Paul B. Duncan - Apr 28, 2023 Form 4 Insider Report for NORFOLK SOUTHERN CORP (NSC)

Role: EVP & Chief Operating Officer
Signature: Denise W. Hutson via P.O.A. for Paul B. Duncan
Stock symbol: NSC
Transactions as of: Apr 28, 2023
Transactions value $: -$95,231
Form type: 4
Date filed: 5/2/2023, 03:29 PM
Previous filing: Jan 30, 2023
Next filing: Oct 31, 2023

Transactions Table

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Ownership	Footnotes
transaction	NSC	Common Stock	Options Exercise	$0	+1.51K	+37625%	$0.00	1.51K	Apr 28, 2023	Direct	F1
transaction	NSC	Common Stock	Options Exercise	$0	+187	+12.39%	$0.00	1.7K	Apr 28, 2023	Direct	F2
transaction	NSC	Common Stock	Tax liability	-$10.5K	-52	-3.07%	$202.62	1.64K	Apr 28, 2023	Direct
transaction	NSC	Common Stock	Tax liability	-$84.7K	-418	-25.43%	$202.62	1.23K	Apr 28, 2023	Direct

Derivative Securities (e.g., puts, calls, warrants, options, convertible securities)

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Underlying Class	Amount	Exercise Price	Ownership	Footnotes
transaction	NSC	Restricted Stock Units	Options Exercise		-187	-2.89%		6.28K	Apr 28, 2023	Common Stock	187		Direct	F2
transaction	NSC	Restricted Stock Units	Options Exercise		-1.51K	-23.95%		4.78K	Apr 28, 2023	Common Stock	1.51K		Direct	F1

* An asterisk sign (*) next to the price indicates that the price is likely invalid.

Explanation of Responses:

Id	Content
F1	Reports the number of Restricted Stock Units, exempt under Section 16(b), granted and credited to the account of the reporting person on April 28, 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 two annual installments beginning on the first anniversary of the grant date. This distribution represents the first of two installments.
F2	Reports the number of Restricted Stock Units, exempt under Section 16(b), granted and credited to the account of the reporting person on April 28, 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 first of four installments.

Content

Reports the number of Restricted Stock Units, exempt under Section 16(b), granted and credited to the account of the reporting person on April 28, 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 two annual installments beginning on the first anniversary of the grant date. This distribution represents the first of two installments.

Reports the number of Restricted Stock Units, exempt under Section 16(b), granted and credited to the account of the reporting person on April 28, 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 first of four installments.