Company’sits common stockstock, par value ​ (the “Common Stock”), that are covered by this Option, as specified below, at the Exercise Price per share specified below and upon the terms and subject to the conditions set forth in the Grant Notice. The exercise price per share and the other terms and conditions of the Option are set forth in thethis Grant Notice, thesethe Union Pacific Corporation 2021 Stock Incentive Plan (the “Plan”) the Standard Terms and Conditions (as(the “Standard Terms and Conditions”) adopted under such Plan and provided to you, and, if applicable, the Union Pacific Corporation Key Employee Continuity Plan (the “Key Employee Continuity Plan”) and the Policy for Recoupment of Incentive Compensation, each as amended from time to time),time. In addition, if you become eligible for and entitled to severance benefits under a broad-based severance pay policy of the Plan. For purposesCompany that include waiver of these Standard Terms and Conditions and the Grant Notice, any referencevesting period and/or extension of the exercise period with respect to the CompanyOption (the “Severance Policy”), the Option also shall include a referencebe subject to any Subsidiary.the terms of such Severance Policy.

FOR GOOD AND VALUABLE CONSIDERATION, Union Pacific Corporation (the “Company”), has grantedhereby grants to the Participant named inbelow (for purposes hereof, references herein to “you” or “your” shall refer to such Participant) the Grant Notice provided to said Participant herewith (the “Grant Notice”) a nonqualified stock option (the “Option”) to purchase up toany part or all of the number of shares of the Company’sits common stockstock, par value ​ (the “Common Stock”), that are covered by this Option, as specified below, at the Exercise Price per share specified below and upon the terms and subject to the conditions set forth in the Grant Notice. The exercise price per share and the other terms and conditions of the Option are set forth in thethis Grant Notice, thesethe Union Pacific Corporation 2013 Stock Incentive Plan (the “Plan”) the Standard Terms and Conditions (as(the “Standard Terms and Conditions”) adopted under such Plan and provided to you, and, if applicable, the Union Pacific Corporation Key Employee Continuity Plan (the “Key Employee Continuity Plan”) and the Policy for Recoupment of Incentive Compensation, each as amended from time to time),time. In addition, if you become eligible for and entitled to severance benefits under a broad-based severance pay policy of the Plan. For purposesCompany that include waiver of these Standard Terms and Conditions and the Grant Notice, any referencevesting period and/or extension of the exercise period with respect to the CompanyOption (the “Severance Policy”), the Option also shall include a referencebe subject to any Subsidiary.the terms of such Severance Policy.