On March 26, 2024, Union Pacific Corporation announced that it has received a shareholder proposal from John Chevedden requesting that the Board adopt a policy to seek shareholder approval of any senior manager?s new or renewed pay package that provides for severance or termination payments with an estimated value exceeding 2.99 times the sum of the executive?s base salary plus target short-term bonus. This proposal only applies to the Named Executive Officers. In addition, the Company urged the shareholders to vote against the shareholder proposal at its annual general meeting of shareholders scheduled to be held on May 9, 2024.