Norfolk Southern director defers quarterly fees

The plan says the deferred units are ultimately satisfied in cash rather than issued as common stock.

Rhea-AI Filing Summary

Norfolk Southern Corp. director Richard H. Anderson acquired 177.9935 deferred stock units on September 30, 2026, under the Directors' Deferred Fee Plan for deferral of quarterly fees. His account held 1,949.0371 deferred stock units following the credit. The units are calculated based on the closing market value of common stock on the last trading day of each quarter and ultimately will be satisfied in cash, not shares, upon retirement or another elected time under the plan.

Insider Trade Summary

Grant/Award: 177.9935 shares

Grant/Award 1 txn

Insider ANDERSON RICHARD H

Role Director

Type	Security	Shares	Price	Value
Grant/Award	Deferred Stock Units - Dir. Def. Fee Plan F1	177.9935	$309.00	$55K

Holdings After Transaction: Deferred Stock Units - Dir. Def. Fee Plan — 1,949.0371 contracts (Direct)

Footnotes (1)

1. F1. Reports the number of deferred stock units credited to the reporting person's account in the Norfolk Southern Corporation Directors' Deferred Fee Plan for deferral of quarterly fees, calculated on the basis of the closing market value of the company's common stock on the last trading day of each quarter. These units ultimately will be satisfied in cash, not in shares of common stock, upon the reporting person's retirement or at such other time as may be elected under the terms of the plan.

Key Figures

Deferred stock units credited: 177.9935 units Reported per-share amount: $309.0000 per share Deferred stock units following transaction: 1,949.0371 units

3 metrics

Deferred stock units credited 177.9935 units Credited September 30, 2026

Reported per-share amount $309.0000 per share Associated with the deferred stock unit credit

Deferred stock units following transaction 1,949.0371 units Richard H. Anderson's account

Key Terms

deferred stock units, Directors' Deferred Fee Plan, closing market value

3 terms

deferred stock units financial

"number of deferred stock units credited to the reporting person's account"

Deferred stock units are promises from a company to give an employee shares of stock at a future date, often after certain conditions are met or after leaving the company. They function like a form of delayed compensation, allowing employees to earn shares over time. For investors, they represent potential future ownership in the company, but do not provide immediate voting rights or dividends until the shares are actually received.

Directors' Deferred Fee Plan financial

"Norfolk Southern Corporation Directors' Deferred Fee Plan for deferral of quarterly fees"

closing market value financial

"calculated on the basis of the closing market value"

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

How many deferred stock units did NSC director Richard H. Anderson acquire?

Richard H. Anderson's account was credited with 177.9935 deferred stock units on September 30, 2026, and held 1,949.0371 deferred stock units following the credit. The units were credited under the Directors' Deferred Fee Plan for deferral of quarterly fees.

How are Norfolk Southern's deferred stock units settled?

The units ultimately will be satisfied in cash, not shares of common stock, upon Richard H. Anderson's retirement or at another time elected under the plan.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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Available on EDGAR 10/02/2026 - 11:57 AM Accepted by SEC EDGAR 10/02/2026 - 11:57 AM Learn about SEC filing dates

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^*

ANDERSON RICHARD H

(Last) (First) (Middle)

650 W PEACHTREE ST NW

(Street)

ATLANTA GEORGIA 30308

(City) (State) (Zip)

UNITED STATES

(Country)

2. Issuer Name and Ticker or Trading Symbol
NORFOLK SOUTHERN CORP [ NSC ]

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

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

2a. Foreign Trading Symbol

3. Date of Earliest Transaction (Month/Day/Year)
09/30/2026

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)
			Code	V	Amount	(A) or (D)	Price

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)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares
Deferred Stock Units - Dir. Def. Fee Plan	(1)	09/30/2026		A(1)		177.9935(1)		(1)	(1)	Common Stock	177.9935	$309(1)	1,949.0371	D

Explanation of Responses:

1. Reports the number of deferred stock units credited to the reporting person's account in the Norfolk Southern Corporation Directors' Deferred Fee Plan for deferral of quarterly fees, calculated on the basis of the closing market value of the company's common stock on the last trading day of each quarter. These units ultimately will be satisfied in cash, not in shares of common stock, upon the reporting person's retirement or at such other time as may be elected under the terms of the plan.

	J. Jeremy Ballard via P.O.A. for Richard H. Anderson	10/02/2026
	** 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)