Claude E. Elkins - 26 Jan 2026 Form 4 Insider Report for NORFOLK SOUTHERN CORP (NSC)

Role: EVP & Chief Commercial Officer
Signature: J. Jeremy Ballard via P.O.A. for Claude E. Elkins
Issuer symbol: NSC
Transactions as of: 26 Jan 2026
Net transactions value: -$81,817
Form type: 4
Filing time: 28 Jan 2026, 18:38:37 UTC
Previous filing: 03 Feb 2025
Next filing: 03 Feb 2026
SEC: View on sec.gov

Reporting Owners (1)

Name	Relationship	Address	Signature	Signature date	CIK
Elkins Claude E	EVP & Chief Commercial Officer	650 W PEACHTREE ST NW, ATLANTA	J. Jeremy Ballard via P.O.A. for Claude E. Elkins	28 Jan 2026	0001898689

Transactions Table

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Ownership	Footnotes
transaction	NSC	Common Stock	Options Exercise	$0	+520	+31%	$0.000000	2,185	26 Jan 2026	Direct	F1
transaction	NSC	Common Stock	Tax liability	$40,940	-142	-6.5%	$288.31	2,043	26 Jan 2026	Direct
transaction	NSC	Common Stock	Options Exercise	$0	+515	+25%	$0.000000	2,558	27 Jan 2026	Direct	F2
transaction	NSC	Common Stock	Tax liability	$40,877	-141	-5.5%	$289.90	2,417	27 Jan 2026	Direct
holding	NSC	Common Stock						130	26 Jan 2026	By 401(k) Plan	F3

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		-520	-9.5%		4,950	26 Jan 2026	Common Stock	520		Direct	F1
transaction	NSC	Restricted Stock Units	Options Exercise		-515	-10%		4,435	27 Jan 2026	Common Stock	515		Direct	F2

* 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 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.
F2	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.
F3	Represents the approximate number of shares of Common Stock estimated -- on the basis of the unit accounting system used by the Plan Administrator -- as of January 27, 2026, to have been credited to the reporting person's account in the Norfolk Southern Corporation Thrift and Investment Plan (TIP), a trusted 401(k) plan. In accordance with TIP's terms applicable to all participants, acquisitions were made at various times and at various prices.