Claude E. Elkins - 30 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
30 Jan 2026
Net transactions value
-$102,968
Form type
4
Filing time
03 Feb 2026, 17:08:37 UTC
Previous filing
28 Jan 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 03 Feb 2026 0001898689

Transactions Table

Type Sym Class Transaction Value $ Shares Change % * Price $ Shares After Date Ownership Footnotes
transaction NSC Common Stock Options Exercise $0 +777 +32% $0.000000 3,194 30 Jan 2026 Direct F1
transaction NSC Common Stock Options Exercise $0 +527 +16% $0.000000 3,721 30 Jan 2026 Direct F2
transaction NSC Common Stock Tax liability $41,650 -144 -3.9% $289.24 3,577 30 Jan 2026 Direct
transaction NSC Common Stock Tax liability $61,318 -212 -5.9% $289.24 3,365 30 Jan 2026 Direct
holding NSC Common Stock 132 30 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 Award +4,149 +94% 8,584 30 Jan 2026 Common Stock 4,149 Direct F4
transaction NSC Restricted Stock Units Options Exercise -527 -6.1% 8,057 30 Jan 2026 Common Stock 527 Direct F2
transaction NSC Restricted Stock Units Options Exercise -777 -9.6% 7,280 30 Jan 2026 Common Stock 777 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 January 30, 2025, 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 three annual installments beginning on the first anniversary of the grant date. This distribution represents the first of three 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 30, 2024, 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 second 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 30, 2026, to have been credited to the reportingperson'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 atvarious prices.
F4 Reports the number of Restricted Stock Units, exempt under Section 16(b), granted and credited to the account of the reporting person on January 30, 2026, 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 three annual installments beginning on the first anniversary of the grant date.