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    <div>
      <div style="text-align: center; font-weight: bold;">As filed with the Securities and Exchange Commission on December 18, 2023</div>
      <div style="text-align: right; font-weight: bold;"> <br>
      </div>
      <div style="text-align: right; font-weight: bold;">Registration No. 333-</div>
      <div> <br>
      </div>
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      <div style="text-align: center; font-size: 14pt; font-weight: bold;">UNITED STATES</div>
      <div style="text-align: center; font-size: 14pt; font-weight: bold;">SECURITIES AND EXCHANGE COMMISSION</div>
      <div style="text-align: center; font-size: 12pt; font-weight: bold;">WASHINGTON, D.C. 20549</div>
      <div>
        <div style="text-align: center;"> <br>
        </div>
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      <div style="text-align: center; font-size: 18pt; font-weight: bold;">FORM S-8</div>
      <div style="text-align: center; font-weight: bold;">REGISTRATION STATEMENT</div>
      <div style="text-align: center; font-style: italic; font-weight: bold;">UNDER</div>
      <div style="text-align: center; font-style: italic; font-weight: bold;">THE SECURITIES ACT OF 1933</div>
      <div style="text-align: center; font-style: italic; font-weight: bold;"> <br>
      </div>
      <div>
        <div style="text-align: center;">
          <hr noshade="noshade" align="center" style="height: 2px; color: #000000; background-color: #000000; margin-left: auto; margin-right: auto; border: none;"></div>
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      <div style="text-align: center; font-weight: bold;"> <br>
      </div>
      <div style="text-align: center; font-size: 24pt; font-weight: bold;">UNION PACIFIC CORPORATION</div>
      <div style="text-align: center; font-weight: bold;">(Exact Name of Registrant as Specified in its Charter)</div>
      <div>
        <div style="text-align: center;"> <br>
        </div>
      </div>
      <div>
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      </div>
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            <td style="width: 49%; vertical-align: top;">
              <div style="text-align: center; font-weight: bold;">Utah</div>
            </td>
            <td style="width: 2%; vertical-align: bottom;">&#160;</td>
            <td style="width: 49%; vertical-align: top;">
              <div style="text-align: center; font-weight: bold;">13-2626465</div>
            </td>
          </tr>
          <tr>
            <td rowspan="1" style="width: 49%; vertical-align: top;">
              <div style="text-align: center; font-weight: bold;">(State or Other Jurisdiction of Incorporation or Organization)</div>
            </td>
            <td rowspan="1" style="width: 2%; vertical-align: bottom;">&#160;</td>
            <td rowspan="1" style="width: 49%; vertical-align: top;">
              <div style="text-align: center; font-weight: bold;">(I.R.S. Employer Identification No.)</div>
            </td>
          </tr>

      </table>
      <div>&#160;</div>
      <div style="text-align: center; font-weight: bold;">1400 Douglas Street</div>
      <div style="text-align: center; font-weight: bold;">Omaha, NE 68179</div>
      <div style="text-align: center; font-weight: bold;">(Address of Principal Executive Offices)</div>
      <div>&#160;</div>
      <div style="text-align: center; font-weight: bold;">UNION PACIFIC CORPORATION THRIFT PLAN</div>
      <div>&#160;</div>
      <div style="text-align: center; font-weight: bold;">&#160;(Full Title of the Plans)</div>
      <div>&#160;</div>
      <div style="text-align: center; font-weight: bold;">Craig V. Richardson</div>
      <div style="text-align: center; font-weight: bold;">Executive Vice President, Chief Legal Officer and Corporate Secretary</div>
      <div style="text-align: center; font-weight: bold;">1400 Douglas Street</div>
      <div style="text-align: center; font-weight: bold;">Omaha, NE 68179</div>
      <div style="text-align: center; font-weight: bold;">Telephone: (402) 544-5000</div>
      <div style="text-align: center; font-weight: bold;">(Name, address, and telephone number, including area code, of agent for service)</div>
      <div style="text-align: center; font-weight: bold;"> <br>
      </div>
      <div>
        <div>
          <hr noshade="noshade" align="center" style="height: 2px; color: #000000; background-color: #000000; text-align: center; margin-left: auto; margin-right: auto; border: none;"></div>
      </div>
      <div> <br>
      </div>
      <div>Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of &#8220;large accelerated filer,&#8221; &#8220;accelerated
        filer&#8221;, &#8220;smaller reporting company&#8221; and &#8220;emerging growth company&#8221; in Rule 12b-2 of the Exchange Act.</div>
      <div>&#160;</div>
      <table cellspacing="0" cellpadding="0" border="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="z5f273a985ea14ff391a7bcdd12ff01a5">

          <tr>
            <td style="width: 45.48%; vertical-align: bottom;">
              <div>Large accelerated filer</div>
            </td>
            <td style="width: 4.56%; vertical-align: bottom;">
              <div>&#9746;</div>
            </td>
            <td style="width: 45%; vertical-align: bottom;">
              <div>Accelerated filer</div>
            </td>
            <td style="width: 5%; vertical-align: bottom;">
              <div>&#9744;</div>
            </td>
          </tr>
          <tr>
            <td style="width: 45.48%; vertical-align: middle;">&#160;</td>
            <td style="width: 4.56%; vertical-align: middle;">&#160;</td>
            <td style="width: 45%; vertical-align: middle;">&#160;</td>
            <td style="width: 5%; vertical-align: middle;">&#160;</td>
          </tr>
          <tr>
            <td style="width: 45.48%; vertical-align: bottom;">
              <div>Non-accelerated filer</div>
            </td>
            <td style="width: 4.56%; vertical-align: bottom;">
              <div>&#9744;</div>
            </td>
            <td style="width: 45%; vertical-align: bottom;">
              <div>Smaller reporting company</div>
            </td>
            <td style="width: 5%; vertical-align: bottom;">
              <div>&#9744;</div>
            </td>
          </tr>
          <tr>
            <td style="width: 45.48%; vertical-align: middle;">&#160;</td>
            <td style="width: 4.56%; vertical-align: middle;">&#160;</td>
            <td style="width: 45%; vertical-align: middle;">&#160;</td>
            <td style="width: 5%; vertical-align: middle;">&#160;</td>
          </tr>
          <tr>
            <td style="width: 45.48%; vertical-align: bottom;">
              <div>Emerging growth company</div>
            </td>
            <td style="width: 4.56%; vertical-align: bottom;">
              <div>&#9744;</div>
            </td>
            <td style="width: 45%; vertical-align: bottom;">&#160;</td>
            <td style="width: 5%; vertical-align: bottom;">&#160;</td>
          </tr>

      </table>
      <div><br>
      </div>
      <div>If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 7(a)(2)(B) of the
        Securities Act. &#9744;</div>
      <div> <br>
      </div>
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      </div>
      <div style="text-align: center; font-weight: bold;">INTRODUCTION</div>
      <div>&#160;</div>
      <div style="text-indent: 36pt;">This Registration Statement on Form S-8 is filed by Union Pacific Corporation, a Utah corporation (the &#8220;Company&#8221; or the &#8220;Registrant&#8221;), and the Union Pacific Corporation Thrift Plan (the &#8220;Plan&#8221;), to register an
        additional $100,000,000 worth of the Company&#8217;s Common Stock, par value $2.50 per share (the &#8220;Common Stock&#8221;), to be offered and sold to accounts of eligible employees of the Company under the Plan.</div>
      <div>&#160;</div>
      <div style="text-align: center; font-weight: bold;">Part I</div>
      <div>&#160;</div>
      <div style="text-align: center; font-weight: bold;">INFORMATION REQUIRED IN THE SECTION 10(a) PROSPECTUS</div>
      <div>&#160;</div>
      <div style="text-indent: 24.5pt;">Information required by Part I to be contained in the Section 10(a) prospectus is omitted from this Registration Statement in accordance with Rule 428 under the Securities Act of 1933, as amended, and the Explanatory
        Note to Part I of Form S-8.</div>
      <div style="text-align: center; font-weight: bold;"> <br>
      </div>
      <div style="text-align: center; font-weight: bold;">Part II</div>
      <div>&#160;</div>
      <div style="text-align: center; font-weight: bold;">INFORMATION REQUIRED IN THE REGISTRATION STATEMENT</div>
      <div>&#160;</div>
      <div>
        <table cellspacing="0" cellpadding="0" class="DSPFListTable" id="zac84d4f6aff645b99523584dddc8412e" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%;">

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              <td style="width: 27pt;">&#160;</td>
              <td style="text-align: right; vertical-align: top; width: 45pt;">
                <div style="text-align: left; font-weight: bold;">Item 3.</div>
              </td>
              <td style="text-align: left; vertical-align: top; width: auto;">
                <div style="font-weight: bold;">Incorporation of Documents by Reference.</div>
              </td>
            </tr>

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      </div>
      <div>&#160;</div>
      <div style="text-indent: 24.5pt;">The SEC allows us to &#8220;incorporate by reference&#8221; the information we file with them, which means that we can disclose important information to you by referring you to those documents. The information incorporated by
        reference is considered to be part of this registration statement, and later information filed with the SEC will update and supersede this information. We hereby incorporate by reference into this registration statement the following documents
        previously filed with the SEC:</div>
      <div>
        <div><br>
        </div>
        <div>
          <table cellspacing="0" cellpadding="0" class="DSPFListTable" id="ze9d4f157162c4e54b121e9fe01b41801" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%;">

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                <td style="width: 27pt;">&#160;</td>
                <td style="text-align: right; vertical-align: top; width: 18pt;">
                  <div style="text-align: left;">&#8226;</div>
                </td>
                <td style="text-align: left; vertical-align: top; width: auto;">
                  <div>The Company&#8217;s Annual Report on Form 10-K for the fiscal year ended December 31, 2022, filed on <a href="https://www.sec.gov/ix?doc=/Archives/edgar/data/100885/000143774923002959/unp20221231_10k.htm">February 10, 2023</a> and the
                    Plan&#8217;s latest Annual Report on Form 11-K for the fiscal year ended December 31, 2022, filed on <a href="https://www.sec.gov/Archives/edgar/data/100885/000143774923018247/unp20221231c_11k.htm">June 23, 2023</a>;</div>
                </td>
              </tr>

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        </div>
        <div style="text-indent: -36pt; margin-left: 36pt;"><font style="font-size: 8pt;"> </font></div>
        <div style="text-indent: -36pt; margin-left: 36pt;"> <br>
        </div>
        <div>
          <table cellspacing="0" cellpadding="0" class="DSPFListTable" id="z653b4a484eb642a69f2acf164dee8e54" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%;">

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                <td style="width: 27pt;">&#160;</td>
                <td style="text-align: right; vertical-align: top; width: 18pt;">
                  <div style="text-align: left;">&#8226;</div>
                </td>
                <td style="text-align: left; vertical-align: top; width: auto;">
                  <div>All other reports filed by the Company pursuant to Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended (the &#8220;Exchange Act&#8221;) since the end of the fiscal year covered by the Company&#8217;s Annual Report referred to in
                    the preceding bullet; and</div>
                </td>
              </tr>

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        </div>
        <div style="text-indent: -36pt; margin-left: 36pt;"><font style="font-size: 8pt;"> </font><br>
        </div>
        <div>
          <div>
            <div>
              <table cellspacing="0" cellpadding="0" class="DSPFListTable" id="zd0b5fccc23cb42b99688fa0665e1cb9b" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%;">

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                    <td style="width: 27pt;">&#160;</td>
                    <td style="text-align: right; vertical-align: top; width: 18pt;">
                      <div style="text-align: left;">&#8226;</div>
                    </td>
                    <td style="text-align: left; vertical-align: top; width: auto;">
                      <div>The description of the Company&#8217;s Common Stock contained in its registration statement filed under the Exchange Act under File No. 1-6075, including all amendments or reports filed for the purpose of updating such description.</div>
                    </td>
                  </tr>

              </table>
            </div>
          </div>
        </div>
        <div style="text-indent: -36pt; margin-left: 36pt;"><font style="font-size: 8pt;"> </font><br>
        </div>
      </div>
      <div style="text-indent: 24.5pt;">All documents that the registrant subsequently files pursuant to Sections 13(a), 13(c), 14 and 15(d) of the Securities Exchange Act of 1934, as amended, prior to the filing of a post-effective amendment to the
        registration statement which indicates that all of the shares of common stock offered have been sold or which deregisters all of such shares then remaining unsold, shall be deemed to be incorporated by reference in this registration statement and
        to be a part hereof from the date of the filing of such documents; except as to any portion of any future annual or quarterly report to stockholders or document or current report furnished under current Items 2.02 or 7.01 of Form 8-K that is not
        deemed filed under such provisions. For the purposes of this registration statement, any statement contained in a document incorporated or deemed to be incorporated by reference herein shall be deemed to be modified or superseded to the extent that
        a statement contained herein or in any other subsequently filed document which also is or is deemed to be incorporated by reference herein modifies or supersedes such statement. Any such statement so modified or superseded shall not be deemed,
        except as so modified or superseded, to constitute a part of this registration statement.</div>
      <div><br>
      </div>
      <div style="text-indent: 24.5pt;">Under no circumstances will any information filed under items 2.02 or 7.01 of Form 8-K be deemed incorporated herein by reference unless such Form 8-K expressly provides to the contrary.</div>
      <div style="text-indent: 24.5pt;"> <br>
      </div>
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              <td style="width: 27pt;">&#160;</td>
              <td style="text-align: right; vertical-align: top; width: 18pt;">
                <div style="text-align: left; text-indent: -36pt; margin-left: 36pt; font-weight: bold;">Item 4.</div>
              </td>
              <td style="text-align: left; vertical-align: top; width: auto;">
                <div style="text-indent: -36pt; margin-left: 36pt; font-weight: bold;">Description of Securities.</div>
              </td>
            </tr>

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      </div>
      <div>&#160;</div>
      <div style="text-indent: 24.5pt;">Not applicable.</div>
      <div>&#160;</div>
      <div>
        <div>
          <div>
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                  <td style="width: 27pt;">&#160;</td>
                  <td style="text-align: right; vertical-align: top; width: 9pt;">
                    <div style="text-align: left; text-indent: -36pt; margin-left: 36pt; font-weight: bold;"><font style="font-weight: bold;">Item 5.</font></div>
                  </td>
                  <td style="text-align: left; vertical-align: top; width: auto;">
                    <div style="text-indent: -36pt; margin-left: 36pt; font-weight: bold;">Interests of Named Experts and Counsel.</div>
                  </td>
                </tr>

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          </div>
        </div>
      </div>
      <div>&#160;</div>
      <div style="margin-left: 24.45pt;">Not applicable.</div>
      <div>&#160;</div>
      <div>
        <table cellspacing="0" cellpadding="0" class="DSPFListTable" id="z30e9c011c7b548dbb291fc0f72f257f7" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%;">

            <tr style="vertical-align: top;">
              <td style="width: 27pt;">&#160;</td>
              <td style="text-align: right; vertical-align: top; width: 18pt;">
                <div style="text-align: left; text-indent: -36pt; margin-left: 36pt; font-weight: bold;">Item 6.</div>
              </td>
              <td style="text-align: left; vertical-align: top; width: auto;">
                <div style="text-indent: -36pt; margin-left: 36pt; font-weight: bold;">Indemnification of Directors and Officers.</div>
              </td>
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      </div>
      <div>&#160;</div>
      <div style="text-indent: 24.5pt;">Section 16-10a-901 et seq. of the Utah Revised Business Corporation Act grants to a corporation the power to indemnify a person made a party to a lawsuit or other proceeding because such person is or was a director
        or officer. A corporation is further empowered to purchase insurance on behalf of any person who is or was a director or officer against any liability asserted against him or her and incurred by him or her in such capacity or arising out of his or
        her status as such capacity. The Company&#8217;s by-laws provide for mandatory indemnification of its directors, officers and employees in certain circumstances. The Company maintains insurance on behalf of directors and officers against liability
        asserted against them arising out of their status as such.</div>
      <div>&#160;</div>
      <div style="text-indent: 24.5pt;">The Company&#8217;s restated articles of incorporation eliminate in certain circumstances the personal liability of directors of the Company for monetary damages for a breach of their fiduciary duty as directors. This
        provision does not eliminate the liability of a director for (i) the amount of a financial benefit received by a director to which he is not entitled, (ii) an intentional infliction of harm on the corporation or the shareholders, (iii) a violation
        of Section 16-10a-842 of the Utah Revised Business Corporation Act (relating to the liability of directors for unlawful distributions) or (iv) an intentional violation of criminal law.</div>
      <div>&#160;</div>
      <div>
        <table cellspacing="0" cellpadding="0" class="DSPFListTable" id="z1acd0c90871a4c6eac3d03a057c513b7" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%;">

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              <td style="width: 27pt;">&#160;</td>
              <td style="text-align: right; vertical-align: top; width: 45pt;">
                <div style="text-align: left; text-indent: -36pt; margin-left: 36pt; font-weight: bold;">Item 7.</div>
              </td>
              <td style="text-align: left; vertical-align: top; width: auto;">
                <div style="text-indent: -36pt; margin-left: 36pt; font-weight: bold;">Exemption from Registration Claimed.</div>
              </td>
            </tr>

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      </div>
      <div>&#160;</div>
      <div style="text-indent: 24.5pt;">Not applicable.</div>
      <div>&#160;</div>
      <div>
        <table cellspacing="0" cellpadding="0" class="DSPFListTable" id="zabd3247e88a74e229af680380ed0aae0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%;">

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              <td style="width: 27pt;">&#160;</td>
              <td style="text-align: right; vertical-align: top; width: 45pt;">
                <div style="text-align: left; text-indent: -36pt; margin-left: 36pt; font-weight: bold;">Item 8.</div>
              </td>
              <td style="text-align: left; vertical-align: top; width: auto;">
                <div style="text-indent: -36pt; margin-left: 36pt; font-weight: bold;">Exhibits</div>
              </td>
            </tr>

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      </div>
      <div style="text-indent: -36pt; margin-left: 36pt;"> <br>
      </div>
      <table cellspacing="0" cellpadding="0" border="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="zdc88e333808648c4b28781d3057949b1">

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              <div>
                <div style="text-align: center; font-weight: bold;">Exhibit</div>
                <div style="text-align: center; font-weight: bold;">No.</div>
              </div>
            </td>
            <td style="width: 2%; vertical-align: bottom;">&#160;</td>
            <td nowrap="nowrap" style="width: 90%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); text-align: center;">
              <div>
                <div style="font-weight: bold;">Description</div>
              </div>
            </td>
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          <tr>
            <td style="width: 8%; vertical-align: middle;">&#160;</td>
            <td colspan="2" style="vertical-align: middle;">&#160;</td>
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            <td nowrap="nowrap" rowspan="1" style="width: 8%; vertical-align: top; background-color: rgb(204, 238, 255);">
              <div style="text-align: center;"><a href="https://www.sec.gov/Archives/edgar/data/100885/000119312514280047/d761509dex3a.htm">4.1</a></div>
            </td>
            <td rowspan="1" style="width: 2%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
            <td rowspan="1" style="width: 90%; vertical-align: top; background-color: rgb(204, 238, 255);">Restated Articles of Incorporation of Union Pacific Corporation, as amended and restated through June 27, 2011, and as further amended May 15, 2014,
              incorporated by reference to Exhibit 3(a) to the Company&#8217;s Quarterly Report on Form 10-Q for the quarter ended June 30, 2014.</td>
          </tr>
          <tr>
            <td nowrap="nowrap" style="width: 8%; vertical-align: top;">
              <div style="text-align: center;"><a href="https://www.sec.gov/Archives/edgar/data/100885/000010088515000208/unp-20151119ex32a605ee0.htm">4.2</a></div>
            </td>
            <td style="width: 2%; vertical-align: bottom;">&#160;</td>
            <td style="width: 90%; vertical-align: top;">
              <div>By-laws of Union Pacific Corporation, as amended effective as of November 19, 2015, incorporated by reference to Exhibit 3.2 to the Company&#8217;s Current Report on Form 8-K, dated November 19, 2015.</div>
            </td>
          </tr>
          <tr>
            <td nowrap="nowrap" style="width: 8%; vertical-align: top; background-color: rgb(204, 238, 255);">
              <div style="text-align: center;"><a href="ef20016704_ex23-1.htm">23.1</a></div>
            </td>
            <td style="width: 2%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
            <td style="width: 90%; vertical-align: top; background-color: rgb(204, 238, 255);">
              <div>Consent of Deloitte &amp; Touche LLP.*</div>
            </td>
          </tr>
          <tr>
            <td nowrap="nowrap" style="width: 8%; vertical-align: top;">
              <div style="text-align: center;"><a href="#POWEROFATTORNEY">24.1</a></div>
            </td>
            <td style="width: 2%; vertical-align: bottom;">&#160;</td>
            <td style="width: 90%; vertical-align: top;">
              <div>Power of attorney (set forth on signature page).</div>
              <div>&#160;</div>
              <div>The Registrant submitted the Plan to the Internal Revenue Service and received a determination letter dated September 20, 2016 that the Plan is qualified under Section 401(a) of the Internal Revenue Code of 1986, as amended.</div>
            </td>
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          <tr>
            <td nowrap="nowrap" style="width: 8%; vertical-align: top; background-color: rgb(204, 238, 255);">
              <div style="text-align: center;"><a href="ef20016704_ex107-1.htm">107.1</a></div>
            </td>
            <td style="width: 2%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
            <td style="width: 90%; vertical-align: top; background-color: rgb(204, 238, 255);">
              <div>Filing Fee Table*</div>
            </td>
          </tr>

      </table>
      <div> <br>
      </div>
      <div>
        <div>
          <hr noshade="noshade" align="center" style="height: 2px; color: #000000; background-color: #000000; text-align: center; margin-left: auto; margin-right: auto; border: none;"></div>
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                <div style="text-align: left;">*</div>
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                <div>Filed herewith.</div>
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      <div>&#160;</div>
      <div class="BRPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
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          <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
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              <td style="width: 27pt;">&#160;</td>
              <td style="text-align: right; vertical-align: top; width: 9pt;">
                <div style="text-align: left; text-indent: -36pt; margin-left: 36pt; font-weight: bold;">Item 9.</div>
              </td>
              <td style="text-align: left; vertical-align: top; width: auto;">
                <div style="text-indent: -36pt; margin-left: 36pt; font-weight: bold;"><font style="font-weight: bold;">Undertakings</font>.</div>
              </td>
            </tr>

        </table>
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      <div>&#160;</div>
      <div>(a) The undersigned registrant hereby undertakes:</div>
      <div>&#160;</div>
      <div style="text-indent: 24.5pt;">(1) To file, during any period in which offers or sales are being made, a post-effective amendment to this registration statement:</div>
      <div>&#160;</div>
      <div style="text-indent: 48.95pt;">(i) To include any prospectus required by Section 10(a)(3) of the Securities Act of 1933;</div>
      <div>&#160;</div>
      <div style="text-indent: 48.95pt;">(ii) To reflect in the prospectus any facts or events arising after the effective date of the registration statement (or the most recent post-effective amendment thereof) which, individually or in the aggregate,
        represent a fundamental change in the information in the registration statement. Notwithstanding the foregoing, any increase or decrease in volume of securities offered (if the total dollar value of securities offered would not exceed that which
        was registered) and any deviation from the low or high end of the estimated maximum offering range may be reflected in the form of prospectus filed with the Commission pursuant to Rule 424(b) if, in the aggregate, the changes in volume and price
        represent no more than 20 percent change in the maximum aggregate offering price set forth in the &#8220;Calculation of Registration Fee&#8221; table in the effective registration statement;</div>
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      <div style="text-indent: 48.95pt;">(iii) To include any material information with respect to the plan of distribution not previously disclosed in the registration statement or any material change to such information in the registration statement;</div>
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      <div style="text-indent: 24.5pt;"><font style="font-style: italic;">Provided, however</font>, that paragraphs (a)(1)(i) and (a)(1)(ii) of this section shall not apply if the information required to be included in a post-effective amendment by those
        paragraphs is contained in reports filed with or furnished to the Commission by the registrant pursuant to Section 13 or Section 15(d) of the Securities Exchange Act of 1934 (15 U.S.C. 78m or 78o(d)) that are incorporated by reference in the
        registration statement.</div>
      <div>&#160;</div>
      <div style="text-indent: 24.5pt;">(2) That, for the purpose of determining any liability under the Securities Act of 1933, each such post-effective amendment shall be deemed to be a new registration statement relating to the securities offered
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      <div>&#160;</div>
      <div style="text-indent: 24.5pt;">(3) To remove from registration by means of a post-effective amendment any of the securities being registered which remain unsold at the termination of the offering.</div>
      <div>&#160;</div>
      <div>(b) The undersigned registrant hereby undertakes that, for purposes of determining any liability under the Securities Act of 1933, each filing of the registrant&#8217;s annual report pursuant to Section 13(a) or Section 15(d) of the Securities
        Exchange Act of 1934 (and, where applicable, each filing of an employee benefit plan&#8217;s annual report pursuant to Section 15(d) of the Securities Exchange Act of 1934) that is incorporated by reference in the registration statement shall be deemed
        to be a new registration statement relating to the securities offered therein, and the offering of such securities at that time shall be deemed to be the initial bona fide offering thereof.</div>
      <div>&#160;</div>
      <div>(c) Insofar as indemnification for liabilities arising under the Securities Act of 1933 may be permitted to directors, officers and controlling persons of the registrant pursuant to the foregoing provisions, or otherwise, the registrant has been
        advised that in the opinion of the Securities and Exchange Commission such indemnification is against public policy as expressed in the Act and is, therefore, unenforceable. In the event that a claim for indemnification against such liabilities
        (other than the payment by the registrant of expenses incurred or paid by a director, officer or controlling person of the registrant in the successful defense of any action, suit or proceeding) is asserted by such director, officer or controlling
        person in connection with the securities being registered, the registrant will, unless in the opinion of its counsel the matter has been settled by controlling precedent, submit to a court of appropriate jurisdiction the question whether such
        indemnification by it is against public policy as expressed in the Act and will be governed by the final adjudication of such issue.</div>
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      <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" class="BRPFPageBreakArea">
        <div style="page-break-after: always;" class="BRPFPageBreak">
          <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
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      <div style="text-align: center; font-weight: bold;">SIGNATURES</div>
      <div>&#160;</div>
      <div style="text-indent: 24.5pt;">Pursuant to the requirements of the Securities Act of 1933, the registrant certifies that it has reasonable grounds to believe that it meets all of the requirements for filing on Form S-8 and has duly caused this
        registration statement to be signed on its behalf by the undersigned, thereunto duly authorized, in the City of Omaha, State of Nebraska, on December 18, 2023.</div>
      <div> <br>
      </div>
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          <tr>
            <td style="width: 59.07%; vertical-align: top;">&#160;</td>
            <td colspan="2" style="width: 40.85%; vertical-align: top;">
              <div style="font-weight: bold;">UNION PACIFIC CORPORATION</div>
            </td>
          </tr>
          <tr>
            <td style="width: 59.07%; vertical-align: top;">&#160;</td>
            <td style="width: 3.17%; vertical-align: middle;">&#160;</td>
            <td style="width: 37.67%; vertical-align: middle;">&#160;</td>
          </tr>
          <tr>
            <td style="width: 59.07%; vertical-align: top;">&#160;</td>
            <td style="width: 3.17%; vertical-align: bottom;">
              <div>By:</div>
            </td>
            <td style="width: 37.67%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
              <div>
                <div>&#160;&#160;/s/ Craig V. Richardson</div>
              </div>
            </td>
          </tr>
          <tr>
            <td style="width: 59.07%; vertical-align: top;">&#160;</td>
            <td style="width: 3.17%; vertical-align: bottom;">&#160;</td>
            <td style="width: 37.67%; vertical-align: bottom;">
              <div>Craig V. Richardson</div>
            </td>
          </tr>
          <tr>
            <td style="width: 59.07%; vertical-align: top;">&#160;</td>
            <td style="width: 3.17%; vertical-align: bottom;">&#160;</td>
            <td style="width: 37.67%; vertical-align: bottom;">
              <div>Executive Vice President, Chief Legal Officer and Corporate Secretary</div>
            </td>
          </tr>

      </table>
      <div>&#160;</div>
      <div style="text-align: center; font-weight: bold;"><a name="POWEROFATTORNEY"><!--Anchor--></a>POWER OF ATTORNEY</div>
      <div>&#160;</div>
      <div style="text-indent: 24.5pt;">Each of the undersigned hereby constitutes and appoints each of V. James Vena and Craig V. Richardson, his or her attorney-in-fact, with power of substitution, in his or her name and in the capacity indicated below,
        to sign any and all further amendments (including post-effective amendments) to this registration statement on Form S-8 and to file the same, with exhibits thereto and other documents in connection therewith, with the Securities and Exchange
        Commission, hereby ratifying and confirming all that said attorney-in-fact, or his substitute or substitutes, may do or cause to be done by virtue hereof.</div>
      <div>&#160;</div>
      <div style="text-indent: 24.5pt;">Pursuant to the requirements of the Securities Act of 1933, this registration statement has been signed by the following persons in the capacities and on the date indicated.</div>
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        <table cellspacing="0" cellpadding="0" border="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: rgb(0, 0, 0);">

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              <td nowrap="nowrap" style="width: 32%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
                <div>
                  <div style="text-align: center;">&#160;</div>
                  <div style="text-align: center;">Signature</div>
                </div>
              </td>
              <td style="width: 2%; vertical-align: bottom; text-align: center; padding-bottom: 2px;">&#160;</td>
              <td nowrap="nowrap" style="width: 46%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
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                  <div style="text-align: center;">Title</div>
                </div>
              </td>
              <td nowrap="nowrap" style="width: 20%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
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                  <div style="text-align: center;">Date</div>
                </div>
              </td>
            </tr>
            <tr>
              <td style="width: 32%; vertical-align: middle;">&#160;</td>
              <td style="width: 2%; vertical-align: middle;">&#160;</td>
              <td style="width: 46%; vertical-align: middle;">&#160;</td>
              <td style="width: 20%; vertical-align: top;">&#160;</td>
            </tr>
            <tr>
              <td style="width: 32%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
                <div>
                  <div>
                    <div>/s/ V. James Vena</div>
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              <td rowspan="2" style="width: 2%; vertical-align: bottom;">&#160;</td>
              <td rowspan="2" style="width: 46%; vertical-align: top;">
                <div style="text-indent: -12pt; margin-left: 12pt;">Chairman, President and Chief Executive Officer</div>
                <div style="text-indent: -12pt; margin-left: 12pt;">(Principal Executive Officer)</div>
              </td>
              <td rowspan="2" style="width: 20%; vertical-align: top;">
                <div>
                  <div style="text-indent: 1pt;">December 18, 2023</div>
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              </td>
            </tr>
            <tr>
              <td style="width: 32%; vertical-align: bottom;">
                <div style="text-indent: -12pt; margin-left: 12pt;">V. James Vena</div>
              </td>
            </tr>
            <tr>
              <td style="width: 32%; vertical-align: middle;">&#160;</td>
              <td style="width: 2%; vertical-align: middle;">&#160;</td>
              <td style="width: 46%; vertical-align: middle;">&#160;</td>
              <td style="width: 20%; vertical-align: top;">&#160;</td>
            </tr>
            <tr>
              <td style="width: 32%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
                <div>
                  <div>
                    <div>/s/ Jennifer L. Hamann</div>
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              <td rowspan="2" style="width: 2%; vertical-align: bottom;">&#160;</td>
              <td rowspan="2" style="width: 46%; vertical-align: top;">
                <div style="text-indent: -12pt; margin-left: 12pt;">Executive Vice President and Chief Financial Officer</div>
                <div style="text-indent: -12pt; margin-left: 12pt;">(Principal Financial Officer)</div>
              </td>
              <td rowspan="2" style="width: 20%; vertical-align: top;">
                <div>
                  <div>
                    <div style="text-indent: 1pt;">December 18, 2023</div>
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              </td>
            </tr>
            <tr>
              <td style="width: 32%; vertical-align: bottom;">
                <div style="text-indent: -12pt; margin-left: 12pt;">Jennifer L. Hamann</div>
              </td>
            </tr>
            <tr>
              <td style="width: 32%; vertical-align: middle;">&#160;</td>
              <td style="width: 2%; vertical-align: middle;">&#160;</td>
              <td style="width: 46%; vertical-align: middle;">&#160;</td>
              <td style="width: 20%; vertical-align: top;">&#160;</td>
            </tr>
            <tr>
              <td style="width: 32%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
                <div>
                  <div>
                    <div>/s/ Todd M. Rynaski</div>
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              <td rowspan="2" style="width: 2%; vertical-align: bottom;">&#160;</td>
              <td rowspan="2" style="width: 46%; vertical-align: top;">
                <div>
                  <div>Senior Vice President and Chief Accounting, Risk and Compliance Officer (Principal Accounting Officer)</div>
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              </td>
              <td rowspan="2" style="width: 20%; vertical-align: top;">
                <div>
                  <div>
                    <div style="text-indent: 1pt;">December 18, 2023</div>
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              </td>
            </tr>
            <tr>
              <td style="width: 32%; vertical-align: bottom;">
                <div>Todd M. Rynaski</div>
              </td>
            </tr>
            <tr>
              <td style="width: 32%; vertical-align: middle;">&#160;</td>
              <td style="width: 2%; vertical-align: middle;">&#160;</td>
              <td style="width: 46%; vertical-align: middle;">&#160;</td>
              <td style="width: 20%; vertical-align: top;">&#160;</td>
            </tr>
            <tr>
              <td style="width: 32%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
                <div>
                  <div>/s/ William J. Delaney</div>
                </div>
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              <td rowspan="2" style="width: 2%; vertical-align: top;">
                <div>&#160; <br>
                </div>
              </td>
              <td rowspan="2" style="width: 46%; vertical-align: top;">Director</td>
              <td rowspan="2" style="width: 20%; vertical-align: top;">
                <div>
                  <div>
                    <div style="text-indent: 1pt;">December 18, 2023</div>
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              </td>
            </tr>
            <tr>
              <td style="width: 32%; vertical-align: bottom;">
                <div>William J. DeLaney</div>
              </td>
            </tr>
            <tr>
              <td style="width: 32%; vertical-align: middle;">&#160;</td>
              <td style="width: 2%; vertical-align: middle;">&#160;</td>
              <td style="width: 46%; vertical-align: middle;">&#160;</td>
              <td style="width: 20%; vertical-align: top;">&#160;</td>
            </tr>
            <tr>
              <td style="width: 32%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
                <div>
                  <div>/s/ David B. Dillon</div>
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              <td rowspan="2" style="width: 2%; vertical-align: bottom;">&#160;</td>
              <td rowspan="2" style="width: 46%; vertical-align: top;">
                <div style="text-indent: -12pt; margin-left: 12pt;">Director</div>
              </td>
              <td rowspan="2" style="width: 20%; vertical-align: top;">
                <div>
                  <div>
                    <div style="text-indent: 1pt;">December 18, 2023</div>
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              </td>
            </tr>
            <tr>
              <td style="width: 32%; vertical-align: bottom;">
                <div>David B. Dillon</div>
              </td>
            </tr>
            <tr>
              <td style="width: 32%; vertical-align: middle;">&#160;</td>
              <td style="width: 2%; vertical-align: top;">&#160;</td>
              <td style="width: 46%; vertical-align: top;"><br>
              </td>
              <td style="width: 20%; vertical-align: top;">&#160;</td>
            </tr>
            <tr>
              <td style="width: 32%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
                <div>/s/ Sheri H. Edison</div>
              </td>
              <td rowspan="2" style="width: 2%; vertical-align: top;">
                <div>&#160; <br>
                </div>
              </td>
              <td rowspan="2" style="width: 46%; vertical-align: top;">Director</td>
              <td rowspan="2" style="width: 20%; vertical-align: top;">
                <div>
                  <div>
                    <div style="text-indent: 1pt;">December 18, 2023</div>
                  </div>
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              </td>
            </tr>
            <tr>
              <td style="width: 32%; vertical-align: bottom;">
                <div>
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                </div>
              </td>
            </tr>
            <tr>
              <td rowspan="1" style="width: 32%; vertical-align: bottom;">&#160;</td>
              <td rowspan="1" style="width: 2%; vertical-align: top;">&#160;</td>
              <td rowspan="1" style="width: 46%; vertical-align: top;">&#160;</td>
              <td rowspan="1" style="width: 20%; vertical-align: top;">&#160;</td>
            </tr>
            <tr>
              <td style="width: 32%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
                <div>
                  <div>
                    <div>/s/ Teresa M. Finley</div>
                  </div>
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              </td>
              <td rowspan="2" style="width: 2%; vertical-align: top;"><br>
              </td>
              <td rowspan="2" style="width: 46%; vertical-align: top;">Director</td>
              <td rowspan="2" style="width: 20%; vertical-align: top;">
                <div>
                  <div>
                    <div style="text-indent: 1pt;">December 18, 2023</div>
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            </tr>
            <tr>
              <td style="width: 32%; vertical-align: bottom;">
                <div style="text-indent: -12pt; margin-left: 12pt;">Teresa M. Finley</div>
              </td>
            </tr>
            <tr>
              <td rowspan="1" style="width: 32%; vertical-align: bottom;">&#160;</td>
              <td rowspan="1" style="width: 2%; vertical-align: top;">&#160;</td>
              <td rowspan="1" style="width: 46%; vertical-align: top;">&#160;</td>
              <td rowspan="1" style="width: 20%; vertical-align: top;">&#160;</td>
            </tr>
            <tr>
              <td style="width: 32%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
                <div>
                  <div>
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              <td rowspan="2" style="width: 2%; vertical-align: top;"><br>
              </td>
              <td rowspan="2" style="width: 46%; vertical-align: top;">Director</td>
              <td rowspan="2" style="width: 20%; vertical-align: top;">
                <div>
                  <div>
                    <div style="text-indent: 1pt;">December 18, 2023</div>
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            </tr>
            <tr>
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              </td>
            </tr>
            <tr>
              <td rowspan="1" style="width: 32%; vertical-align: bottom;">&#160;</td>
              <td rowspan="1" style="width: 2%; vertical-align: top;">&#160;</td>
              <td rowspan="1" style="width: 46%; vertical-align: top;">&#160;</td>
              <td rowspan="1" style="width: 20%; vertical-align: top;">&#160;</td>
            </tr>
            <tr>
              <td style="width: 32%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
                <div>
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                    <div>/s/ Jane H. Lute</div>
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              <td rowspan="2" style="width: 2%; vertical-align: top;"><br>
              </td>
              <td rowspan="2" style="width: 46%; vertical-align: top;">Director</td>
              <td rowspan="2" style="width: 20%; vertical-align: top;">
                <div>
                  <div>
                    <div style="text-indent: 1pt;">December 18, 2023</div>
                  </div>
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            </tr>
            <tr>
              <td style="width: 32%; vertical-align: bottom;">
                <div>Jane H. Lute</div>
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            </tr>
            <tr>
              <td rowspan="1" style="width: 32%; vertical-align: bottom;">&#160;</td>
              <td rowspan="1" style="width: 2%; vertical-align: top;">&#160;</td>
              <td rowspan="1" style="width: 46%; vertical-align: top;">&#160;</td>
              <td rowspan="1" style="width: 20%; vertical-align: top;">&#160;</td>
            </tr>
            <tr>
              <td style="width: 32%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
                <div>
                  <div>
                    <div>/s/ Michael R. McCarthy</div>
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              <td rowspan="2" style="width: 2%; vertical-align: top;"><br>
              </td>
              <td rowspan="2" style="width: 46%; vertical-align: top;">Director</td>
              <td rowspan="2" style="width: 20%; vertical-align: top;">
                <div>
                  <div>
                    <div style="text-indent: 1pt;">December 18, 2023</div>
                  </div>
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            </tr>
            <tr>
              <td style="width: 32%; vertical-align: bottom;">
                <div>Michael R. McCarthy</div>
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            <tr>
              <td rowspan="1" style="width: 32%; vertical-align: bottom;">&#160;</td>
              <td rowspan="1" style="width: 2%; vertical-align: top;">&#160;</td>
              <td rowspan="1" style="width: 46%; vertical-align: top;">&#160;</td>
              <td rowspan="1" style="width: 20%; vertical-align: top;">&#160;</td>
            </tr>
            <tr>
              <td rowspan="1" style="width: 32%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
                <div>
                  <div>/s/ Doyle R. Simons</div>
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                  <div style="text-indent: 1pt;">December 18, 2023</div>
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                  <div style="text-indent: 1pt;">December 18, 2023</div>
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            <tr>
              <td rowspan="1" style="width: 32%; vertical-align: bottom;">&#160;</td>
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            </tr>
            <tr>
              <td rowspan="1" style="width: 32%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
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                  <div>/s/ Christopher J. Williams</div>
                </div>
              </td>
              <td rowspan="1" style="width: 2%; vertical-align: top; padding-bottom: 2px;">&#160;</td>
              <td rowspan="1" style="width: 46%; vertical-align: top; padding-bottom: 2px;">Director</td>
              <td rowspan="1" style="width: 20%; vertical-align: top; padding-bottom: 2px;">
                <div>
                  <div style="text-indent: 1pt;">December 18, 2023</div>
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              <td rowspan="1" style="width: 2%; vertical-align: top;">&#160;</td>
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        <div style="text-indent: 36pt;">Pursuant to the requirements of the Securities Act of 1933, the trustees (or other persons who administer the employee benefit plan) have duly caused this registration statement to be signed on its behalf by the
          undersigned, thereunto duly authorized, in the City of Omaha, State of Nebraska, on December 18, 2023.</div>
        <div> <br>
        </div>
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                <div style="text-align: left; font-weight: bold;">UNION PACIFIC CORPORATION THRIFT PLAN</div>
              </div>
            </td>
          </tr>
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              <div>&#160;</div>
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                <div style="text-align: left; text-indent: 9pt;">/s/ Elizabeth F. Whited</div>
              </div>
            </td>
          </tr>
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            <td style="width: 50.00%;">
              <div>&#160;</div>
            </td>
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                <div style="text-align: left;">Elizabeth F. Whited</div>
              </div>
            </td>
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              <div style="text-align: left;"> Union Pacific Corporation Thrift Plan</div>
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As filed with the Securities and Exchange Commission on December 18, 2023
Registration No. 333-
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM S-8
REGISTRATION STATEMENT
UNDER
THE SECURITIES ACT OF 1933
UNION PACIFIC CORPORATION
(Exact Name of Registrant as Specified in its Charter)
Utah
13-2626465
(State or Other Jurisdiction of Incorporation or Organization)
(I.R.S. Employer Identification No.)
1400 Douglas Street
Omaha, NE 68179
(Address of Principal Executive Offices)
UNION PACIFIC CORPORATION THRIFT PLAN
(Full Title of the Plans)
Craig V. Richardson
Executive Vice President, Chief Legal Officer and Corporate Secretary
1400 Douglas Street
Omaha, NE 68179
Telephone: (402) 544-5000
(Name, address, and telephone number, including area code, of agent for service)
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of "large accelerated filer," "accelerated
        filer", "smaller reporting company" and "emerging growth company" in Rule 12b-2 of the Exchange Act.
Large accelerated filer
☒
Accelerated filer
☐
Non-accelerated filer
☐
Smaller reporting company
☐
Emerging growth company
☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 7(a)(2)(B) of the
        Securities Act. ☐
INTRODUCTION
This Registration Statement on Form S-8 is filed by Union Pacific Corporation, a Utah corporation (the "Company" or the "Registrant"), and the Union Pacific Corporation Thrift Plan (the "Plan"), to register an
        additional $100,000,000 worth of the Company's Common Stock, par value $2.50 per share (the "Common Stock"), to be offered and sold to accounts of eligible employees of the Company under the Plan.
Part I
INFORMATION REQUIRED IN THE SECTION 10(a) PROSPECTUS
Information required by Part I to be contained in the Section 10(a) prospectus is omitted from this Registration Statement in accordance with Rule 428 under the Securities Act of 1933, as amended, and the Explanatory
        Note to Part I of Form S-8.
Part II
INFORMATION REQUIRED IN THE REGISTRATION STATEMENT
Item 3.
Incorporation of Documents by Reference.
The SEC allows us to "incorporate by reference" the information we file with them, which means that we can disclose important information to you by referring you to those documents. The information incorporated by
        reference is considered to be part of this registration statement, and later information filed with the SEC will update and supersede this information. We hereby incorporate by reference into this registration statement the following documents
        previously filed with the SEC:
•
The Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2022, filed on
February 10, 2023
and the
                    Plan's latest Annual Report on Form 11-K for the fiscal year ended December 31, 2022, filed on
June 23, 2023
;
•
All other reports filed by the Company pursuant to Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended (the "Exchange Act") since the end of the fiscal year covered by the Company's Annual Report referred to in
                    the preceding bullet; and
•
The description of the Company's Common Stock contained in its registration statement filed under the Exchange Act under File No. 1-6075, including all amendments or reports filed for the purpose of updating such description.
All documents that the registrant subsequently files pursuant to Sections 13(a), 13(c), 14 and 15(d) of the Securities Exchange Act of 1934, as amended, prior to the filing of a post-effective amendment to the
        registration statement which indicates that all of the shares of common stock offered have been sold or which deregisters all of such shares then remaining unsold, shall be deemed to be incorporated by reference in this registration statement and
        to be a part hereof from the date of the filing of such documents; except as to any portion of any future annual or quarterly report to stockholders or document or current report furnished under current Items 2.02 or 7.01 of Form 8-K that is not
        deemed filed under such provisions. For the purposes of this registration statement, any statement contained in a document incorporated or deemed to be incorporated by reference herein shall be deemed to be modified or superseded to the extent that
        a statement contained herein or in any other subsequently filed document which also is or is deemed to be incorporated by reference herein modifies or supersedes such statement. Any such statement so modified or superseded shall not be deemed,
        except as so modified or superseded, to constitute a part of this registration statement.
Under no circumstances will any information filed under items 2.02 or 7.01 of Form 8-K be deemed incorporated herein by reference unless such Form 8-K expressly provides to the contrary.
Item 4.
Description of Securities.
Not applicable.
Item 5.
Interests of Named Experts and Counsel.
Not applicable.
Item 6.
Indemnification of Directors and Officers.
Section 16-10a-901 et seq. of the Utah Revised Business Corporation Act grants to a corporation the power to indemnify a person made a party to a lawsuit or other proceeding because such person is or was a director
        or officer. A corporation is further empowered to purchase insurance on behalf of any person who is or was a director or officer against any liability asserted against him or her and incurred by him or her in such capacity or arising out of his or
        her status as such capacity. The Company's by-laws provide for mandatory indemnification of its directors, officers and employees in certain circumstances. The Company maintains insurance on behalf of directors and officers against liability
        asserted against them arising out of their status as such.
The Company's restated articles of incorporation eliminate in certain circumstances the personal liability of directors of the Company for monetary damages for a breach of their fiduciary duty as directors. This
        provision does not eliminate the liability of a director for (i) the amount of a financial benefit received by a director to which he is not entitled, (ii) an intentional infliction of harm on the corporation or the shareholders, (iii) a violation
        of Section 16-10a-842 of the Utah Revised Business Corporation Act (relating to the liability of directors for unlawful distributions) or (iv) an intentional violation of criminal law.
Item 7.
Exemption from Registration Claimed.
Not applicable.
Item 8.
Exhibits
Exhibit
No.
Description
4.1
Restated Articles of Incorporation of Union Pacific Corporation, as amended and restated through June 27, 2011, and as further amended May 15, 2014,
              incorporated by reference to Exhibit 3(a) to the Company's Quarterly Report on Form 10-Q for the quarter ended June 30, 2014.
4.2
By-laws of Union Pacific Corporation, as amended effective as of November 19, 2015, incorporated by reference to Exhibit 3.2 to the Company's Current Report on Form 8-K, dated November 19, 2015.
23.1
Consent of Deloitte & Touche LLP.*
24.1
Power of attorney (set forth on signature page).
The Registrant submitted the Plan to the Internal Revenue Service and received a determination letter dated September 20, 2016 that the Plan is qualified under Section 401(a) of the Internal Revenue Code of 1986, as amended.
107.1
Filing Fee Table*
*
Filed herewith.
Item 9.
Undertakings
.
(a) The undersigned registrant hereby undertakes:
(1) To file, during any period in which offers or sales are being made, a post-effective amendment to this registration statement:
(i) To include any prospectus required by Section 10(a)(3) of the Securities Act of 1933;
(ii) To reflect in the prospectus any facts or events arising after the effective date of the registration statement (or the most recent post-effective amendment thereof) which, individually or in the aggregate,
        represent a fundamental change in the information in the registration statement. Notwithstanding the foregoing, any increase or decrease in volume of securities offered (if the total dollar value of securities offered would not exceed that which
        was registered) and any deviation from the low or high end of the estimated maximum offering range may be reflected in the form of prospectus filed with the Commission pursuant to Rule 424(b) if, in the aggregate, the changes in volume and price
        represent no more than 20 percent change in the maximum aggregate offering price set forth in the "Calculation of Registration Fee" table in the effective registration statement;
(iii) To include any material information with respect to the plan of distribution not previously disclosed in the registration statement or any material change to such information in the registration statement;
Provided, however
, that paragraphs (a)(1)(i) and (a)(1)(ii) of this section shall not apply if the information required to be included in a post-effective amendment by those
        paragraphs is contained in reports filed with or furnished to the Commission by the registrant pursuant to Section 13 or Section 15(d) of the Securities Exchange Act of 1934 (15 U.S.C. 78m or 78o(d)) that are incorporated by reference in the
        registration statement.
(2) That, for the purpose of determining any liability under the Securities Act of 1933, each such post-effective amendment shall be deemed to be a new registration statement relating to the securities offered
        therein, and the offering of such securities at that time shall be deemed to be the initial bona fide offering thereof.
(3) To remove from registration by means of a post-effective amendment any of the securities being registered which remain unsold at the termination of the offering.
(b) The undersigned registrant hereby undertakes that, for purposes of determining any liability under the Securities Act of 1933, each filing of the registrant's annual report pursuant to Section 13(a) or Section 15(d) of the Securities
        Exchange Act of 1934 (and, where applicable, each filing of an employee benefit plan's annual report pursuant to Section 15(d) of the Securities Exchange Act of 1934) that is incorporated by reference in the registration statement shall be deemed
        to be a new registration statement relating to the securities offered therein, and the offering of such securities at that time shall be deemed to be the initial bona fide offering thereof.
(c) Insofar as indemnification for liabilities arising under the Securities Act of 1933 may be permitted to directors, officers and controlling persons of the registrant pursuant to the foregoing provisions, or otherwise, the registrant has been
        advised that in the opinion of the Securities and Exchange Commission such indemnification is against public policy as expressed in the Act and is, therefore, unenforceable. In the event that a claim for indemnification against such liabilities
        (other than the payment by the registrant of expenses incurred or paid by a director, officer or controlling person of the registrant in the successful defense of any action, suit or proceeding) is asserted by such director, officer or controlling
        person in connection with the securities being registered, the registrant will, unless in the opinion of its counsel the matter has been settled by controlling precedent, submit to a court of appropriate jurisdiction the question whether such
        indemnification by it is against public policy as expressed in the Act and will be governed by the final adjudication of such issue.
SIGNATURES
Pursuant to the requirements of the Securities Act of 1933, the registrant certifies that it has reasonable grounds to believe that it meets all of the requirements for filing on Form S-8 and has duly caused this
        registration statement to be signed on its behalf by the undersigned, thereunto duly authorized, in the City of Omaha, State of Nebraska, on December 18, 2023.
UNION PACIFIC CORPORATION
By:
/s/ Craig V. Richardson
Craig V. Richardson
Executive Vice President, Chief Legal Officer and Corporate Secretary
POWER OF ATTORNEY
Each of the undersigned hereby constitutes and appoints each of V. James Vena and Craig V. Richardson, his or her attorney-in-fact, with power of substitution, in his or her name and in the capacity indicated below,
        to sign any and all further amendments (including post-effective amendments) to this registration statement on Form S-8 and to file the same, with exhibits thereto and other documents in connection therewith, with the Securities and Exchange
        Commission, hereby ratifying and confirming all that said attorney-in-fact, or his substitute or substitutes, may do or cause to be done by virtue hereof.
Pursuant to the requirements of the Securities Act of 1933, this registration statement has been signed by the following persons in the capacities and on the date indicated.
Signature
Title
Date
/s/ V. James Vena
Chairman, President and Chief Executive Officer
(Principal Executive Officer)
December 18, 2023
V. James Vena
/s/ Jennifer L. Hamann
Executive Vice President and Chief Financial Officer
(Principal Financial Officer)
December 18, 2023
Jennifer L. Hamann
/s/ Todd M. Rynaski
Senior Vice President and Chief Accounting, Risk and Compliance Officer (Principal Accounting Officer)
December 18, 2023
Todd M. Rynaski
/s/ William J. Delaney
Director
December 18, 2023
William J. DeLaney
/s/ David B. Dillon
Director
December 18, 2023
David B. Dillon
/s/ Sheri H. Edison
Director
December 18, 2023
Sheri H. Edison
/s/ Teresa M. Finley
Director
December 18, 2023
Teresa M. Finley
/s/ Deborah C. Hopkins
Director
December 18, 2023
Deborah C. Hopkins
/s/ Jane H. Lute
Director
December 18, 2023
Jane H. Lute
/s/ Michael R. McCarthy
Director
December 18, 2023
Michael R. McCarthy
/s/ Doyle R. Simons
Director
December 18, 2023
Doyle R. Simons
/s/ John P. Wiehoff
Director
December 18, 2023
John P. Wiehoff
/s/ Christopher J. Williams
Director
December 18, 2023
Christopher J. Williams
Pursuant to the requirements of the Securities Act of 1933, the trustees (or other persons who administer the employee benefit plan) have duly caused this registration statement to be signed on its behalf by the
          undersigned, thereunto duly authorized, in the City of Omaha, State of Nebraska, on December 18, 2023.
UNION PACIFIC CORPORATION THRIFT PLAN
/s/ Elizabeth F. Whited
Elizabeth F. Whited
Named Fiduciary-Plan Administration of the
Union Pacific Corporation Thrift Plan