FORM 4 [ ] Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).         
UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP OF SECURITIES
                                                                                  
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Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934 or Section 30(h) of the Investment Company Act of 1940
                      
1. Name and Address of Reporting Person * Whited Elizabeth F 2. Issuer Name and Ticker or Trading Symbol UNION PACIFIC CORP [ UNP ] 5. Relationship of Reporting Person(s) to Issuer (Check all applicable)_____ Director                    _____ 10% Owner
__X__ Officer (give title below)    _____ Other (specify below)
EVP & CHIEF HR OFFICER
(Last)         (First)         (Middle)
1400 DOUGLAS STREET
3. Date of Earliest Transaction (MM/DD/YYYY)
3/30/2021
(Street)
OMAHA, NE 68179
(City)       (State)       (Zip)
4. If Amendment, Date Original Filed (MM/DD/YYYY)
 
6. Individual or Joint/Group Filing (Check Applicable Line) _X _ Form filed by One Reporting Person
___ Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1.Title of Security
(Instr. 3)
2. Trans. Date 2A. Deemed Execution Date, if any 3. Trans. Code
(Instr. 8)
4. Securities Acquired (A) or Disposed of (D)
(Instr. 3, 4 and 5)
5. Amount of Securities Beneficially Owned Following Reported Transaction(s)
(Instr. 3 and 4)
6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4) 7. Nature of Indirect Beneficial Ownership (Instr. 4)
Code V Amount (A) or (D) Price
Common Stock  3/30/2021    M    2000  A $122.85  34633  D   
Common Stock  3/30/2021    F    1102  D $222.98  33531  D   
Common Stock  3/30/2021    F    394  D $222.98  33137  D   
Common Stock  3/30/2021    M    6000  A $124.86  39137  D   
Common Stock  3/30/2021    F    3360  D $222.98  35777  D   
Common Stock  3/30/2021    F    1160  D $222.98  34617  D   
Common Stock (1)                18247.5424  I  By Deferral Account 
Common Stock                 27825  I  by Trust 

Table II - Derivative Securities Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivate Security
(Instr. 3)
2. Conversion or Exercise Price of Derivative Security 3. Trans. Date 3A. Deemed Execution Date, if any 4. Trans. Code
(Instr. 8)
5. Number of Derivative Securities Acquired (A) or Disposed of (D)
(Instr. 3, 4 and 5)
6. Date Exercisable and Expiration Date 7. Title and Amount of Securities Underlying Derivative Security
(Instr. 3 and 4)
8. Price of Derivative Security
(Instr. 5)
9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4) 10. Ownership Form of Derivative Security: Direct (D) or Indirect (I) (Instr. 4) 11. Nature of Indirect Beneficial Ownership (Instr. 4)
Code V (A) (D) Date Exercisable Expiration Date Title Amount or Number of Shares
Non-Qualified Stock Option (right to buy) (2) $122.85  3/30/2021    M        2000   2/5/2016 (2) 2/5/2025  Common Stock  2000  $0.0  7510  D   
Non-Qualified Stock Option (right to buy) (2) $124.86  3/30/2021    M        6000   2/8/2019 (2) 2/8/2028  Common Stock  6000  $0.0  21654  D   

Explanation of Responses:
(1)  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.
(2)  This option became exercisable in three equal installments starting one year from the grant date.

Reporting Owners
Reporting Owner Name / Address
Relationships
Director 10% Owner Officer Other
Whited Elizabeth F
1400 DOUGLAS STREET
OMAHA, NE 68179


EVP & CHIEF HR OFFICER

Signatures
By: Trevor L. Kingston, Attorney-in-Fact For: Elizabeth F. Whited 3/31/2021
**Signature of Reporting Person Date