CSX (CSX) CEO Stephen Angel receives 200 phantom stock units in deferred plan

Filing Impact

(Neutral)

Filing Sentiment

(Neutral)

Form Type

Rhea-AI Filing Summary

ANGEL STEPHEN F reported acquisition or exercise transactions in this Form 4 filing.

CSX CORP President & CEO Stephen F. Angel reported a compensation-related transaction involving phantom stock tied to CSX common shares. He received an award of 200 units of phantom stock at an indicated value of $45.09 per unit, credited under the CSX Executive Deferred Compensation Plan.

Each phantom stock unit is economically equivalent to one share of CSX common stock but is payable in cash, according to the distribution election made at the time of deferral. Following this grant, his indirect holdings in this phantom stock account total 1,632 units, all held through the CSX Corporation Executive Deferred Compensation Plan trustee.

Insider Trade Summary

1 transaction reported

Mixed 1 txn

Insider ANGEL STEPHEN F

Role President & CEO

Type	Security	Shares	Price	Value
Grant/Award	Phantom Stock	200	$45.09	$9K

Holdings After Transaction: Phantom Stock — 1,632 shares (Indirect, CSX Executive Deferred Compensation Plan)

Footnotes (1)

Each unit of phantom stock is the economic equivalent of one share of Company common stock. Units of phantom stock become payable, in cash, consistent with the Reporting Person's distribution election made at the time of deferral. By Trustee, CSX Corporation Executive Deferred Compensation Plan.

Key Figures

Phantom stock units granted: 200 units Indicated value per unit: $45.09 per unit Total phantom units after grant: 1,632 units +1 more

4 metrics

Phantom stock units granted 200 units Grant of phantom stock on May 1, 2026

Indicated value per unit $45.09 per unit Grant price reference for phantom stock

Total phantom units after grant 1,632 units Indirect holdings following this transaction

Underlying common stock equivalence 200 shares Each phantom unit equals one CSX common share economically

Key Terms

Phantom Stock, CSX Executive Deferred Compensation Plan, Grant, award, or other acquisition, Indirect ownership

4 terms

Phantom Stock financial

"Each unit of phantom stock is the economic equivalent of one share of Company common stock."

A phantom stock is a form of compensation that gives employees or executives the benefits of stock ownership, such as the increase in stock value, without actually giving them real shares. It acts like a promise to pay the employee the equivalent value of company stock later, often as a bonus or incentive. This allows companies to motivate and reward staff without diluting ownership or transferring actual shares.

CSX Executive Deferred Compensation Plan financial

"By Trustee, CSX Corporation Executive Deferred Compensation Plan."

Grant, award, or other acquisition financial

"transaction_code_description: Grant, award, or other acquisition"

Indirect ownership financial

"direct_or_indirect: I, nature_of_ownership: CSX Executive Deferred Compensation Plan"

Form 4 Insider Transactions: What Each Field Means →

05/05/2026 - 04:15 PM

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
Estimated average burden
hours per response:			0.5

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

ANGEL STEPHEN F

(Last)

(First)

(Middle)

500 WATER STREET

(Street)

JACKSONVILLE

FLORIDA

32202

(City)

(State)

(Zip)

UNITED STATES

(Country)

2. Issuer Name and Ticker or Trading Symbol
CSX CORP [ CSX ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

X	Director	10% Owner
X	Officer (give title below)	Other (specify below)
	President & CEO

2a. Foreign Trading Symbol

3. Date of Earliest Transaction (Month/Day/Year)
05/01/2026

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

4. If Amendment, Date of Original Filed (Month/Day/Year)

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction 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)
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	Code	V	Amount	(A) or (D)	Price		6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction 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 (Month/Day/Year)		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: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares	8. Price of Derivative Security (Instr. 5)		10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
Phantom Stock	⁽¹⁾	05/01/2026		A		200		⁽¹⁾	⁽¹⁾	Common Stock	200	$45.09	1,632	I	CSX Executive Deferred Compensation Plan⁽²⁾

Explanation of Responses:

1. Each unit of phantom stock is the economic equivalent of one share of Company common stock. Units of phantom stock become payable, in cash, consistent with the Reporting Person's distribution election made at the time of deferral.

2. By Trustee, CSX Corporation Executive Deferred Compensation Plan.

	Kacey Heekin-Luchin, Attorney-in-Fact	05/05/2026
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.
* Form 4: SEC 1474 (03-26)

Source: View Original Filing on SEC EDGAR

FAQ

What insider transaction did CSX (CSX) report for CEO Stephen F. Angel?

CSX reported that President & CEO Stephen F. Angel received an award of 200 phantom stock units. These units are tied to CSX common stock value and are held indirectly through the CSX Executive Deferred Compensation Plan as part of his compensation arrangements.

What is the value of the phantom stock units granted to the CSX (CSX) CEO?

The 200 phantom stock units were recorded at an indicated value of $45.09 per unit. This aligns each unit’s value with CSX common stock, and the award functions as deferred, cash-settled compensation rather than an immediate stock purchase on the open market.

How many phantom stock units does the CSX (CSX) CEO hold after this Form 4?

After this reported grant, Stephen F. Angel’s indirect holdings in phantom stock total 1,632 units. These units are maintained in the CSX Corporation Executive Deferred Compensation Plan and reflect compensation deferred into a stock-linked, cash-settled account managed by the plan’s trustee.

How are CSX (CSX) phantom stock units settled for the CEO?

Each phantom stock unit is economically equivalent to one CSX common share but is paid out in cash. Payment timing follows the distribution election Stephen F. Angel made when deferring compensation into the plan, rather than delivering actual CSX shares to him.

Is the CSX (CSX) CEO’s phantom stock award a market buy or sell?

The Form 4 shows a compensation-related acquisition, not a market trade. The transaction code “A” reflects a grant or award of 200 phantom stock units under the CSX Executive Deferred Compensation Plan, rather than an open-market purchase or sale of CSX common stock.