Norfolk Southern (NSC) CEO logs RSU vesting and share disposals

Rhea-AI Filing Summary

Norfolk Southern Corporation President & CEO Mark R. George reported routine equity compensation activity. On January 26, 2026, 625 shares of Common Stock were acquired at $0.0000 upon the exercise of Restricted Stock Units, and 245 shares were disposed of at $288.3125 per share. On January 27, 2026, 775 shares were acquired at $0.0000 and 303 shares were disposed of at $289.905 per share. Following these transactions, he beneficially owned 18,918 shares of Common Stock directly and 17,010 Restricted Stock Units, each representing the economic equivalent of one share and granted under the Norfolk Southern Corporation Long-Term Incentive Plan.

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

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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^*

George Mark R

(Last) (First) (Middle)

650 W PEACHTREE ST NW

(Street)

ATLANTA GA 30308

(City) (State) (Zip)

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
X	Officer (give title below)		Other (specify below)
	President & CEO

3. Date of Earliest Transaction (Month/Day/Year)
01/26/2026

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

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. 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
Common Stock	01/26/2026		M		625	A	$0.0000(1)	18,691	D
Common Stock	01/26/2026		F		245	D	$288.3125	18,446	D
Common Stock	01/27/2026		M		775	A	$0.0000(2)	19,221	D
Common Stock	01/27/2026		F		303	D	$289.905	18,918	D

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
Restricted Stock Units	(1)	01/26/2026		M(1)			625	(1)	(1)	Common Stock	625	(1)	17,785	D
Restricted Stock Units	(2)	01/27/2026		M(2)			775	(2)	(2)	Common Stock	775	(2)	17,010	D

Explanation of Responses:

1. Reports the number of Restricted Stock Units, exempt under Section 16(b), granted and credited to the account of the reporting person on January 26, 2023, under the terms of the Norfolk Southern Corporation Long-Term Incentive Plan. Each Unit is the economic equivalent of one share of Common Stock. These Units ultimately will be settled in Common Stock, vesting ratably in four annual installments beginning on the first anniversary of the grant date. This distribution represents the third of four installments.

2. Reports the number of Restricted Stock Units, exempt under Section 16(b), granted and credited to the account of the reporting person on January 27, 2022, under the terms of the Norfolk Southern Corporation Long-Term Incentive Plan. Each Unit is the economic equivalent of one share of Common Stock. These Units ultimately will be settled in Common Stock, vesting ratably in four annual installments beginning on the first anniversary of the grant date. This distribution represents the fourth of four installments.

	J. Jeremy Ballard via P.O.A. for Mark R. George	01/28/2026
	** 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).
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FAQ

What insider transactions did Norfolk Southern (NSC) report for its CEO?

Norfolk Southern’s President & CEO, Mark R. George, reported equity compensation activity, including RSU settlements into Common Stock and related share dispositions on January 26 and 27, 2026. These transactions reflect routine vesting under the company’s Long-Term Incentive Plan.

How many Norfolk Southern (NSC) shares did the CEO acquire and dispose of?

On January 26 and 27, 2026, Mark R. George acquired 625 and 775 shares of Norfolk Southern Common Stock at a price of $0.0000 per share and disposed of 245 and 303 shares at prices of $288.3125 and $289.905 per share, respectively.

What is the CEO’s ownership in Norfolk Southern (NSC) after these Form 4 transactions?

After the reported transactions, Mark R. George beneficially owned 18,918 shares of Norfolk Southern Common Stock directly and 17,010 Restricted Stock Units. Each Restricted Stock Unit is the economic equivalent of one share and is scheduled to be settled in Common Stock under plan terms.

What do the Restricted Stock Units in Norfolk Southern (NSC) represent for the CEO?

The Restricted Stock Units reported for Mark R. George were granted under Norfolk Southern’s Long-Term Incentive Plan. Each unit is economically equivalent to one share of Common Stock and is ultimately settled in shares, vesting in four annual installments from the original grant date.

Which grant years were involved in the Norfolk Southern (NSC) CEO’s RSU vesting?

The reported RSU distributions come from grants originally credited on January 27, 2022, and January 26, 2023. The 2023 grant distribution represents the third of four annual installments, while the 2022 grant distribution represents the fourth and final annual installment.